Baker Steel Resources Trust Ltd Net Asset Value(s) (9238Q)
March 03 2021 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 9238Q
Baker Steel Resources Trust Ltd
03 March 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 March 2021
26 February 2021 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 26 February 2021:
Net asset value per Ordinary Share: 95.2 pence
The NAV per share has increased by 0.4% against the NAV at 31
January 2021, with the increase in the carrying value of Anglo
Saxony Mining Limited offset by falls in the listed precious metal
shares held in the portfolio and by increases in the Sterling
exchange rates 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 26 February
2021 .
Investment Update
The Company's top 12 investments were as follows as a percentage
of NAV:
26 February 31 December 2020
2021
Bilboes Gold Limited 16.7% 16.9%
Futura Resources Ltd 16.2% 16.5%
Cemos Group plc 14.2% 14.6%
Tungsten West Limited 13.1% 12.6%
Polar Acquisition Ltd 11.0% 11.2%
Anglo Saxony Mining Limited 5.2% 4.0%
Mines & Metals Trading
Peru PLC 4.6% 4.5%
Nussir ASA 3.4% 3.5%
Azarga Metals Corp 2.8% 2.8%
Sarmin Minerals Exploration 2.7% 2.7%
Metals Exploration plc 2.0% 1.9%
Black Pearl Limited Partnership 1.3% 1.2%
Listed Precious Metal Shares 3.2% 3.9%
Other Investments 2.8% 2.8%
Net Cash, Equivalents and
Accruals 0.8% 0.8%
Anglo Saxony Mining Limited ("ASM")
On 26 February 2021, Panthera Resources Plc announced that it
had sold its entire interest in ASM representing approximately 14%
of the company to a new investor at a 50% premium to the Company's
carrying value at 31 January 2021. The Company has therefore
increased the carrying value of the ASM equity and convertible
loans that it holds. At the uplifted the whole of ASM is valued at
approximately EUR14 million on a fully diluted basis. The Company
would own approximately 25% of ASM should it exercise its right to
convert its convertibles.
This sale paves the way for ASM to raise new equity to fund the
definitive feasibility study on its Telehauser tin project in
Saxony, Germany. During 2020, ASM completed a pre-feasibility study
(PFS) on Telehauser into a mine producing approximately 3,000
tonnes of tin per annum in concentrate over a 12-year mine life
with an after tax NPV(5%) of EUR11M and an IRR of 6.7% using a
US$20,500/tonne tin price. Tin has long been identified as one of
the principal beneficiaries of the global move towards
electrification due to its use as solder for electrical
connections, and a tin mine in the heart of Europe is likely to be
of strategic importance. The price of tin has risen approximately
70% over the past year to US$27,500/tonne at the end of February
2021. Applying this tin price to the pre-feasibility study economic
model would give an after tax NPV(5%) of EUR90M and an IRR of
18.9%.
The PFS recommended additional drilling to improve confidence in
and the potential size of the mineral resources at Telehauser and
the likely significant reduction in mining dilution once more
accurate information is available on the geometry of the orebodies
as well additional metallurgical testwork in order improve
recoveries of by-product metals in particular Indium, as meaningful
sources of upside potential for the final DFS outcome.
Mines & Metals Trading (Peru) PLC ("MMTP")
On 11 February 2021 MMTP announced a business combination with
TSX-V listed mineral exploration company Oro X Mining Corp.
Pursuant to the 50:50 merger Oro X will acquire 100% of the shares
of MMTP with the resultant merged company called Silver X. Oro X's
flagship asset is the Coriorcco gold exploration project in
Ayacucho, Peru. The combination of Oro X's and MMTP's teams, assets
and operational experience creates a growth-focused platform primed
to consolidate the fragmented Peruvian silver landscape.
As a condition of the business combination transaction, Echelon
Wealth Partners Inc. and Red Cloud Securities Inc. have been
engaged to raise a minimum of C$14 million. Trading in Oro X has
been halted pending pricing of the share placing and completion of
the transaction. The proceeds are planned to be used for mine
development and exploration activities at MMTP's Recuperada Mine in
Peru, and for general working capital. The offering is expected to
close around 31 March 2021.
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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