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

Baker Steel Resources TrustAnnouncement

05/09/2022 07:00

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RNS Number : 1700Y  Baker Steel Resources Trust Ltd  05 September 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 September 2022

31 August 2022 Unaudited NAV Statement

Net Asset Value

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

Net asset value per Ordinary Share: 81.1 pence.

The NAV per share has increased by 1.1% against the unaudited NAV at 29 July
2022. The fall in the listed values of gold shares, and in particular that of
Caledonia Mining Corporation Plc which affected the pricing of Bilboes Gold
following the agreement to sell Bilboes in July 2022 for a consideration
including Caledonia shares, was outweighed by the fall in 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 31 August 2022.

 

Investment Update

 

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

 

                                     31 August 2022  31 December 2021
 Futura Resources Ltd                28.0%           18.1%
 Cemos Group plc                     20.4%           18.6%
 Bilboes Gold Limited                13.5%           13.1%
 Tungsten West Plc                   8.6%            14.7%
 Kanga Potash                        5.7%            4.1%
 First Tin plc                       4.8%            7.7%
 Polar Acquisition Ltd               4.6%            7.5%
 Nussir ASA                          3.6%            3.6%
 Silver X Mining Corporation         3.0%            2.8%
 Prism Diversified                   1.5%            1.1%
 Listed Precious Metal Shares        2.7%            3.3%
 Other Investments                   3.4%            3.3%
 Net Cash, Equivalents and Accruals  0.2%            1.1%

 

 

 

First Tin Plc ("First Tin")

 

During August First Tin announced that it had commenced the Definitive
Feasibility Study ("DFS") at its Taronga tin deposit in Australia. The DFS is
being delivered by a consortium of Australian companies led by independent
mining consultant Mincore Pty Ltd.  It is expected that the study will be
completed by the end of 2023.

 

First Tin Plc also announced that it has commenced the DFS at its
Tellerhäuser tin deposit in Saxony, Germany. German consulting company, DMT
GmbH & Co. KG, which has been appointed to undertake the DFS at
Tellerhäuser has worked extensively in Germany and internationally. The
study is expected to be completed during the second half of 2023. As part of
the DFS workstream, First Tin has commenced a programme of diamond drilling at
Tellerhäuser Germany, focussed on adding high grade tin mineralisation to
the Indicated Resources already defined at the project. The drilling will
consist of five parent diamond drillholes, with each having up to five
deviation holes, designed to intersect the deeper, high grade Dreiberg tin
mineralisation at a nominal 50m x 50m spacing around the parent holes. The
deviation technique was chosen for its cost effectiveness given the upper 800m
is host rock. The program will take approximately six months to complete, with
first assay results expected during Q4 2022.

 

On 1 September 2022 First Tin Plc announced that the results from the latest
two diamond drillholes received from the Gottesberg tin project in Germany
show that they intercepted broad zones of higher grade mineralisation. These
and earlier results help validate First Tin's hypothesis that a higher-grade
core exists within the large but moderate grade Gottesberg deposit.  Results
have now been returned from ten drillholes with six drillholes remaining
outstanding.   Gottesberg is a potential source of high-grade mineralisation
that may be able to be pre-concentrated and transported to a central milling
facility at the Tellerhäuser project, which is approximately 25km away, for
additional processing.

 

 

Further details of the Company and its investments are available on the
Company's website www.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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