Baker Steel Resources Trust Ltd Net Asset Value(s) (1700Y)
September 05 2022 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 1700Y
Baker Steel Resources Trust Ltd
05 September 2022
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 September 2022
31 August 2022 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 August 2022:
Net asset value per Ordinary Share: 81.1 pence.
The NAV per share has increased by 1.1% against the unaudited
NAV at 29 July 2022. The fall in the listed values of gold shares,
and in particular that of Caledonia Mining Corporation Plc which
affected the pricing of Bilboes Gold following the agreement to
sell Bilboes in July 2022 for a consideration including Caledonia
shares, was outweighed by the fall in Sterling during the
month.
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 August
2022.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
31 August 2022 31 December 2021
Futura Resources Ltd 28.0% 18.1%
Cemos Group plc 20.4% 18.6%
Bilboes Gold Limited 13.5% 13.1%
Tungsten West Plc 8.6% 14.7%
Kanga Potash 5.7% 4.1%
First Tin plc 4.8% 7.7%
Polar Acquisition Ltd 4.6% 7.5%
Nussir ASA 3.6% 3.6%
Silver X Mining Corporation 3.0% 2.8%
Prism Diversified 1.5% 1.1%
Listed Precious Metal Shares 2.7% 3.3%
Other Investments 3.4% 3.3%
Net Cash, Equivalents and
Accruals 0.2% 1.1%
First Tin Plc ("First Tin")
During August First Tin announced that it had commenced the
Definitive Feasibility Study ("DFS") at its Taronga tin deposit in
Australia. The DFS is being delivered by a consortium of Australian
companies led by independent mining consultant Mincore Pty Ltd. It
is expected that the study will be completed by the end of
2023.
First Tin Plc also announced that it has commenced the DFS at
its Tellerhäuser tin deposit in Saxony, Germany. German consulting
company, DMT GmbH & Co. KG, which has been appointed to
undertake the DFS at Tellerhäuser has worked extensively in Germany
and internationally. The study is expected to be completed during
the second half of 2023. As part of the DFS workstream, First Tin
has commenced a programme of diamond drilling at Tellerhäuser
Germany, focussed on adding high grade tin mineralisation to the
Indicated Resources already defined at the project. The drilling
will consist of five parent diamond drillholes, with each having up
to five deviation holes, designed to intersect the deeper, high
grade Dreiberg tin mineralisation at a nominal 50m x 50m spacing
around the parent holes. The deviation technique was chosen for its
cost effectiveness given the upper 800m is host rock. The program
will take approximately six months to complete, with first assay
results expected during Q4 2022.
On 1 September 2022 F irst Tin Plc announce d that the results
from the latest two diamond drillholes received from the Gottesberg
tin project in Germany show that they intercepted broad zones of
higher grade mineralisation . These and earlier results help
validate First Tin's hypothesis that a higher-grade core exists
within the large but moderate grade Gottesberg deposit. Results
have now been returned from ten drillholes with six drillholes
remaining outstanding. Gottesberg is a potential source of
high-grade mineralisation that may be able to be pre-concentrated
and transported to a central milling facility at the Tellerhäuser
project, which is approximately 25km away, for additional
processing.
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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