Baker Steel Resources Trust Ltd Net Asset Value(s) (3212A)

TIDMBSRT

RNS Number : 3212A

Baker Steel Resources Trust Ltd

07 June 2016

BAKER STEEL RESOURCES TRUST LIMITED

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

7 June 2016

31 May 2016 Unaudited NAV Statement

Net Asset Value

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

Since 29 April 2016, the NAV per share has decreased by 1.9% largely due to falls in the share prices of Metals Exploration plc on the AIM market of the London Stock Exchange and of Ivanhoe Mines on the Toronto Stock Exchange.

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

Portfolio Update

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

 
 Polar Silver Resources Ltd            24.0% 
 Black Pearl Limited Partnership       17.7% 
 Metals Exploration plc                15.8% 
 Bilboes Gold Limited                   9.1% 
 Ivanhoe Mines Limited                  8.1% 
 Cemos Group plc                        8.5% 
 Ironstone Resources Limited            5.2% 
 Gobi Coal & Energy Limited             2.7% 
 Archipelago Metals Limited             2.6% 
 China Polymetallic Mining Limited      2.4% 
 Other Investments                      3.8% 
 Net Cash, Equivalents and Accruals     0.1% 
 
 

Metals Exploration plc ("Metals Ex")

During May 2016, Metals Ex announced that it had commenced ore commissioning and debugging of the processing plant and associated operations following the lifting of the Partial Suspension Order by the Mines & Geosciences Bureau Regional Office in the Philippines at the end of April 2016.

Metals Ex also announced that it has been working with the two bank lenders to the project to reschedule the debt repayment profile as a result of the delay to the commencement of operations. Resolution of this will be crucial to ensure the project does not default on the first repayments due in June 2016.

During May 2016, Metals Ex fell 7% to 6.625 pence per share following its 63% rise in April 2016.

Ivanhoe Mines Ltd ("Ivanhoe")

On 19 May 2016 Ivanhoe announced that it has initiated a 25,000-metre, in-fill and exploration drilling programme, at the Kakula Discovery on the Kamoa Copper Mining Licence Area in the Democratic Republic of Congo. The drilling campaign is a follow-up to the exploration drilling in 2015, the results of which were announced in January 2016 and included high grade intersections of 24.16 metres (24.13 metres true width) of 3.48% copper and 18.75 metres (18.47 metres true width) of 4.64% copper at a 1% copper cut-off.

Kakula potentially represents a major extension of the Kamoa copper deposit, approximately 10 kilometres southwest of the Kamoa Project's planned initial mining area, at Kansoko Sud and is expected to be well suited to low-cost, mechanised mining.

During May 2016, Ivanhoe shares fell back 8.0% to C$0.96 per share on the Toronto Stock Exchange, following their 23.8% rise in April 2016.

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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June 07, 2016 02:01 ET (06:01 GMT)