BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
7 November 2022
31 October 2022 Unaudited NAV Statement
LEI: 213800JUXEVF1QLKCC27
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 October 2022:
Net asset value per Ordinary Share: 78.3 pence.
The NAV per share has decreased by 2.6% against the unaudited NAV at 30 September 2022 largely due to the fall in the listed value of Tungsten West Plc which is due to release the results of its updated Feasibility Study on its Hemerdon Tungsten Mine later this 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 October 2022.
Investment Update
The Company's top 10 investments were as follows as a percentage of NAV:
| | 31 October 2022 | 31 December 2021 |
| Futura Resources Ltd | 27.4% | 18.1% |
| Cemos Group plc | 21.0% | 18.6% |
| Bilboes Gold Limited | 15.3% | 13.1% |
| Tungsten West Plc | 6.2% | 14.7% |
| Kanga Investments Ltd | 6.0% | 4.1% |
| Polar Acquisition Ltd | 4.8% | 7.5% |
| Silver X Mining Corporation | 4.0% | 2.8% |
| First Tin plc | 3.9% | 7.7% |
| Nussir ASA | 3.6% | 3.6% |
| Prism Diversified | 1.5% | 1.1% |
| Listed Precious Metal Shares | 2.2% | 3.3% |
| Other Investments | 3.8% | 3.3% |
| Net Cash, Equivalents and Accruals | 0.2% | 1.1% |
Bilboes Gold Limited ("Bilboes")
As announced on 21 July 2022, the Company and the other shareholders of Bilboes agreed to sell Bilboes to NYSE, AIM and Victoria Falls Exchange listed gold producer Caledonia Mining Corporation Plc ("Caledonia"). The Company's share of the consideration for its 24.2% shareholding in Bilboes will be 800,000 shares in Caledonia together with a 1% net smelter royalty ("NSR") over the future gold production from the Bilboes properties. The processes to achieve the required Zimbabwean Government approvals are progressing satisfactorily.
On 2 November 2022, Caledonia announced that it acquired the Motapa gold property ("Motapa") which comprises a licence area of approximately 2,200 hectares and is contiguous to the Bilboes gold project area. During the time that Anglo American Zimbabwe owned Bilboes before its buyout by the current management, it also owned and explored Motapa demonstrating its prospectivity. The combination of Bilboes and Motapa has the potential to create a Tier 1 gold project.
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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