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Mineral & Financial Investments Ltd (LON:MAFL) has seen the value of its assets almost double in the last year – though the shares still trade at a significant discount to NAV.

During the past year, the focus on undervalued ‘majors’ of the natural resources sector appears to have paid dividends with shares in companies such as Barrick, Newmont Goldcorp and Alamos all added to the investment firm’s tactical portfolio.

READ: Mineral and Financial Investment upgrades zinc resource in Portugal

“For the strategic portfolio we have sought advanced stage exploration or early stage development, precious metal investment opportunities,” the company told investors. Added here were Cerrado Gold and Golden Sun Resources.

M&FI has also taken full ownership of TH Crestgate, which in turn owns 75% of the Lagoa Salgada base and precious metal project in Portugal.

Other notable investments include Cap Energy (which has oil acreage in the shallow waters off the coast of Guinea-Bissau) and a 2.91% stake in Canada- listed zinc producer Ascendant Resources.

One of the few black spots was its exchange traded fund investment in platinum, which continues to be a “disappointing and perplexing metal”.

The year-end net asset value of M&FI was £5.11mln at June 30, up 95%. That equated to a fully diluted 14.5p a share, up 93%.

In mid-afternoon trade, the stock was changing hands for 11.7p, which is a 19% discount to its last recorded NAV.

“M&FI continues to seek suitable strategic investment opportunities that we believe will generate above average returns while adhering to our standards of prudence,” said chairman Jacques Vaillancourt in a statement.