Net Asset Value(s)

RNS Number : 0734Y

Baker Steel Resources Trust Ltd

07 May 2019

 

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

7 May 2019

30 April 2019 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 April 2019:

Net asset value per Ordinary Share:  56.8 pence

The NAV per share has decreased by 1.7% against the NAV at 29 March 2019, primarily due to a 6.7% fall in Polymetal International plc on the London Stock Exchange, in line with the market for gold shares during the month.

The Company had a total of 116,139,980 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 30 April 2019.

Portfolio Update

The Company's top 10 investments are as follows as a percentage of NAV:

Polymetal International Plc	20.1%
Futura Resources Ltd	13.9%
Bilboes Gold Limited	13.2%
Cemos Group plc	10.6%
Polar Acquisition Ltd	9.1%
Sarmin Minerals Exploration	5.2%
Black Pearl Limited Partnership	4.1%
Anglo Saxony Mining Limited	3.4%
Nussir ASA	3.3%
PRISM Diversified Ltd	3.1%
Other Investments	6.3%
Net Cash, Equivalents and Accruals	7.7%

Investment Update

Ivanhoe Mines Limited ("Ivanhoe")

On 25 April 2019, Ivanhoe announced that CITIC Metal Co. Ltd. (CITIC Metal), has agreed to invest an additional C$612 million (approximately US$454 million) in Ivanhoe at C$3.98 per share, a premium of 29% over the previous closing price. This second major investment by CITIC Metal, will bring its total investment in Ivanhoe to US$1 billion taking its stake to 29.9%.

This subscription will increase Ivanhoe's cash balance to approximately C$1.3 billion (US$1 billion), almost double the approximately US$540 million required to fund Ivanhoe's 50% share to construct the US$1.1 billion Kamoa-Kakula Project's initial six million-tonne-per-annum (6 Mtpa), high-grade copper mine at the Kakula deposit in the Democratic Republic of Congo.

The Ivanhoe share price on the Toronto Stock Exchange initially rose on the news but then fell back to end up 2% on the month at C$3.26 per share.

Azarga Metals Corp ("Azarga Metals")

On 15 April 2019, the Company completed its agreement to invest US$3 million into TSXV listed Azarga Metals via an 8% secured convertible loan due 31 December 2022, convertible at C$0.14/share ("the Convertible Loan") and the first US$1 million tranche of the Convertible Loan was drawn. 13.49 million 2-year warrants have also been issued to the Company with an exercise price of C$0.17/share.

Azarga Metals intends to use the bulk of the proceeds of the Convertible Loan to undertake a second phase drilling and exploration programme at its Unkur Copper-Silver Project in far eastern Russia with a view to expanding the existing Inferred Mineral Resource of 62 million tonnes grading 0.53% copper and 38.6g/t silver, containing 328,600 tonnes of copper and 76.8 million troy ounces of silver. This programme is planned to commence in the third quarter 2019.

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com 

Enquiries:

Baker Steel Resources Trust Limited                 [phone]

Francis Johnstone
Trevor Steel

Numis Securities Limited                                   [phone]

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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