Baker Steel Resources Trust Ltd Net Asset Value(s) (0196B)
05 October 2020 - 5:00PM
UK Regulatory
TIDMBSRT
RNS Number : 0196B
Baker Steel Resources Trust Ltd
05 October 2020
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 October 2020
30 September 2020 Unaudited NAV Statement
Net Asset Value ("NAV")
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 September 2020:
Net asset value per Ordinary Share: 75.1 pence
The NAV per share increased by 0.5% against the NAV per share at
31 August 2020 with a decrease in the listed part of the portfolio
outweighed by an increase in the US Dollar against Sterling.
Th e Company had a total of 106,462,502 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 30 September
2020 .
Portfolio Update
The Company's top 12 investments were as follows as a percentage
of NAV:
30 September 31 December 2019
2020
Bilboes Gold Limited 21.2% 15.9%
Futura Resources Ltd 17.1% 15.0%
Polar Acquisition Ltd 11.2% 11.3%
Cemos Group plc 9.8% 10.0%
Tungsten West Limited 8.2% 8.0%
Anglo Saxony Mining Limited 4.4% 4.6%
Azarga Metals Corp 4.1% 2.7%
Mines & Metals Trading
Peru PLC 4.1% 4.4%
Nussir ASA 4.0% 4.1%
Black Pearl Limited Partnership 3.4% 3.4%
Sarmin Minerals Exploration 2.6% 3.7%
PRISM Diversified 2.0% 2.8%
Listed Precious Metal Shares 6.0% 7.9%
Other Investments 1.3% 3.9%
Net Cash, Equivalents and
Accruals 0.6% 2.3%
Investment Update
Polar Acquisition Ltd ("PAL")
On 17 September 2020, Polymetal International released details
of a pre-feasibility study ("PFS") it has completed on the Prognoz
silver project in the Republic of Sakha (Yakutia), Russia over
which PAL holds a 1.8% to 0.9% net smelter royalty.
The PFS demonstrates the Prognoz project to be robust at a
silver price of US$15 per ounce based on an open pit mine producing
13.5 million ounces of payable silver per annum at an
all-in-sustaining cost of US$8-9 /ounce of silver. This is somewhat
lower than the previous guidance of 20 million ounces silver per
year, however does not include a further 100 million ounces silver
in mineral resources which are likely to be more amenable to
underground mining.
The Investment Manager will seek further details on the PFS from
Polymetal and the revised production profile will be taken into
account in the valuation of PAL's royalty at the year end.
Polymetal is expected to make a production decision on Prognoz in
the fourth quarter of 2021.
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.
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