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6 Oct 2016 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)
6 October 2016
30 September 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 September 2016:
Net asset value per Ordinary Share: 41.7 pence
Since 31 August 2016, the NAV per share has increased 4.25% largely as a result of the further increase in the share price of Ivanhoe Mines on the Toronto Stock Exchange.
During the month, the Company issued 1,561,645 new Ordinary Shares at the 31 August 2016 unaudited NAV per share of 40.0 pence, as consideration for the acquisition of a further interest in Nussir ASA. As a result, 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 September 2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows as a percentage of NAV:
Polar Silver Resources Ltd | 27.0% | |
Bilboes Gold Limited | 15.6% | |
Metals Exploration plc | 14.1% | |
Ivanhoe Mines Limited | 13.2% | |
Cemos Group plc | 7.4% | |
Black Pearl Limited Partnership | 5.5% | |
Ironstone Resources Limited | 5.1% | |
Nussir ASA | 3.8% | |
China Polymetallic Mining Limited | 2.7% | |
Gobi Coal & Energy Limited | 2.7% | |
Other Investments | 2.9% | |
Net Cash, Equivalents and Accruals | 0.0% | |
Metals Exploration PLC ("Metals Ex")
During September 2016 Metals Ex raised US$6.4 million through a placing at 5.0 pence per share to its major shareholders including the Company. This fundraising was undertaken to provide Metals Ex with sufficient working capital whilst it negotiates with its project lenders to reschedule its loans following the delays experienced in bringing the Runruno Gold Mine on stream. It is expected that this negotiation will be completed by the end of October 2016.
During the month, the share price of Metals Ex rose 4% to 6.125 pence per share on the AIM market of the London Stock Exchange.
Once in full production, the Runruno project is expected to produce approximately 100,000 ounces of gold per annum.
Ivanhoe Mines Limited ("Ivanhoe")
During September 2016 Ivanhoe was added to the S&P/TSX Composite Index, which would have resulted in buying support from Index tracker funds. In addition, Ivanhoe announced completion of the first step of its programme to increase the power generating capacity from three local hydropower plants in the Democratic Republic of Congo, which will be key to the proposed operations at Kamoa.
The share price of Ivanhoe on the Toronto Stock Exchange rose 22.6% in September 2016 to C$2.28 per share.
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.
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