Net Asset Value(s)

Baker Steel Resources Trust Ltd

08 April 2024

 

BAKER STEEL RESOURCES TRUST LIMITED

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

8 April 2024

31 March 2024 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 March 2024.

Net asset value per Ordinary Share: 76.6 pence.

The NAV per share at 31 March 2024 increased by 1.7% versus the unaudited NAV at 29 February 2024 largely due to the increase in the share price of Metals Exploration 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 31 March 2024.

Investment Update

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

	31 March 2024	29 December 2023
Futura Resources Ltd	35.2%	36.3%
Cemos Group plc	29.2%	29.3%
Bilboes Royalty	7.3%	7.2%
Caledonia Mining Corporation Plc	4.8%	5.4%
Metals Exploration Plc	4.6%	3.0%
Nussir ASA	3.9%	4.1%
Kanga Investments Ltd	3.7%	3.6%
Silver X Mining Corporation	2.9%	3.5%
First Tin plc	2.4%	2.1%
Tungsten West Plc	1.8%	1.7%
Other Investments	3.4%	3.4%
Net Cash, Equivalents and Accruals	0.8%	0.4%

Metals Exploration plc ("Metals Ex")

On 27 March 2024 Metals Ex announced that it had made the last payment due to the lenders under the Company's mezzanine debt facilities. There remains US$2,629 of principal and accrued interest on the Group's senior facility, with such a nominal amount having been left outstanding, with the agreement of the lenders, since November 2022, in order to maintain the security package while the elevation of the Group's mezzanine facilities was being negotiated and implemented. There is a dispute with one of the lenders as to the rate of interest payable under the mezzanine facility which could lead to a further interest payment of US$1.9 million but otherwise Metals Ex is now debt free.

Metals Ex has made a remarkable turnaround since the current CEO, Darren Bowden, joined in 2019 and agreed a debt restructuring package with its lenders in September 2020. Since that time, Metals Ex has repaid US$171.3 million debt in principal and interest. Metals Ex's share price was 0.75p when it returned from suspension in October 2020 and closed at 4.5p at the end of March 2024.

Caledonia Mining Corporation Plc ("Caledonia")

On 28^th March 2024 Caledonia announced its operating and financial results for the year ended December 31, 2023. Gross revenue of US$146.3 million for the year was 3% higher than 2022 due to a 7.8% increase in the average realised price of gold sold, however gross profit was down 33% at U$41.5 million due to higher production costs at its Blanket Mine and operating costs at the small scale, temporary Bilboes oxide mine.

Caledonia has provided 2024 gold production guidance at Blanket of 74,000 to 78,000oz (2023 - 75,416oz) at an all-in sustaining cost guidance of between US$1,370 and US$1,470/oz.

Caledonia reported that work on a revised feasibility study for the large-scale sulphide project at Bilboes is well-advanced and Caledonia is considering the initial results. Further work continues, particularly focused on reducing the initial capital expenditure with a view to enhancing the project economics.

Bilboes Gold previously completed a feasibility study on the Bilboes Mine outlining production averaging 170,000 ounces of gold per annum once in full production. The Company retains a 1% Net Smelter Royalty over future production from the Bilboes project.

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

Deutsche Numis                                              [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.

 

END