Baker Steel Resources Trust Ltd Net Asset Value(s) (0975W)
December 08 2023 - 2:00AM
UK Regulatory
TIDMBSRT
RNS Number : 0975W
Baker Steel Resources Trust Ltd
08 December 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 December 2023
30 November 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 November 2023.
Net asset value per Ordinary Share: 66.4 pence.
The NAV per share has increased by 0.8% versus the unaudited NAV
at 31 October 2023 largely due to increases in the share prices of
Silver X Mining Corporation on the TSX-V Exchange and Metals
Exploration plc on the AIM market of 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:
30 November 31 December 2022
2023
Cemos Group plc 29.8% 22.8%
Futura Resources Ltd 28.8% 27.8%
Bilboes Royalty 8.1% 6.9%*
Caledonia Mining Corporation 5.9% 9.2%*
Plc
Kanga Investments Ltd 5.2% 5.6%
Silver X Mining Corporation 4.5% 5.4%
Nussir ASA 4.0% 4.1%
Metals Exploration Plc 3.9% 1.7%
First Tin plc 2.6% 4.8%
Tungsten West Plc 2.1% 5.4%
Other Investments 4.9% 6.1%
Net Cash, Equivalents and
Accruals 0.2% 0.2%
* pro forma - Caledonia Mining shares and Bilboes royalty
received from sale of Bilboes Gold
Silver X Mining Corporation ("Silver X")
On 26 July 2023 Silver X announced the implementation of a new
operational plan at its Nueva Recuperada silver/lead/zinc mine in
Peru. This involved suspension of mining in order to develop a new
operational plan. Production recommenced on 19 September utilising
a revised production schedule directed at mining areas of higher
confidence and targeting significant cost reductions through a
reduction in headcount and the addition of measures to minimize
underground transportation and ore handling.
On 14 November 2023 Silver X announced that it had processed
230,444 ounces of silver equivalent ("AgEq") in a 45 day period
with an average head grade of 304.25g AgEq/t. Although it is early
days, the new operational reset appears to have been
successful.
In addition, on 16 November 2023, Silver X announced a 12-year
extension of its social agreement with the local Huachocolpa
community, enhancing relations and potentially securing continued
operations at the Nueva Recuperada Project until November 2035.
Silver X shares on the TSX-V exchange rose 33% during November
2023.
Metals Exploration plc ("Metals Exploration")
In the third quarter 2023 Metals Exploration's Runruno Mine in
the Philippines produced 22,043 ounces of gold with an
All-In-Sustaining-Cost of US$1,055 per ounce. This generated
positive free cashflow of US$19.0 million after ongoing capex.
The strong operating performance by Metals Exploration during
2023 has allowed it to reduce its debt from US$81.1 million at the
start of the year to US$30.6 million at 30 September 2023. If this
level of performance continues the debt should be fully repaid in
the first half of 2024.
Metals Exploration shares on the AIM market rose 13% during
November 2023.
Year End Review
In accordance with our normal procedures, the carrying value of
the unlisted investments will be reviewed for the December 2023
NAV. This will take account of the advances made by Futura
following the financing of its first mine in September and the move
by Cemos towards producing its own clinker for its cement
production as previously announced.
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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