Baker Steel Resources Trust Ltd Net Asset Value(s) (3350H)
03 December 2020 - 6:00PM
UK Regulatory
TIDMBSRT
RNS Number : 3350H
Baker Steel Resources Trust Ltd
03 December 2020
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 2020
30 November 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 November 2020:
Net asset value per Ordinary Share: 74.9 pence
The NAV per share decreased by 1.7% against the NAV per share at
30 October 2020 as a result of decrease in the value of the listed
portion of the portfolio due to lower precious metal prices as well
as a fall in the value of 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 November
2020 .
Portfolio Update
The Company's top 12 investments were as follows as a percentage
of NAV:
30 November 31 December 2019
2020
Bilboes Gold Limited 21.1% 15.9%
Futura Resources Ltd 17.1% 15.0%
Polar Acquisition Ltd 10.9% 11.3%
Cemos Group plc 9.6% 10.0%
Tungsten West Limited 8.1% 8.0%
Anglo Saxony Mining Limited 4.5% 4.6%
Nussir ASA 4.4% 4.1%
Mines & Metals Trading
Peru PLC 3.9% 4.4%
Azarga Metals Corp 3.8% 2.7%
Black Pearl Limited Partnership 3.3% 3.4%
Metals Exploration plc 2.6% 1.8%
Sarmin Minerals Exploration 2.5% 3.7%
Listed Precious Metal Shares 4.9% 6.1%
Other Investments 2.6% 3.9%
Net Cash, Equivalents and
Accruals 0.7% 2.3%
Investment Update
Nussir ASA ("Nussir")
During November 2020, Nussir successfully raised NOK 41.5
million (GBP3.5 million) with a further NOK 40 million committed in
2021 from northern Norwegian investors. The funds will be used for
the development of the proposed processing plant site, the access
tunnel to the copper deposit as well as to update the definitive
feasibility study ("DFS") to incorporate the full electrification
of the mine.
Earlier this year, Nussir completed a positive DFS into its
Nussir/Ulveryggen copper project in northern Norway. The DFS was
based on a mine producing approximately 15,000 tonnes of copper per
annum with a maximum pre-production cash requirement of US$86.7
million. At a long-term copper price of US$6,500 per tonne the
economic model gave a net present value using a 6% discount rate of
US$132.6 million with an internal rate of return ("IRR") of
23%.
Nussir is aiming for its Nussir copper project to be one of the
first fully electrified mines globally with zero CO(2) emissions.
In addition, copper is seen as a vital component of the global move
towards electrification and away from fossil fuels. This transition
helped the copper price reach an 8 year high of US$7,648 per tonne
at the end of November 2020.
The fundraising which demonstrates good local support for the
project was done at an 8% premium to the previous placing and the
carrying value of the shares has been updated accordingly.
Cemos Group PLC ("Cemos")
During September 2020, Cemos achieved full capacity of 24,000
tonnes (t) per month of cement production at its Tarfaya plant in
southern Morocco. The installation of two additional 150t capacity
silos was completed during the quarter and as part of further
de-bottlenecking activities an additional 4-spout bag packing
machine was ordered; delivery and installation is scheduled before
the end of the year. An 8-spout 'roto packer' bag packing machine
was also ordered during the quarter with delivery expected mid
2021. These plant additions will provide greater flexibility and
reduced customer waiting times for loading as well as providing
sufficient bag packing capability to support a doubling of cement
production. Cemos is considering doubling cement grinding capacity
by installing a second cement grinding line during 2021.
Following the achievement of full production at Tarfaya and the
strong cashflows being generated, the Company will consider
changing its valuation methodology for Cemos from one based on
historic cost to one based on EBITDA, at the year end.
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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