Baker Steel Regulatory News (BSRT)

BAKER STEEL RESOURCES TRUST LIMITED

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

6 December 2017

30 November 2017 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 November 2017:

Net asset value per Ordinary Share: 49.7 pence

Since 31 October 2017 the NAV per share has decreased by 3.3%, primarily due to a rise in the exchange rate of Sterling against the currencies in which the Company's investments are denominated as well as falls in the share prices of Ivanhoe Mines Limited and Metals Exploration on the Toronto Stock Exchange and AIM market respectively.

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 November 2017.

Portfolio Update

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

Investment Update

Ivanhoe Mines Limited ("Ivanhoe")

On 27 November 2017, Ivanhoe announced the results of an updated Preliminary Economic Assessment ("PEA") for its Kamoa-Kakula joint venture in the Democratic Republic of Congo.

The PEA states that an initial six million-tonne-per-annum copper mine at Kakula can be developed for an estimated US$1.2 billion with a subsequent expansion to 12 million-tonnes-per-annum with the opening of a separate mine at Kamoa, sending ore to a central processing facility funded from cash flows or project finance.

The PEA investigates the potential development of an initial six million-tonne-per-annum mine at Kakula at an average grade of 5.5% over a 24 year mine life producing an average annual production rate of 246,000 tonnes of copper. Mine site cash cost of US$0.45/lb copper and total cash cost of US$1.08/lb copper for the first five years of operations will make it one of the lowest cost copper mines globally.

The 12 Mtpa expansion scenario would deliver average annual production of 370,000 tonnes of copper at a total cash cost of US$1.02/lb copper during the first 10 years of operations and production of 542,000 tonnes by year nine. The economics for this scenario forecast a net present value (8%) of US$7.2 billion with an internal rate of return of 33%.

The PEA does not include the Kakula West discovery which is currently being drilled and could form the basis for a further modular expansion to 18 million tonnes of ore per annum.

The results and studies on Kamoa-Kakula published over the past year have shown remarkable progress and demonstrate the project's potential to become one of the worlds top 5 copper mines.

Bilboes Gold Limited ("Bilboes")

Bilboes has completed a pre-feasibility study (PFS) on its Isabella-McCays-Bubi gold project in Matabeleland, Zimbabwe. Indicated resources totalled 48 million tonnes grading 2.42 g/t containing 3.7 million ounces of gold. In addition, a further 1.1 million ounces of inferred resources were identified.

The PFS envisages a two phase open pit development at a pre-cash flow capital cost of US$109 million for an initial production rate of 100,000 ounces gold per annum, increasing to 200,000 ounces of gold per annum in 3 years. Average cash costs for the twelve year mine life are forecast at US$703/ounce gold with the economics giving an NPV(10%) of US$167 million with an internal rate of return of 34%.

Bilboes is now moving forward with a bankable feasibility study for the project for which it is fully funded and is expected to be completed in early 2019. The robust economics of Bilboes's PFS suggest that the Isabella-McCays-Bubi gold project has the strong potential to become Zimbabwe's largest gold mine. It is hoped that the recent changes in government in Zimbabwe will provide a stronger economic environment for the development of the project in due course.

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 is set out in the Company's Prospectus dated 26 January 2015.