Net Asset Value(s)
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
6 August 2020
31 July 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 July 2020:
Net asset value per Ordinary Share: 75.5 pence
The NAV per share decreased by 2.2% against the NAV per share at 30 June 2020, primarily due to Sterling rising over 6% against the US Dollar in which around half the Company's investments are denominated, outweighing some strong rises in the listed precious metals portion of the portfolio which rose approximately 28% during the month.
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 2020.
The Company's top 12 investments at 31 July 2020 were as follows as a percentage of NAV:
Bilboes Gold Limited
Futura Resources Ltd
Polar Acquisition Ltd
Cemos Group plc
Tungsten West Limited
Anglo Saxony Mining Limited
Azarga Metals Corp
Mines & Metals Trading Peru PLC
Black Pearl Limited Partnership
Sarmin Minerals Exploration
Listed Precious Metal Shares
Net Cash, Equivalents and Accruals
Cemos Group PLC ("Cemos")
Despite the COVID19 pandemic, Cemos achieved a new monthly sales record of 22,912 tonnes (t) of cement in June 2020, representing 92% of installed capacity at its Tarfaya plant in Morocco. In addition, June Quarter sales of 51,484t of cement beat the previous quarterly record. To date Cemos' operations have been largely unaffected by the COVID19 pandemic with no cases recorded amongst its staff, subcontractors or clients. However, in light of recent increases in the reported infection levels in the Saharan regions of Morocco, Cemos has implemented protocols aimed at minimising the COVID19 risk.
Cemos is targeting 200,000t in cement sales and approximately €25 million revenue for 2020, an increase of more than 60% over 2019. The company is continuing its investment program with the installation of two additional 150t capacity cement silos in July which will allow it to expand its product range to differing strength cements, as well as preparations for the installation of a second bag-packing unit, and expansion of the cement grinding capacity. In addition, Cemos is considering the installation of a clinker plant which will allow it to replace the currently imported clinker, which is the main raw material for cement production, with its own locally produced clinker. The company will also be pursuing new resources licenses for limestone and oil shale in Tarfaya as part of these developments and as part of its previous Letter of Intent with the government for Tarfaya oil shale licenses.
Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com
Baker Steel Resources Trust Limited +44 20 7389 8237
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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