BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
13 May 2024
30 April 2024 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 April 2024.
Net asset value per Ordinary Share: 79.8 pence.
The NAV per share at 30 April 2024 increased by 4.2% versus the unaudited NAV at 31 March 2024 largely due to some recovery in the share price of Tungsten West Plc on the AIM market.
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 April 2024.
Investment Update
The Company's top 10 investments were as follows as a percentage of NAV:
| | 30 April 2024 | 31 December 2023 |
| Futura Resources Ltd | 33.9% | 36.3% |
| Cemos Group plc | 28.1% | 29.3% |
| Bilboes Royalty | 7.1% | 7.2% |
| Caledonia Mining Corporation Plc | 4.4% | 5.4% |
| Metals Exploration Plc | 4.0% | 3.0% |
| Nussir ASA | 3.7% | 4.1% |
| Kanga Investments Ltd | 3.6% | 3.6% |
| Silver X Mining Corporation | 2.9% | 3.5% |
| First Tin PLC | 2.7% | 2.1% |
| Tungsten West Plc | 4.6% | 1.7% |
| Other Investments | 3.1% | 3.4% |
| Net Cash, Equivalents and Accruals | 1.9% | 0.4% |
First Tin PLC ("First Tin")
On 2 May 2024 First Tin PLC announced the results of the Definitive Feasibility Study ("DFS") for its 100% owned Taronga open pit tin project located in New South Wales, Australia.
The DFS outlines an open pit mine with low waste to ore ratio of 1:1 to produce an average of 5 million tonnes of ore per annum followed by a crushing and a gravity processing facility to produce an average of 3,600 tonnes of tin in concentrate a year. Estimated All-in-sustaining-costs ("AISC") of US$15,843 per tonne of tin sold place Taronga in the lower half of the global cost curve.
Pre-production capital costs are estimated at US$116 million and based on a tin price of US$30,000 per tonne, the economics of the project show a pre tax NPV(8%) of US$160 million with an IRR of 34% (28% post tax). First Tin has also noted significant potential upside to increase the current mine plan from 9 to 15 years through the conversion of current inferred resources and extension drilling of existing prospects.
The tin price has risen in recent months over supply concerns and the increasing use of tin for connections in the global trend towards electrification and it currently trades at around US$32,000 per tonne. The results of the DFS show significant optionality to further rises in the tin price.
First Tin's focus will now be the completion of its environmental impact statement for Taronga and moving the project through the final approval processes with the regulatory authorities, while concurrently moving forward the financing and off-take discussions for the next phase of development.
In addition, during April 2024, First Tin announced an updated Mineral Resource Estimate for its 100% owned Tellerhäuser Tin Project in Germany, such that total Indicated plus Inferred tin increased by 35% from 102,900t tin to 138,600t tin.
The market capitalisation of First Tin at 30 April 2024 was £16.2 million.
Tungsten West Plc ("Tungsten West")
At the end of March 2024, Tungsten West announced that the UK Environment Agency had commenced the public consultation period, extended until 30 May 2024, regarding the Mineral Processing Facility (MPF) permit for its Hemerdon tungsten and tin mine in Devon, UK. This is the final step before the Environment Agency can issue the permit.
Tungsten West also increased its Convertible Loan Notes programme raising an additional tranche of £1.6 million and also extended the maturity date of all Convertible Loan Notes to 31 January 2025. The proceeds of the latest tranche will be used to commence work on an updated feasibility study which Tungsten West expects to complete in Q3 2024, leading to a financing round in H2 2024 to enable it to recommence production of tungsten and tin in early 2026.
Tungsten West shares recovered from 1.4p to 6.2p during April 2024. At the month end valuation, the undiluted market capitalisation of Tungsten West was £11.6 million. The Company is currently the largest shareholder with 15.4% and in addition, the Company holds approximately 12% of Tungsten West's £10.35 million convertible loan stock.
Further details of the Company and its investments are available on the Company's website https://www.bakersteelcap.com/baker-steel-resources-trust/
Enquiries:
Baker Steel Resources Trust Limited +44 20 7389 8237
Francis Johnstone
Trevor Steel
Deutsche Numis +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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