RCS - Baker Steel Res Tst - Edison issues update on Baker Steel Resources

Baker Steel Resources TrustAnnouncement

17/11/2020 14:35

RNS Number : 6208F
  
Baker Steel Resources Trust Ltd
  
17 November 2020
  
 

 
London, UK, 17 November 2020
Edison issues update on Baker Steel Resources Trust (BSRT)
Baker Steel Resources Trust (BSRT) recorded a solid 10.8% NAV total return in the 12 months ended 30 October 2020, assisted by the progress of several projects and its precious metals exposure. Looking ahead, potential positive NAV triggers for Q420 and Q121 relate in particular to BSRT's three major projects (Bilboes, Tungsten West and Futura), which made up 45% of its NAV at end October 2020. On the other hand, the recently published pre-feasibility study (PFS) on the Prognoz mine assumes lower annual output than the preliminary economic assessment (PEA). However, this should be partially offset by a lower discount rate applied in the valuation due to the move to PFS, as well as the current favourable silver price.
 
BSRT's reported January to October 2020 3.1% return is based on the valuation of its unlisted holdings at end June (next review planned for 31 December). With solid share price performance, the discount narrowed at end September to just 13.8% and expanded to 18.8% at end October, below the 10-year average of c 25%.   

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For more information please contact Edison:
Milosz Papst,               +44 (0)20 3077 5700
Michal Mierzwiak,       +44 (0)20 3077 5700
 
investmenttrusts@edisongroup.com
 
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