Baker Steel Resources Trust Ltd Net Asset Value(s) (7632I)
December 07 2022 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 7632I
Baker Steel Resources Trust Ltd
07 December 2022
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 December 2022
30 November 2022 Unaudited NAV Statement
LEI: 213800JUXEVF1QLKCC27
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 November 2022:
Net asset value per Ordinary Share: 79.1 pence.
The NAV per share has increased by 1.0% against the unaudited
NAV at 31 October 2022 largely due to the increase in the share
price of Silver X on the Toronto Stock Exchange.
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
2022.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
30 November 31 December 2021
2022
Futura Resources Ltd 27.6% 18.1%
Cemos Group plc 20.9% 18.6%
Bilboes Gold Limited 14.7% 13.1%
Tungsten West Plc 6.1% 14.7%
Kanga Investments Ltd 5.7% 4.1%
Silver X Mining Corporation 5.7% 2.8%
Polar Acquisition Ltd 4.6% 7.5%
First Tin plc 3.7% 7.7%
Nussir ASA 3.6% 3.6%
Prism Diversified 1.4% 1.1%
Listed Precious Metal Shares 2.2% 3.3%
Other Investments 3.7% 3.3%
Net Cash, Equivalents and
Accruals 0.1% 1.1%
Silver X Mining Corporation ("Silver X")
On 28 November 2022 Silver X announced that it had positive
operating earnings of US$2.0 million for the first time during the
third quarter of 2022. Record quarterly operating revenues of
US$5.5 million, were a 73% increase from previous quarter. Cash
costs were US$11.0 per silver equivalent ("AgEq") ounce produced
with an All-In-Sustaining Cost of US$15.8 per AgEq ounce produced.
This was as a result of record quarterly AgEq ounces processed and
produced of 481,040 and 371,072, respectively from its Recuperada
operation in Peru.
During October 2022, Silver X raised C$3 million via a private
placement at a price of C$0.22 per Unit consisting of one common
share plus 1/2 2-year C$0.33 share purchase warrant.
During November 2022 the share price of Silver X rose 46% on the
TSX-V to C$0.395/share. The Company is the largest shareholder of
Silver X with approximately 13.7% of the issued share capital
following the conversion of its convertible loan at C$0.30 per
share earlier this year.
Futura Resources Limited ("Futura")
On 23 November 2022, the Queensland Government announced that it
had approved the mining licences of Futura's two steelmaking coal
mines. Queensland's Resources Minister Scott Stewart said the
approval of Futura Resources' Fairhill and Wilton projects near
Emerald was a big boost for the regional workforce and economy. He
said "These projects are in the heart of the Bowen Basin and will
benefit from the existing infrastructure in place from nearby
mines. At their peak, these two mines will produce more than three
million tonnes per year of steelmaking coal, which will be
processed then transported by rail to the Port of Gladstone and
exported to key international markets." Both mines have an initial
10-year proposed lifespan but could be expanded to more than 20
years with continued exploration.
The award of the mining licences was a key condition to Futura
raising the requisite finance to fund the start of both mines and
it is hoped that this can now be resolved in the near future so
that mining can commence in the second quarter 2023 and take
advantage of the current strong prices for steelmaking coal.
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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