BAKER STEEL RESOURCES TRUST
LIMITED
(Incorporated in Guernsey with
registered number 51576 under the provisions of The Companies
(Guernsey) Law, 2008 as amended)
13 May
2024
30 April 2024 Unaudited NAV
Statement
Net Asset Value
Baker Steel Resources Trust Limited
(the "Company") announces its unaudited net asset value per share
at 30 April 2024.
Net asset value per Ordinary Share:
79.8 pence.
The NAV per share at 30 April 2024
increased by 4.2% versus the unaudited NAV at 31 March 2024 largely
due to some recovery in the share price of Tungsten West Plc on the
AIM market.
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 April 2024.
Investment
Update
The Company's top 10 investments
were as follows as a percentage of NAV:
|
|
30 April
2024
|
31 December
2023
|
|
Futura Resources Ltd
|
33.9%
|
36.3%
|
|
Cemos Group plc
|
28.1%
|
29.3%
|
|
Bilboes Royalty
|
7.1%
|
7.2%
|
|
Caledonia Mining Corporation
Plc
|
4.4%
|
5.4%
|
|
Metals Exploration Plc
|
4.0%
|
3.0%
|
|
Nussir ASA
|
3.7%
|
4.1%
|
|
Kanga Investments Ltd
|
3.6%
|
3.6%
|
|
Silver X Mining
Corporation
|
2.9%
|
3.5%
|
|
First Tin PLC
|
2.7%
|
2.1%
|
|
Tungsten West Plc
|
4.6%
|
1.7%
|
|
Other Investments
|
3.1%
|
3.4%
|
|
Net Cash, Equivalents and
Accruals
|
1.9%
|
0.4%
|
First Tin
PLC ("First Tin")
On 2 May 2024 First Tin PLC announced the
results of the Definitive Feasibility Study ("DFS") for its 100%
owned Taronga open pit tin project located in New South Wales,
Australia.
The DFS outlines an open pit mine with low
waste to ore ratio of 1:1 to produce an average of 5 million tonnes
of ore per annum followed by a crushing and a gravity processing
facility to produce an average of 3,600 tonnes of tin in
concentrate a year. Estimated All-in-sustaining-costs ("AISC") of
US$15,843 per tonne of tin sold place Taronga in the lower half of
the global cost curve.
Pre-production capital costs are estimated at
US$116 million and based on a tin price of US$30,000 per tonne, the
economics of the project show a pre tax NPV(8%) of US$160 million
with an IRR of 34% (28% post tax). First Tin has also noted
significant potential upside to increase the current mine plan from
9 to 15 years through the conversion of current inferred resources
and extension drilling of existing prospects.
The tin price has risen in recent months over
supply concerns and the increasing use of tin for connections in
the global trend towards electrification and it currently trades at
around US$32,000 per tonne. The results of the DFS show significant
optionality to further rises in the tin price.
First Tin's focus will now be the completion of
its environmental impact statement for Taronga and moving the
project through the final approval processes with the regulatory
authorities, while concurrently moving forward the financing and
off-take discussions for the next phase of development.
In addition, during April 2024, First Tin
announced an updated Mineral Resource Estimate for its 100% owned
Tellerhäuser Tin Project in Germany, such that total
Indicated plus Inferred tin increased by 35% from 102,900t tin to
138,600t tin.
The market capitalisation of First Tin at 30
April 2024 was £16.2 million.
Tungsten West
Plc ("Tungsten West")
At the end of March 2024, Tungsten West
announced that the UK Environment Agency had commenced the public
consultation period, extended until 30 May 2024, regarding the
Mineral Processing Facility (MPF) permit for its Hemerdon tungsten
and tin mine in Devon, UK. This is the final step before the
Environment Agency can issue the permit.
Tungsten West also increased its Convertible
Loan Notes programme raising an additional tranche of £1.6 million
and also extended the maturity date of all Convertible Loan Notes
to 31 January 2025. The proceeds of the latest tranche will be used
to commence work on an updated feasibility study which Tungsten
West expects to complete in Q3 2024, leading to a financing round
in H2 2024 to enable it to recommence production of tungsten and
tin in early 2026.
Tungsten West shares recovered from 1.4p to
6.2p during April 2024. At the month end valuation, the undiluted
market capitalisation of Tungsten West was £11.6 million. The
Company is currently the largest shareholder with 15.4% and in
addition, the Company holds approximately 12% of Tungsten West's
£10.35 million convertible loan stock.
Further details of the Company and
its investments are available on the Company's website
https://www.bakersteelcap.com/baker-steel-resources-trust/
Enquiries:
Baker Steel Resources Trust Limited
+44 20 7389 8237
Francis Johnstone
Trevor Steel
Deutsche Numis
+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.