Investments

Passive Equity Investments

The passive equity investment portion consists of investments in listed mining entities where the Board believes the underlying investments are attractive. The focus is to invest in mining companies that are significantly undervalued by the market and where there is substantial upside potential through exploration success and/or development of a mining project towards commercial production. Investments are typically direct purchases of listed mining equities but may include other investment structures. Ultimately the aim is to make capital gains in the short to medium term. Investments are considered individually based on various criteria and typically are traded on the TSX, ASX, AIM or LSE.

Portfolio (31/12/2021)

As of 31 July 2021, our public equity stakes consisted of the following:

Company Listing Value

£’000

Type of

Investment

European Metals Holding Limited (ASX:EMH) 11,287 Active
MacArthur Minerals Limited (ASX: MIO) (TSX-V: MMS) 181 Passive
Mont Royal Resources (ASX: MRZ) 35 Passive
Eagle Mountain Mining Limited (ASX: EM2) 122 Passive
Charger Metals NL (ASX: CHR) 342 Passive
Miscellaneous Various 7 Passive
Total 11,974
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