Baker Steel Resources Trust Ltd Net Asset Value(s) (6111H)

TIDMBSRT

RNS Number : 6111H

Baker Steel Resources Trust Ltd

05 August 2021

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 2021

30 July 2021 Unaudited NAV Statement

Net Asset Value

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

   Net asset value per Ordinary Share:   97.5 pence 

The NAV per share has decreased by 2.3% against the unaudited NAV at 30 June 2021, mainly due to a decrease in the share price of Metals Exploration plc on the AIM market of the London Stock Exchange as well as an appreciation in the Sterling exchange rate.

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 July 2021 .

Investment Update

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

 
                                 30 Jul y 2021   31 December 2020 
 Bilboes Gold Limited                19.0%            19.5% 
 Tungsten West Limited               15.5%            13.2% 
 Futura Resources Ltd                15.3%            16.2% 
 Cemos Group plc                     13.7%            14.5% 
 Polar Acquisition Ltd               8.6%              8.9% 
 Anglo Saxony Mining Limited         5.2%              3.9% 
 Mines & Metals Trading 
  Peru PLC/Silver X Mining 
  Corporation                        4.1%              4.5% 
 Azarga Metals Corp                  4.0%              2.7% 
 Nussir ASA                          3.8%              3.4% 
 Kanga Potash                        2.6%              2.7% 
 Metals Exploration plc              1.6%              1.9% 
 Prism Diversified                   1.5%              1.5% 
 Listed Precious Metal Shares        2.7%              3.9% 
 Other Investments                   1.8%              2.4% 
 Net Cash, Equivalents and 
  Accruals                           0.6%              0.8% 
 

Bilboes Gold Limited ("Bilboes")

Following exhaustive negotiations, the shareholders of Bilboes and the potential acquiror have decided not to proceed with the proposed transaction. From the Company's point of view the proposed acquisition price for Bilboes of US$118 million in cash was not sufficiently high for us to accept the post sale conditions proposed by the potential acquiror.

The Definitive Feasibility Study ("DFS") into Bilboes' Isabella/McCays/Bubi gold project in Zimbabwe defined an open pit gold mine with an average production rate of 170,000 ounces of gold per year over a ten year mine life. There remains significant exploration upside potential at the project to extend this life further as well as potential to use the processing facilities as a hub to toll treat nearby third party ores. The economic model produced a post-tax NPV(10%) at a gold price of US$1,500 per ounce of US$236 million which rises to US$412 million at the current gold price of US$1,800 per ounce.

Bilboes and its advisers will now contact the other parties which showed an interest in acquiring the project as well as investigating the potential of an IPO.

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.

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August 05, 2021 02:00 ET (06:00 GMT)