Baker Steel Resources Trust Ltd Net Asset Value(s) (6107A)
February 04 2022 - 12:59AM
UK Regulatory
TIDMBSRT
RNS Number : 6107A
Baker Steel Resources Trust Ltd
04 February 2022
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
4 February 2022
31 January 2022 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 January 2022:
Net asset value per Ordinary Share: 95.5 pence
The NAV per share has decreased by 2.9% against the unaudited
NAV at 31 December 2021, largely due to falls in the listed
holdings during January 2022 in particular Tungsten West PLC which
fell 16.4% on the AIM Market of the London Stock Exchange during
the month.
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 December
2021 .
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
31 January 2022 31 December 2021
Cemos Group plc 19.0% 18.6%
Futura Resources Ltd 18.3% 18.1%
Bilboes Gold Limited 13.6% 13.1%
Tungsten West Plc 12.8% 14.7%
First Tin Ltd 7.9% 7.7%
Polar Acquisition Ltd 7.8% 7.5%
Kanga Potash 4.2% 4.1%
Nussir ASA 3.7% 3.6%
Silver X Mining Corporation 2.9% 2.8%
Azarga Metals Corp 2.6% 2.1%
Listed Precious Metal Shares 3.1% 3.2%
Other Investments 3.4% 3.3%
Net Cash, Equivalents and
Accruals 0.7% 1.1%
Bilboes Gold Limited ("Bilboes")
During January 2022 Bilboes completed its updated Feasibility
Study ("FS") on its Isabella/McCays/Bubi gold project in Zimbabwe.
The FS was undertaken to renew the FS completed in January 2020 to
update for capital and operating costs as well as gold price. The
updated FS has defined an open pit gold mine with an average gold
production of 167,000 ounces of gold per year over a ten year mine
life (2020 152,000 oz). This would make the mine the largest gold
mine in Zimbabwe.
The peak funding requirement has risen 9% to US$250million which
is line with increases seen elsewhere in the mining industry.
All-in Sustaining Costs have risen 4.4% to US$826/oz of gold
production. Using a gold price of US$1,650/oz the project economics
show an after tax NPV (10%) of US$323 million with an internal rate
of return of 33% and a payback on investment of one and a half
years.
Funding a project of this size in Zimbabwe remains a challenge
and the Company which holds 24.2% of Bilboes is discussing with the
other two shareholders the best way to bring the project into
production and realise value.
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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