Baker Steel Resources Trust Ltd Net Asset Value(s) (9671X)
September 04 2020 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 9671X
Baker Steel Resources Trust Ltd
04 September 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 September 2020
31 August 2020 Unaudited NAV Statement
Net Asset Value ("NAV")
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 August 2020:
Net asset value per Ordinary Share: 74.7 pence
The NAV per share decreased by 1.1% against the NAV per share at
31 July 2020, primarily due to a net decrease in the listed part of
the portfolio and a further increase in Sterling against the US
Dollar, in which around half the Company's investments are
denominated.
Th e Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 August 2020
.
Portfolio Update
The Company's top 12 investments at 31 August 2020 were as
follows as a percentage of NAV:
Bilboes Gold Limited 20.5%
Futura Resources Ltd 16.5%
Polar Acquisition Ltd 10.9%
Cemos Group plc 9.7%
Tungsten West Limited 8.3%
Anglo Saxony Mining Limited 4.5%
Azarga Metals Corp 4.2%
Nussir ASA 4.1%
Mines & Metals Trading Peru PLC 3.9%
Black Pearl Limited Partnership 3.3%
Sarmin Minerals Exploration 2.5%
PRISM Diversified 2.0%
Listed Precious Metal Shares 6.7%
Other Investments 1.3%
Net Cash, Equivalents and Accruals 1.6%
Investment Update
Anglo Saxony Mining Ltd ("ASM")
Following the completion of its pre-feasibility study on its
Tellerhäuser tin project in Saxony, Germany earlier this year, ASM
was granted the mining licence for the project during August 2020.
The mining licence extends over a total of 4,150 hectares and is
valid until 30 June 2070.
The pre-feasibility outlined a base case forecasting a positive
pre-tax cash flow of EUR93 million over a 12-year mine life with an
NPV(5%) of EUR35 million and an IRR of 10.8% using a long term
US$20,500/t tin price. The project is very sensitive to the tin
price but with tin forecast to be one of the main beneficiaries of
the electrification process, a significant tin mine in Europe is
likely to be of strategic importance. There is increasing emphasis
on commodity security following the COVID-19 pandemic, especially
those technology metals which are considered to be either critical
or strategic in nature and are essential for the transition to a
low carbon economy.
ASM is currently planning a listing on the Frankfurt Stock
Exchange to assist with the funding of the Definitive Feasibility
Study for Tellerhäuser.
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.
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