Baker Steel Resources Trust Ltd Net Asset Value(s) (2578O)

TIDMBSRT

RNS Number : 2578O

Baker Steel Resources Trust Ltd

04 November 2016

BAKER STEEL RESOURCES TRUST LIMITED

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

4 November 2016

31 October 2016 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 October 2016:

Net asset value per Ordinary Share: 42.6 pence

Since 30 September 2016, the NAV per share has increased by 2.16%. Falls in the share prices of Ivanhoe Mines and Metals Exploration on the Toronto Stock Exchange and AIM market of the London Stock Exchange respectively were more than compensated for by the movement of the Sterling exchange rate against the US and Canadian Dollars.

The Company had a total of 116,139,980 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 30 September 2016.

Portfolio Update

The Company is fully invested with top 10 investments as follows as a percentage of NAV:

 
 Polar Silver Resources Ltd            28.2% 
 Bilboes Gold Limited                  16.3% 
 Metals Exploration plc                12.7% 
 Ivanhoe Mines Limited                 12.0% 
 Cemos Group plc                        7.5% 
 Black Pearl Limited Partnership        5.8% 
 Ironstone Resources Limited            5.2% 
 Nussir ASA                             3.9% 
 Gobi Coal & Energy Limited             2.8% 
 China Polymetallic Mining Limited      2.7% 
 Other Investments                      3.0% 
 Net Cash, Equivalents and Accruals    -0.1%

Ivanhoe Mines Limited ("Ivanhoe")

On 12 October 2016 Ivanhoe announced the first independent resource estimate for its Kakula discovery on its Kamoa copper joint venture in the Democratic Republic of Congo. Indicated Resources at Kakula are estimated at 192 million tonnes at a grade of 3.45% copper (6.63 million tonnes contained copper) and Inferred Resources are estimated at 101 million tonnes at a grade of 2.75% copper (2.76 million tonnes contained copper), using a 1% copper cut-off grade.

The new Kakula resource brings the total Kamoa-Kakula resource estimated to date to 33.3 million tonnes of contained copper, making it the largest ever copper discovery in Africa and one of the top 10 globally. Importantly the grade of the deposits at Kamoa-Kakula are more than double any of the other deposits in the top 10.

The new Kakula resource is likely to provide a high grade boost to the start of the Kamoa Project and a Preliminary Economic Assessment for the development of Kakula is planned to be completed before the end of 2016.

The share price of Ivanhoe on the Toronto Stock Exchange fell 8.3% in October 2016 to C$2.09 per share albeit up 243% since the beginning of this year.

Further details of the Company and its investments are available on the Company's website 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 is set out in the Company's Prospectus dated 26 January 2015.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 04, 2016 03:00 ET (07:00 GMT)

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