Baker Steel Resources Trust Ltd Net Asset Value(s) (8255Y)
May 10 2023 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 8255Y
Baker Steel Resources Trust Ltd
10 May 2023
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
10 May 2023
LEI: 213800JUXEVF1QLKCC27
28 April 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 28 April 2023.
Net asset value per Ordinary Share: 73.5 pence.
The NAV per share has decreased by 4.3% versus the unaudited NAV
at 31 March 2023 largely as a result of a reduction in the share
price of Tungsten West Plc on the AIM Market following its deeply
discounted fund raising as detailed in the March 2023 NAV
statement.
The Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 28 April
2023.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
28 April 2023 31 December 2022
Futura Resources Ltd 28.1% 27.8%
Cemos Group plc 24.5% 22.8%
Caledonia Mining Corporation 11.3% 9.2%*
Plc
Bilboes Royalty 7.2% 6.9%*
Kanga Investments Ltd 5.9% 5.6%
Silver X Mining Corporation 5.1% 5.4%
Nussir ASA 4.0% 4.1%
First Tin plc 3.7% 4.8%
Metals Exploration Plc 2.4% 1.7%
Tungsten West Plc 1.7% 5.4%
Other Investments 5.3% 6.1%
Net Cash, Equivalents and
Accruals 0.8% 0.2%
* pro forma
Metals Exploration Plc ("Metals Ex")
During April 2023 Metals Ex reported a continued strong
operating performance at its Runruno gold mine in the Philippines,
producing 21,299 ounces of gold during the first quarter 2023
following on from its record quarter in the fourth quarter 2022 of
25,474 ounces of gold. As a result positive free cash flow of
US$17.8 million was recorded. The majority of this was used to
repay debt which as at 31 March 2023 was US$69.0 million.
Due to its debt position and relatively short remaining reserves
of around 3 years, Metals Ex is highly geared to the gold price
which has recently been looking to set new all-time highs in dollar
terms. In addition, its near pit exploration programme to extend
the life of the mine has become an increasing priority now the
operations are performing.
At 28 April 2023, the market capitalisation of Metals Ex on the
AIM market of the London Stock Exchange was GBP38.1 million up 43%
during 2023. The Company holds approximately 5% of the shares of
Metals Ex.
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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