Baker Steel Resources Trust Ltd Net Asset Value(s) (0125P)
February 06 2023 - 3:25AM
UK Regulatory
TIDMBSRT
RNS Number : 0125P
Baker Steel Resources Trust Ltd
06 February 2023
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
6 February 2023
LEI: 213800JUXEVF1QLKCC27
31 January 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 January 2023.
Net asset value per Ordinary Share: 83.9 pence.
The NAV per share has increased by 1.8% against the unaudited
NAV at 31 December 2022 largely as a result of a partial recovery
in the share price of First Tin plc on the London Stock
Exchange.
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 January
2023.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
31 January 2023 31 December 2022
Futura Resources Ltd 26.6% 26.7%
Cemos Group plc 21.5% 22.0%
Caledonia Mining Corporation 9.2% 8.9%*
Plc
Bilboes Royalty 6.4% 6.7%*
First Tin plc 5.9% 4.6%
Tungsten West Plc 5.3% 5.2%
Kanga Investments Ltd 5.2% 5.4%
Polar Acquisition Ltd 4.8% 4.9%
Silver X Mining Corporation 4.7% 5.2%
Nussir ASA 3.8% 4.0%
Listed Precious Metal Shares 2.7% 2.4%
Other Investments 3.4% 3.8%*
Net Cash, Equivalents and
Accruals 0.5% 0.2%
* pro forma
First Tin Plc ("First Tin")
First Tin rose 28% on the London Stock Exchange during January
2023 as it reported good progress on both its advanced tin projects
and in particular at its Taronga tin project in Australia where
drilling has outlined a 350 metre extension to the southwest of the
current resource area. Four lines of reverse circulation (RC)
exploration drilling have been completed at approximately 100m
spacing and in addition 8 diamond drillholes and one RC hole have
been drilled as twins of the drilling previously undertaken by
Newmont in order to confirm the existing mineral resource . First
Tin will follow up with an increased drilling programme with the
aim of bringing this southwest extension up to Indicated Resource
standard so it can be included in the Feasibility Study on the
project. As a result of this additional drilling the Feasibility
Study on Taronga will be slightly delayed but both it and the
Feasibility Study on its other project, the Tellerhauser tin
project in Germany are still on track to be completed before the
end of 2023.
Over the last few months the price of tin has recovered
significantly from a low of below US$18,000 per tonne in October
2022 to around US$30,000 per tonne. The economic models in the
pre-feasibility studies using a US$30,000/tonne price for tin on
First Tin's two tin projects together totalled pre-tax Net Present
Value (NPV(8%) ) of US$433 million which compares with a current
market capitalisation of GBP40 million (US$49 million). The Company
holds its First Tin shares at a 6% discount to the market price due
to the lock-up on its shares which expires on 8 April 2023.
Tungsten West Plc ("Tungsten West")
On 16 January 2023 Tungsten West announced the results of its
updated feasibility study on the Hemerdon tungsten and tin mine in
Devon, UK. The feasibility study detailed a mine with average
annual production of 2,900 tonnes of WO3 and 310 tonnes of Tin
("Sn") in concentrate over 27 years.
The economics showed a post-tax Net Present Value (NPV(5%) ) of
GBP297 million with an Internal Rate of Return (IRR) of 25%. It
also highlighted an Upside Case post-tax NPV(5%) of GBP416 million
with an IRR of 32%. Total pre-production capex, corporate
commitments and working capital is estimated at GBP54.9 million.
The current market capitalisation of Tungsten West is approximately
GBP27 million.
Key to the improved economics following a reworking of the
development due to higher energy costs has been a complete redesign
of the front-end crushing circuit which has considerably reduced
capex. In addition the optimisation of XRT ore-sorting operational
parameters has significantly reduced opex by allowing the
re-purposing of the dense media separation circuits and the removal
of the refinery kiln from the circuit reducing diesel consumption
by 1.3 million litres per annum.
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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