Baker Steel Resources Trust Ltd Net Asset Value(s) (7661N)
February 03 2021 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 7661N
Baker Steel Resources Trust Ltd
03 February 2021
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
3 February 2021
31 January 2021 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 January 2021:
Net asset value per Ordinary Share: 94.8 pence
The NAV per share has decreased by 0.7% against the NAV at 31
December 2020, primarily due to falls in the listed precious metal
shares held in the portfolio and an increase in the Sterling
exchange rate against the currencies in which the Company's
investments are held.
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 January 2021 .
Investment Update
The Company's top 12 investments were as follows as a percentage
of NAV:
31 January 2021 31 December 2020
Bilboes Gold Limited 17.0% 16.9%
Futura Resources Ltd 16.4% 16.5%
Cemos Group plc 14.4% 14.6%
Tungsten West Limited 12.6% 12.6%
Polar Acquisition Ltd 11.2% 11.2%
Mines & Metals Trading
Peru PLC 4.5% 4.5%
Anglo Saxony Mining Limited 4.0% 4.0%
Nussir ASA 3.5% 3.5%
Azarga Metals Corp 2.9% 2.8%
Sarmin Minerals Exploration 2.8% 2.7%
Metals Exploration plc 2.1% 1.9%
Black Pearl Limited Partnership 1.3% 1.3%
Listed Precious Metal Shares 3.5% 3.9%
Other Investments 2.8% 2.8%
Net Cash, Equivalents and
Accruals 1.0% 0.8%
Silver
The rise in silver prices to an 8-year high this week, driven
primarily by speculators, is a significant development for the
sector. While the metal has pulled-back somewhat since Monday's
highs, we believe the silver price remains underpinned by a number
of strong fundamental factors.
Silver rose to around USD 30/oz earlier this week as the metal
became the focus of the retail trading phenomenon which has seen
small-scale investors, fuelled by social media and online forums,
buying companies and investments which they perceive to have been
the targets of short selling by institutions. Major silver ETFs
experienced record inflows while a surge in purchases of physical
silver left many dealers out of physical stock, as investors piled
into the metal. While the impact of this surge in retail buying on
the silver price was less extreme than for an industrial stock,
such as GameStop, due to the deep and liquid nature of the silver
market, the metal's rapid price movements over the past few days
demonstrates that momentum can build quickly when it is driven by
the reach and power of the internet and social media.
Sentiment towards silver is recovering from its 2019 lows and it
has appeared undervalued for some time. The outlook for the metal
is increasingly positive and is supported by two key demand
drivers. The first of these is the recovery of the precious metals
sector, driven by a range of macroeconomic factors, most notably
low and negative real interest rates, rising debt levels and
unprecedented levels of economic stimulus enacted by policymakers
in response to the COVID-19 crisis. Having lagged gold for much of
the past few years and with the gold/silver ratio having reached an
historically high level of some 120 ounces of silver equivalent to
one ounce of gold during early-2020, silver's price recovery is
perhaps overdue.
The second key driver for higher silver prices is rising
industrial demand projections. Industrial demand already accounts
for over 50% of silver demand and a significant potential growth
area relates to the metal's applications in green technology, most
notably in the manufacturing of photovoltaic cells for use in solar
energy production. This represents an increasingly influential
source of demand.
The Company is well positioned should the upward movement in
silver be sustained having exposure through the Polar Acquisition
royalty on the Prognoz silver project, Azarga's Unkur silver/copper
project and Mines & Metals Peru's Silver/Lead/Zinc Recuperada
mine in Peru as well as a bias towards silver generally in its
listed precious metals part of the portfolio.
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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