Baker Steel Resources Share Discussion Threads

[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 07:01

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 15:57

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 10:17

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 09:23

Big mention at 3 mins 30

[ntv] 04/9/2019 07:16

discount over 20%

[ntv] 13/8/2019 08:21

Polymetal holding gained 8% this month so far

[ntv] 08/8/2019 15:47

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 10:09

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.

[coolen] 27/7/2017 22:47

Piggie, thanks for reminding us of the nav, which I had missed.
Should commodities start to improve generally, this might prove to be a relative out-performer.

[flying pig] 27/7/2017 14:51

54 pence assets at the start of the month. c 35p price so possible upside potential.
Perhaps some modest share purchases to improve asset value and reduce the discount, altho the manager's fee would drop - so may be unlikely!

[gramshaw] 25/1/2017 15:46

Look at ivanhoe mines. Up at least 8 fold since last Feb.

[emeraldzebra] 25/1/2017 13:33

seems a v talkative thread ! made a small investment back in the autumn. any comments on the latest up tick ?

[davebowler] 08/6/2016 15:25

GPM is at a discount to NAV of about 15% but mostly invested in bigger precious metals companies.

[davebowler] 08/6/2016 15:23

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 May 2016:

Net asset value per Ordinary Share: 37.0 pence

[flying pig] 06/11/2015 08:45

Assets 39.4p price c19p big discount c48%.
At some point when commodity prices recover this will be very good value!

[rogerbridge] 09/10/2015 15:24

Turning around on huge discount, providing commodities continue their recovery.

[strollingmolby] 08/6/2015 19:56

5 June 2015

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 29 May 2015:

Net asset value per Ordinary Share: 45.5 pence

Since 30 April 2015, the NAV per share has risen by 2.2% largely due to a 36% recovery in the price of Metals Exploration plc on the AIM market of the London Stock Exchange. This follows the clearing out of a motivated seller of the stock in April, and as Metal Exploration's Runruno gold project in the Philippines remains on target to start commissioning its plant later this month, interest has started to be generated in the Company.