BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
8 June 2023
LEI: 213800JUXEVF1QLKCC27
31 May 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 May 2023.
Net asset value per Ordinary Share: 71.0 pence.
The NAV per share has decreased by 3.4% versus the unaudited NAV at 29 April 2023 largely as a result of falls in the share prices of the listed precious metal companies in the portfolio following weakening in the market prices of gold and silver during the 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 May 2023.
Investment Update
The Company's top 10 investments were as follows as a percentage of NAV:
| | 31 May 2023 | 31 December 2022 |
| Futura Resources Ltd | 28.9% | 27.8% |
| Cemos Group plc | 25.0% | 22.8% |
| Caledonia Mining Corporation Plc | 10.4% | 9.2%* |
| Bilboes Royalty | 7.5% | 6.9%* |
| Kanga Investments Ltd | 6.1% | 5.6% |
| Silver X Mining Corporation | 4.5% | 5.4% |
| Nussir ASA | 4.0% | 4.1% |
| First Tin plc | 3.6% | 4.8% |
| Metals Exploration Plc | 2.3% | 1.7% |
| Tungsten West Plc | 1.2% | 5.4% |
| Other Investments | 5.5% | 6.1% |
| Net Cash, Equivalents and Accruals | 1.0% | 0.2% |
*pro forma
Caledonia Mining Corporation PLC ("Caledonia")
During May 2023 Caledonia announced its operating and financial results for the quarter ended 31 March 2023. Caledonia's Blanket Mine suffered some technical challenges during the quarter which adversely affected production and as a result gross revenues of US$29.4 million (Q1 2022: $35.1 million). Management believes these challenges have now been resolved and is encouraged by production and cost data in April and to date in May. Caledonia has reiterated its production guidance of 75,000-80,000 ounces for Blanket for 2023.
This was the first quarter to reflect Caledonia's ownership of Bilboes, the acquisition of which was completed on January 6, 2023. Production from oxide mining at Bilboes restarted towards the end of March 2023 and although technical challenges were encountered on re-starting the oxide mining, Caledonia hope that gold mining from near surface oxide deposits will be cash neutral and will help the Company to maintain Bilboes' operational integrity pending completion of its revised feasibility study in respect of the larger underlying sulphide project. In addition, the waste material that will be moved as part of the oxide mining activities is material that would have had to be moved later when work starts on the main sulphide project.
The share price of Caledonia on the AIM market of the London Stock Exchange fell 11% during May 2023, in line with the rest of the gold sector.
First Tin Plc ("First Tin")
On 5 May 2023 First Tin announced that it had submitted the complete documentation for its mine permit application to the Saxonian Mining Authority for its 100% owned Tellerhäuser underground tin project in Germany. A decision is expected prior to the end of Q3 2024. In the meantime, First Tin plans to publish an updated JORC compliant Resource on Tellerhäuser, with the definitive feasibility study ("DFS") scheduled for completion in the first half of 2024.
The DFS for First Tin's other key project, the Taronga open pit tin project in Australia is scheduled to be completed in the fourth quarter of 2023.
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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