Baker Steel Resources Trust Ltd Net Asset Value(s) (9922B)
June 08 2023 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 9922B
Baker Steel Resources Trust Ltd
08 June 2023
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
8 June 2023
LEI: 213800JUXEVF1QLKCC27
31 May 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 May 2023.
Net asset value per Ordinary Share: 71.0 pence.
The NAV per share has decreased by 3.4% versus the unaudited NAV
at 29 April 2023 largely as a result of falls in the share prices
of the listed precious metal companies in the portfolio following
weakening in the market prices of gold and silver 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 May
2023.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
31 May 2023 31 December 2022
Futura Resources Ltd 28.9% 27.8%
Cemos Group plc 25.0% 22.8%
Caledonia Mining Corporation 10.4% 9.2%*
Plc
Bilboes Royalty 7.5% 6.9%*
Kanga Investments Ltd 6.1% 5.6%
Silver X Mining Corporation 4.5% 5.4%
Nussir ASA 4.0% 4.1%
First Tin plc 3.6% 4.8%
Metals Exploration Plc 2.3% 1.7%
Tungsten West Plc 1.2% 5.4%
Other Investments 5.5% 6.1%
Net Cash, Equivalents and
Accruals 1.0% 0.2%
* pro forma
Caledonia Mining Corporation PLC ("Caledonia")
During May 2023 Caledonia announced its operating and financial
results for the quarter ended 31 March 2023. Caledonia's Blanket
Mine suffered some technical challenges during the quarter which
adversely affected production and as a result gross revenues of
US$29.4 million (Q1 2022: $35.1 million). Management believes these
challenges have now been resolved and is encouraged by production
and cost data in April and to date in May. Caledonia has reiterated
its production guidance of 75,000-80,000 ounces for Blanket for
2023.
This was the first quarter to reflect Caledonia's ownership of
Bilboes, the acquisition of which was completed on January 6, 2023.
Production from oxide mining at Bilboes restarted towards the end
of March 2023 and although technical challenges were encountered on
re-starting the oxide mining, Caledonia hope that gold mining from
near surface oxide deposits will be cash neutral and will help the
Company to maintain Bilboes' operational integrity pending
completion of its revised feasibility study in respect of the
larger underlying sulphide project. In addition, the waste material
that will be moved as part of the oxide mining activities is
material that would have had to be moved later when work starts on
the main sulphide project.
The share price of Caledonia on the AIM market of the London
Stock Exchange fell 11% during May 2023, in line with the rest of
the gold sector.
First Tin Plc ("First Tin")
On 5 May 2023 First Tin announce d that it had submitted the
complete documentation for its mine permit application to the
Saxonian Mining Authority for its 100% owned Tellerhäuser
underground tin project in Germany . A decision is expected prior
to the end of Q3 2024. I n the mean time, First Tin plans to
publish an updated JORC compliant Resource on Tellerhäuser, with
the definitive feasibility study ("DFS") scheduled for completion
in the first half of 2024.
The DFS for First Tin's other key project, the Taronga open pit
tin project in Australia is scheduled to be completed in the fourth
quarter of 2023.
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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