Baker Steel Resources Trust Ltd Net Asset Value(s) (1309U)
April 05 2016 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 1309U
Baker Steel Resources Trust Ltd
05 April 2016
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 April 2016
31 March 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 March 2016:
Net asset value per Ordinary Share: 34.7 pence
Since 29 February 2016, the NAV per share has increased by 0.3%
with an increase in the share price of Ivanhoe Mines on the Toronto
Stock Exchange balanced by the appreciation of Sterling against the
US Dollar and Canadian Dollar in which much of the Company's
portfolio is denominated.
The Company had a total of 114,568,335 Ordinary Shares in issue
with 700,000 shares held in treasury as at 31 March 2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows
as a percentage of NAV:
Polar Silver Resources Ltd 25.8%
Black Pearl Limited Partnership 18.7%
Metals Exploration plc 11.2%
Bilboes Gold Limited 9.8%
Cemos Group plc 9.1%
Ivanhoe Mines Limited 7.7%
Ironstone Resources Limited 5.6%
Gobi Coal & Energy Limited 3.0%
Archipelago Metals Limited 2.7%
China Polymetallic Mining
Limited 2.4%
Other Investments 3.7%
Net Cash, Equivalents and
Accruals 0.3%
Bilboes Gold Limited ("Bilboes")
At the end of March 2016, Bilboes published an updated resource
statement for its Isabella/McCays/Bubi gold complex in
Matabeleland, Zimbabwe. The new resource was estimated in
accordance with the JORC Code and audited by independent
consultants SRK Consulting.
Total contained gold increased 30% to 5,163,000 ounces and the
updated resource also showed an increase in confidence with gold in
Indicated Mineral Resources more than double at 54 million tonnes
at a grade of 2.33 g/t containing 4.06 million ounces of gold.
Inferred Mineral Resources stand at 14 million tonnes at 2.43 g/t
containing 1.1 million ounces
The upgraded resource should have a positive impact on the
pre-feasibility study which is currently underway particularly as
much of the improvement is due to a 14% increase in grade.
Metals Exploration plc ("Metals Ex")
During March 2016, Metals Ex announced that the rehabilitation
and enhancement works following the damage by super Typhoon Lando
had been completed at the end of February. Metals Ex is now
awaiting final verification by the Mines & Geosciences Bureau
in the Philippines before the lifting of the partial suspension
order placed on the RSI and Malilibeg Dump Site construction.
The combined impact of the work undertaken to satisfy the
conditions for the lifting of the partial suspension order and the
increased timeline to complete the permitting process depleted the
cash resources of Metals Ex at the end of February 2016. Therefore
Metals Ex's board decided to raise US$6.2 million to provide it
with sufficient working capital until it is projected that it can
commence operations through to realising self-sustaining cash flow.
The funds were raised from Metals Ex's four largest shareholder
groups including other funds managed by Baker Steel Capital
Managers LLP, although the Company did not participate on this
occasion as it had taken an over allocation of its rights in the
September 2015 rights issue.
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 is set
out in the Company's Prospectus dated 26 January 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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