REG - Baker Steel Res.Tst. - Investment Update and 30 April 2025 NAV

Baker Steel Resources TrustAnnouncement

08/05/2025 07:01

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RNS Number : 7740H  Baker Steel Resources Trust Ltd  08 May 2025

BAKER STEEL RESOURCES TRUST LIMITED

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

 

8 May 2025

Investment Update and 30 April 2025 Unaudited NAV

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited
net asset value per share as at 30 April 2025.

Net asset value per Ordinary Share: 89.8 pence. Total NAV £95.5 million.

The NAV per share at 30 April 2025 increased by 0.4% from the last published
NAV at 31 March 2025, largely due to the increases in the listed share prices
of Caledonia Mining Corporation Plc and Metals Exploration Plc following
further record gold prices achieved during the month outweighing the strength
of Sterling against the Australian and US 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 30 April 2025.

 

Investment Update

 

The Company's top 10 investments were as follows:

 

                                     30 April 2025  30 April 2025  31 December 2024  31 December 2024

                                     £m             %              £m                %
 Futura Resources Ltd                31.6           33.1%          31.9              33.4%
 Cemos Group plc                     30.0           31.4%          30.0              31.4%
 Bilboes Royalty                     7.9            8.3%           8.4               8.8%
 Blue Moon Metals Inc                7.9            8.3%           6.9               7.2%
 Caledonia Mining Corporation Plc    3.6            3.8%           3.2               3.4%
 Metals Exploration Plc              3.6            3.7%           3.3               3.5%
 Tungsten West Plc                   2.9            3.0%           3.2               3.3%
 First Tin PLC                       2.7            2.9%           2.6               2.8%
 Silver X Mining Corporation         1.6            1.7%           2.1               2.3%
 Kanga Investments Ltd               1.3            1.4%           1.4               1.6%
 Other Investments                   1.7            1.7%           1.9               2.0%
 Net Cash, Equivalents and Accruals  0.7            0.7%           0.3               0.3%
 Total                               95.5           100%           95.5              100%

 

Futura Resources Limited ("Futura")

During April 2025, the Company provided a A$1.4 million bridging loan to
Futura, to support Futura's plans to raise additional working capital to
finance the completion of the ramp up of the Fairhill mine, given the current
low coking coal price environment.

 

 

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 20 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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