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

Polar Acquisition Limited (PAL)

PAL is a private company which holds a 50% indirect interest in the Prognoz silver project (“Prognoz”), 444km north of Yakutsk in Russia
A NI 43-101 compliant report by independent consultant Micon International Limited (“Micon”) in July 2009, estimated an Indicated Resource of 5.86 million tonnes of ore grading 773 g/t silver containing 146 million ounces of silver and Inferred Resources of 9.64 million tonnes of ore grading 473 g/t silver containing 147 million ounces of silver at Prognoz. A NI 43-101 compliant preliminary economic assessment (PEA) by Micon envisages a mine producing an average of 13 million ounces of silver per annum over a 16 year mine life.

Bilboes Gold Limited (Bilboes)

Bilboes is a private Zimbabwean based gold mining company which owns four previously producing oxide mines in Zimbabwe. The oxide mines which were restarted in 2013 produced 11,932 ounces of gold in 2016.
In addition Bilboes has JORC compliant Indicated Mineral Resources of 33.3 million tonnes grading 2.41 g/t gold in the underlying sulphide mineralisation and Inferred Mineral Resource of 10.6 million tonnes grading 2.55 g/t gold. Contained gold in the combined Indicated and Inferred sulphide resources totals 3,454,000 ounces. A pre-feasibility study into a mine producing up to 200,000 ounces per annum, initially from open pit, is due for completion in the first half of 2017.

Ivanhoe Mines Limited (Ivanhoe)

Ivanhoe is a company listed on the Toronto Stock Exchange which holds the Kamoa 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.
The Kamoa Project is located in the Kolwezi District of Katanga Province, the DRC’s copper mining hub. A NI 43-101 compliant report, using a 1% copper grade cut-off, estimated Indicated Mineral Resources at 9441,101 million tonnes grading 2.85% copper containing 31.4 million tonnes of copper. The resource statement also included 5.2 million tonnes of copper in Inferred Mineral Resources providing combined contained copper of 36.5 million tonnes, establishing Kamoa as the largest copper discovery in Africa and one of the largest in the world.
The Platreef Project is located on the Northern Limb of the PGM-bearing Bushveld Complex in South Africa. NI 43-101 compliant Indicated Mineral Resources are estimated to contain 41.9 million ounces of 4PE (platinum, palladium, gold and rhodium), with an additional 52.8 million ounces in Inferred Mineral Resources using a 2g/t cut-off grade.
The Kipushi zinc/polymetallic mine in the DRC previously produced 60 million tonnes of ore at 11% zinc and 6% copper together with 120 tonnes of germanium from 1925-1993. Measured and Indicated Mineral Resources total 10.2 million tonnes grading 34.9% zinc containing 3.55 million tonnes of Zinc.

Metals Exploration plc (Metals Exploration)

Metals Exploration is an AIM listed company which owns the Runruno gold mine in the Philippines. A JORC compliant report estimated mineral resources of 1.39 million ounces of gold, and 25.6 million pounds of molybdenum with 1,050,000oz gold reporting to the Measured and Indicated categories and 900,000oz gold within the Mining Proven & Probable Reserve category. First gold from the Runruno mine was sold in November 2016 and the mine is ramping up towards full production of approximately 100,000 ounces of gold per annum.

Cemos Group plc (Cemos)

Cemos is a private cement 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. Cemos is planning to construct a cement grinding plant at Tarfaya. Phase II would be the construction of a plant utilising the hydrocarbons from the oil shale as fuel for the cement process. On a further recovery of the oil price, Cemos retains the option to produce hyrdrocarbons from the shale as the primary process.

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 Company’s investment is in the form of a limited partnership interest in Black Pearl. Black Pearl holds an exchangeable loan note issued by a holding company of the mine group, Rui Tong Limited. The Black Pearl concession area is 15,000 ha of which 1,600 ha 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.

Ironstone Resources Limited (Ironstone)

Ironstone 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. In conjunction with pyrotechnology experts Hatch of Toronto, Ironstone is developing a proprietary metallurgical process to refine the ore into direct reduced iron. Once demonstrated commercially, this process could be applied not only to Clear Hills, but also to other significant iron ore deposits globally.

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 1.1% copper containing 2243,000 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.

Archipelago Metals Limited (Archipelago)

Archipelago is an Australian private company which holds a 50% joint venture interest in the Co Dinh chromite project in northern Vietnam which holds estimated JORC compliant resources containing 3.9 million tonnes of chromite.

Gobi Coal & Energy Limited (Gobi)

Gobi is an emerging coking coal producer based in Mongolia, which owns 100% of three open-cut coal development projects in south western Mongolia. Gobi’s projects contain approximately 322 million tonnes of JORC resources and include more than 500,000 hectares of tenements.

Sarmin Minerals Exploration Inc (SMEI)

Sarmin is private company exploring for Potash in the Republic of Congo. A pre-feasibility study is due for completion in the second half of 2018.