Baker Steel Resources Trust Ltd Net Asset Value(s) (7902Z)
January 15 2020 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 7902Z
Baker Steel Resources Trust Ltd
15 January 2020
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
15 January 2020
31 December 2019 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 December 2019:
Net asset value per Ordinary Share: 73.9 pence
The NAV per share has increased by 8.0% against the NAV at 29
November 2019, primarily due to changes following the usual review
of unlisted positions at the year end. Over the full year 2019, the
NAV has risen by 29.9% compared to a 18.4% rise in the EMIX Global
Mining Index in Sterling terms.
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 December
2019.
Portfolio Update
The Company's top 12 investments at 31 December 2019 were as
follows as a percentage of NAV:
Bilboes Gold Limited 15.9%
Futura Resources Ltd 15.0%
Polar Acquisition Ltd 11.3%
Cemos Group plc 10.0%
Tungsten West Limited 8.0%
Polymetal International Plc 6.1%
Anglo Saxony Mining Limited 4.6%
Mines & Metal Trading Peru PLC 4.4%
Nussir ASA 4.1%
Sarmin Minerals Exploration 3.7%
Black Pearl Limited Partnership 3.4%
Ivanhoe Mines Ltd 3.1%
Other Investments 8.1%
Net Cash, Equivalents and Accruals 2.3%
Investment Update
Full Year Adjustments to Carrying Values
The Company has carried out its normal review of its unlisted
holdings, which it performs at the half-year and full year-ends.
This review takes into account general market movements in mining
equities, as well as specific factors, and an assessment of whether
these should impact the carrying values of the Company's unlisted
holdings. In order to quantify how the share price of a particular
unlisted stock might have moved during the period had it been
listed, the Investment Manager maintains an index of comparable
listed companies for each unlisted investment. In addition the
Investment Manager updates its royalty models for the royalty
interests it owns in Futura Resources and Polar Acquisition Limited
("PAL") to take account of the latest estimated production profiles
of the underlying projects and commodity prices. The net present
values produced by these royalty models are then discounted for
development risk to arrive at a valuation.
The two main changes to carrying values since 29 November 2019
are increases in the valuations of PAL and Bilboes Gold
Limited.
PAL holds an approximate 1.1% to 1.8% net smelter royalty
(dependent on the tax status of the project) of the Prognoz Silver
project in far eastern Russia, owned by Polymetal International PLC
("Polymetal"). Polymetal has estimated an 18 year life for the
Prognoz project at an average production rate of 20 million ounces
of silver equivalent per annum from 2025. This is considerably
longer than previously envisaged and suggests a significant
increase in mineral resources from Polymetal's ongoing exploration
programme although it has not released an updated resource
statement for Prognoz in the past year. The Pre-Feasibility Study
due for completion in the second half of 2020 will give much more
detail as to Polymetal's production plans for Prognoz. Together
with the increase in the silver price this year (+11.1% against
Sterling), this has led to a 39.4% increase in the carrying value
of PAL (equivalent to a 3.46% increase in NAV).
The carrying value of Bilboes Gold Limited ("Bilboes") has been
increased by 22.2% in line with the movement in its index
(equivalent to a 2.71% increase on NAV). Bilboes's carrying value
was previously increased by 14.7% at 30 June 2019 making an overall
increase of 40% during 2019. During the year gold shares as
represented by the EMIX Global Gold Mining Index have risen 36.8%
in Sterling terms following the increase in the gold price. Bilboes
is due to complete the Definitive Feasibility Study into its
200,000 ounce per annum Isabella/Bubi gold project in Zimbabwe in
the next few weeks.
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
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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.
END
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