BAKER STEEL RESOURCES TRUST
LIMITED
(Incorporated in Guernsey with
registered number 51576 under the provisions of The Companies
(Guernsey) Law, 2008 as amended)
9 December
2024
30 November 2024 Unaudited NAV
Statement
Net Asset Value
Baker Steel Resources Trust Limited
(the "Company") announces its unaudited net asset value per share
at 30 November 2024.
Net asset value per Ordinary Share:
81.6 pence.
The NAV per share at 30 November
2024 increased by 1.0% from the last published NAV at 31 October
2024 largely due to an increase in the carrying value of Nussir ASA
outweighing falls in the share prices of listed precious metals
stocks Caledonia Mining, Metals Exploration and Silver
X.
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 2024.
Investment
Update
The Company's top 10 investments, as
a percentage of NAV, were as follows:
|
|
30 November
2024
|
31 December
2023
|
|
Futura Resources Ltd
|
32.8%
|
36.3%
|
|
Cemos Group plc
|
30.4%
|
29.3%
|
|
Bilboes Royalty
|
7.8%
|
7.2%
|
|
Nussir ASA
|
7.8%
|
4.1%
|
|
Caledonia Mining Corporation
Plc
|
4.4%
|
5.4%
|
|
Metals Exploration Plc
|
4.1%
|
3.0%
|
|
First Tin PLC
|
2.9%
|
2.1%
|
|
Silver X Mining
Corporation
|
2.8%
|
3.5%
|
|
Tungsten West Plc
|
2.6%
|
1.7%
|
|
Kanga Investments Ltd
|
1.5%
|
3.6%
|
|
Other Investments
|
2.5%
|
3.4%
|
|
Net Cash, Equivalents and
Accruals
|
0.4%
|
0.4%
|
Nussir ASA ("Nussir")
As announced on 29 November 2024 the Company
and the other 3 main shareholders of Nussir together representing
70.8% of Nussir's issued share capital, have agreed to sell their
shares in Nussir to Blue Moon Metals Inc ("Blue Moon"), a company
listed on the TSX-V stock exchange. The transaction values Nussir
at US$55.3 million and assuming the conditions of the transaction
are achieved in particular the raising of at least C$30 million of
new equity capital, completion is expected around the end of
February 2025.
This deal strengthens the immediate prospects
for our investment in Nussir by combining it with two other
prospective projects, along with financing it needs, experienced
mine and project builders, and a TSX-V listing. It is a major
milestone towards bringing the Nussir project into production.
Depending on the final amount to be raised by Blue Moon, the
Company is expected to own between 10 and 12% of the enlarged Blue
Moon share capital on completion.
The Company currently holds 21.6% of the issued
share capital of Nussir which, on the basis of the 31 October 2024
net asset value ("NAV"), represented approximately 4.1% of NAV with
a carrying value of £3.6 million. In light of the proposed
transaction, the Company has reviewed its carrying value of Nussir
noting that its shares in Blue Moon will be subject to lock-up
arrangements following completion. Accordingly, the Company has
increased its carrying value to £6.8 million which represents a 30%
discount to the ascribed value of the transaction which results in
a 91% increase on the valuation as at 31 October 2024.
Metals Exploration Plc
("Metals Ex")
On 4 December 2024
Metals Ex announced a recommended offer for Condor Gold plc for an
initial consideration of £67.5 million (70% shares, 30% cash) plus
a contingent consideration of US$18.00 per ounce for
additional contained gold resources discovered in excess
of Condor's base case Mineral Resource Estimate at the Condor
Group's La India, Rio Luna and Estrella projects (the
"Gold Projects"). The maximum additional consideration would amount
to US$28.8 million (£22.6 million). Accordingly, the maximum total
consideration would amount to approximately £90.1
million.
Condor's main project is the La India gold
project in Nicaragua which has an estimated 9.7mt of ore at 3.5g/t
Au Indicated Mineral Resource and 8.6mt at 4.3g/t Au Inferred
Mineral Resource for an overall resource of 2.3moz. In 2022, Condor
published the results of a feasibility study into an open pit gold
mine producing 81,000 ounces per annum over a 6 year life. At a
gold price of US$2,400 per ounce the economic model determined an
NPV5% of US$320 million with an IRR of 60.8%. Initial capex was
indicated at US$105 million. Condor's other two projects, Rio Luna
and Estrella are still at the early exploration stage.
The acquisition of Condor will provide Metals
Ex with a project ready for development in La India to replace the
cashflow from Metals Ex's Runruno gold mine in the Philippines as
it approaches the end of its life of mine in the next two
years.
Further details of the Company and
its investments are available on the Baker Steel Capital Managers
website www.bakersteelcap.com
Enquiries:
Baker Steel Resources Trust Limited
+44 20 7389 8237
Francis Johnstone
Trevor Steel
Shore Capital
+44
020 7408 4050
Henry Willcocks (Corporate Broking)
Gillian Martin, Daphne Zhang
(Corporate)
Adam Gill (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.