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

Baker Steel Resources TrustAnnouncement

08/04/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240408:nRSH5876Ja&default-theme=true

RNS Number : 5876J  Baker Steel Resources Trust Ltd  08 April 2024

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 28(th) 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
(https://www.bakersteelcap.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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NAVUPUAGCUPCGPM