Baker Steel Resources Trust Ltd Net Asset Value(s) (6111H)
August 05 2021 - 01:00AM
UK Regulatory
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 +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.
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