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

Baker Steel Resources TrustAnnouncement

07/06/2022 07:00

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RNS Number : 8929N  Baker Steel Resources Trust Ltd  07 June 2022

 

BAKER STEEL RESOURCES TRUST LIMITED

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

 

7 June 2022

31 May 2022 Unaudited NAV Statement

Net Asset Value

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

Net asset value per Ordinary Share: 87.0 pence.

The NAV per share has decreased by 5.3% against the unaudited NAV at 29 April
2022 largely due to falls in the share prices of the listed portion of the
portfolio, in particular those of Tungsten West Plc and First Tin Plc.

 

The Company had a total of 106,462,502 Ordinary Shares in issue with a further
700,000 shares held in treasury as at 3l May 2022.

 

Investment Update

 

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

 

                                     31 May 2022  31 December 2021
 Futura Resources Ltd                25.2%        18.1%
 Cemos Group plc                     20.9%        18.6%
 Bilboes Gold Limited                15.9%        13.1%
 Tungsten West Plc                   7.5%         14.7%
 First Tin plc                       5.9%         7.7%
 Kanga Potash                        4.9%         4.1%
 Polar Acquisition Ltd               4.5%         7.5%
 Nussir ASA                          4.1%         3.6%
 Silver X Mining Corporation         2.7%         2.8%
 Azarga Metals Corp                  1.4%         2.1%
 Listed Precious Metal Shares        2.6%         3.2%
 Other Investments                   4.1%         3.3%
 Net Cash, Equivalents and Accruals  0.3%         1.1%

 

 

 

Silver X Mining Corporation ("Silver X")

On 2 June 2022 Silver X announced the results of a new independent NI 43-101
Technical Report for its 100% owned Nueva Recuperada silver-polymetallic
project in Huancavalica, Peru. The Technical Report includes an updated
inferred mineral resource estimate of 14.9 MT at 162.65 g/t Ag, 2.54% Pb and
2.50% Zn, an increase of 104% from those reported in Silver X's previous
Technical Report filed on 3 May 2021. These additional resources will provide
additional feed to the Nueva Recuperada processing plant which was recently
upgraded to 720 tonnes per day.

During April 2022 the Company agreed to convert its convertible debenture to
Silver X into common shares of Silver X and as a result will become Silver X's
largest shareholder with 13.9%. TSX approval has been received and the
transaction is expected to close shortly.

 

 

Further details of the Company and its investments are available on the
Company's website www.bakersteelresourcestrust.com
(http://bakersteelresourcestrust.com/) (about%3Ablank)

 

 

 

 

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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