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

Baker Steel Resources TrustAnnouncement

08/06/2023 07:00

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RNS Number : 9922B  Baker Steel Resources Trust Ltd  08 June 2023

 

BAKER STEEL RESOURCES TRUST LIMITED

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

 

8 June 2023

LEI: 213800JUXEVF1QLKCC27

31 May 2023 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited
net asset value per share at 31 May 2023.

Net asset value per Ordinary Share: 71.0 pence.

The NAV per share has decreased by 3.4% versus the unaudited NAV at 29 April
2023 largely as a result of falls in the share prices of the listed precious
metal companies in the portfolio following weakening in the market prices of
gold and silver 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 May 2023.

 

Investment Update

 

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

 

                                     31 May 2023  31 December 2022
 Futura Resources Ltd                28.9%        27.8%
 Cemos Group plc                     25.0%        22.8%
 Caledonia Mining Corporation Plc    10.4%          9.2%*
 Bilboes Royalty                     7.5%           6.9%*
 Kanga Investments Ltd               6.1%         5.6%
 Silver X Mining Corporation         4.5%         5.4%
 Nussir ASA                          4.0%         4.1%
 First Tin plc                       3.6%         4.8%
 Metals Exploration Plc              2.3%         1.7%
 Tungsten West Plc                   1.2%         5.4%
 Other Investments                   5.5%         6.1%
 Net Cash, Equivalents and Accruals  1.0%         0.2%

*pro forma

 

 

 

Caledonia Mining Corporation PLC ("Caledonia")

 

During May 2023 Caledonia announced its operating and financial results for
the quarter ended 31 March 2023. Caledonia's Blanket Mine suffered some
technical challenges during the quarter which adversely affected production
and as a result gross revenues of US$29.4 million (Q1 2022: $35.1 million).
Management believes these challenges have now been resolved and is encouraged
by production and cost data in April and to date in May.  Caledonia has
reiterated its production guidance of 75,000-80,000 ounces for Blanket for
2023.

 

This was the first quarter to reflect Caledonia's ownership of Bilboes, the
acquisition of which was completed on January 6, 2023.  Production from
oxide mining at Bilboes restarted towards the end of March 2023 and although
technical challenges were encountered on re-starting the oxide mining,
Caledonia hope that gold mining from near surface oxide deposits will be cash
neutral and will help the Company to maintain Bilboes' operational integrity
pending completion of its revised feasibility study in respect of the larger
underlying sulphide project.  In addition, the waste material that will be
moved as part of the oxide mining activities is material that would have had
to be moved later when work starts on the main sulphide project.

The share price of Caledonia on the AIM market of the London Stock Exchange
fell 11% during May 2023, in line with the rest of the gold sector.

 

First Tin Plc ("First Tin")

On 5 May 2023 First Tin announced that it had submitted the complete
documentation for its mine permit application to the Saxonian Mining
Authority for its 100% owned Tellerhäuser underground tin project
in Germany. A decision is expected prior to the end of Q3 2024. In the
meantime, First Tin plans to publish an updated JORC compliant Resource on
Tellerhäuser, with the definitive feasibility study ("DFS") scheduled for
completion in the first half of 2024.

 

The DFS for First Tin's other key project, the Taronga open pit tin project in
Australia is scheduled to be completed in the fourth quarter of 2023.

 

 

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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