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)
4 September 2020
31 August 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 August 2020:
Net asset value per Ordinary Share: 74.7 pence
The NAV per share decreased by 1.1% against the NAV per share at 31 July 2020, primarily due to a net decrease in the listed part of the portfolio and a further increase in Sterling against the US Dollar, in which around half the Company's investments are denominated.
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 2020.
The Company's top 12 investments at 31 August 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
Anglo Saxony Mining Ltd ("ASM")
Following the completion of its pre-feasibility study on its Tellerhäuser tin project in Saxony, Germany earlier this year, ASM was granted the mining licence for the project during August 2020. The mining licence extends over a total of 4,150 hectares and is valid until 30 June 2070.
The pre-feasibility outlined a base case forecasting a positive pre-tax cash flow of €93 million over a 12-year mine life with an NPV(5%) of €35 million and an IRR of 10.8% using a long term US$20,500/t tin price. The project is very sensitive to the tin price but with tin forecast to be one of the main beneficiaries of the electrification process, a significant tin mine in Europe is likely to be of strategic importance. There is increasing emphasis on commodity security following the COVID-19 pandemic, especially those technology metals which are considered to be either critical or strategic in nature and are essential for the transition to a low carbon economy.
ASM is currently planning a listing on the Frankfurt Stock Exchange to assist with the funding of the Definitive Feasibility Study for Tellerhäuser.
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.