BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
8 November 2023
LEI: 213800JUXEVF1QLKCC27
31 October 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 October 2023.
Net asset value per Ordinary Share: 65.9 pence.
The NAV per share has decreased by 0.6% versus the unaudited NAV at 29 September 2023 largely due to a fall in the share price of First Tin Plc on the London 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 31 October 2023.
Investment Update
The Company's top 10 investments were as follows as a percentage of NAV:
| | 31 October 2023 | 31 December 2022 |
| Cemos Group plc | 30.2% | 22.8% |
| Futura Resources Ltd | 28.9% | 27.8% |
| Bilboes Royalty | 8.5% | 6.9%* |
| Caledonia Mining Corporation Plc | 6.0% | 9.2%* |
| Kanga Investments Ltd | 5.5% | 5.6% |
| Nussir ASA | 4.0% | 4.1% |
| Silver X Mining Corporation | 3.5% | 5.4% |
| Metals Exploration Plc | 3.5% | 1.7% |
| First Tin plc | 2.4% | 4.8% |
| Tungsten West Plc | 2.1% | 5.4% |
| Other Investments | 5.1% | 6.1% |
| Net Cash, Equivalents and Accruals | 0.3% | 0.2% |
*pro forma
First Tin Plc ("First Tin")
On 25 October 2023 First Tin provided an update on its Definitive Feasibility Study ("DFS") at its Taronga Tin Project in Australia. First Tin announced a key breakthrough in its mineral process test work which should significantly reduce the capital and operating costs of the mine.
The results of this test work have allowed First Tin to simplify the mineral processing flowsheet by rejecting waste material at an earlier stage and meaning the proposed plant can handle a greater throughput. The lower operating and capital costs per tonne of ore mined, together with the increase in the resource at Taronga through successful exploration have allowed First Tin to double the proposed throughput of the operation to 5 million tonnes of ore per annum producing around 3,500 tonnes of tin per annum.
The feasibility study on Taronga is due for completion during the first quarter of 2024 with the feasibility study on First Tin's second project, the Tellerhauser tin mine in Germany expected mid 2024.
Despite this positive update on Taronga the shares of First Tin fell 27% on the London Stock Exchange during October 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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