Baker Steel Resources Trust Ltd Net Asset Value(s) (8631E)
March 04 2020 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 8631E
Baker Steel Resources Trust Ltd
04 March 2020
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
4 March 2020
28 February 2020 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 28 February 2020:
Net asset value per Ordinary Share: 73.5 pence
The NAV per share increased by 0.3% against the NAV at 31
January 2020, with the weakness of Sterling against the US Dollar
outweighing falls in the share prices of Polymetal and Metals
Exploration on the London Stock Exchange as stock markets fell on
concerns of a slowdown in global economic growth due to the spread
of the Covid-19 virus.
It is too early to tell how significant or for how long the
effects of the Covid-19 virus will be on both global output and
investor sentiment towards metals and mining. This could result in
companies slowing down development in particular for base metals
and steel mineral projects if commodity prices weaken further,
although there could also be significant beneficiaries of
government stimulus programmes towards infrastructure. The risk of
disruption from Covid-19 should be viewed in the perspective that
the Company invests in projects based on long term estimates for
commodity prices. Our policy of investing through structures such
as convertible loans mitigates the risk of increasing timetables as
it continues to accrue coupons during any delay.
The Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury
as at 28 February 2020 .
Portfolio Update
The Company's top 12 investments at 28 February 2020 were as
follows as a percentage of NAV:
Bilboes Gold Limited 16.6%
Futura Resources Ltd 16.5%
Polar Acquisition Ltd 11.8%
Cemos Group plc 10.1%
Tungsten West Limited 8.1%
Anglo Saxony Mining Limited 4.6%
Mines & Metals Trading Peru PLC 4.6%
Polymetal International Plc 4.2%
Nussir ASA 4.1%
Sarmin Minerals Exploration 3.8%
Black Pearl Limited Partnership 3.5%
PRISM Diversified Ltd 2.9%
Other Investments 7.5%
Net Cash, Equivalents and Accruals 1.7%
Investment Update
Futura Resources Ltd ("Futura")
During the month the Company exercised its A$2 million option to
acquire a further 0.25% Gross Revenue Royalty ("GRR") over Futura's
Wilton and Fairhill coking coal properties in Queensland,
Australia, taking the Company's GRR interest in the two properties
to 1%. Futura is currently awaiting final operating licence
approval for the two properties with Wilton planned to start
production in the second quarter 2020 and Fairhill the following
quarter.
Once the two projects are in full production the Company's 1%
GRR is expected to generate approximately A$3 million per annum at
long term coking coal prices before tax.
Metals Exploration PLC ("Metals Ex")
On 19 February 2020 Metals Exploration announced it had produced
18,941 ounces of gold in the 4(th) quarter 2019, its best quarterly
production since the commencement of its Runruno gold mine in the
Philippines, as a result of maintaining the gold recoveries in
excess of 70% achieved in the previous quarter.
This together with the increased gold price resulted in positive
operating cashflow of US$5.5 million during the quarter and US$0.8
million cashflow after capital costs. This turnaround in operations
is positive albeit the mine is yet to reach its original target of
25,000 ounces gold per annum. Key to the future of Metals Ex will
be how well it is able to negotiate the restructuring of its
US$125.8 million mezzanine and senior debt with its two major
shareholders following their acquisition of the senior debt from
the banks in January 2020.
Metals Ex represented 1.6% of NAV at 28 February 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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