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

Bilboes Gold Limited (Bilboes)

Bilboes is a private Zimbabwean based gold mining company which has a JORC compliant Proved and Probable Reserves containing 1.8 million ounces of gold out of a total Mineral Resource of 3.8 million ounces of gold. A positive definitive feasibility study into a mine producing an average of 170,000 ounces of gold per annum was completed in 2020.

Futura Resources Ltd (“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 during 2021, for a targeted combined sustainable level of 2.3 million tonnes per annum of saleable processed coal for at least 25 years once in full production.

Cemos Group plc (Cemos)

Cemos is a private cement producer at Tarfaya in Morocco. Cemos completed the construction of a cement plant at Tarfaya in December 2018 and reached full production rate of 270,000 tonnes cement per annum during 2020. It has announced plans to double its plant capacity by the end of 2021.

Tungsten West Limited (‘‘Tungsten West’’)

Tungsten West is a private company which owns the Hemerdon Mine in Devon, United Kingdom. A feasibility study into a mine producing approximately 350,000 mtu tungsten per annum over 25 years was completed in March 2021.

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. Progroz has a 267 million ounce silver equivalent Indicated and Inferred Mineral Resource at a grade of 755 g/t silver equivalent. A pre-feasibility study was undertaken by Polymetal International plc in 2020 and a development decision is expected to be taken in the second half of 2021.

Anglo Saxony (“Anglo Saxony”)

Anglo Saxony is a private company which holds the Tellerhäuser, operations in Germany. Total mineral resources for the project have been estimated at 22.1 million tonnes of ore grading 0.46% tin. A pre-feasibility study was completed in March 2020.

Mines & Metals Trading Peru PLC (“MMTP”)

MMTP is a private company with operations in Peru. Total mineral resources for the project have been estimated at 7,336,633 of ore grading 4.77oz silver per tonne, 3.91% lead, and 2.53% zinc for the 54 vein systems identified. It has announced an agreement to merge with TSX-V listed Peruvian explorer Oro-X.

Nussir ASA (“Nussir“)

Nussir is a Norwegian private company whose key asset is the Nussir/Ulveryggen copper project in Northern Norway. A definitive feasibility study into a mine producing approximately 14,000 tonnes of copper per annum was completed in March 2020.

Azarga Metals Corp. (“Azarga“)

Azarga is a TSX-V listed company which holds the Unkur copper/silver project in far eastern Russia with Inferred Mineral Resources estimated at 62 million tonnes at 0.53% copper and 38.6g/t silver, containing 328,600 tonnes of copper and 76.8 million troy ounces of silver (0.56 Mt of copper equivalent).

Kanga Potash (“Kanga”)

Kanga is private company which holds the Kanga potash project, in the Republic of the Congo. A feasibility study producing 600,000 tonnes per annum of Muriate of Phosphate was completed in September 2020.

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 67,552 ounces of gold in 2020.