Net Asset Value(s)

RNS Number : 1700Y

Baker Steel Resources Trust Ltd

05 September 2022

 

BAKER STEEL RESOURCES TRUST LIMITED

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

5 September 2022

31 August 2022 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 August 2022:

Net asset value per Ordinary Share: 81.1 pence.

The NAV per share has increased by 1.1% against the unaudited NAV at 29 July 2022. The fall in the listed values of gold shares, and in particular that of Caledonia Mining Corporation Plc which affected the pricing of Bilboes Gold following the agreement to sell Bilboes in July 2022 for a consideration including Caledonia shares, was outweighed by the fall in Sterling 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 August 2022.

Investment Update

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

	31 August 2022	31 December 2021
Futura Resources Ltd	28.0%	18.1%
Cemos Group plc	20.4%	18.6%
Bilboes Gold Limited	13.5%	13.1%
Tungsten West Plc	8.6%	14.7%
Kanga Potash	5.7%	4.1%
First Tin plc	4.8%	7.7%
Polar Acquisition Ltd	4.6%	7.5%
Nussir ASA	3.6%	3.6%
Silver X Mining Corporation	3.0%	2.8%
Prism Diversified	1.5%	1.1%
Listed Precious Metal Shares	2.7%	3.3%
Other Investments	3.4%	3.3%
Net Cash, Equivalents and Accruals	0.2%	1.1%

First Tin Plc ("First Tin")

During August First Tin announced that it had commenced the Definitive Feasibility Study ("DFS") at its Taronga tin deposit in Australia. The DFS is being delivered by a consortium of Australian companies led by independent mining consultant Mincore Pty Ltd.  It is expected that the study will be completed by the end of 2023.

First Tin Plc also announced that it has commenced the DFS at its Tellerhäuser tin deposit in Saxony, Germany. German consulting company, DMT GmbH & Co. KG, which has been appointed to undertake the DFS at Tellerhäuser has worked extensively in Germany and internationally. The study is expected to be completed during the second half of 2023. As part of the DFS workstream, First Tin has commenced a programme of diamond drilling at Tellerhäuser Germany, focussed on adding high grade tin mineralisation to the Indicated Resources already defined at the project. The drilling will consist of five parent diamond drillholes, with each having up to five deviation holes, designed to intersect the deeper, high grade Dreiberg tin mineralisation at a nominal 50m x 50m spacing around the parent holes. The deviation technique was chosen for its cost effectiveness given the upper 800m is host rock. The program will take approximately six months to complete, with first assay results expected during Q4 2022.

On 1 September 2022 F irst Tin Plc announce d that the results from the latest two diamond drillholes received from the Gottesberg tin project in Germany show that they intercepted broad zones of higher grade mineralisation . These and earlier results help validate First Tin's hypothesis that a higher-grade core exists within the large but moderate grade Gottesberg deposit.  Results have now been returned from ten drillholes with six drillholes remaining outstanding.  Gottesberg is a potential source of high-grade mineralisation that may be able to be pre-concentrated and transported to a central milling facility at the Tellerhäuser project, which is approximately 25km away, for additional processing.

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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