Baker Steel Resources Trust Ltd Net Asset Value(s) (2067S)
05 November 2019 - 6:00PM
UK Regulatory
TIDMBSRT
RNS Number : 2067S
Baker Steel Resources Trust Ltd
05 November 2019
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 November 2019
31 October 2019 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 October 2019:
Net asset value per Ordinary Share: 68.8 pence
The NAV per share has decreased by 1.4% against the NAV at 30
September 2019, primarily due to the rise in the Sterling Exchange
rate which was partially offset by a rise in the share price of
Polymetal International Plc on the London Stock Exchange.
The Company has a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 October
2019.
Portfolio Update
The Company's top 12 investments are as follows as a percentage
of NAV:
Futura Resources Ltd 16.3%
Polymetal International Plc 15.5%
Bilboes Gold Limited 14.3%
Cemos Group plc 10.7%
Polar Acquisition Ltd 8.7%
Sarmin Minerals Exploration 4.7%
Mines & Metal Trading Peru PLC 4.5%
Nussir ASA 4.3%
Anglo Saxony Mining Limited 3.9%
Black Pearl Limited Partnership 3.7%
PRISM Diversified 2.9%
Azarga Metals Corp 2.7%
Other Investments 6.1%
Net Cash, Equivalents and Accruals 1.7%
Investment Update
Azarga Metals Corp. ("Azarga Metals")
During October 2019 Azarga reported that it had completed
geophysical surveys on its Unkur Copper-Silver Project in Eastern
Russia and commenced a drilling campaign.
The works included a property-wide ground magnetic survey and
nine induced polarization (IP) traverses, totalling 28 line
kilometers covering an area four times the area previously covered
by similar studies. It identified potentially mineralized horizons
more than three times longer than the previously drilled strike
length. The IP survey revealed that there could be four or five
mineralized horizons against the previously contemplated two or
three horizons.
The survey identified multiple additional exploration drilling
targets. Most of these targets will be drill tested during a 6,000
m exploration programme which commenced during October 2019. Should
the drilling confirm the potential identified by these surveys,
Azarga believes it would be significant for the potential scale of
mineralisation at Unkur.
On 23 October 2019 Azarga issued to the Company 1,470,443 common
Azarga shares to settle its semi-annual interest payment of
C$88,227 on the Company's US$3 million convertible loan to
Azarga.
Further detail on Azarga is available on its website:
www.azargametals.com
Polymetal International plc ("plc")
During October 2019 Polymetal reported solid production results
for the third quarter driven by a strong performance at Kyzyl.
Polymetal's third quarter gold equivalent ("GE") production was
476,000 ounces totalling 1,232,000 ounces for the first nine months
of 2019, an increase of 16% on the same period in 2018
Third quarter revenue increased by 43% to US$ 656 million on the
back of higher sales volumes and prices. Despite higher royalty
payments due to higher prices, Polymetal has maintained its
all-in-sustaining-cost guidance for 2019 of US$ 800-850/GE oz, and
has indicated that it is likely to exceed its 2019 full-year
production guidance of 1,550,000 GE ounces by up to 50,000
ounces.
These results were well received by the market with Polymetal's
share price rising 11% during the month.
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
NAVZMMGMKDFGLZM
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