REG - Baker Steel Res.Tst. - Investment Update and 28 February 2025 NAV

Baker Steel Resources TrustAnnouncement

10/03/2025 07:00

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RNS Number : 9092Z  Baker Steel Resources Trust Ltd  10 March 2025

BAKER STEEL RESOURCES TRUST LIMITED

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

 

10 March 2025

Investment Update and 28 February 2025 Unaudited NAV

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited
net asset value per share as at 28 February 2025.

Net asset value per Ordinary Share: 88.6 pence. Total NAV £94.4 million.

The NAV per share at 28 February 2025 decreased by 0.6% from the last
published NAV at 31 January 2025, largely due to the appreciation of Sterling
against the Australian, US and Canadian Dollars.

 

The Company had a total of 106,462,502 Ordinary Shares in issue with a further
700,000 shares held in treasury as at 28 February 2025.

 

Investment Update

 

The Company's top 10 investments were as follows:

 

                                     28 February 2025  28 February 2025  31 December 2024  31 December 2024

                                     £m                %                 £m                %
 Futura Resources Ltd                31.8              33.7%             31.9              33.4%
 Cemos Group plc                     30.0              31.8%             30.0              31.4%
 Bilboes Royalty                     8.4               8.9%              8.4               8.8%
 Blue Moon Metals Inc                7.5               7.9%              7.2               7.6%
 Caledonia Mining Corporation Plc    3.4               3.6%              3.2               3.5%
 Metals Exploration Plc              3.2               3.4%              3.3               3.5%
 Tungsten West Plc                   2.5               2.7%              3.2               3.3%
 First Tin PLC                       2.2               2.3%              2.6               2.8%
 Silver X Mining Corporation         1.7               1.8%              2.1               2.2%
 Kanga Investments Ltd               1.4               1.5%              1.4               1.5%
 Other Investments                   2.1               2.2%              1.8               1.8%
 Net Cash, Equivalents and Accruals  0.2               0.2%              0.3               0.2%
 Total                               94.4              100%              95.4              100%

 

Blue Moon Metals Inc ("Blue Moon")

 

On 27 February 2025, Blue Moon announced the completion of the previously
announced transactions to acquire Nussir ASA ("Nussir") and Nye Sulitjelma
Gruver AS ("NSG"). As a result of the acquisition of Nussir for US$55.3
million, the Company now owns 12.84% of Blue Moon. The Company's shares in
Blue Moon are subject to phased lock-up arrangements in accordance with TSX
rules and, accordingly under the Company's valuation policies, are carried at
an 18.7% discount to the share price at which Blue Moon raised C$30 million in
December 2024. Blue Moon's shares are expected to restart trading on the TSX-V
exchange in mid March 2025.

 

On 3 March 2025, Blue Moon announced an updated Mineral Resource estimate and
the results of a Preliminary Economic Assessment ("PEA") for the Blue Moon
volcanogenic massive sulphide ("VMS") deposit (the "Project"), located in
Mariposa County, California. The PEA was carried out by independent
consultants, Micon International Ltd. and Resource Development Associates,
Inc.

 

The PEA envisages a mine producing an average 7.2 million lbs copper, 62.3
million lbs zinc, 22,566 ounces of gold and 681,764 ounces of silver per annum
in concentrate.  Based on an initial capital cost of US$144.5 million, the
base case economic model estimates a post tax NPV(8%) of US$244 million and an
IRR of 38%.

 

The PEA suggests that the Project is robust as the next development to follow
the construction of the Nussir copper project in Norway. The United States
imports the majority of its required zinc, making the Project strategically
relevant to its trillion-dollar bipartisan infrastructure bill. Zinc and
copper are also currently on the USGS and EU list of metals critical to the
global economy and national security.

 

 

 

Further details of the Company and its investments are available on the Baker
Steel Capital Managers website www.bakersteelcap.com
(https://url.avanan.click/v2/___http:/www.bakersteelcap.com___.YXAxZTpzaG9yZWNhcDphOm86MjdlZGQ1NzE1MDA2OWIwMWI0NzUxYWYwYjc5OWUzNTk6NjpiYzEwOjkzMDBjNGMzNDY1MGVhOGQwZjg2Yjk0OWEzY2U2ODYwZDI0MDYxY2Y3MmU3MDM0OWJkOTAyZWZhZWViMDM0NTI6cDpUOk4)

 

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.

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