Baker Steel Resources Trust Ltd Net Asset Value(s) (7676L)
08 Septiembre 2023 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 7676L
Baker Steel Resources Trust Ltd
08 September 2023
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
8 September 2023
LEI: 213800JUXEVF1QLKCC27
31 August 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 August 2023.
Net asset value per Ordinary Share: 66.1 pence.
The NAV per share has decreased by 1.0% versus the unaudited NAV
at 31 July 2023 largely as a result of falls in the share prices of
Caledonia Mining on the NYSE and AIM stock markets.
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 August
2023.
Investment Update
The Company's top 10 investments were as follows as a percentage
of NAV:
31 August 2023 31 December 2022
Cemos Group plc 29.7% 22.8%
Futura Resources Ltd 25.3% 27.8%
Bilboes Royalty 8.1% 6.9%*
Caledonia Mining Corporation 6.9% 9.2%*
Plc
Kanga Investments Ltd 5.2% 5.6%
Nussir ASA 4.0% 4.1%
First Tin plc 3.8% 4.8%
Silver X Mining Corporation 3.7% 5.4%
Tungsten West Plc 3.5% 5.4%
Metals Exploration Plc 3.1% 1.7%
Other Investments 5.1% 6.1%
Net Cash, Equivalents and
Accruals 1.6% 0.2%
* pro forma
Tungsten West Plc (Tungsten)
In June 2023 Tungsten West closed the first tranche of a GBP6.95
million interim fundraising of convertible loan notes (CLN). The
proceeds of the fundraising were used by the company to satisfy the
conditions for the remaining funding required to complete the
redevelopment of the Hemerdon tungsten and tin mine in Devon, UK.
This included low frequency noise trials, which were completed
successfully in July 2023, and in August 2023 Tungsten West made a
formal submission to the Environment Agency to secure the Mineral
Processing Facility permit.
An important factor of the economics and environmental footprint
of the project is the production of secondary aggregates, a
by-product from mining which, once sold, will provide an early
revenue stream and reduce the storage of barren rock and associated
operating expenses at site. To enable the delivery of the
aggregates business, and to optimise the core tungsten and tin
business, Tungsten West has submitted a section 73 application to
vary the tonnage cap associated with the existing permission for 50
truck movements per day. Traffic and market studies carried out in
conjunction with the application highlight that the Company can
plug a gap in the market for high-quality, secondary aggregates in
Devon with a minimal increase in overall heavy vehicle traffic.
The positive low frequency noise test and submission of these
two licence applications demonstrated sufficient progress for the
second tranche of the CLN to be issued. The Company subscribed a
further GBP600,000 in the CLN in August 2023 to take its total
subscription in the CLN to GBP1.2 million which is sufficient for
the Company to maintain its approximate 15% interest in Tungsten
West prior to the redevelopment fundraising.
It is hoped that these two licences might be awarded in the
fourth quarter of 2023, which will enable Tungsten West to move
forward with raising the remaining capital required of
approximately GBP55 million to recommence production at Hemerdon.
Given that once in full production the project should generate
annual cashflow in excess of GBP20 million a year for over 20
years, we continue to consider that Hemerdon remains an attractive
project. The current market capitalisation of Tungsten West is
approximately GBP7 million, and GBP14 million assuming conversion
of the CLN.
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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