Baker Steel Resources Trust Ltd Net Asset Value(s) (5515V)
December 04 2019 - 2:01AM
UK Regulatory
TIDMBSRT
RNS Number : 5515V
Baker Steel Resources Trust Ltd
04 December 2019
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
4 December 2019
29 November 2019 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 29 November 2019:
Net asset value per Ordinary Share: 68.4 pence
The NAV per share has decreased by 0.6% against the NAV at 31
October 2019, primarily due to a fall in the share price of
Polymetal International Plc on the London Stock Exchange.
The Company has a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 29 November
2019.
Portfolio Update
The Company's top 12 investments at 29 November 2019 were as
follows as a percentage of NAV:
Futura Resources Ltd 16.0%
Bilboes Gold Limited 14.4%
Cemos Group plc 10.7%
Polar Acquisition Ltd 8.8%
Tungsten West Limited 8.6%
Polymetal International Plc 7.5%
Sarmin Minerals Exploration 4.7%
Mines & Metal Trading Peru PLC 4.5%
Nussir ASA 4.3%
Anglo Saxony Mining Limited 4.0%
Black Pearl Limited Partnership 3.7%
PRISM Diversified 3.0%
Other Investments 7.2%
Net Cash, Equivalents and Accruals 1.6%
Investment Update
Tungsten West Limited ("Tungsten West")
On 29 November 2019, the Company invested GBP5 million in
secured convertible loan notes in Tungsten West. These funds form
part of a raising of up to a maximum GBP25 million. The funds
raised to date have been used by Tungsten West to exercise its
option to acquire the Hemerdon Tungsten Mine, 7 miles northeast of
Plymouth in Devon, England with the remainder to be used to fund a
definitive feasibility study on the project. The Company's
investment was funded through the sale of shares in Polymetal
International Plc which has had the effect of adding further
diversity to the portfolio both geographically and by
commodity.
During this year, the Company facilitated the foundation of
Tungsten West which was initially formed to acquire an option over
the Hemerdon Tungsten Mine from Hargreaves Services Plc. Hargreaves
Services Plc had been the mining contactor at Hemerdon under the
previous owner Wolf Minerals Limited ("Wolf"), and acquired the
mine and its assets from the Official Receiver after Wolf was
forced to close the mine following financial difficulties in
October 2018.
Wolf commenced production at Hemerdon in 2015 but never achieved
the designed recovery of tungsten from its plant. During 2019
Tungsten West has undertaken extensive mineralogical and
metallurgical testwork on ore from Hemerdon and engaged independent
mineral consultants, Wardell Armstrong, to prepare a Competent
Persons Report on the project. These studies suggest that sorting
of the ore before processing and the use of magnetic separation
could significantly increase tungsten recovery and reduce
costs.
A revised Mineral Resources Estimate has been prepared by
independent consultants Mining Plus for the granite and killas
lithologies using cut-off grades of 0.04 WO(3) and 0.09% WO(3)
respectively, conforming to the JORC Code (2012 Edition). Measured
and Indicated resources total 116 million tonnes at a grade of
0.13% WO(3) with a further 110 million tonnes at a grade of 0.12
WO(3.) This makes Hemerdon one of the largest tungsten deposits
outside China and once back in full production is expected to
produce 4% of global mine production for this strategic metal.
Tungsten West intends to undertake further testwork to refine
its proposed process flowsheet before building a pilot plant on
site which will form the basis of a definitive feasibility study in
2020.
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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