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

Baker Steel Resources TrustAnnouncement

05/04/2022 07:00

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RNS Number : 2255H  Baker Steel Resources Trust Ltd  05 April 2022

 

 

BAKER STEEL RESOURCES TRUST LIMITED

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

 

5 April 2022

31 March 2022 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited
net asset value per share at 31 March 2022:

Net asset value per Ordinary Share:  97.5 pence

The NAV per share has increased by 7.1% against the unaudited NAV at 28
February 2022, largely due to increases in the listed portion of the portfolio
(in particular that of Tungsten West Plc) as well as partly due to the fall in
the exchange rates of Sterling during the month.

 

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 2022.

 

Investment Update

 

The Company's top 10 investments were as follows as a percentage of NAV:

 

                                     31 March 2022  31 December 2021
 Futura Resources Ltd                19.4%          18.1%
 Cemos Group plc                     18.7%          18.6%
 Tungsten West Plc                   17.2%          14.7%
 Bilboes Gold Limited                13.6%          13.1%
 First Tin plc                       7.8%           7.7%
 Kanga Potash                        4.2%           4.1%
 Polar Acquisition Ltd               3.9%           7.5%
 Nussir ASA                          3.7%           3.6%
 Silver X Mining Corporation         2.6%           2.8%
 Azarga Metals Corp                  1.4%           2.1%
 Listed Precious Metal Shares        3.1%           3.2%
 Other Investments                   3.5%           3.3%
 Net Cash, Equivalents and Accruals  0.9%           1.1%

 

 

 

First Tin plc ("First Tin")

 

On 30 March 2022 First Tin plc published its Prospectus and issued a formal
Intention to Float on the London Stock Exchange. The date of admission has
been set for 8th April 2022 and the company will trade under the ticker 1SN.

The Listing is to be accompanied by an Initial Public Offering (IPO) totalling
£20 million gross at a price of 30 pence per share. This compares to the
Company's current carrying value of 22.5p and an average cost of approximately
8 pence per share. As the Company is the largest shareholder in First Tin with
approximately 25.8% of the shares prior to the IPO, our shares will be
locked-up for one year and accordingly they will be held at a discount to the
market price in the NAV at the end of April 2022 in a similar way to our
holding in Tungsten West Plc.

The listing and IPO are the key conditions precedent to the acquisition by
First Tin of the Taronga Tin Project in Australia from ASX listed Aus Tin
Mining Limited. The acquisition of Taronga will add a third advanced tin
project to First Tin's two advanced stage tin projects in south-eastern
Germany: Tellerhauser and Gottesberg. The consideration for Taronga will be 60
million First Tin shares, equivalent to 22.6% of First Tin following the IPO.
The proceeds of the IPO will be used to complete Definitive Feasibility
Studies on Tellerhauser and Taronga and further exploration on Gottesburg.

Following the IPO and the acquisition of Taronga, there will 265 million First
Tin Shares giving a market capitalisation at the IPO of £79.5 million. The
Company will be the second largest shareholder with a 13.5% interest.

 

The IPO of First Tin will be an important step towards its aim to become a
leading western supplier of fully traceable and verifiable tin units into
those global industries which have a high requirement for tin.  Those
industries include the electric vehicle, renewable energy, energy storage,
mobile telephony and semi-conductor sectors which are currently experiencing
strong demand growth. The requirement for new sources of tin has become of
 increasing interest to investors as evidenced recently by Cornish Metals
Inc's recent raising of £40.5 million, including a £25 million strategic
investment by Sir Mick Davis' Vision Blue Resources, to investigate the
potential restart of the South Crofty tin mine in Cornwall which closed in
1998.

 

Russian Interests

 

Following the 50% reduction in the carrying value of the Company's interests
in Russia no further adjustments to the carrying values of Polar Acquisition
Limited (PAL) and Azarga Metals have been made at this time. Polymetal
International plc which will be due to start paying a royalty to PAL in around
two years time has not been the subject of targeted sanctions and continues to
operate normally. The interest in Azarga is held at a value that is
approximately the market value of the shares it would receive should the
Company exercise its option to convert its convertible loan.

 

Further details of the Company and its investments are available on the
Company's website www.bakersteelresourcestrust.com
(http://www.bakersteelresourcestrust.com)

 

 

 

 

Enquiries:

Baker Steel Resources Trust Limited             +44 20 7389 8237

Francis Johnstone

Trevor Steel

 

Numis Securities
Limited                               +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.

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