Baker Steel Resources Trust Ltd Net Asset Value(s) (9516D)
February 06 2018 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 9516D
Baker Steel Resources Trust Ltd
06 February 2018
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 February 2018
31 January 2018 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 January 2018:
Net asset value per Ordinary Share: 53.4 pence
Since 29 December 2017 the NAV per share has decreased by 6.0%,
primarily due to a fall in the share price of Ivanhoe Mines on the
Toronto Stock Exchange and the fall in the US$ exchange rate
against Sterling.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 January
2018.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polar Acquisition Ltd 37.8%
Bilboes Gold Limited 12.9%
Cemos Group plc 9.8%
Ivanhoe Mines Limited 9.6%
Metals Exploration plc 6.4%
Queensland Coal Investment
Holdings Ltd 4.6%
SME Inc 4.5%
Black Pearl Limited Partnership 4.0%
PRISM Diversified Inc 4.0%
Nussir ASA 3.4%
Other Investments 1.8%
Net Cash, Equivalents and
Accruals 1.2%
Investment Update
Ivanhoe Mines Limited ("Ivanhoe")
Shares in Ivanhoe fell 17% during the month following reports
that the Democratic Republic of Congo ("DRC") parliament had
approved a new mining law that increased mining royalties from 2%
to 3.5% as well as introducing a "super profits" tax of 50% if the
relevant commodity price rises by more than 25% above that used in
a mine's feasibility study. The bill will not become law until it
has been signed by the President of DRC and if it does Ivanhoe
could take the DRC to international arbitration following its
agreement with the DRC government in 2016 which ceded 15% of the
local company to the state.
Metals Exploration plc ("Metals Ex")
On 22 January 2018 Metals Ex announced its quarterly update to
31 December 2017. Production from the Runruno gold mine in the
Philippines for the quarter totalled 11,236 ounces gold taking
total production for the year to 36,006 ounces of gold compared to
around 100,000 ounces of gold targeted in full production. The
Investment Manager undertook a site visit during January 2018 to
achieve a better understanding of the difficulties the Runruno gold
mine has encountered. The majority of the operations appeared to be
working well however the key technical issue is for Metals Ex to
achieve the requisite throughput and recoveries from the BIOX(R)
circuit.
Overall during the fourth quarter the Runruno gold mine
generated positive cashflow despite achieving only 50.8% recovery
compared to the feasibility study target of over 90%. However
current cashflow is insufficient for the servicing interest and
capital repayments on its project debt and Metals Ex is in
discussions with lenders to restructure the debt facility.
Should Metals Ex be able to solve its issues with the BIOX(R)
this would transform production and therefore revenue with a high
majority of this passing through to operating profit.
PRISM Diversified Inc (formerly Ironstone Resources Limited)
During January 2018, Ironstone Resources Limited changed its
name to PRISM Diversified Inc ("PRISM") to position itself for its
commercialisation stage of development and to reflect PRISM's focus
on process and technology together with manufacture of strategic
commodities.
After successful preliminary tests revealed efficient lithium
concentration from a reservoir brine sample on PRISM's permit
(using leading-edge patented technology), the company quadrupled
its permit holdings in the Peace River Region. PRISM now holds
permits over 1.88 million acres, the largest contiguous block of
metallic and industrial mineral permits in Alberta. PRISM plans to
conduct further studies on its carbonyl iron powder and lithium
carbonate projects in 2018.
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 company news service from the London Stock Exchange
END
NAVZMGGZDKFGRZM
(END) Dow Jones Newswires
February 06, 2018 02:00 ET (07:00 GMT)
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Apr 2024 to May 2024
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From May 2023 to May 2024