Last checked at 
4 Feb 2022 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)
4 February 2022
31 January 2022 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 January 2022:
Net asset value per Ordinary Share: 95.5 pence
The NAV per share has decreased by 2.9% against the unaudited NAV at 31 December 2021, largely due to falls in the listed holdings during January 2022 in particular Tungsten West PLC which fell 16.4% on the AIM Market of the London Stock Exchange 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 December 2021.
Investment Update
The Company's top 10 investments were as follows as a percentage of NAV:
| 31 January 2022 | 31 December 2021 |
Cemos Group plc | 19.0% | 18.6% |
Futura Resources Ltd | 18.3% | 18.1% |
Bilboes Gold Limited | 13.6% | 13.1% |
Tungsten West Plc | 12.8% | 14.7% |
First Tin Ltd | 7.9% | 7.7% |
Polar Acquisition Ltd | 7.8% | 7.5% |
Kanga Potash | 4.2% | 4.1% |
Nussir ASA | 3.7% | 3.6% |
Silver X Mining Corporation | 2.9% | 2.8% |
Azarga Metals Corp | 2.6% | 2.1% |
Listed Precious Metal Shares | 3.1% | 3.2% |
Other Investments | 3.4% | 3.3% |
Net Cash, Equivalents and Accruals | 0.7% | 1.1% |
Bilboes Gold Limited ("Bilboes")
During January 2022 Bilboes completed its updated Feasibility Study ("FS") on its Isabella/McCays/Bubi gold project in Zimbabwe. The FS was undertaken to renew the FS completed in January 2020 to update for capital and operating costs as well as gold price. The updated FS has defined an open pit gold mine with an average gold production of 167,000 ounces of gold per year over a ten year mine life (2020 152,000 oz). This would make the mine the largest gold mine in Zimbabwe.
The peak funding requirement has risen 9% to US$250million which is line with increases seen elsewhere in the mining industry. All-in Sustaining Costs have risen 4.4% to US$826/oz of gold production. Using a gold price of US$1,650/oz the project economics show an after tax NPV (10%) of US$323 million with an internal rate of return of 33% and a payback on investment of one and a half years.
Funding a project of this size in Zimbabwe remains a challenge and the Company which holds 24.2% of Bilboes is discussing with the other two shareholders the best way to bring the project into production and realise value.
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 are set out in the Company's Prospectus dated 26 January 2015.