Baker Steel Resources Trust Ltd Net Asset Value(s) (3909G)
November 06 2018 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 3909G
Baker Steel Resources Trust Ltd
06 November 2018
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 November 2018
31 October 2018 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 October 2018:
Net asset value per Ordinary Share: 57.6 pence
Since 28 September 2018, the NAV per share has increased by 5.3%
largely due to an 18.4% increase in the price of Polymetal
International PLC shares on 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 October
2018.
Portfolio Update
The Company's top 10 investments as a percentage of NAV are as
follows:
Polymetal International PLC 30.8%
Bilboes Gold Limited 15.8%
Cemos Group plc 10.7%
Polar Acquisition Ltd 10.0%
Futura Resources Ltd 8.8%
Sarmin Mineral Exploration 5.0%
Black Pearl Limited Partnership 4.1%
PRISM Diversified Inc 3.8%
Nussir ASA 3.4%
Metals Exploration PLC 2.8%
Other Investments 5.6%
Net Cash, Equivalents and Accruals -0.2%
Investment Update
Polymetal International PLC ("Polymetal")
On 15 October 2018, Polymetal announced that it had produced
447,000 gold equivalent ounces in the third quarter of 2018.
Although 5% down on the previous year, this was due to a large
volume of concentrate produced at its Kyzyl and Makskoye mines
which were in the process of being shipped and will be accounted
for in the fourth quarter. Importantly, the ramp-up of the Kyzyl
mine had been achieved faster than budgeted which led Polymetal to
increase its production guidance for 2018 by up to an additional
50,000 ounces of gold equivalent. The Investment Manager undertook
a site visit to Kyzyl during the month and the overall impression
was very positive both in terms of the mine and Polymetal in
general.
During October 2018, Polymetal announced an updated Mineral
Resource estimate on the Prognoz silver project in far eastern
Russia following its drilling programmes in 2017 and 2018 which
totalled 71,276 metres. Polymetal used a higher cut-off grade and
more conservative extrapolation parameters than the previous
resource statement by Micon in 2009. This led to an overall
decrease in contained silver from 293 million ounces to 237 million
ounces but a 25% increase in grade from 586g/t Ag to 731g/t. In
addition the lead contained in the ore was included in the resource
for the first time, which translates to a silver equivalent content
of 256 million ounces at a grade of 789g/t Ag equivalent.
Polar Acquisition Limited will receive a royalty of between 0.9%
and 1.8% of the value of all future production from the Prognoz
mine.
Metals Exploration PLC ("Metals Ex")
During October 2018, Metals Ex announced that production for the
third quarter at its Runruno mine in the Philippines amounted to
11,665 ounces of gold, still less than 50% of targeted production.
An error in the software used in mine scheduling caused the
underestimation of the volume of waste to be removed, with the
effect of delaying access into the ore positions in stage 2 of the
mine. As a consequence, ore feed to the processing plant has been
adjusted to compensate for the reduction in ore tonnages available
for processing. The BIOX(R) circuit, after having established full
operations early in the quarter, was operated continuously at
reduced throughput rates to match the availability of sulphide
concentrate feed.
On 1 November 2018, Metals Ex announced that typhoon Rosita
passed directly over the Runruno mine site, depositing 354 mm of
water amidst high winds. Within the operational area, physical
damage was limited to superficial impacts on infrastructure, which
have now been repaired. However outside the operational area the
national road between Runruno and Solano has been cut as a result
of a bridge failure. This road provides the primary access to the
site for vehicular traffic and the delivery of supplies. As a
result mining activities have been suspended pending the
identification of an alternative supply route for the delivery of
diesel to the site.
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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