BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
10 May 2023
LEI: 213800JUXEVF1QLKCC27
28 April 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 28 April 2023.
Net asset value per Ordinary Share: 73.5 pence.
The NAV per share has decreased by 4.3% versus the unaudited NAV at 31 March 2023 largely as a result of a reduction in the share price of Tungsten West Plc on the AIM Market following its deeply discounted fund raising as detailed in the March 2023 NAV statement.
The Company had a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 28 April 2023.
Investment Update
The Company's top 10 investments were as follows as a percentage of NAV:
| | 28 April 2023 | 31 December 2022 |
| Futura Resources Ltd | 28.1% | 27.8% |
| Cemos Group plc | 24.5% | 22.8% |
| Caledonia Mining Corporation Plc | 11.3% | 9.2%* |
| Bilboes Royalty | 7.2% | 6.9%* |
| Kanga Investments Ltd | 5.9% | 5.6% |
| Silver X Mining Corporation | 5.1% | 5.4% |
| Nussir ASA | 4.0% | 4.1% |
| First Tin plc | 3.7% | 4.8% |
| Metals Exploration Plc | 2.4% | 1.7% |
| Tungsten West Plc | 1.7% | 5.4% |
| Other Investments | 5.3% | 6.1% |
| Net Cash, Equivalents and Accruals | 0.8% | 0.2% |
*pro forma
Metals Exploration Plc ("Metals Ex")
During April 2023 Metals Ex reported a continued strong operating performance at its Runruno gold mine in the Philippines, producing 21,299 ounces of gold during the first quarter 2023 following on from its record quarter in the fourth quarter 2022 of 25,474 ounces of gold. As a result positive free cash flow of US$17.8 million was recorded. The majority of this was used to repay debt which as at 31 March 2023 was US$69.0 million.
Due to its debt position and relatively short remaining reserves of around 3 years, Metals Ex is highly geared to the gold price which has recently been looking to set new all-time highs in dollar terms. In addition, its near pit exploration programme to extend the life of the mine has become an increasing priority now the operations are performing.
At 28 April 2023, the market capitalisation of Metals Ex on the AIM market of the London Stock Exchange was £38.1 million up 43% during 2023. The Company holds approximately 5% of the shares of Metals Ex.
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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