Baker Steel Resources Trust Ltd Net Asset Value(s) (8512J)
08 December 2018 - 12:03AM
UK Regulatory
TIDMBSRT
RNS Number : 8512J
Baker Steel Resources Trust Ltd
07 December 2018
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 December 2018
30 November 2018 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 November 2018:
Net asset value per Ordinary Share: 59.4 pence
Since 31 October 2018, the NAV per share has increased by 3.1%
largely due to an 8.4% increase in the price of Polymetal
International PLC shares on the London Stock Exchange.
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
2018.
Portfolio Update
The Company's top 10 investments as a percentage of NAV are as
follows:
Polymetal International PLC 31.6%
Bilboes Gold Limited 15.4%
Cemos Group plc 10.5%
Polar Acquisition Ltd 9.7%
Futura Resources Ltd 8.9%
Sarmin Mineral Exploration 5.0%
Black Pearl Limited Partnership 4.0%
PRISM Diversified Inc 3.7%
Nussir ASA 3.2%
Metals Exploration PLC 2.6%
Other Investments 5.5%
Net Cash, Equivalents and Accruals -0.1%
Investment Update
Polymetal International PLC ("Polymetal")
During November 2018, Polymetal announced that it had completed
the Feasibility Study for its Nezhda gold project located in
north-east Yakutia, Russia. Mineral Resources (inclusive of Ore
Reserves) comprise 12.4 Moz of gold equivalent ("GE") with an
average GE grade of 4.5 g/t, a 1.6 Moz increase compared with the
previous estimate. Proved and Probable Ore Reserves total 38 Mt at
an average grade of 3.6 g/t GE for 4.4 Moz of GE contained.
The Feasibility Study is based on a conventional 1.8 Mtpa
flotation concentrator with gravity concentration circuit. Combined
recovery to concentrate is forecast at 85% with production of
180,000 oz during the first full 3 years of operation and 155,000
oz of payable gold during the first full 15 years of operation.
Pre-production capital expenditures are estimated at US$234
million with the IRR estimated at 29% and an NPV of US$302 million
using a 10% discount rate and US$1,200/oz gold price. Total cash
costs (TCC) for the open pit are estimated in the range of
US$620-670/oz of GE and all-in sustaining cash costs (AISC) in the
range of US$700-750/oz of GE. Life of mine TCC is expected in the
range of US$700-750/oz of GE, with AISC in the range of
US$800-850/oz of GE. First production is planned for Q4 2021 with
full ramp-up by Q2 2022.
During the month Polymetal also announced that it had exercised
its option to consolidate its holding to 100% of Nezhda.
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 Johnstone
Trevor 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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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