Baker Steel Resources Trust Ltd Net Asset Value(s) (6252A)
June 03 2021 - 01:00AM
UK Regulatory
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
NAVKZGGVFZGGMZM
(END) Dow Jones Newswires
June 03, 2021 02:00 ET (06:00 GMT)
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Mar 2023 to Mar 2024