Baker Steel Resources Trust invests in pre-IPO and specialist listed opportunities in the natural resources sector

Polymetal International plc (“Polymetal”)

Polymetal is a leading precious metals mining group operating in Russia and Kazakhstan listed on the London Stock Exchange and Moscow Stock Exchange.
The company is a member of FTSE 250, FTSE Gold Mines and MSCI Russia. Polymetal has a portfolio of nine producing gold and silver mines which in 2018 produced 1,562,000 gold equivalent ounces and a pipeline of future growth projects.

Bilboes Gold Limited (Bilboes)

Bilboes is a private Zimbabwean based gold mining company which has a JORC compliant Indicated Mineral Resources of 48 million tonnes grading 2.42 g/t gold and an Inferred Mineral Resource of 10.6 million tonnes grading 2.55 g/t gold containing 3.7 million ounces of gold and a further 1.1 million ounces in Inferred Mineral Resources.
A positive pre-feasibility study into a mine producing up to 200,000 ounces per annum was completed in 2017, and a definitive feasibility is due for completion mid-2019.

Futura Resources Ltd (formerly Queensland Coal Investment Holdings Limited) (“Futura”)

Futura owns the Wilton and Fairhill coking coal projects in the Bowen Basin in Queensland, Australia which hold Measured and Indicated resources of 843 million tonnes of coal. Production is targeted to commence at Wilton in 2019 and at Fairhill in 2020, for a targeted combined sustainable level of 2.5 million tonnes of coal per annum of saleable processed coal by 2021/2 for at least 25 years.

Cemos Group plc (Cemos)

Cemos is a private cement producer and oil shale explorer and developer whose key asset is the Tarfaya project in Morocco containing JORC compliant measured resources of 308 million barrels of shale oil. As a first step for development, Cemos completed the construction of a cement plant at Tarfaya in December 2018 with a capacity of up to 270,000 tonnes cement per annum.

Polar Acquisition Limited (``PAL``)

PAL is a private company which holds a 0.9% to 1.8% royalty over the Prognoz silver project (“Prognoz”), 444km north of Yakutsk in Russia, owned by Polymetal. Prognoz has a 256 million ounce silver equivalent Indicated and Inferred Mineral Resource at a grade of 789 g/t silver equivalent. A pre-feasibility study is being undertaken by Polymetal International plc and is expected to be completed in the first half of 2020.

Sarmin Minerals Exploration Inc (SMEI)

Sarmin is a private company which holds the Kanga potash project, in the Republic of the Congo which has an Indicated Mineral Resource of 4,730 million tonnes grading 17.1% Potassium Chloride (“KCl”) containing 810 million tonnes KCl and an Inferred Mineral Resource of 7,160 million tonnes grading 16.7% KCl containing 1,197 million tonnes KCl. A positive pre-feasibility study, completed in September 2018 outlined a phased project employing solution mining, which will commence with a 400,000 tonne KCl per annum operation with a peak capital cost of US$410 million, rising to 2.4 million KCl tonnes per annum with further capex.

Black Pearl Limited Partnership (Black Pearl)

Black Pearl is a special purpose vehicle formed to invest in the Black Pearl beach placer iron sands project in West Java, Indonesia. The Black Pearl concession area is 15,000 hectares of which 1,600 hectares has been drilled. JORC compliant Mineral Resources stand at 572 million tonnes grading 10% Fe. Due to mining regulations brought into force in January 2014, the future for the project requires the further beneficiation of the product within Indonesia. Negotiations are ongoing for the Black Pearl project to form the base production for an integrated steel production facility.

PRISM Consolidated Limited (``PRISM``)

PRISM is a private Canadian company which owns the Clear Hills Iron Ore/Vanadium Project (“Clear Hills”) in Alberta, Canada. Clear Hills currently has Indicated Resources of 557.7 million tonnes at 33.3% iron and 0.2% vanadium and an Inferred Resource of 94.7 million tonnes at 34.1% iron.

Nussir ASA (Nussir)

Nussir is a Norwegian private company whose key asset is the Nussir and Ulveryggen copper project in Northern Norway. A JORC compliant report estimated Indicated Mineral Resources at 21.3 million tonnes grading 1.14% copper containing 243,000 tonnes of copper. The resource statement also included 574,000 million tonnes of copper in Inferred Mineral Resources providing combined contained copper of 817,000 tonnes. A pre-feasibility study into a mine producing up to 20,000 tonnes of copper per annum was completed at the end of 2016 with a definitive feasibility study due in the second half of 2019.

Ivanhoe Mines Limited (Ivanhoe)

Ivanhoe is a company listed on the Toronto Stock Exchange which holds the Kamoa-Kakula copper project (39.6% owned) and Kipushi zinc mine (68% owned) both in the Democratic Republic of Congo (“DRC”) and the Platreef nickel, platinum, palladium, copper and gold project (64% owned) in South Africa.

Metals Exploration plc (Metals Exploration)

Metals Exploration is an AIM listed company which owns the Runruno gold mine in the Philippines. The Runruno mine produced 46,000 ounces of gold in 2018 and is in the process of ramping up towards full production of approximately 100,000 ounces of gold per annum.