Market Discussions

M-Spec Industrial Resources Ltd (MTLS) is pleased to announce a 1st quarter dividend of 10,000 ISK per share, payable Tuesday, April 11 to shareholders of record as of Sunday, April 9.

During the quarter, share net asset value declined slightly, from 651,400 ISK to 650,600 ISK. Shareholder return, including dividend, amounted to 1.4%. A continued downtrend in minerals weighed heavily on the portfolio, offsetting modest gains in other major materials groups during the 3 month period.

M-Spec took advantage of what it believes to be a heavily oversold market for low- and mid-range minerals, adding aggressively to its Isogen, Pyerite and Tritanium holdings. Conversely, the company took profits in Mexallon, the one mineral to buck the trend by testing lifetime highs during the quarter.

For the 12 month period ended March 31, share net asset value rose from 587,600 ISK to 650,600 ISK. Total return for the 12 month period, including dividends of 40,000 ISK, amounted to 17.5%.

As of March 31, M-Spec's assets totaled 883 billion ISK, of which 58 billion ISK was in cash.