BAKER STEEL RESOURCES TRUST
LIMITED
(Incorporated in Guernsey with
registered number 51576 under the provisions of The Companies
(Guernsey) Law, 2008 as amended)
9 August
2024
31 July 2024 Unaudited NAV
Statement
Net Asset Value
Baker Steel Resources Trust Limited
(the "Company") announces its unaudited net asset value per share
at 31 July 2024.
Net asset value per Ordinary Share:
78.1 pence.
The NAV per share at 31 July 2024
decreased by 3.6% versus the unaudited NAV at 30 June 2024 largely
due to a fall in the listed price of Tungsten West and a
strengthening in the value of Sterling against the Australian and
US Dollars.
The Company had a total of 106,462,502 Ordinary
Shares in issue with a further 700,000 shares held in treasury as
at 31 July 2024.
Investment
Update
The Company's top 10 investments
were as follows as a percentage of NAV:
|
|
31 July
2024
|
31 December
2023
|
|
Futura Resources Ltd
|
34.2%
|
36.3%
|
|
Cemos Group plc
|
31.7%
|
29.3%
|
|
Bilboes Royalty
|
8.1%
|
7.2%
|
|
Caledonia Mining Corporation
Plc
|
4.8%
|
5.4%
|
|
Nussir ASA
|
3.8%
|
4.1%
|
|
Silver X Mining
Corporation
|
3.5%
|
3.5%
|
|
Metals Exploration Plc
|
3.4%
|
3.0%
|
|
First Tin PLC
|
2.5%
|
2.1%
|
|
Tungsten West Plc
|
2.4%
|
1.7%
|
|
Kanga Investments Ltd
|
1.6%
|
3.6%
|
|
Other Investments
|
2.6%
|
3.4%
|
|
Net Cash, Equivalents and
Accruals
|
1.4%
|
0.4%
|
Futura
Resources Ltd ("Futura")
Futura commenced production from its Wilton
steel making coal mine in March 2024. A total of 19,086 tonnes of
metallurgical coal were sold during the first half of 2024 and
accordingly the Company expects to receive the first payment from
its 1.5% gross revenue royalty during August 2024, albeit limited
during this ramp up period.
During July 2024, Futura completed a A$34
million offtake finance arrangement with an international trading
company. This has enabled Futura to start the development of its
second mine, Fairhill, with work already having started in site
preparation. It is expected to be in production in the fourth
quarter of 2024, in similar timing to the start up of
Wilton.
First Tin plc
("First Tin")
During July 2024, First Tin completed a £2.1
million equity placement in which the Company followed its
approximate 14% interest. Also during July, Australia's largest tin
producer Metals X acquired Clara Resources' 23% stake in First Tin
and then followed its interest in the placing to maintain its 23%
interest. This not only removes a known overhang of shares of First
Tin, but also represents a significant endorsement of First Tin's
projects by a company with decades of expertise in tin mining and
processing.
In May 2024 First Tin announced the results of
the Definitive Feasibility Study ("DFS") for its 100% owned Taronga
open pit tin project, located in New South Wales,
Australia.
The DFS outlined an open pit mine followed by a
crushing and a gravity processing facility to produce an average of
3,600 tonnes of tin in concentrate a year. Estimated
All-in-sustaining-costs of US$15,843 per tonne of tin sold would
place Taronga in the lower half of the global cost
curve.
Pre-production capital costs were estimated at
US$116 million and based on the current tin price of US$30,000 per
tonne, the economics of the project show a pre tax NPV(8%) of
US$160 million with an IRR of 34% (28% post tax). The results of
the DFS showed significant optionality to further rises in the tin
price.
In addition, on 7 August 2024, First Tin
announced that further testwork had achieved materially higher
recoveries of around 75% against the 60% used in the DFS. A 10%
improvement in recovery would add around US$65 million to Taronga's
NPV at US$30,000/tonne tin.
Further details of the Company and
its investments are available on the Baker Steel website
www.bakersteelcap.com
Enquiries:
Baker Steel Resources Trust Limited
+44 20 7389 8237
Francis Johnstone
Trevor Steel
Deutsche Numis
+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.