Baker Steel Resources Trust Ltd Net Asset Value(s) (7017W)
August 03 2018 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 7017W
Baker Steel Resources Trust Ltd
03 August 2018
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
3 August 2018
31 July 2018 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 July 2018:
Net asset value per Ordinary Share: 55.9 pence
Since 29 June 2018 the NAV per share has decreased by 2.0%
primarily due to the fall in the value of Metals Exploration plc on
the AIM market of the London Stock Exchange.
The Company had a total of 116,139,980 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 July
2018.
Portfolio Update
The Company's top 10 investments are as follows as a percentage
of NAV:
Polymetal International
PLC 30.2%
Bilboes Gold Limited 15.8%
Cemos Group plc 10.2%
Polar Acquisition Ltd 9.9%
Futura Resources Ltd 9.0%
Sarmin Mineral Exploration
Inc 4.7%
Metals Exploration plc 4.3%
Black Pearl Limited Partnership 4.1%
PRISM Diversified Inc 3.8%
Ivanhoe Mines Limited 3.0%
Other Investments 4.8%
Net Cash, Equivalents and
Accruals 0.2%
Investment Update
Metals Exploration plc ("Metals Ex")
On 23 July 2018, Metals Ex announced its operations update for
the second quarter 2018. Despite the encouraging update at the end
of the previous quarter that the BIOX(R) circuit had achieved 100%
of design throughput at its Runruno Gold Mine in the Philippines,
severe power disruptions during June, resulted in the Biox(R)
circuit shutting down and the bacteria ceasing to be active. During
July 2018, Metals Ex installed additional power supply circuitry to
protect the BIOX(R) circuit from further disruptions. Metals Ex
reported that subsequently the BIOX(R) circuit had been
substantially rehabilitated with a throughput of 88% of design
achieved with improved gold recoveries from the total processing
circuit being experienced.
During the quarter the Runruno mine produced 12,359 ounces of
gold against 11,604 ounces of gold in the first quarter but this
remains approximately 50% of targeted production. The company
generated cashflow of a total US$790,000 but this was insufficient
to pay interest on its loans or make scheduled debt repayments.
Metals Ex's senior lenders consented to defer the December 2017,
March 2018 and June 2018 capital payment amounts totalling US$20.25
million, until 31 August 2018 and interest payments thereon were
funded through loans from Metals Ex's two largest shareholders.
Management is continuing discussions with third party finance
providers and its senior lenders to find a solution to its overall
debt position.
During July 2018, Metals Ex shares fell 31% on the AIM market of
the London Stock Exchange.
Polymetal International PLC (Polymetal)
On 26 July 2018 Polymetal announced its production results for
the second quarter and six months ended 30 June 2018. Polymetal
produced 324,000 oz of gold equivalent (GE) in the second quarter
of 2018, up 17% year-on-year largely as a result of greater volumes
at Svetloye and Amursk POX combined with improved grades at
Omolon.
Polymetal stated that production in the second half is expected
to increase, driven by its usual seasonal concentrate
de-stockpiling at Mayskoye, as well as first contributions from the
recently launched Kyzyl operation which produced first concentrate
in June 2018. The Kyzyl operation is expected to ramp up to full
throughput capacity (150 Kt per month) and reach design recoveries
(86%) by October 2018 and is planned to produce 80 Koz of gold this
year.
Following these results, Polymetal stated that it remains on
track to meet its full year 2018 production guidance of 1.55
million ounces GE at an "All-In-Sustaining-Cost" of US$875-925 per
GE ounce.
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 are set
out in the Company's Prospectus dated 26 January 2015.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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