Baker Steel Resources Trust Ltd Net Asset Value(s) (0748C)
October 07 2022 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 0748C
Baker Steel Resources Trust Ltd
07 October 2022
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 October 2022
30 September 2022 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 September 2022:
Net asset value per Ordinary Share: 80.4 pence.
The NAV per share has decreased by 0.9% against the unaudited
NAV at 31 August 2022 largely due to falls in the listed values of
Tungsten West Plc and First Tin plc.
The Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 30 September
2022.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
30 September 31 December 2021
2022
Futura Resources Ltd 27.7% 18.1%
Cemos Group plc 20.7% 18.6%
Bilboes Gold Limited 14.7% 13.1%
Tungsten West Plc 7.9% 14.7%
Kanga Investments Ltd 6.0% 4.1%
Polar Acquisition Ltd 4.8% 7.5%
First Tin plc 3.8% 7.7%
Nussir ASA 3.5% 3.6%
Silver X Mining Corporation 3.3% 2.8%
Prism Diversified 1.5% 1.1%
Listed Precious Metal Shares 2.5% 3.3%
Other Investments 3.6% 3.3%
Net Cash, Equivalents and
Accruals 0.0% 1.1%
Tungsten West Plc ("Tungsten West")
During July 2022 Tungsten West announced that it had committed
to a new development plan (the "Plan") developed in response to
global crises in power and diesel costs and inflationary pressures.
Further refinements to the Plan have been made since then and an
updated feasibility study is expected to be completed in November
2022.
During September 2022, Tungsten West announced that it had
signed a non-binding term sheet for a US$30 million (approximately
GBP26 million) royalty investment with a global mine royalty
investment fund and is working towards agreeing definitive
documentation and meeting conditions precedent which include the
completion of the updated feasibility study to the fund's
satisfaction. In addition to the royalty sale, Tungsten is in
advanced discussions with asset backed finance providers in order
to secure additional finance of between GBP5 million and GBP10
million secured against fixed and mobile equipment, and spare parts
to add to the cash reserves of GBP17 million at the end of August
2022.
In addition to the feasibility study, Tungsten West has
initiated scoping studies for the installation of both solar energy
and wind turbines including planning and permitting requirements
which would not only significantly reduce energy costs but also
reduce the carbon footprint of the mine.
Kanga Investments Ltd ("Kanga") (formerly Kanga Potash)
The announcement by Danakali on 3 October 2022 that it has
agreed to sell its 50% interest in the Colluli potash project in
Eritrea for US$166 million is noted with interest regarding Kanga's
potash project in Republic of Congo. Although no two projects are
directly comparable they are of similar size and stage of
development and the transaction demonstrates the increasing
interest in the fertiliser market.
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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