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)

7 February 2017

31 January 2017 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 January 2017:

Net asset value per Ordinary Share: 50.1 pence

Since 30 December 2016, the NAV per share has increased by 4.6% primarily as a result of the 56% increase in the share price of Ivanhoe Mines on the Toronto Stock Exchange ("TSX").

The Company had a total of 116,139,980 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 31 January 2017.

Portfolio Update

The Company is fully invested with top 10 investments as follows as a percentage of NAV:

Ivanhoe Mines Limited ("Ivanhoe")

On 23 January 2017, Ivanhoe announced that further drilling at the Kakula discovery on the Kamoa copper project in the Democratic Republic of Congo, had expanded the length of the Kakula discovery by 40% and that the mineralisation remains open along strike. Ivanhoe Mines and its joint venture partner, Zijin Mining, have accelerated the Kakula exploration programme and with the mobilisation of additional drill rigs, nine rigs are now drilling at Kakula.

This further exploration success follows the announcement by Ivanhoe in December 2016 of a positive preliminary economic assessment ("PEA") for a 4 million tonne-per-annum mine on Kakula-Kamoa producing 216,000 tonnes of copper per annum. A pre-production capital cost of US$1.0 billion would result in an after-tax net present value at an 8% discount rate ("NPV8%") of US$3.7 billion - an increase of 272% compared to the after-tax NPV8% of US$986 million that was projected in the March 2016 Kamoa pre-feasibility study. The internal rate of return of 38% is more than double the return that was estimated in the March 2016 Kamoa pre-feasibility study.

Ivanhoe is currently undertaking a further PEA to assess the potential for an 8 million tonne-per-annum, stand-alone Kakula Mine, plus expanded, combined mining scenarios of 12 and 16 Mtpa from both the Kakula deposit and the adjacent Kamoa deposit's Kansoko Mine. The results of this further PEA are due during the first quarter of 2017.

During January 2017, the share price of Ivanhoe on the TSX rose 56% to C$3.97 per share. At 31 January 2016, the Ivanhoe share price was C$0.68 per share, representing an almost six-fold increase over the past year.

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.