Baker Steel Resources Share Discussion Threads

[flying pig] 15/10/2022 15:28

8)p assets v c45p per share even better value?

[flying pig] 08/9/2022 07:25

81p of assets, share price about 63p - not bad value if you like the sector

[flying pig] 05/8/2022 11:46

EDISON RESEARCH NOTE

hxxps://www.edisongroup.com/publication/adjusting-to-the-new-reality/31188/

[rambutan2] 08/4/2022 20:35

A welcome counterbalance to the recent Russian mark downs:

First Tin plc ("First Tin")

On 30 March 2022 First Tin plc published its Prospectus and issued a formal Intention to Float on the London Stock Exchange. The date of admission has been set for 8th April 2022 and the company will trade under the ticker 1SN.

The Listing is to be accompanied by an Initial Public Offering (IPO) totalling £20 million gross at a price of 30 pence per share. This compares to the Company's current carrying value of 22.5p and an average cost of approximately 8 pence per share. As the Company is the largest shareholder in First Tin with approximately 25.8% of the shares prior to the IPO, our shares will be locked-up for one year and accordingly they will be held at a discount to the market price in the NAV at the end of April 2022 in a similar way to our holding in Tungsten West Plc.

The listing and IPO are the key conditions precedent to the acquisition by First Tin of the Taronga Tin Project in Australia from ASX listed Aus Tin Mining Limited. The acquisition of Taronga will add a third advanced tin project to First Tin's two advanced stage tin projects in south-eastern Germany: Tellerhauser and Gottesberg. The consideration for Taronga will be 60 million First Tin shares, equivalent to 22.6% of First Tin following the IPO. The proceeds of the IPO will be used to complete Definitive Feasibility Studies on Tellerhauser and Taronga and further exploration on Gottesburg.

Following the IPO and the acquisition of Taronga, there will 265 million First Tin Shares giving a market capitalisation at the IPO of £79.5 million. The Company will be the second largest shareholder with a 13.5% interest.

The IPO of First Tin will be an important step towards its aim to become a leading western supplier of fully traceable and verifiable tin units into those global industries which have a high requirement for tin. Those industries include the electric vehicle, renewable energy, energy storage, mobile telephony and semi-conductor sectors which are currently experiencing strong demand growth. The requirement for new sources of tin has become of increasing interest to investors as evidenced recently by Cornish Metals Inc's recent raising of £40.5 million, including a £25 million strategic investment by Sir Mick Davis' Vision Blue Resources, to investigate the potential restart of the South Crofty tin mine in Cornwall which closed in 1998.



1SN thread:

[sweep stock] 02/2/2022 11:14

The elephant is on the move!

[flying pig] 07/8/2021 14:45

97.5p assets - remains good value!

[apollocreed1] 02/8/2021 15:28

I don't understand this Trust. The last 5 year performance has been excellent, but it's still only got a market cap of £85m. Why are none of the institutions interested in putting money in?

[rambutan2] 02/6/2021 02:56

Ian Hannam, aka “the King of Mining”, is back in at the rock face. The prominent ex-JPMorgan banker is backing Tungsten West in neighbouring Devon. Together with Moneysupermarket cofounder Simon Nixon, he plans to have the Drakelands mine back up and running by next year...

[flying pig] 04/3/2021 10:31

Discount 13.5% - Good value play v Black Rock investment trusts in mining sector




Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 26 February 2021:

Net asset value per Ordinary Share: 95.2 pence
The NAV per share has increased by 0.4% against the NAV at 31 January 2021, with the increase in the carrying value of Anglo Saxony Mining Limited offset by falls in the listed precious metal shares held in the portfolio and by increases in the Sterling exchange rates against the currencies in which the Company's investments are held.

The Company had a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 26 February 2021 .

Investment Update

The Company's top 12 investments were as follows as a percentage of NAV:


26 February 31 December 2020
2021
Bilboes Gold Limited 16.7% 16.9%
Futura Resources Ltd 16.2% 16.5%
Cemos Group plc 14.2% 14.6%
Tungsten West Limited 13.1% 12.6%
Polar Acquisition Ltd 11.0% 11.2%
Anglo Saxony Mining Limited 5.2% 4.0%
Mines & Metals Trading
Peru PLC 4.6% 4.5%
Nussir ASA 3.4% 3.5%
Azarga Metals Corp 2.8% 2.8%
Sarmin Minerals Exploration 2.7% 2.7%
Metals Exploration plc 2.0% 1.9%
Black Pearl Limited Partnership 1.3% 1.2%
Listed Precious Metal Shares 3.2% 3.9%
Other Investments 2.8% 2.8%
Net Cash, Equivalents and
Accruals 0.8% 0.8%

[spangle93] 17/11/2020 15:16

Latest Edison paid research note published

[rambutan2] 17/9/2020 13:07

Re Prognoz:

[ntv] 06/2/2020 11:15

surely the stake in the gold mine is now worth a lot more than the price placed on it in the balance sheet

[ntv] 04/10/2019 08:01

Cemos looks to be doing well> they own 31% . Forecasts for 2020 seem to be around $7.5m before
Valued in the books around £7.5m
Talk of second line so there must be good orders coming in

[rambutan2] 11/9/2019 16:57

Interims from Monday:



I noted this in the review, which is new to me but makes good sense:
"The Company's policy is for new investments to take the form of royalties, convertible loans or other structures which provide a degree of downside protection but retain significant upside should the project proceed as anticipated. In addition the coupon paid on convertible loans provides income should the project encounter delays."

[ntv] 06/9/2019 11:17

Futura Resources Ltd

16.5%



Bilboes Gold Limited

14.8%



Polymetal International Plc

14.2%



Cemos Group plc

10.6%



Polar Acquisition Ltd

9.0%



Sarmin Minerals Exploration

4.8%



Nussir ASA

4.5%



Mines & Metal Trading Peru PLC

4.4%



Anglo Saxony Mining Limited

3.8%



Black Pearl Limited Partnership

3.8%



Ivanhoe Mines Ltd

3.1%



Azarga Metals Corp

3.1%



Other Investments

5.5%



Net Cash, Equivalents and Accruals

1.9%

[davebowler] 05/9/2019 10:23

Big mention at 3 mins 30

[ntv] 04/9/2019 08:16

discount over 20%

[ntv] 13/8/2019 09:21

Polymetal holding gained 8% this month so far

[ntv] 08/8/2019 16:47

Has a few interesting investments, not much interest on here
discount must be approaching 20%
maybe another tender offer next year or even before hand with a bit of luck

[aim_trader] 17/4/2019 11:09

Baker Steel Resources Trust will be presenting to investors at the upcoming Mining Capital Conference taking place on Thursday 2nd May in London. Details and registration here:

[rambutan2] 05/3/2018 17:46

Re above:

"In 2017, Polymetal succeeded in extending life-of-mine at producing assets and continued to invest in the next leg of our growth", - said Vitaly Nesis, Group CEO of Polymetal, commenting on the results. "We expect 2018 to result in further significant extensions of our reserves and resources".

In 2017, Polymetal acquired a 5% indirect interest in Prognoz - the largest undeveloped primary silver deposit in Russia with JORC mineral resources of 292 Moz at 586 g/t (estimated by Micon). During the year, Polymetal undertook 37.3 km of exploration drilling at the deposit to confirm the resources of Main and Swamp ore zones. The results of the drilling campaign have largely confirmed the parameters of mineralisation at the deposit.

· In 2018, Polymetal intends to expand the scope of drilling at the property to include South, Quiet and Spring ore zones as well as trace Main and Swamp ore zones along strike and down dip. The Company plans to increase its stake to 50% with the deal set to close in H1 2018.

[strollingmolby] 19/2/2018 08:58

Sale of Interest in Prognoz Silver

19 February 2018

Polar Acquisition Limited ("PAL") agrees to sell its interest in the Prognoz Silver Mine in Russia to Polymetal International PLC.
-- Sale of 90% of Polar Silver Resources for US$72 million
-- PAL to retain a continued interest through royalty on future production from Prognoz
-- Transaction results in uplift in valuation of PAL of approximately 25%

Baker Steel Resources Trust Limited (the "Company") announces that its largest investment, Polar Acquisition Limited ("PAL") has agreed to sell its 90% interest in Polar Silver Resources Limited ("Polar Silver") to Polymetal International plc ("Polymetal") (LSE, MOEX: POLY; ADR: AUCOY) for US$72 million to be satisfied in Polymetal shares.

In January 2017, PAL sold a 10% stake in its subsidiary Polar Silver to Polymetal, which committed to fund and undertake a pre-feasibility study on the Prognoz silver project in Russia. As part of that agreement Polymetal was granted an option to acquire the remaining 90% of Polar Silver in March 2019 for a price based on silver reserves and the silver price at that time. Following a successful field season in 2017, during which 37km of diamond drilling was undertaken, PAL and Polymetal have now agreed to accelerate the exercise of the option such that Polymetal will upon closing acquire PAL's 90% interest in Polar Silver for US$72 million to be satisfied in new Polymetal shares. 90% of the consideration shares will be subject to a lock-up period of 180 days.

Polar Silver holds a 50% interest in Prognoz silver project which has JORC-compliant Indicated and Inferred Resources (estimated by Micon in 2009) of 292 million ounces of silver at a grade of 586 g/t.

In order to retain exposure to Prognoz going forward, including the attractive exploration potential, PAL will receive a royalty of between 2% and 4% (pro rated by the net 45% stake being acquired) on future production from the mine. The royalty has been valued based on the current pre-development status of the Prognoz project and it can be expected to appreciate as the project moves towards production.

Taking into account the value of the Polymetal shares to be received by PAL and the valuation of the royalty, the Company's carrying value of PAL can be expected to increase to approximately US$41 million at the next NAV date, a 25% increase on the carrying value at 31 January 2018. On a pro forma basis this transaction would have increased the Company's NAV by approximately 9% had the agreement been signed prior to 31 January 2018. The Company has invested a total of US$14.2 million over the past seven years into PAL, realised US$6 million in cash during 2017, resulting in a return on investment of in excess of 3 times.

Subject to the receipt of the required Russian regulatory approvals, the transaction is expected to close in during the first quarter of 2018

Polymetal is a major gold company listed on the London Stock Exchange with a market capitalisation of approximately GBP3.5 billion. During 2017 it produced 1.43 million ounces of gold equivalent. In 2017, Polymetal paid out US$138 million in dividends, translating into a 2.7% dividend yield based on the average share price for the year.