BSRT Baker Steel Resources Trust Limited

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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