Baker Steel Resources Trust Ltd Net Asset Value(s) (6811X)
May 06 2021 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 6811X
Baker Steel Resources Trust Ltd
06 May 2021
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 May 2021
30 April 2021 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 April 2021:
Net asset value per Ordinary Share: 96.7 pence
The NAV per share has decreased by 0.7% against the unaudited
NAV at 31 March 2021, mainly due to falls in the share prices of
the listed part of the portfolio.
The Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 30 April 2021
.
Investment Update
The Company's top 12 investments were as follows as a percentage
of NAV:
30 April 2021 31 December 2020
Bilboes Gold Limited 19.4% 19.5%
Futura Resources Ltd 16.3% 16.2%
Cemos Group plc 13.9% 14.5%
Tungsten West Limited 13.2% 13.2%
Polar Acquisition Ltd 8.8% 8.9%
Anglo Saxony Mining Limited 5.2% 3.9%
Mines & Metals Trading
Peru PLC 4.3% 4.5%
Azarga Metals Corp 3.6% 2.7%
Nussir ASA 3.5% 3.4%
Sarmin Minerals Exploration 2.7% 2.7%
Metals Exploration plc 1.7% 1.9%
Black Pearl Limited Partnership 1.2% 1.2%
Listed Precious Metal Shares 2.9% 3.9%
Other Investments 2.6% 2.7%
Net Cash, Equivalents and
Accruals 0.7% 0.8%
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 (Oro X).
On 15 April 2021 OroX and MMTP announced that they had closed a
C$14.2 million equity raising which was the key condition of the
merger. On 3 May 2021, OroX and MMTP announced that they had
received the conditional acceptance from the TSX Venture Exchange
for the merger and are diligently working to satisfy the
requirements for final approval.
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 and MMTP's flagship asset is the producing
Recuperada silver project also in 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. The merger transaction is expected to close in June 2021.
The outlook for mining in Peru is currently uncertain with the
leading presidential candidate suggesting significantly higher
taxes for foreign mining companies. This could be a major risk for
MMTP but also could open up opportunities for acquisitions in its
aim as a consolidator of smaller mines in the country.
Anglo Saxony Mining Limited ("ASM")
At the beginning of April 2021 ASM completed an equity raising
of approximately GBP6 million at 15 pence per share which was taken
into account in the March 2021 NAV. In order to simplify the
capital structure and assist with the raising, the Company agreed
to convert its convertible loan at the conversion price of 8 pence
per share and as a result now owns approximately 26% of ASM.
ASM owns the Tellerhauser tin mine in Saxony, Germany. In 2020
ASM completed a pre-feasibility study into the mine which would
produce 6,500 tonnes per annum of 50% tin concentrate. The price of
tin has risen significantly in the past year as it is a key
ingredient in the world's increasing shift to electrification.
ASM plans to use the funds for further resource definition
drilling, metallurgical testwork and optimisation studies in
advance of a planned listing in the fourth quarter of this
year.
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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END
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