Last checked at 
3 Dec 2021 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)
3 December 2021
30 November 2021 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 November 2021:
Net asset value per Ordinary Share: 97.4 pence
The NAV per share has decreased by 0.3% against the unaudited NAV at 29 October 2021, mainly due a fall in the value of Tungsten West Plc on AIM during the month after the initial strong price performance following its IPO in October 2021, albeit the share price still remains at 10% above the IPO price.
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 November 2021.
Investment Update
The Company's top 12 investments were as follows as a percentage of NAV:
| 30 November 2021 | 31 December 2020 |
Bilboes Gold Limited | 20.0% | 19.5% |
Futura Resources Ltd | 16.1% | 16.2% |
Tungsten West Plc | 15.2% | 13.2% |
Cemos Group plc | 13.9% | 14.5% |
Polar Acquisition Ltd | 9.0% | 8.9% |
First Tin Ltd | 5.2% | 3.9% |
Nussir ASA | 3.9% | 3.4% |
Silver X Mining Corporation | 3.4% | 4.5% |
Kanga Potash | 2.8% | 2.7% |
Azarga Metals Corp | 2.6% | 2.7% |
Prism Diversified | 1.6% | 1.5% |
Metals Exploration plc | 1.6% | 1.9% |
Listed Precious Metal Shares | 1.9% | 3.9% |
Other Investments | 1.8% | 2.4% |
Net Cash, Equivalents and Accruals | 1.0% | 0.8% |
First Tin Limited ("First Tin") (formerly Anglo Saxony Mining Limited
In November 2021 First Tin signed a Sale & Purchase Agreement (SPA) to acquire ASX listed company Aus Tin Mining Ltd's (ASX: ANW) ('Aus Tin') subsidiary company Taronga Mines Pty Ltd which owns the Taronga Tin Project in New South Wales. Under the terms of the SPA Aus Tin will receive 60 million shares in First Tin, or a minimum of 22.6% of the shares in First Tin on completion of an IPO on the London Stock Exchange early in 2022. The IPO aims to raise at least £20 million at an issue price of not less than 30p per share. In addition, Aus Tin will receive A$1.35 million cash.
Aus Tin completed a pre-feasibility study on Taronga in 2014 which contains estimated resources containing 57,000 tonnes tin, 28,000 tonnes copper and 4.4 million ounces silver. Once the acquisition has been completed, First Tin plans to fast-track mine development for Taronga by initiating a definitive feasibility study immediately thereafter.
First Tin holds two advanced stage tin projects in Germany: Tellerhauser and Gottesberg, with combined resources of 216,000t tin plus significant copper, zinc, indium and magnetite. A pre-feasibility study (PFS) has shown the Tellerhauser project to be viable and a definitive feasibility study (DFS) is planned to commence in early 2022, along with a drilling programme designed to increase the resource base and convert inferred mineralisation to indicated status.
The addition of the Taronga project to First Tin's portfolio will increase the total resource base of the company to over 273,000 tonnes tin, equivalent to the fourth largest undeveloped tin resource worldwide and it will possess the second largest OECD tin portfolio according to International Tin Association figures.
Silver X Mining Corp. ("Silver X")
During November 2021 the Company signed an assignment and assumption agreement with Silver X Mining Corp. (TSX-V: AGX), pursuant to which Silver X agreed to assume all of the obligations of its wholly-owned subsidiary, Mines & Metals Trading (Peru) PLC, as envisaged in the Company's US$4 million unsecured convertible debenture signed in June 2019.
In addition, during November 2021, Silver X repaid the US$1 million bridging loan provided by the Company in 2020 together with accrued interest and arrangement fees in the amount of CAD$1,668,518.
Silver X's Recuperada project in Peru comprises 11,261 Ha of mining concessions centred around a 600 tonne per day processing plant. In October 2021 Silver X secured the environmental permitting approval required to increase production capacity to 720 tonnes per day. Installation of a new crushing circuit and flotation cells has commenced, and it expects full commissioning by December 31, 2021.
Silver X's current focus is on expanding and improving its understanding of its central Tangana mining unit. Recent channel sampling at Tangana has been extremely promising and included 1,034 g/t AgEq over 2 metres. A 10,000 metres drilling campaign is due to start in the first quarter of 2022 to evaluate these structures for delivery of an upgraded resource statement targeted for first half of 2022.
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.