BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
8 December 2023
30 November 2023 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 November 2023.
Net asset value per Ordinary Share: 66.4 pence.
The NAV per share has increased by 0.8% versus the unaudited NAV at 31 October 2023 largely due to increases in the share prices of Silver X Mining Corporation on the TSX-V Exchange and Metals Exploration plc on the AIM market of 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:
| | 30 November 2023 | 31 December 2022 |
| Cemos Group plc | 29.8% | 22.8% |
| Futura Resources Ltd | 28.8% | 27.8% |
| Bilboes Royalty | 8.1% | 6.9%* |
| Caledonia Mining Corporation Plc | 5.9% | 9.2%* |
| Kanga Investments Ltd | 5.2% | 5.6% |
| Silver X Mining Corporation | 4.5% | 5.4% |
| Nussir ASA | 4.0% | 4.1% |
| Metals Exploration Plc | 3.9% | 1.7% |
| First Tin plc | 2.6% | 4.8% |
| Tungsten West Plc | 2.1% | 5.4% |
| Other Investments | 4.9% | 6.1% |
| Net Cash, Equivalents and Accruals | 0.2% | 0.2% |
*pro forma - Caledonia Mining shares and Bilboes royalty received from sale of Bilboes Gold
Silver X Mining Corporation ("Silver X")
On 26 July 2023 Silver X announced the implementation of a new operational plan at its Nueva Recuperada silver/lead/zinc mine in Peru. This involved suspension of mining in order to develop a new operational plan. Production recommenced on 19 September utilising a revised production schedule directed at mining areas of higher confidence and targeting significant cost reductions through a reduction in headcount and the addition of measures to minimize underground transportation and ore handling.
On 14 November 2023 Silver X announced that it had processed 230,444 ounces of silver equivalent ("AgEq") in a 45 day period with an average head grade of 304.25g AgEq/t. Although it is early days, the new operational reset appears to have been successful.
In addition, on 16 November 2023, Silver X announced a 12-year extension of its social agreement with the local Huachocolpa community, enhancing relations and potentially securing continued operations at the Nueva Recuperada Project until November 2035.
Silver X shares on the TSX-V exchange rose 33% during November 2023.
Metals Exploration plc ("Metals Exploration")
In the third quarter 2023 Metals Exploration's Runruno Mine in the Philippines produced 22,043 ounces of gold with an All-In-Sustaining-Cost of US$1,055 per ounce. This generated positive free cashflow of US$19.0 million after ongoing capex.
The strong operating performance by Metals Exploration during 2023 has allowed it to reduce its debt from US$81.1 million at the start of the year to US$30.6 million at 30 September 2023. If this level of performance continues the debt should be fully repaid in the first half of 2024.
Metals Exploration shares on the AIM market rose 13% during November 2023.
Year End Review
In accordance with our normal procedures, the carrying value of the unlisted investments will be reviewed for the December 2023 NAV. This will take account of the advances made by Futura following the financing of its first mine in September and the move by Cemos towards producing its own clinker for its cement production as previously announced.
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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