Last checked at 
5 Nov 2015 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)
5 November 2015
30 October 2015 Unaudited NAV Statement
Net Asset Value
Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 30 October 2015:
Net asset value per Ordinary Share: 39.4 pence
Since 30 September 2015, the NAV per share has decreased by 1.5% largely, due to a write down in the value of Archipelago Metals Limited that was partially offset by an increase in the price of Metals Exploration on the AIM market of the London Stock Exchange.
The Company had a total of 114,568,335 Ordinary Shares in issue with 700,000 shares held in treasury as at 30 October 2015.
Portfolio Update
The Company is fully invested with top 10 investments as follows as a percentage of NAV:
Polar Silver Resources Ltd | 21.2% | |
Global Oil Shale Group plc | 18.4% | |
Black Pearl Limited Partnership | 15.7% | |
Bilboes Gold Limited | 10.5% | |
Metals Exploration plc | 8.5% | |
Gobi Coal & Energy Limited | 6.1% | |
Ivanhoe Mines Limited | 5.3% | |
Ironstone Resources Limited | 4.4% | |
China Polymetallic Mining Limited | 3.5% | |
Archipelago Metals Limited | 2.2% | |
Other Investments | 3.3% | |
Net Cash, Equivalents and Accruals | 0.9% | |
Metals Exploration PLC ("Metals Ex")
As previously announced, following the fundraising via a placement to its three largest shareholders, Metals Ex extended the subscription opportunity to all other shareholders, through an open offer of up to £3 million, at 3 pence per share.
On 27 October 2015, Metals Ex announced that the open offer was oversubscribed. The Company applied for its pro rata entitlement and in addition subscribed for further shares, although this over-application was scaled back.
At the issue price the market capitalisation of Metals Ex totals £45.7 million, less than half the cost of construction of Metals Ex's Runruno Gold Mine in the Philippines. Given that the mine construction is all but complete and is merely awaiting final operating permits, the open offer was considered a very attractive opportunity to deploy funds in a project that is well understood by the Investment Manager and was only open to existing shareholders. Once in full production Runruno is scheduled to produce approximately 100,000 ounces of gold per annum.
Following damage from Super Typhoon Lando whose track ran close to Runruno, Metals Ex was ordered to suspend certain site works at the end of October 2015 and a programme of repairs and rectification is in the process of being agreed with the Philippines Mines and Geosciences Bureau.
During October 2015 the Metals Ex share price rose 20% to 3.75p per share at month end.
Archipelago Metals Limited ("Archipelago")
During October 2015, Archipelago undertook a placement to its three largest shareholders to raise working capital whilst it seeks to finalise the joint venture agreement with its partner, parastatal mining company Vinacomin, for its Co Dinh Chromite Project in Vietnam.
The placing price represented a 55.6% discount to the previous funding round in 2014, reflecting the deterioration in valuations for mining assets and in particular for steel-related minerals.
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.