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

Baker Steel Resources TrustAnnouncement

10/05/2023 07:00

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RNS Number : 8255Y  Baker Steel Resources Trust Ltd  10 May 2023

 

BAKER STEEL RESOURCES TRUST LIMITED

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

 

10 May 2023

LEI: 213800JUXEVF1QLKCC27

28 April 2023 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited
net asset value per share at 28 April 2023.

Net asset value per Ordinary Share: 73.5 pence.

The NAV per share has decreased by 4.3% versus the unaudited NAV at 31 March
2023 largely as a result of a reduction in the share price of Tungsten West
Plc on the AIM Market following its deeply discounted fund raising as detailed
in the March 2023 NAV statement.

 

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 April 2023.

 

Investment Update

 

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

 

                                     28 April 2023  31 December 2022
 Futura Resources Ltd                28.1%          27.8%
 Cemos Group plc                     24.5%          22.8%
 Caledonia Mining Corporation Plc    11.3%            9.2%*
 Bilboes Royalty                     7.2%             6.9%*
 Kanga Investments Ltd               5.9%           5.6%
 Silver X Mining Corporation         5.1%           5.4%
 Nussir ASA                          4.0%           4.1%
 First Tin plc                       3.7%           4.8%
 Metals Exploration Plc              2.4%           1.7%
 Tungsten West Plc                   1.7%           5.4%
 Other Investments                   5.3%           6.1%
 Net Cash, Equivalents and Accruals  0.8%           0.2%

*pro forma

 

 

 

Metals Exploration Plc ("Metals Ex")

 

During April 2023 Metals Ex reported a continued strong operating performance
at its Runruno gold mine in the Philippines, producing 21,299 ounces of gold
during the first quarter 2023 following on from its record quarter in the
fourth quarter 2022 of 25,474 ounces of gold. As a result positive free cash
flow of US$17.8 million was recorded. The majority of this was used to repay
debt which as at 31 March 2023 was US$69.0 million.

 

Due to its debt position and relatively short remaining reserves of around 3
years, Metals Ex is highly geared to the gold price which has recently been
looking to set new all-time highs in dollar terms. In addition, its near pit
exploration programme to extend the life of the mine has become an increasing
priority now the operations are performing.

 

At 28 April 2023, the market capitalisation of Metals Ex on the AIM market of
the London Stock Exchange was £38.1 million up 43% during 2023. The Company
holds approximately 5% of the shares of Metals Ex.

 

 

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

 

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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