Baker Steel Resources Trust Ltd Net Asset Value(s) (6814S)
08 November 2023 - 8:00AM
UK Regulatory
TIDMBSRT
RNS Number : 6814S
Baker Steel Resources Trust Ltd
08 November 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 November 2023
LEI: 213800JUXEVF1QLKCC27
31 October 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 October 2023.
Net asset value per Ordinary Share: 65.9 pence.
The NAV per share has decreased by 0.6% versus the unaudited NAV
at 29 September 2023 largely due to a fall 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 October
2023.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
31 October 2023 31 December 2022
Cemos Group plc 30.2% 22.8%
Futura Resources Ltd 28.9% 27.8%
Bilboes Royalty 8.5% 6.9%*
Caledonia Mining Corporation 6.0% 9.2%*
Plc
Kanga Investments Ltd 5.5% 5.6%
Nussir ASA 4.0% 4.1%
Silver X Mining Corporation 3.5% 5.4%
Metals Exploration Plc 3.5% 1.7%
First Tin plc 2.4% 4.8%
Tungsten West Plc 2.1% 5.4%
Other Investments 5.1% 6.1%
Net Cash, Equivalents and
Accruals 0.3% 0.2%
* pro forma
First Tin Plc ("First Tin")
On 25 October 2023 First Tin provided an update on its
Definitive Feasibility Study ("DFS") at its Taronga Tin Project in
Australia. First Tin announced a key breakthrough in its mineral
process test work which should significantly reduce the capital and
operating costs of the mine.
The results of this test work have allowed First Tin to simplify
the mineral processing flowsheet by rejecting waste material at an
earlier stage and meaning the proposed plant can handle a greater
throughput. The lower operating and capital costs per tonne of ore
mined, together with the increase in the resource at Taronga
through successful exploration have allowed First Tin to double the
proposed throughput of the operation to 5 million tonnes of ore per
annum producing around 3,500 tonnes of tin per annum.
The feasibility study on Taronga is due for completion during
the first quarter of 2024 with the feasibility study on First Tin's
second project, the Tellerhauser tin mine in Germany expected mid
2024.
Despite this positive update on Taronga the shares of First Tin
fell 27% on the London Stock Exchange during October 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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