Baker Steel Resources Trust Ltd Net Asset Value(s) (9554B)
February 05 2020 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 9554B
Baker Steel Resources Trust Ltd
05 February 2020
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 February 2020
31 January 2020 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 January 2020:
Net asset value per Ordinary Share: 73.3 pence
The NAV per share decreased by 0.8% against the NAV at 31
December 2019, primarily due to the 19.5% fall in the share price
of Ivanhoe Mines on the Toronto Stock Exchange as fears of a
slowdown in China following the outbreak of the coronavirus
pandemic led to a weakening in the copper price. Ivanhoe Mines
represented 2.5% of NAV at 31 January 2020.
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 January
2020.
Portfolio Update
The Company's top 12 investments at 31 January 2020 were as
follows as a percentage of NAV:
Bilboes Gold Limited 16.1%
Futura Resources Ltd 15.3%
Polar Acquisition Ltd 11.5%
Cemos Group plc 10.0%
Tungsten West Limited 8.1%
Polymetal International Plc 6.6%
Anglo Saxony Mining Limited 4.6%
Mines & Metal Trading Peru PLC 4.4%
Nussir ASA 4.1%
Sarmin Minerals Exploration 3.7%
Black Pearl Limited Partnership 3.4%
PRISM Diversified Ltd 2.8%
Other Investments 8.5%
Net Cash, Equivalents and Accruals 0.9%
Investment Update
Bilboes Gold Limited ("Bilboes")
During the month Bilboes released the results of its Definitive
Feasibility Study ("DFS") on its Isabella/McCays/Bubi gold project
in Zimbabwe. The DFS has defined an open pit gold mine with a peak
production rate of 203,000 ounces of gold per year over a ten year
mine life. There remains significant exploration upside potential
at the project to extend this life further.
The peak funding requirement for the project is US$231 million
with cash operating costs of US$664 per ounce of gold and All-in
Sustaining Costs of US$742 per ounce of gold. At the current gold
price of US$1580 per ounce, the project economics show an after tax
NPV (10%) of US$329 million with an internal rate of return of 40%
and a payback on investment of just over one year.
Bilboes and its shareholders, including the Company which holds
23% of Bilboes, will now discuss the best way of bringing the mine
into production and realising its value.
Metals Exploration PLC ("Metals Ex")
During January 2020, Metals Ex announced that its two major
shareholders and mezzanine debt holders had acquired the Senior
Debt Facility, amounting to US$68.5 million, previously due to HSBC
and BNP Paribas. Metals Ex is currently in negotiations with the
two major shareholders to restructure both the Senior and Mezzanine
debt. This consolidation of Metals Ex's debt is an important first
step towards stabilising the financial position of the company
although the final terms of the revised debt profile remain
uncertain. Metals Ex represented 2.4% of NAV at 31 January
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
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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