Baker Steel Resources Trust Ltd Net Asset Value(s) (8126H)

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RNS Number : 8126H

Baker Steel Resources Trust Ltd

05 August 2019

BAKER STEEL RESOURCES TRUST LIMITED

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

5 August 2019

31 July 2019 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 July 2019:

Net asset value per Ordinary Share: 68.4 pence

The NAV per share has increased by 2.4 % against the NAV at 28 June 2019, primarily due to the fall in the value of Sterling against the US Dollar and Australian Dollar in which much of the portfolio is denominated.

The Company has a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 31 July 2019.

Portfolio Update

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

 
 Futura Resources Ltd                  17.5% 
 Bilboes Gold Limited                  14.9% 
 Polymetal International Plc           14.0% 
 Cemos Group plc                       11.0% 
 Polar Acquisition Ltd                  9.3% 
 Sarmin Minerals Exploration            5.0% 
 Mines & Metal Trading Peru PLC         4.5% 
 Anglo Saxony Mining Limited            4.0% 
 Black Pearl Limited Partnership        3.9% 
 Ivanhoe Mines Ltd                      3.5% 
 Nussir ASA                             3.1% 
 Prism Diversified Ltd                  3.1% 
 Other Investments                      3.1% 
 Net Cash, Equivalents and Accruals     3.1% 
 
 

Investment Update

Polymetal International PLC ("Polymetal")

On 24 July 2019, Polymetal announced that it had produced 756,000 gold equivalent ounces in the first half of 2019 up 22% on the first half of 2018. This was largely due to the ramp of the Kyzyl mine which produced at full capacity of 81,000 ounces of gold in the second quarter of 2019.

Polymetal's production is usually higher in the second half due to seasonal de-stockpiling at the Mayskoye mine and it has reiterated its 2019 full year production guidance of 1.55 million gold equivalent ounces and its all-in sustaining cost guidance of US$800-850 per gold equivalent ounce.

Polymetal's shares have risen 21% on the London Stock Exchange since the beginning of 2019.

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 are set out in the Company's Prospectus dated 26 January 2015.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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August 05, 2019 02:00 ET (06:00 GMT)