Baker Steel Resources Trust Ltd Net Asset Value(s) (9339I)
07 Abril 2020 - 1:00AM
UK Regulatory
TIDMBSRT
RNS Number : 9339I
Baker Steel Resources Trust Ltd
07 April 2020
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
7 April 2020
31 March 2020 Unaudited NAV Statement
Net Asset Value ("NAV")
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 31 March 2020:
Net asset value per Ordinary Share: 67.3 pence
The NAV per share decreased by 8.4% against the NAV at 28
February 2020, largely as a result of the decision to review the
valuation of the unlisted investments following the recent
volatility in world markets associated with the Covid-19 virus
pandemic.
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 March 2020 .
Portfolio Update
The Company's top 12 investments at 31 March 2020 were as
follows as a percentage of NAV:
Bilboes Gold Limited 18.7%
Futura Resources Ltd 16.4%
Polar Acquisition Ltd 10.4%
Tungsten West Limited 9.8%
Cemos Group plc 8.7%
Mines & Metals Trading Peru PLC 5.7%
Polymetal International Plc 4.7%
Nussir ASA 4.1%
Black Pearl Limited Partnership 3.9%
Anglo Saxony Mining Limited 3.8%
Sarmin Minerals Exploration 3.2%
PRISM Diversified Ltd 2.1%
Other Investments 7.6%
Net Cash, Equivalents and Accruals 1.1%
Investment Update
Full Year Adjustments to Carrying Values
The Company normally reviews the valuation of its unlisted
holdings at the half-year and full year-ends. However due to the
recent market volatility and extraordinary situation brought about
by the COVID-19 pandemic, the Board considered it prudent to
undertake a similar review at the end of the first quarter. This
review is not as comprehensive as undertaken at the year-end but
uses the same methodology. It takes into account general market
movements in mining equities, as well as specific factors, and an
assessment of whether these should impact the carrying values of
the Company's unlisted holdings. In order to quantify how the share
price of a particular unlisted stock might have moved during the
period had it been listed, the Investment Manager maintains an
index of comparable listed companies for each unlisted investment.
In addition, the Investment Manager updates its royalty models for
the royalty interests the Company owns in Futura Resources and
Polar Acquisition Limited ("PAL") to take account of the latest
estimated production profiles of the underlying projects and
commodity prices. The net present values produced by these royalty
models are then discounted for development risk to arrive at a
valuation.
This review has led to an 8.4% reduction in the NAV of the
portfolio with gold companies such as Bilboes and Polymetal faring
best and those investee companies with metals and minerals required
for industry having been impacted the most. Although it is unclear
how long the worldwide lockdown from COVID-19 will continue, the
mining industry and metals should recover thereafter to provide the
materials for expected government stimuli through infrastructure
programmes. The next planned review of the unlisted investments
will be at 30 June 2020.
Nussir ASA ("Nussir")
During March 2020, Nussir completed a positive definitive
feasibility study ("DFS") into its Nussir/Ulveryggen copper project
in northern Norway. The DFS was based on a mine producing
approximately 15,000 tonnes of copper per annum with a maximum
pre-production cash requirement of US$86.7 million. At a long term
copper price of US$6,500 per tonne the economic model gave a net
present value using a 6% discount rate ("NPV(6%)") of US$132.6
million with an internal rate of return ("IRR") of 23%. An upside
case on the basis that the Inferred Resources are converted into
the Indicated category gave an NPV(6%) of US$189.8 million. Nussir
is fully licenced and will now examine its options as to the best
way to fund the mine development and realise the value of the
project as well as investigating the potential to develop the mine
using electric mining and haulage equipment.
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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contact rns@lseg.com or visit www.rns.com.
END
NAVGZGGDFVDGGZM
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April 07, 2020 02:00 ET (06:00 GMT)
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