Last checked at 
6 Sep 2016 07:00
BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
6 September 2016
31 August 2016 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 August 2016:
Net asset value per Ordinary Share: 40.0 pence
The NAV per share is unchanged from 29 July 2016 with the increase in the share price of Ivanhoe Mines on the Toronto Stock Exchange being counterbalanced by a fall in Metals Exploration share price on the AIM market of the London Stock Exchange.
The Company had a total of 114,568,335 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 31 August 2016.
Portfolio Update
The Company is fully invested with top 10 investments as follows as a percentage of NAV:
Polar Silver Resources Ltd | 28.3% | |
Bilboes Gold Limited | 16.3% | |
Metals Exploration plc | 13.5% | |
Ivanhoe Mines Limited | 12.4% | |
Cemos Group plc | 7.8% | |
Black Pearl Limited Partnership | 5.8% | |
Ironstone Resources Limited | 5.3% | |
Gobi Coal & Energy Limited | 2.8% | |
Archipelago Metals Limited | 2.7% | |
Nussir ASA | 2.5% | |
Other Investments | 2.8% | |
Net Cash, Equivalents and Accruals | -0.2% | |
Metals Exploration PLC ("Metals Ex")
During August 2016 the share price of Metals Ex fell by 19% to 5.875 pence per share albeit having risen from 4.125 pence per share at the beginning of the year. At the end of July 2016 Metals Ex announced that the discussions to reschedule the Runruno project debt repayments had taken longer than management had expected but anticipated this would be completed by the end of August 2016. On 26 August 2016 Metals Ex announced that the debt restructuring discussions had not been completed and the company was also suffering delays in realising revenue from Runruno and therefore requires additional funding for working capital.
Once in full production, the Runruno project is expected to produce approximately 100,000 ounces of gold per annum.
Ivanhoe Mines Limited ("Ivanhoe")
During August 2016, the share price of Ivanhoe rose a further 43% to C$1.85 per share on the Toronto Stock Exchange having already risen from C$0.61 pence per share at the beginning of the year but still well below its IPO price in October 2012 of C$4.85 per share.
During August 2016, Ivanhoe announced additional drilling results from its new Kakula discovery on the Kamoa joint venture in the Democratic Republic of Congo including exceptional intercepts of between 6% to 11% copper over more than 6 metres width. Ivanhoe has suggested that Kakula is substantially richer, thicker and more consistent than the mineralisation found elsewhere on the Kamoa Project and is likely to change its planning for the development of the Kamoa Project.
An independent Mineral Resource estimate for the Kakula discovery, expected around the end of the third quarter of 2016, has the potential to significantly increase resources at Kamoa, which with approximately 24 million tonnes of contained copper, is already the world's largest high-grade copper deposit. The Kakula resource when received would be expected to be incorporated into a revised feasibility study plan for Kamoa.
On 29 August 2016, Ivanhoe announced that it was planning to seek strategic advice at the project and corporate levels in response to unsolicited interest that the company and its projects have received in recent months.
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 JohnstoneTrevor 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 is set out in the Company's Prospectus dated 26 January 2015.