Baker Steel Resources Trust Ltd Net Asset Value(s) (1309U)

TIDMBSRT

RNS Number : 1309U

Baker Steel Resources Trust Ltd

05 April 2016

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

5 April 2016

31 March 2016 Unaudited NAV Statement

Net Asset Value

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

Net asset value per Ordinary Share: 34.7 pence

Since 29 February 2016, the NAV per share has increased by 0.3% with an increase in the share price of Ivanhoe Mines on the Toronto Stock Exchange balanced by the appreciation of Sterling against the US Dollar and Canadian Dollar in which much of the Company's portfolio is denominated.

The Company had a total of 114,568,335 Ordinary Shares in issue with 700,000 shares held in treasury as at 31 March 2016.

Portfolio Update

The Company is fully invested with top 10 investments as follows as a percentage of NAV:

 
 Polar Silver Resources Ltd         25.8% 
 Black Pearl Limited Partnership    18.7% 
 Metals Exploration plc             11.2% 
 Bilboes Gold Limited                9.8% 
 Cemos Group plc                     9.1% 
 Ivanhoe Mines Limited               7.7% 
 Ironstone Resources Limited         5.6% 
 Gobi Coal & Energy Limited          3.0% 
 Archipelago Metals Limited          2.7% 
 China Polymetallic Mining 
  Limited                            2.4% 
 Other Investments                   3.7% 
 Net Cash, Equivalents and 
  Accruals                           0.3% 
 
 

Bilboes Gold Limited ("Bilboes")

At the end of March 2016, Bilboes published an updated resource statement for its Isabella/McCays/Bubi gold complex in Matabeleland, Zimbabwe. The new resource was estimated in accordance with the JORC Code and audited by independent consultants SRK Consulting.

Total contained gold increased 30% to 5,163,000 ounces and the updated resource also showed an increase in confidence with gold in Indicated Mineral Resources more than double at 54 million tonnes at a grade of 2.33 g/t containing 4.06 million ounces of gold. Inferred Mineral Resources stand at 14 million tonnes at 2.43 g/t containing 1.1 million ounces

The upgraded resource should have a positive impact on the pre-feasibility study which is currently underway particularly as much of the improvement is due to a 14% increase in grade.

Metals Exploration plc ("Metals Ex")

During March 2016, Metals Ex announced that the rehabilitation and enhancement works following the damage by super Typhoon Lando had been completed at the end of February. Metals Ex is now awaiting final verification by the Mines & Geosciences Bureau in the Philippines before the lifting of the partial suspension order placed on the RSI and Malilibeg Dump Site construction.

The combined impact of the work undertaken to satisfy the conditions for the lifting of the partial suspension order and the increased timeline to complete the permitting process depleted the cash resources of Metals Ex at the end of February 2016. Therefore Metals Ex's board decided to raise US$6.2 million to provide it with sufficient working capital until it is projected that it can commence operations through to realising self-sustaining cash flow. The funds were raised from Metals Ex's four largest shareholder groups including other funds managed by Baker Steel Capital Managers LLP, although the Company did not participate on this occasion as it had taken an over allocation of its rights in the September 2015 rights issue.

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com

Enquiries:

   Baker Steel Resources Trust Limited     [phone] 

Francis Johnstone

Trevor Steel

   Numis Securities Limited                       [phone] 

David Benda (corporate)

James Glass (sales)

The Net Asset Value ("NAV") figure stated is based on unaudited estimated valuations of the underlying investments and not necessarily based on observable inputs. Such estimates are not subject to any independent verification or other due diligence and may not comply with generally accepted accounting practices or other generally accepted valuation principles. In addition, some estimated valuations are based on the latest available information which may relate to some time before the date set out above.

Accordingly, no reliance should be placed on such estimated valuations and they should only be taken as an indicative guide. Other risk factors which may be relevant to the NAV figure is set out in the Company's Prospectus dated 26 January 2015.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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April 05, 2016 02:00 ET (06:00 GMT)