BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
7 December 2022
30 November 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 30 November 2022:
Net asset value per Ordinary Share: 79.1 pence.
The NAV per share has increased by 1.0% against the unaudited NAV at 31 October 2022 largely due to the increase in the share price of Silver X on the Toronto Stock 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 November 2022.
Investment Update
The Company's top 10 investments were as follows as a percentage of NAV:
| | 30 November 2022 | 31 December 2021 |
| Futura Resources Ltd | 27.6% | 18.1% |
| Cemos Group plc | 20.9% | 18.6% |
| Bilboes Gold Limited | 14.7% | 13.1% |
| Tungsten West Plc | 6.1% | 14.7% |
| Kanga Investments Ltd | 5.7% | 4.1% |
| Silver X Mining Corporation | 5.7% | 2.8% |
| Polar Acquisition Ltd | 4.6% | 7.5% |
| First Tin plc | 3.7% | 7.7% |
| Nussir ASA | 3.6% | 3.6% |
| Prism Diversified | 1.4% | 1.1% |
| Listed Precious Metal Shares | 2.2% | 3.3% |
| Other Investments | 3.7% | 3.3% |
| Net Cash, Equivalents and Accruals | 0.1% | 1.1% |
Silver X Mining Corporation ("Silver X")
On 28 November 2022 Silver X announced that it had positive operating earnings of US$2.0 million for the first time during the third quarter of 2022. Record quarterly operating revenues of US$5.5 million, were a 73% increase from previous quarter. Cash costs were US$11.0 per silver equivalent ("AgEq") ounce produced with an All-In-Sustaining Cost of US$15.8 per AgEq ounce produced. This was as a result of record quarterly AgEq ounces processed and produced of 481,040 and 371,072, respectively from its Recuperada operation in Peru.
During October 2022, Silver X raised C$3 million via a private placement at a price of C$0.22 per Unit consisting of one common share plus 1/2 2-year C$0.33 share purchase warrant.
During November 2022 the share price of Silver X rose 46% on the TSX-V to C$0.395/share. The Company is the largest shareholder of Silver X with approximately 13.7% of the issued share capital following the conversion of its convertible loan at C$0.30 per share earlier this year.
Futura Resources Limited ("Futura")
On 23 November 2022, the Queensland Government announced that it had approved the mining licences of Futura's two steelmaking coal mines. Queensland's Resources Minister Scott Stewart said the approval of Futura Resources' Fairhill and Wilton projects near Emerald was a big boost for the regional workforce and economy. He said "These projects are in the heart of the Bowen Basin and will benefit from the existing infrastructure in place from nearby mines. At their peak, these two mines will produce more than three million tonnes per year of steelmaking coal, which will be processed then transported by rail to the Port of Gladstone and exported to key international markets." Both mines have an initial 10-year proposed lifespan but could be expanded to more than 20 years with continued exploration.
The award of the mining licences was a key condition to Futura raising the requisite finance to fund the start of both mines and it is hoped that this can now be resolved in the near future so that mining can commence in the second quarter 2023 and take advantage of the current strong prices for steelmaking coal.
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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