REG - Baker Steel Res Tst - Net Asset Value(s)

Baker Steel Resources TrustAnnouncement

08/11/2023 07:00

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RNS Number : 6814S  Baker Steel Resources Trust Ltd  08 November 2023

 

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of
The Companies (Guernsey) Law, 2008 as amended)

 

 8 November 2023

LEI: 213800JUXEVF1QLKCC27

31 October 2023 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited
net asset value per share at 31 October 2023.

Net asset value per Ordinary Share: 65.9 pence.

The NAV per share has decreased by 0.6% versus the unaudited NAV at 29
September 2023 largely due to a fall in the share price of First Tin Plc on
the London 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 31 October 2023.

 

Investment Update

 

The Company's top 10 investments were as follows as a percentage of NAV:

 

                                     31 October 2023  31 December 2022
 Cemos Group plc                     30.2%            22.8%
 Futura Resources Ltd                28.9%            27.8%
 Bilboes Royalty                     8.5%               6.9%*
 Caledonia Mining Corporation Plc    6.0%               9.2%*
 Kanga Investments Ltd               5.5%             5.6%
 Nussir ASA                          4.0%             4.1%
 Silver X Mining Corporation         3.5%             5.4%
 Metals Exploration Plc              3.5%             1.7%
 First Tin plc                       2.4%             4.8%
 Tungsten West Plc                   2.1%             5.4%
 Other Investments                   5.1%             6.1%
 Net Cash, Equivalents and Accruals  0.3%             0.2%

*pro forma

 

 

 

 

First Tin Plc ("First Tin")

 

On 25 October 2023 First Tin provided an update on its Definitive Feasibility
Study ("DFS") at its Taronga Tin Project in Australia. First Tin announced
a key breakthrough in its mineral process test work which should significantly
reduce the capital and operating costs of the mine.

 

The results of this test work have allowed First Tin to simplify the mineral
processing flowsheet by rejecting waste material at an earlier stage and
meaning the proposed plant can handle a greater throughput. The lower
operating and capital costs per tonne of ore mined, together with the increase
in the resource at Taronga through successful exploration have allowed First
Tin to double the proposed throughput of the operation to 5 million tonnes of
ore per annum producing around 3,500 tonnes of tin per annum.

 

The feasibility study on Taronga is due for completion during the first
quarter of 2024 with the feasibility study on First Tin's second project, the
Tellerhauser tin mine in Germany expected mid 2024.

 

Despite this positive update on Taronga the shares of First Tin fell 27% on
the London Stock Exchange during October 2023.

 

 

Further details of the Company and its investments are available on the
Company's website www.bakersteelresourcestrust.com
(http://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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