Baker Steel Resources Share Discussion Threads

[golden prospect] 09/12/2023 09:16

November 2023 NAV 66.4p

The most important part of yesterday's announcement is the Year End Review will address the unlisted valuations for Futura and Cemos.

[golden prospect] 01/12/2023 08:16

RNS from MIGO 01.12.2023

[golden prospect] 30/11/2023 17:28

I'd not be surprised to see MIGO go overweight in BSRT, think Nick is a fan

[chrisdgb] 29/11/2023 09:08

Stock probably tightening now, expect move up on more buying........

[chrisdgb] 23/11/2023 18:00

Agreed, if all goes well NAV will move over £1……

[golden prospect] 23/11/2023 17:30

chrisdgb, yes indeed - a standout choice especially given Futura should now have Wilton up and running (One suspects Sojitz will takeout Futura).

On a valuation basis it's not inconceivable to think the current BSRT mcap is less than the investment in Futura, suggesting that the balance 70% fund comes for free!

Plenty of scope to see multiple gains in 2024.

One to watch.


NAV at 31 October 2023 65.9p

At 36p the discount is 45%, historically very wide and absurd.

[cousinit] 23/11/2023 15:49

Well, as is often the case with Popmaster, hopefully I was only one year out with what was a similar thought for 2023...

[chrisdgb] 23/11/2023 10:38

Early Christmas competition but this is one of my standout buys for 2024......

[flying pig] 22/9/2023 11:45

hxxps://www.edisongroup.com/research/futura-resources-financing-is-a-major-milestone/32701/

Positive news and perhaps a modest buying opportuniy?????

[drdre] 15/9/2023 06:51

47% discount to NAV, royalty income expected from Fortuna in 2024. I am going to be opening a position (again) here today and hope for more luck than last time....

[pugugly] 09/8/2023 11:05

Seem to have really lost their mojo - Even with discount one to possibly watch until fog clears a bit.

[chrisdgb] 09/8/2023 10:09

Any fresh thoughts here.............???

[strollingmolby] 19/1/2023 18:12

Edison's short piece on BSRT:

Upside potential from successful project funding

Baker Steel Resources Trust (BSRT) posted an NAV total return of -16.3% in FY22, which was mostly a result of the de-rating of recently floated holdings Tungsten West and First Tin and the impact of Western sanctions against Russia on Polar Acquisition (PAL) and Azarga Metals. However, BSRT also agreed to sell its equity stake in its largest holdings (Bilboes Gold, completed in January 2023) and saw progress across several projects. BSRT’s maturing portfolio offers the prospect of attractive income from royalty payments (on production launch of Futura, PAL and Bilboes Gold) and dividends (from Caledonia Mining Corporation, CMCL, and later potentially also Cemos).

[qvg] 09/11/2022 12:39

It should be the Futura Resources EGM today. Anybody have any news on the result? And the importance of a positive result for the financing of the new project?

[flying pig] 15/10/2022 14:28

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

[flying pig] 08/9/2022 06:25

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

[flying pig] 05/8/2022 10:46

EDISON RESEARCH NOTE

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

[rambutan2] 08/4/2022 19:35

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 13:45

97.5p assets - remains good value!

[apollocreed1] 02/8/2021 14:28

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 01:56

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 12:07

Re Prognoz: