Baker Steel Resources Trust Ltd Net Asset Value(s) (8405L)
05 Mayo 2020 - 4:21AM
UK Regulatory
TIDMBSRT
RNS Number : 8405L
Baker Steel Resources Trust Ltd
05 May 2020
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the
provisions of The Companies (Guernsey) Law, 2008 as amended)
5 May 2020
30 April 2020 Unaudited NAV Statement
Net Asset Value ("NAV")
Baker Steel Resources Trust Limited (the "Company") announces
its unaudited net asset value per share at 30 April 2020:
Net asset value per Ordinary Share: 69.3 pence
The NAV per share increased by 3.0% against the NAV per share at
31 March 2020, largely due to the increase in the share prices of
Polymetal International plc on the London Stock Exchange and Azarga
Metals on the TSX-V exchange.
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 April 2020
.
Portfolio Update
The Company's top 12 investments at 30 April 2020 were as
follows as a percentage of NAV:
Bilboes Gold Limited 17.9%
Futura Resources Ltd 16.8%
Polar Acquisition Ltd 10.0%
Tungsten West Limited 9.1%
Cemos Group plc 8.3%
Azarga Metals 6.4%
Mines & Metals Trading Peru PLC 5.2%
Polymetal International Plc 4.9%
Nussir ASA 4.0%
Black Pearl Limited Partnership 3.8%
Anglo Saxony Mining Limited 3.5%
Sarmin Minerals Exploration 3.1%
Other Investments 5.1%
Net Cash, Equivalents and Accruals 1.9%
Investment Update
Azarga Metals Corp ("Azarga")
During April 2020 Azarga reported that the coronavirus pandemic
had not affected exploration activities on its Unkur Copper-Silver
Project in Eastern Russia. The 2019-2020 Phase 2 drilling program
had been completed on 15 drill-holes for a total of 5,572
cumulative metres of new drilling. Complete assay results have been
received for 11 of these drill-holes. Assays remain pending for
four additional holes.
The results to date demonstrate that the copper-silver
mineralization is now consistently drill-confirmed over a strike
length of 5.5 kilometres - an extension of 2.1 kilometres over the
previous strike. The mineralisation remains open at a depth below
500 metres and along strike. A revised mineral resource statement
is expected around the middle of this year.
During April 2020, Azarga shares rose from C$ 6.5 cents to C$ 12
cents on the TSX-V exchange.
Polymetal International Plc ("Polymetal")
During April 2020, Polymetal reported that gold equivalent
("GE") production grew by 5% year-on-year to 391,000 ounces for the
first quarter 2020 as strong performance at its Kyzyl, Svetloye and
Varvara mines more than offset planned grade declines at Omolon and
Voro. As a result of this and higher gold prices quarterly revenue
increased by 9% year-on-year to US$ 494 million.
Polymetal has continued to operate its mines during the pandemic
and has left its 2020 production guidance of 1.6 million GE ounces
unchanged. During April 2020 Polymetal shares rose 18% on the
London Stock Exchange.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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May 05, 2020 05:21 ET (09:21 GMT)
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