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Share Name Share Symbol Market Type Share ISIN Share Description
Baker Steel Resources Trust Limited LSE:BSRT London Ordinary Share GG00B6686L20 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 84.00 82.00 86.00 84.00 84.00 84.00 19,960 07:39:32
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.0 0.7 0.6 140.0 98

Baker Steel Resources Trust Ltd Net Asset Value(s)

06/05/2021 7:00am

UK Regulatory (RNS & others)


Baker Steel Resources (LSE:BSRT)
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RNS Number : 6811X

Baker Steel Resources Trust Ltd

06 May 2021

BAKER STEEL RESOURCES TRUST LIMITED

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

6 May 2021

30 April 2021 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 April 2021:

   Net asset value per Ordinary Share:   96.7 pence 

The NAV per share has decreased by 0.7% against the unaudited NAV at 31 March 2021, mainly due to falls in the share prices of the listed part of the portfolio.

The Company had a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 30 April 2021 .

Investment Update

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

 
                                    30 April 2021   31 December 2020 
 Bilboes Gold Limited                   19.4%            19.5% 
 Futura Resources Ltd                   16.3%            16.2% 
 Cemos Group plc                        13.9%            14.5% 
 Tungsten West Limited                  13.2%            13.2% 
 Polar Acquisition Ltd                  8.8%              8.9% 
 Anglo Saxony Mining Limited            5.2%              3.9% 
 Mines & Metals Trading 
  Peru PLC                              4.3%              4.5% 
 Azarga Metals Corp                     3.6%              2.7% 
 Nussir ASA                             3.5%              3.4% 
 Sarmin Minerals Exploration            2.7%              2.7% 
 Metals Exploration plc                 1.7%              1.9% 
 Black Pearl Limited Partnership        1.2%              1.2% 
 Listed Precious Metal Shares           2.9%              3.9% 
 Other Investments                      2.6%              2.7% 
 Net Cash, Equivalents and 
  Accruals                              0.7%              0.8% 
 

Mines & Metals Trading (Peru) PLC ("MMTP")

On 11 February 2021 MMTP announced a business combination with TSX-V listed mineral exploration company Oro X Mining Corp (Oro X). On 15 April 2021 OroX and MMTP announced that they had closed a C$14.2 million equity raising which was the key condition of the merger. On 3 May 2021, OroX and MMTP announced that they had received the conditional acceptance from the TSX Venture Exchange for the merger and are diligently working to satisfy the requirements for final approval.

Pursuant to the 50:50 merger Oro X will acquire 100% of the shares of MMTP with the resultant merged company called Silver X. Oro X's flagship asset is the Coriorcco gold exploration project in Ayacucho, Peru and MMTP's flagship asset is the producing Recuperada silver project also in Peru. The combination of Oro X's and MMTP's teams, assets and operational experience creates a growth-focused platform primed to consolidate the fragmented

Peruvian silver landscape.   The merger transaction is expected to close in June 2021. 

The outlook for mining in Peru is currently uncertain with the leading presidential candidate suggesting significantly higher taxes for foreign mining companies. This could be a major risk for MMTP but also could open up opportunities for acquisitions in its aim as a consolidator of smaller mines in the country.

Anglo Saxony Mining Limited ("ASM")

At the beginning of April 2021 ASM completed an equity raising of approximately GBP6 million at 15 pence per share which was taken into account in the March 2021 NAV. In order to simplify the capital structure and assist with the raising, the Company agreed to convert its convertible loan at the conversion price of 8 pence per share and as a result now owns approximately 26% of ASM.

ASM owns the Tellerhauser tin mine in Saxony, Germany. In 2020 ASM completed a pre-feasibility study into the mine which would produce 6,500 tonnes per annum of 50% tin concentrate. The price of tin has risen significantly in the past year as it is a key ingredient in the world's increasing shift to electrification.

ASM plans to use the funds for further resource definition drilling, metallurgical testwork and optimisation studies in advance of a planned listing in the fourth quarter of this year.

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

Enquiries:

   Baker Steel Resources Trust Limited             +44 20 7389 8237 

Francis Johnstone

Trevor Steel

   Numis Securities Limited                               +44 20 7260 1000 

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 rns@lseg.com or visit www.rns.com.

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END

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May 06, 2021 02:00 ET (06:00 GMT)

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