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 (30/06/2022)

As of 30 June 2022, our public equity stakes consisted of the following:

Company 30-Jun-22 31-Dec-21 30-Jun-21 31-Dec-20
£,000 £,000 £,000 £,000
European Metals Holding Ltd 5,357 11,287 14,180 13,426
Charger Metals NL 196 342 109
Macarthur Minerals Ltd 103 181 327 329
Eagle Mountain Mining Ltd 47 122 153
Mont-Royal Resources Ltd 39 35
Celsius Resources Ltd 103
Miscellaneous 5 7 6 6
Total 5,747 11,974 14,878 13,761
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