TIDMBSRT
RNS Number : 4154U
Baker Steel Resources Trust Ltd
03 December 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 December 2021
30 November 2021 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 November 2021:
Net asset value per Ordinary Share: 97.4 pence
The NAV per share has decreased by 0.3% against the unaudited
NAV at 29 October 2021, mainly due a fall in the value of Tungsten
West Plc on AIM during the month after the initial strong price
performance following its IPO in October 2021, albeit the share
price still remains at 10% above the IPO price.
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 November
2021 .
Investment Update
The Company's top 12 investments were as follows as a percentage
of NAV:
30 November 31 December 2020
2021
Bilboes Gold Limited 20.0% 19.5%
Futura Resources Ltd 16.1% 16.2%
Tungsten West Plc 15.2% 13.2%
Cemos Group plc 13.9% 14.5%
Polar Acquisition Ltd 9.0% 8.9%
First Tin Ltd 5.2% 3.9%
Nussir ASA 3.9% 3.4%
Silver X Mining Corporation 3.4% 4.5%
Kanga Potash 2.8% 2.7%
Azarga Metals Corp 2.6% 2.7%
Prism Diversified 1.6% 1.5%
Metals Exploration plc 1.6% 1.9%
Listed Precious Metal Shares 1.9% 3.9%
Other Investments 1.8% 2.4%
Net Cash, Equivalents and
Accruals 1.0% 0.8%
First Tin Limited ("First Tin") (formerly Anglo Saxony Mining
Limited
In November 2021 First Tin signed a Sale & Purchase
Agreement (SPA) to acquire ASX listed company Aus Tin Mining Ltd's
(ASX: ANW) ('Aus Tin') subsidiary company Taronga Mines Pty Ltd
which owns the Taronga Tin Project in New South Wales. Under the
terms of the SPA Aus Tin will receive 60 million shares in First
Tin, or a minimum of 22.6% of the shares in First Tin on completion
of an IPO on the London Stock Exchange early in 2022. The IPO aims
to raise at least GBP20 million at an issue price of not less than
30p per share. In addition, Aus Tin will receive A$1.35 million
cash.
Aus Tin completed a pre-feasibility study on Taronga in 2014
which contains estimated resources containing 57,000 tonnes tin,
28,000 tonnes copper and 4.4 million ounces silver. Once the
acquisition has been completed, First Tin plans to fast-track mine
development for Taronga by initiating a definitive feasibility
study immediately thereafter.
First Tin holds two advanced stage tin projects in Germany:
Tellerhauser and Gottesberg, with combined resources of 216,000t
tin plus significant copper, zinc, indium and magnetite. A
pre-feasibility study (PFS) has shown the Tellerhauser project to
be viable and a definitive feasibility study (DFS) is planned to
commence in early 2022, along with a drilling programme designed to
increase the resource base and convert inferred mineralisation to
indicated status.
The addition of the Taronga project to First Tin's portfolio
will increase the total resource base of the company to over
273,000 tonnes tin, equivalent to the fourth largest undeveloped
tin resource worldwide and it will possess the second largest OECD
tin portfolio according to International Tin Association
figures.
Silver X Mining Corp. ("Silver X")
During November 2021 the Company signed an assignment and
assumption agreement with Silver X Mining Corp. (TSX-V: AGX),
pursuant to which Silver X agreed to assume all of the obligations
of its wholly-owned subsidiary, Mines & Metals Trading (Peru)
PLC, as envisaged in the Company's US$4 million unsecured
convertible debenture signed in June 2019.
In addition, during November 2021, Silver X repaid the US$1
million bridging loan provided by the Company in 2020 together with
accrued interest and arrangement fees in the amount of
CAD$1,668,518.
Silver X's Recuperada project in Peru comprises 11,261 Ha of
mining concessions centred around a 600 tonne per day processing
plant. In October 2021 Silver X secured the environmental
permitting approval required to increase production capacity to 720
tonnes per day. Installation of a new crushing circuit and
flotation cells has commenced, and it expects full commissioning by
December 31, 2021.
Silver X's current focus is on expanding and improving its
understanding of its central Tangana mining unit. Recent channel
sampling at Tangana has been extremely promising and included 1,034
g/t AgEq over 2 metres. A 10,000 metres drilling campaign is due to
start in the first quarter of 2022 to evaluate these structures for
delivery of an upgraded resource statement targeted for first half
of 2022.
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
NAVMZMGZDZVGMZM
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