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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)

03/06/2021 7:00am

UK Regulatory (RNS & others)


Baker Steel Resources (LSE:BSRT)
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TIDMBSRT

RNS Number : 6252A

Baker Steel Resources Trust Ltd

03 June 2021

BAKER STEEL RESOURCES TRUST LIMITED

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

3 June 2021

28 May 2021 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 28 May 2021:

   Net asset value per Ordinary Share:   98.6 pence 

The NAV per share has increased by 2.0% against the unaudited NAV at 30 April 2021, with an increase in the valuation of Tungsten West and increases in the share prices of the listed precious metals investments outweighing an increase in the exchange rate of Sterling against the US Dollar.

The Company had a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 28 May 2021 .

Investment Update

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

 
                                    28 May 2021   31 December 2020 
 Bilboes Gold Limited                  18.5%           19.5% 
 Futura Resources Ltd                  15.6%           16.2% 
 Tungsten West Limited                 15.2%           13.2% 
 Cemos Group plc                       13.5%           14.5% 
 Polar Acquisition Ltd                 8.4%             8.9% 
 Anglo Saxony Mining Limited           5.1%             3.9% 
 Mines & Metals Trading 
  Peru PLC                             4.0%             4.5% 
 Azarga Metals Corp                    3.7%             2.7% 
 Nussir ASA                            3.3%             3.4% 
 Sarmin Minerals Exploration           2.6%             2.7% 
 Metals Exploration plc                2.6%             1.9% 
 Black Pearl Limited Partnership       1.2%             1.2% 
 Listed Precious Metal Shares          3.4%             3.9% 
 Other Investments                     2.4%             2.7% 
 Net Cash, Equivalents and 
  Accruals                             0.5%             0.8% 
 

Tungsten West Limited ("Tungsten West")

During May 2021, Tungsten West undertook a pre-IPO equity fundraising at a 33% premium to the previous raising at the beginning of this year, which it expanded from GBP2 million to approximately GBP4 million due to very high demand. The proceeds of the raising will enable Tungsten West to commence the refurbishment of the Hemerdon processing plant and fund down payments for long lead capital items. In consideration of this raising and the expectation that the Company's convertible loans will be converted on the IPO, the Company has adjusted its current carrying value of both its shares and convertible loans in Tungsten West.

Tungsten West has appointed VSA Capital and Hannam & Partners as joint brokers to a planned IPO on the AIM market of the London Stock Exchange in the third quarter 2021 and are in advanced negotiations for the project finance debt raising. Tungsten West's objective is to commence work in the second half of this year, targeting commercial production in approximately 18 months.

During March 2021 Tungsten West released the findings of its Bankable Feasibility Study (BFS) which covers the restart of its Hemerdon tungsten mine in Devon, UK. The BFS shows a GBP45m initial capital requirement for a mine expected to produce on average GBP34 million of EBITDA per annum for over 20 years. This results in an after tax NPV(5%) of GBP272 million based on current tungsten prices with an IRR of 33%. The ore reserve estimate in the BFS is 63.3 million tonnes at 0.18% WO(3) , such that Hemerdon has the second largest JORC compliant tungsten ore reserve in the world outside China.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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June 03, 2021 02:00 ET (06:00 GMT)

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