BAKER STEEL RESOURCES TRUST
LIMITED
(Incorporated in Guernsey with
registered number 51576 under the provisions of The Companies
(Guernsey) Law, 2008 as amended)
8 April
2024
31 March 2024 Unaudited NAV
Statement
Net Asset Value
Baker Steel Resources Trust Limited
(the "Company") announces its unaudited net asset value per share
at 31 March 2024.
Net asset value per Ordinary Share:
76.6 pence.
The NAV per share at 31 March 2024
increased by 1.7% versus the unaudited NAV at 29 February 2024
largely due to the increase in the share price of Metals
Exploration plc on the AIM market.
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 March 2024.
Investment
Update
The Company's top 10 investments
were as follows as a percentage of NAV:
|
|
31 March
2024
|
29 December
2023
|
|
Futura Resources Ltd
|
35.2%
|
36.3%
|
|
Cemos Group plc
|
29.2%
|
29.3%
|
|
Bilboes Royalty
|
7.3%
|
7.2%
|
|
Caledonia Mining Corporation
Plc
|
4.8%
|
5.4%
|
|
Metals Exploration Plc
|
4.6%
|
3.0%
|
|
Nussir ASA
|
3.9%
|
4.1%
|
|
Kanga Investments Ltd
|
3.7%
|
3.6%
|
|
Silver X Mining
Corporation
|
2.9%
|
3.5%
|
|
First Tin plc
|
2.4%
|
2.1%
|
|
Tungsten West Plc
|
1.8%
|
1.7%
|
|
Other Investments
|
3.4%
|
3.4%
|
|
Net Cash, Equivalents and
Accruals
|
0.8%
|
0.4%
|
Metals
Exploration plc ("Metals Ex")
On 27 March 2024 Metals Ex announced that it
had made the last payment due to the lenders under the Company's
mezzanine debt facilities. There remains US$2,629 of principal and
accrued interest on the Group's senior facility, with such a
nominal amount having been left outstanding, with the agreement of
the lenders, since November 2022, in order to maintain the security
package while the elevation of the Group's mezzanine facilities was
being negotiated and implemented. There is a dispute with one of
the lenders as to the rate of interest payable under the mezzanine
facility which could lead to a further interest payment of US$1.9
million but otherwise Metals Ex is now debt free.
Metals Ex has made a remarkable turnaround
since the current CEO, Darren Bowden, joined in 2019 and agreed a
debt restructuring package with its lenders in September 2020.
Since that time, Metals Ex has repaid US$171.3 million debt in
principal and interest. Metals Ex's share price was 0.75p when it
returned from suspension in October 2020 and closed at 4.5p at the
end of March 2024.
Caledonia
Mining Corporation Plc ("Caledonia")
On 28th March 2024 Caledonia
announced its operating and financial results for the year
ended December 31, 2023. Gross revenue of US$146.3
million for the year was 3% higher than 2022 due to a 7.8%
increase in the average realised price of gold sold, however gross
profit was down 33% at U$41.5 million due to higher
production costs at its Blanket Mine and operating costs
at the small scale, temporary Bilboes oxide mine.
Caledonia has provided 2024 gold production
guidance at Blanket of 74,000 to 78,000oz (2023 - 75,416oz) at an
all-in sustaining cost guidance of
between US$1,370 and US$1,470/oz.
Caledonia reported that work on a revised
feasibility study for the large-scale sulphide project at Bilboes
is well-advanced and Caledonia is considering the initial results.
Further work continues, particularly focused on reducing the
initial capital expenditure with a view to enhancing the project
economics.
Bilboes Gold previously completed a feasibility
study on the Bilboes Mine outlining production averaging 170,000
ounces of gold per annum once in full production. The Company
retains a 1% Net Smelter Royalty over future production from the
Bilboes project.
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
Deutsche Numis
+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.