BAKER STEEL RESOURCES TRUST
LIMITED
(Incorporated in Guernsey with
registered number 51576 under the provisions of The Companies
(Guernsey) Law, 2008 as amended)
6
September 2024
30 August 2024 Unaudited NAV
Statement
Net Asset Value
Baker Steel Resources Trust Limited
(the "Company") announces its unaudited net asset value per share
at 30 August 2024.
Net asset value per Ordinary Share:
79.6 pence.
The NAV per share at 30 August 2024
increased by 1.9% versus the unaudited NAV at 31 July 2024. This
was largely due to rises in the listed prices of Caledonia Mining
and Metals Exploration on the back of a stronger gold price and of
First Tin following news that Australia's largest tin
producer Metals X had taken a strategic stake as reported last
month.
The Company had a total of 106,462,502 Ordinary
Shares in issue with a further 700,000 shares held in treasury as
at 30 August 2024.
Investment
Update
The Company's top 10 investments
were as follows as a percentage of NAV:
|
|
30 August
2024
|
31 December
2023
|
|
Futura Resources Ltd
|
33.9%
|
36.3%
|
|
Cemos Group plc
|
31.1%
|
29.3%
|
|
Bilboes Royalty
|
7.8%
|
7.2%
|
|
Caledonia Mining Corporation
Plc
|
5.2%
|
5.4%
|
|
Nussir ASA
|
4.3%
|
4.1%
|
|
Metals Exploration Plc
|
4.2%
|
3.0%
|
|
First Tin PLC
|
3.4%
|
2.1%
|
|
Tungsten West Plc
|
2.9%
|
1.7%
|
|
Silver X Mining
Corporation
|
2.5%
|
3.5%
|
|
Kanga Investments Ltd
|
1.5%
|
3.6%
|
|
Other Investments
|
2.6%
|
3.4%
|
|
Net Cash, Equivalents and
Accruals
|
0.6%
|
0.4%
|
Nussir
ASA ("Nussir")
During August 2024, Nussir undertook a deeply
discounted rights issue to fund additional working capital and to
retire shareholder loans. The Company was the largest subscriber in
the issue and also reinvested its shareholder loan into equity.
As a result the Company's interest in Nussir has risen to
21.6%.
In 2023, Nussir completed the update of the DFS
on its Nussir copper project in northern Norway changing the
operations from diesel based to one based on a fully electrified
mine producing around 14,000 tonnes of copper per year over a
14-year mine life. The updated DFS economics gave a NPV8% of US$191
million with an IRR of 22% based on a copper price of US$8,000 per
tonne. If current metal prices (Cu US$9,000/t, Ag US$28/oz, Au
US$2,400) were to prevail throughout the life of the mine, the
NPV8% would rise to US$286 million and an IRR of 28%.
Nussir is currently in the process of seeking
an industry partner to assist with financing the development of the
mine.
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.