REG - Baker Steel Res.Tst. - Investment Update and 31 March 2025 NAV

Baker Steel Resources TrustAnnouncement

09/04/2025 07:00

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RNS Number : 1846E  Baker Steel Resources Trust Ltd  09 April 2025

BAKER STEEL RESOURCES TRUST LIMITED

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

 

9 April 2025

Investment Update and 31 March 2025 Unaudited NAV

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited
net asset value per share as at 31 March 2025.

Net asset value per Ordinary Share: 89.4 pence. Total NAV £95.2 million.

The NAV per share at 31 March 2025 increased by 0.9% from the last published
NAV at 28 February 2025, largely due to the increases in the listed share
prices of Caledonia Mining Corporation Plc and Metals Exploration Plc
following 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 31 March 2025.

 

Investment Update

 

The Company's top 10 investments were as follows:

                                     31 March 2025  31 March 2025  31 December 2024  31 December 2024

                                     £m             % of NAV       £m                % of NAV
 Futura Resources Ltd                31.1           32.7%          31.9              33.4%
 Cemos Group plc                     30.0           31.5%          30.0              31.4%
 Bilboes Royalty                     8.2            8.6%           8.4               8.8%
 Blue Moon Metals Inc                7.6            8.0%           7.2               7.6%
 Caledonia Mining Corporation Plc    4.1            4.3%           3.2               3.5%
 Metals Exploration Plc              3.6            3.8%           3.3               3.5%
 Tungsten West Plc                   2.9            3.0%           3.2               3.3%
 First Tin PLC                       2.8            3.0%           2.6               2.8%
 Silver X Mining Corporation         1.5            1.6%           2.1               2.2%
 Kanga Investments Ltd               1.4            1.4%           1.4               1.5%
 Other Investments                   1.9            2.0%           1.8               1.8%
 Net Cash, Equivalents and Accruals  0.1            0.1%           0.3               0.2%
 Total                               95.2           100%           95.4              100%

 

 

Caledonia Mining Corporation Plc ("Caledonia")

 

Equity Shareholding

 

On 31 March 2025 Caledonia announced its results for the year ended 31
December 2024. Gold production from its Blanket Mine in Zimbabwe was on target
at 76,656 ounces (2023 - 75,416 ounces). Higher gold prices resulted in gross
revenue up 25% at US$183 million which fed through to a gross profit of
US$77.0 million (2023 - US$41.5 million. Adjusted Earnings Per Share was US$
125.2 cents per share a significant turnaround from the US$10.3 cent loss in
2023.

 

Bilboes Royalty

During March 2025 Caledonia also announced that whilst it had been making good
progress on the Feasibility Study for the Bilboes project, (initially targeted
for completion in Q1 2025), it had decided to extend the timeline to fully
explore several material optimisation opportunities. This includes engaging
with the authorities to explore the potential for selling concentrate directly
which could potentially reduce up-front capital expenditures significantly by
deferring capital expenditure on a BIOX (Biological Oxidation) processing
circuit, at least for the first few years of production.

At full production and using the current gold price of some US$3,000 per
ounce, the Company could receive a payout of approximately US$4.0 million per
annum (after withholding tax) from its 1% Net Smelter Royalty on the Bilboes
mine. Caledonia are yet to suggest a date for commencement of the mine but
should development commence in 2026, production should commence in 2028.

 

 

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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