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Polo Resources Ltd.: Net Asset Valuation

Objective: To deliver attractive returns to investors through a global natural resources and mine development focused portfolio. Polo Resources Limited (“Polo Resources” or “the Company”) selects, acquires and manages substantial investments in companies and projects with strong value enhancement potential and attractive growth prospects.

Listing: Polo Resources is traded on the AIM market of the London Stock Exchange and the Toronto Stock Exchange (TSX), under the trading symbol POL.

Net Asset Valuation, as at 31 December 2012

Price (Pence/Share)

% Change in Period (1)

Asset Allocation


Net Asset Value 3.62 -5.48 Listed Investments 4.6 4.72
Diluted Net Asset Value 3.62 -5.48 Unlisted Investments 66.8 68.51
Ordinary Share Price 2.48 -15.93 Short-term Investments, Cash and Receivables 26.1 26.77
Total listed & unlisted 97.5

(1) As at 30 September 2012 Net Asset Value (“NAV”) per share was 3.83 pence and the share price was 2.95 pence.

Significant Investments
Investment   Description  

Polo Holdings (%)
  Value (£m)  

% of NAV

Nimini Holdings Limited

Gold project developer in Sierra Leone with Indicated Resources of 521,000 oz gold at the Komahun Gold Project.
90 24.1 24.73

Signet Petroleum Limited

African oil & gas explorer with substantial concessions across Africa, particularly Tanzania and Namibia.
48.21 27.3 28.01

Regalis Petroleum Limited

A private oil and gas company focussed on acquiring and exploring high impact exploration assets in Africa. The company has an offshore project in Namibia and other opportunities in an advanced stage in sub-Saharan Africa
8.32 4.8 4.92

Ironstone Resources Limited

Canadian resource development company, owner of the Clear Hills Iron Ore/Vanadium Project




GCM Resources plc

Developers of the Phulbari Coal Project, Bangladesh
29.8 4.6 4.72

Equus Petroleum plc

Kazakhstan energy and petroleum company



Total 71.4 73.23

OVERVIEW: Polo Resources’ NAV decreased slightly during Q4 2012. The NAV closed at 3.62 pence per share on 31 December 2012 compared to 3.83 pence per share on 30 September 2012. The decrease in NAV during the quarter is primarily attributable to two factors; an increase in issued share capital resulting from the Signet transaction and secondly, a reduction in the share price of GCM Resources plc.

Neil Herbert, Executive Co-Chairman and Managing Director commented:

“During the quarter we continued to invest in both gold and oil and gas projects. Polo funded a significant drill programme at the Komahun gold deposit in Sierra Leone and increased its interest in African oil and gas explorer Signet Petroleum.

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