Baker Steel Resources Trust Ltd Net Asset Value(s) (7428K)
September 06 2021 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 7428K
Baker Steel Resources Trust Ltd
06 September 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 September 2021
31 August 2021 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 August 2021:
Net asset value per Ordinary Share: 96.6 pence
The NAV per share has decreased by 0.9% against the unaudited
NAV at 30 July 2021, mainly due to a decrease in the share price of
Azarga Metals Corp on the TSX-V market.
The Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 August 2021
.
Investment Update
The Company's top 12 investments were as follows as a percentage
of NAV:
31 August 2021 31 December 2020
Bilboes Gold Limited 19.4% 19.5%
Futura Resources Ltd 16.0% 16.2%
Tungsten West Limited 15.7% 13.2%
Cemos Group plc 13.9% 14.5%
Polar Acquisition Ltd 8.7% 8.9%
Anglo Saxony Mining Limited 5.2% 3.9%
Mines & Metals Trading
Peru PLC/Silver X Mining
Corporation 4.2% 4.5%
Nussir ASA 3.9% 3.4%
Azarga Metals Corp 2.7% 2.7%
Kanga Potash 2.7% 2.7%
Metals Exploration plc 1.6% 1.9%
Prism Diversified 1.5% 1.5%
Listed Precious Metal Shares 2.0% 3.9%
Other Investments 2.0% 2.4%
Net Cash, Equivalents and
Accruals 0.5% 0.8%
Polar Acquisition Limited ("PAL")
On 26 August 2021 Polymetal International announced that it had
approved an accelerated development of the open-pit mine at the
Prognoz silver project in the Republic of Sakha (Yakutia), Russia
over which PAL holds a 1.8% to 0.9% net smelter royalty with ore
processing at its Nezhda concentrator. First production and
therefore payment of the royalty is now planned for 2023
approximately three years earlier than previously envisaged
The current plan proposes silver equivalent production of
approximately 6.5 million ounces per annum in concentrate over 18
years. This is a lower production rate over a longer period than
the previous guidance, however given the excellent exploration
potential and additional resources already identified which could
be mineable using underground methods, we would expect that the
production rate would be increased once the mine was producing
positive cashflow.
The Investment Manager will seek further details on the revised
production profile from Polymetal prior to reviewing the valuation
of PAL's royalty.
Azarga Metals Corporation ("Azarga")
During August 2021, TSX-V listed Azarga released the results of
its updated Preliminary Economic Assessment on its Unkur
copper/silver project in far eastern Russia. A base case of an
initial open-pit mining operation is proposed followed by
underground mining with an average annual production of 11.7
thousand tonnes per annum of copper and 2.9 million ounces of
silver per annum in concentrates over a 14-year mine life. At long
term consensus metal prices (US$3.86/lb copper and US$25/oz silver)
the economic model calculated a post tax NPV(8%) of US$205 million
and an IRR of 27%. The market capitalisation of Azarga at 31 August
2021 was approximately C$10.6 million.
The exploration potential at the project remains attractive and
a program of additional drilling is planned by the end of the year
targeting additional open-pittable resources.
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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END
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