Baker Steel Resources Trust Ltd Net Asset Value(s) (6010L)
January 14 2021 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 6010L
Baker Steel Resources Trust Ltd
14 January 2021
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
14 January 2021
31 December 2020 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 December 2020:
Net asset value per Ordinary Share: 95.5 pence
The NAV per share has increased by 27.5% against the NAV at 30
November 2020, primarily due to changes following the usual review
of unlisted positions at the year end. Over the full year 2020, the
NAV has risen by 29.2% compared to a 22.2% rise in the EMIX Global
Mining Index in Sterling terms.
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 December 2020 .
Investment Update
The Company's top 12 investments were as follows as a percentage
of NAV:
31 December 31 December 2019
2020
Bilboes Gold Limited 16.9% 15.9%
Futura Resources Ltd 16.5% 15.0%
Cemos Group plc 14.6% 10.0%
Tungsten West Limited 12.6% 8.0%
Polar Acquisition Ltd 11.2% 11.3%
Mines & Metals Trading
Peru PLC 4.5% 4.4%
Anglo Saxony Mining Limited 4.0% 4.6%
Nussir ASA 3.5% 4.1%
Azarga Metals Corp 2.8% 2.7%
Sarmin Minerals Exploration 2.7% 3.7%
Metals Exploration plc 1.9% 1.8%
Black Pearl Limited Partnership 1.3% 3.4%
Listed Precious Metal Shares 3.9% 6.1%
Other Investments 2.8% 3.9%
Net Cash, Equivalents and
Accruals 0.8% 2.3%
Full Year Adjustments to Carrying Values
The Company has carried out its normal review of its unlisted
holdings, which it performs at the half-year and full year-ends.
This review takes into account general market movements in mining
equities, as well as specific factors, and an assessment of whether
these should impact the carrying values of the Company's unlisted
holdings. In addition, the Investment Manager updates its royalty
models for the royalty interests it owns in Futura Resources and
Polar Acquisition Limited ("PAL") to take account of the latest
estimated production profiles of the underlying projects and
commodity prices. The net present values produced by these royalty
models are then discounted for development risk to arrive at a
valuation.
The following are the main changes to carrying values since 30
November 2020 following the year end review:
-- Now that Cemos's cement plant in Morocco has reached full
production capacity and is generating significant cashflow the
valuation methodology has been changed from one based on historic
cost adjusted for market movements, to one based on a multiple of
EBITDA. This has resulted in a 92.9% increase in the carrying value
of Cemos in Sterling terms (equivalent to an 8.9% increase in
NAV).
-- The valuation of Tungsten West Ltd has been increased to take
account of the first closing of a fund raising at the end of 2020.
This has resulted in a 99.0% increase in the carrying value of the
investment (equivalent to an 8.0% increase in NAV).
-- The economic model for the royalty held by PAL has been
updated using the production profile from the Pre-Feasibility Study
completed in September 2020 by Polymetal International PLC
("Polymetal"), the owner of the Prognoz Silver project in far
eastern Russia. Together with the increase in the silver price
since 30 June 2020 (+52% in US$), this has led to a 31.3% increase
in the carrying value of PAL in Sterling terms (equivalent to a
3.4% increase in NAV).
-- The carrying value of Mines & Metals Trading (Peru) Ltd
has been increased by 48.2% to take account of a successful pre-IPO
fund raising at the end of 2020 with the IPO planned for the first
half of 2021. This is equivalent to a 1.9% increase in NAV.
-- The carrying value of Bilboes Gold Limited ("Bilboes") has
been increased slightly and is now being held at a discount to a
cash offer for that company which remains subject to ongoing
negotiation. Further details will be released should final terms be
agreed.
One of the Company's smaller holdings, Akora Resources Ltd
(formerly Indian Pacific Resources Ltd), completed a successful IPO
on the Australian Stock Exchange during December 2020. This has led
to a 208% increase in the carrying value of Akora which now
accounts for approximately 1% of NAV. Akora holds prospective iron
ore exploration licences in Madagascar.
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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