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

Baker Steel Resources TrustAnnouncement

12/01/2023 07:00

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RNS Number : 4414M  Baker Steel Resources Trust Ltd  12 January 2023

 

BAKER STEEL RESOURCES TRUST LIMITED

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

 

12 January 2023

 

LEI: 213800JUXEVF1QLKCC27

31 December 2022 Unaudited NAV Statement

Net Asset Value

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

Net asset value per Ordinary Share: 82.4 pence.

The NAV per share has increased by 4.2% against the unaudited NAV at 30
November 2022 following the usual review of unlisted holdings at the year-end
as outlined below. Over the full year 2022, the NAV per share has fallen by
16.3%.

 

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 December 2022.

 

Investment Update

 

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

 

                                     31 December 2022  31 December 2021
 Futura Resources Ltd                26.7%             18.1%
 Cemos Group plc                     22.0%             18.6%
 Bilboes Gold Limited                15.6%             13.1%
 Kanga Investments Ltd               5.4%              4.1%
 Tungsten West Plc                   5.2%              14.7%
 Silver X Mining Corporation         5.2%              2.8%
 Polar Acquisition Ltd               4.9%              7.5%
 First Tin plc                       4.6%              7.7%
 Nussir ASA                          4.0%              3.6%
 Prism Diversified                   1.4%              1.1%
 Listed Precious Metal Shares        2.4%              3.3%
 Other Investments                   2.4%              3.4%
 Net Cash, Equivalents and Accruals  0.2%              1.1%

 

 

 

Full Year Adjustments to Carrying Values

The Company has carried out its normal review of its unlisted holdings, which
it performs at the half-year and full year-ends.  This review takes into
account general market movements in mining equities, as well as specific
factors, and an assessment of whether these should impact the carrying values
of the Company's unlisted holdings. In addition, the Investment Manager
updates its royalty models for the royalty interests it owns through Futura
Resources and Polar Acquisition Limited ("PAL") to take account of the latest
estimated production profiles of the underlying projects and commodity prices.
The net present values produced by these royalty models are then discounted
for development risk to arrive at a valuation.

The following is a summary of the key results of this review and the main
changes to carrying values of the unlisted investments since 30 November 2022:

 

Futura Resources Ltd ("Futura")

 

Despite increased valuations for the shares of listed steel making coal
producers it was decided to leave valuations of both the shares and royalty in
Futura broadly unchanged pending the potential financing for Futura's two
mines expected during the first quarter of 2023 following the award of the
mining licences on 23 November 2022.

 

Cemos Group plc ("Cemos")

 

The valuation of Cemos has increased by 10% from 30 November 2022 which
resulted in a 1% fall during 2022. The fall in the ratings of listed cement
stocks was balanced by expected growth prospects following the purchase by
Cemos of a second grinding line.

 

Bilboes Gold Ltd ("Bilboes")

 

At the year end, Bilboes was valued on the basis of the acquisition by
Caledonia Mining Corporation Plc for shares and a 1% net smelter royalty which
closed on 6(th) January 2023. Following an increase in the share price of
Caledonia and a revaluation of the royalty at the year end gold price, the
valuation of Bilboes rose by approximately 10.6% from 30 November 2022,
unchanged during the year in Sterling terms.

 

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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