BAKER STEEL RESOURCES TRUST
LIMITED
(Incorporated in Guernsey with
registered number 51576 under the provisions of The Companies
(Guernsey) Law, 2008 as amended)
8 November
2024
31 October 2024 Unaudited NAV
Statement
Net Asset Value
Baker Steel Resources Trust Limited
(the "Company") announces its unaudited net asset value per share
at 31 October 2024.
Net asset value per Ordinary Share:
80.8 pence.
The NAV per share at 31 October 2024
increased by 1.5% from the last published NAV at 30 September 2024
largely as a result of the increase in the listed share prices of
Caledonia Mining, Metals Exploration and Silver X mainly due to
increased gold and silver prices during the 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 31 October 2024.
Investment
Update
The Company's top 10 investments, as
a percentage of NAV, were as follows:
|
|
31 October
2024
|
31 December
2023
|
|
Futura Resources Ltd
|
32.9%
|
36.3%
|
|
Cemos Group plc
|
30.5%
|
29.3%
|
|
Bilboes Royalty
|
7.8%
|
7.2%
|
|
Caledonia Mining Corporation
Plc
|
6.2%
|
5.4%
|
|
Metals Exploration Plc
|
4.7%
|
3.0%
|
|
Nussir ASA
|
4.1%
|
4.1%
|
|
Silver X Mining
Corporation
|
3.3%
|
3.5%
|
|
First Tin PLC
|
3.2%
|
2.1%
|
|
Tungsten West Plc
|
2.6%
|
1.7%
|
|
Kanga Investments Ltd
|
1.5%
|
3.6%
|
|
Other Investments
|
2.5%
|
3.4%
|
|
Net Cash, Equivalents and
Accruals
|
0.7%
|
0.4%
|
Caledonia
Mining Plc ("Caledonia")
During October 2024 Caledonia
announced gold production of 18,992 ounces from its Blanket
Mine in Zimbabwe for the quarter ended 30 September
2024, taking gold produced for the first 9 months of 2024
to 56,815 ounces. Caledonia reiterated its gold production guidance
for 2024 of between 74,000 and 78,000 ounces. Financial results for
the quarter are due to be announced on 11 November 2024 and should
be positively affected by the recent strong gold price which is up
32% during 2024. As at 31 October 2024 the share price of Caledonia
has risen 21% during 2024.
Silver X
Mining Corporation ("Silver X")
During October 2024, Silver X
announced silver production 257,635 silver equivalent (AgEq) ounces
from its Nueva Recuperada mine in Peru for the quarter
ended 30 September 2024. This took AgEq ounces produced
for the first 9 months of 2024 to 839,710, a 29.5% increase on the
first three quarters of 2023. Financial results for the quarter are
due to be announced around the end of November 2024 and should be
positively affected by the recent strong silver price which has
risen 35% during 2024. As at 31 October 2024 the share price of
Silver X has risen 6% during 2024.
Further details of the Company and
its investments are available on the Baker Steel Capital Managers
website www.bakersteelcap.com
Enquiries:
Baker Steel Resources Trust Limited
+44 20 7389 8237
Francis Johnstone
Trevor Steel
Shore Capital
+44 20 7408 4050
Henry Willcocks (Corporate Broking)
Gillian Martin, Daphne Zhang
(Corporate)
Adam Gill (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.