Baker Steel Resources Trust Ltd Net Asset Value(s) (4946I)
07 Agosto 2023 - 2:02AM
UK Regulatory
TIDMBSRT
RNS Number : 4946I
Baker Steel Resources Trust Ltd
07 August 2023
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 August 2023
LEI: 213800JUXEVF1QLKCC27
31 July 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 July 2023.
Net asset value per Ordinary Share: 66.8 pence.
The NAV per share has decreased by 0.7% versus the unaudited NAV
at 30 June 2023 largely as a result of falls in the share prices of
Silver X and Caledonia Mining on the TSX-V and AIM stock markets
respectively.
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
2023.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
31 July 2023 31 December 2022
Cemos Group plc 29.4% 22.8%
Futura Resources Ltd 25.6% 27.8%
Caledonia Mining Corporation 9.5% 9.2%*
Plc
Bilboes Royalty 7.9% 6.9%*
Kanga Investments Ltd 5.1% 5.6%
Nussir ASA 4.1% 4.1%
First Tin plc 3.8% 4.8%
Silver X Mining Corporation 3.7% 5.4%
Metals Exploration Plc 2.8% 1.7%
Tungsten West Plc 2.2% 5.4%
Other Investments 5.0% 6.1%
Net Cash, Equivalents and
Accruals 0.9% 0.2%
* pro forma
Metals Exploration Plc (Metals Ex)
Metals Ex announced record half-year and second quarter 2023
gold sales from its Runruno gold mine in the Philippines. In the
second quarter 2023 it sold 24,744 ounces of gold taking the total
for the half year to 46,186 ounces, an approximate 50% increase on
the 30,676 ounces sold in the first half of 2022. This resulted in
record half-year gold revenue of US$89.6 million (H1 2022: US$57.6
million) and record half-year positive free cash flow of US$41.9
million (H1 2022: US$13.6 million).
This strong performance enabled Metals Ex to accelerate debt
repayments to US$35.05 million during the half year, leaving net
debt at US$48.3 million at 30 June 2023.
As the Runruno mine only has around 2-3 years of remaining
production, if this sort of production performance can be repeated
it could have a significant effect on the value of the company
which at 31 July 2023 had a market value of some GBP40 million.
Silver X Mining Corporation ("Silver X")
In June 2023 Silver X announced the appointment of Enrique
Garay, (Professional Geoscientist), as Chief Operating Officer as
part of its strategy to ensure the growth potential at the Nueva
Recuperada silver, lead, zinc and gold project in Peru. Mr. Garay
is a seasoned senior exploration and mine geologist with almost 30
years of experience in maximizing the potential of operating assets
and bringing new mines into production including three mines in
Peru.
Since declaring commercial production at the beginning of 2023,
the Nueva Recuperada Project has experienced lower production than
budgeted partly due to an unexpected drop in grades in some
mineralized areas.
On 26 July 2023 Silver X announced the implementation of an
operational performance enhancing plan at Nueva Recuperada which
has involved placing the operations on hold for an estimated period
of between 30 and 45 days. The main objectives of the new
operational plan developed by Mr Garay are:
-- 50% metal throughput increase
-- 20% cost reduction
-- Accelerated in-fill drilling program to better define resources
-- Rationalization of mine operations
-- Implementation of sublevel stoping mining method and mill maintenance program
-- Negotiation with local communities for the extension of
social agreement for a minimum of 10 additional years
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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END
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August 07, 2023 03:02 ET (07:02 GMT)
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