Baker Steel Resources Trust Ltd Edison issues update on Baker Steel Resources
November 17 2020 - 8:33AM
RNS Non-Regulatory
TIDMBSRT
Baker Steel Resources Trust Ltd
17 November 2020
London, UK, 17 November 2020
Edison issues update on Baker Steel Resources Trust (BSRT)
Baker Steel Resources Trust (BSRT) recorded a solid 10.8% NAV
total return in the 12 months ended 30 October 2020, assisted by
the progress of several projects and its precious metals exposure.
Looking ahead, potential positive NAV triggers for Q420 and Q121
relate in particular to BSRT's three major projects (Bilboes,
Tungsten West and Futura), which made up 45% of its NAV at end
October 2020. On the other hand, the recently published
pre-feasibility study (PFS) on the Prognoz mine assumes lower
annual output than the preliminary economic assessment (PEA).
However, this should be partially offset by a lower discount rate
applied in the valuation due to the move to PFS, as well as the
current favourable silver price.
BSRT's reported January to October 2020 3.1% return is based on
the valuation of its unlisted holdings at end June (next review
planned for 31 December). With solid share price performance, the
discount narrowed at end September to just 13.8% and expanded to
18.8% at end October, below the 10-year average of c 25%.
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