BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
5 August 2021
30 July 2021 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 July 2021:
Net asset value per Ordinary Share: 97.5 pence
The NAV per share has decreased by 2.3% against the unaudited NAV at 30 June 2021, mainly due to a decrease in the share price of Metals Exploration plc on the AIM market of the London Stock Exchange as well as an appreciation in the Sterling exchange rate.
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 July 2021.
Investment Update
The Company's top 12 investments were as follows as a percentage of NAV:
| | 30 July 2021 | 31 December 2020 |
| Bilboes Gold Limited | 19.0% | 19.5% |
| Tungsten West Limited | 15.5% | 13.2% |
| Futura Resources Ltd | 15.3% | 16.2% |
| Cemos Group plc | 13.7% | 14.5% |
| Polar Acquisition Ltd | 8.6% | 8.9% |
| Anglo Saxony Mining Limited | 5.2% | 3.9% |
| Mines & Metals Trading Peru PLC/Silver X Mining Corporation | 4.1% | 4.5% |
| Azarga Metals Corp | 4.0% | 2.7% |
| Nussir ASA | 3.8% | 3.4% |
| Kanga Potash | 2.6% | 2.7% |
| Metals Exploration plc | 1.6% | 1.9% |
| Prism Diversified | 1.5% | 1.5% |
| Listed Precious Metal Shares | 2.7% | 3.9% |
| Other Investments | 1.8% | 2.4% |
| Net Cash, Equivalents and Accruals | 0.6% | 0.8% |
Bilboes Gold Limited ("Bilboes")
Following exhaustive negotiations, the shareholders of Bilboes and the potential acquiror have decided not to proceed with the proposed transaction. From the Company's point of view the proposed acquisition price for Bilboes of US$118 million in cash was not sufficiently high for us to accept the post sale conditions proposed by the potential acquiror.
The Definitive Feasibility Study ("DFS") into Bilboes' Isabella/McCays/Bubi gold project in Zimbabwe defined an open pit gold mine with an average production rate of 170,000 ounces of gold per year over a ten year mine life. There remains significant exploration upside potential at the project to extend this life further as well as potential to use the processing facilities as a hub to toll treat nearby third party ores. The economic model produced a post-tax NPV10% at a gold price of US$1,500 per ounce of US$236 million which rises to US$412 million at the current gold price of US$1,800 per ounce.
Bilboes and its advisers will now contact the other parties which showed an interest in acquiring the project as well as investigating the potential of an IPO.
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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