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5 Oct 2020 07:00
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
5 October 2020
30 September 2020 Unaudited NAV Statement
Net Asset Value ("NAV")
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 September 2020:
Net asset value per Ordinary Share: 75.1 pence
The NAV per share increased by 0.5% against the NAV per share at 31 August 2020 with a decrease in the listed part of the portfolio outweighed by an increase in the US Dollar against Sterling.
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 September 2020.
Portfolio Update
The Company's top 12 investments were as follows as a percentage of NAV:
30 September 2020 | 31 December 2019 | |
Bilboes Gold Limited | 21.2% | 15.9% |
Futura Resources Ltd | 17.1% | 15.0% |
Polar Acquisition Ltd | 11.2% | 11.3% |
Cemos Group plc | 9.8% | 10.0% |
Tungsten West Limited | 8.2% | 8.0% |
Anglo Saxony Mining Limited | 4.4% | 4.6% |
Azarga Metals Corp | 4.1% | 2.7% |
Mines & Metals Trading Peru PLC | 4.1% | 4.4% |
Nussir ASA | 4.0% | 4.1% |
Black Pearl Limited Partnership | 3.4% | 3.4% |
Sarmin Minerals Exploration | 2.6% | 3.7% |
PRISM Diversified | 2.0% | 2.8% |
Listed Precious Metal Shares | 6.0% | 7.9% |
Other Investments | 1.3% | 3.9% |
Net Cash, Equivalents and Accruals | 0.6% | 2.3% |
Investment Update
Polar Acquisition Ltd ("PAL")
On 17 September 2020, Polymetal International released details of a pre-feasibility study ("PFS") it has completed on the Prognoz silver project in the Republic of Sakha (Yakutia), Russia over which PAL holds a 1.8% to 0.9% net smelter royalty.
The PFS demonstrates the Prognoz project to be robust at a silver price of US$15 per ounce based on an open pit mine producing 13.5 million ounces of payable silver per annum at an all-in-sustaining cost of US$8-9 /ounce of silver. This is somewhat lower than the previous guidance of 20 million ounces silver per year, however does not include a further 100 million ounces silver in mineral resources which are likely to be more amenable to underground mining.
The Investment Manager will seek further details on the PFS from Polymetal and the revised production profile will be taken into account in the valuation of PAL's royalty at the year end. Polymetal is expected to make a production decision on Prognoz in the fourth quarter of 2021.
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 JohnstoneTrevor 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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