Investment Update and 29 May 2026 NAV

Baker Steel Resources Trust Ltd

05 June 2026

 

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

5 June 2026

Investment Update and 29 May 2026 Unaudited NAV

Net Asset Value

Baker Steel Resources Trust Limited (the "Company" or "BSRT") announces its unaudited net asset value per share as at 29 May 2026.

Net asset value per Ordinary Share: 183.2 pence. Total NAV: £193.2 million.

The NAV per share at 29 May 2026 increased by 3.0p, up 1.7% from the last published NAV at 30 April 2026 largely due to continued appreciation in the listed price of Blue Moon Metals. Events in the Middle East continued to create significant volatility in commodity markets during the month and consequently for mining shares.   There is currently no clarity on when those conflicts could end, until which time the uncertainty surrounding metal price trends is likely to continue.

During the month the Company continued its share buy back programme commenced in February 2026 and bought back a further 178,300 shares at a volume weighted average price of 129.9 pence per share which were cancelled. As at 31 May 2026, from this programme, the Company had bought back a total of 1,047,700 shares at a volume weighed average price of 115.0 pence per share.

As at 31 May 2026, the Company had a total of 105,414,802 Ordinary Shares in issue with a further 700,000 shares held in treasury.

 Investment Update

The Company's top 10 investments were as follows:

	29 May 2026 £m	29 May 2026 %	31 December 2025 £m	31 December 2025 %
Tungsten West Plc	42.0	21.8%	12.5	8.6%
Futura Resources Ltd	36.9	19.1%	35.2	24.3%
Cemos Group plc	33.5	17.3%	33.5	23.1%
Blue Moon Metals Inc	29.7	15.4%	13.6	9.4%
Bilboes Royalty	15.6	8.1%	15.7	10.9%
Silver X Mining Corporation	11.2	5.8%	11.4	7.9%
First Tin PLC	6.8	3.5%	5.1	3.5%
Metals Exploration Plc	5.9	3.1%	6.8	4.7%
Caledonia Mining Corporation Plc	3.5	1.8%	4.6	3.2%
Chancery Royalty	1.5	0.8%	n/a	n/a
Other Investments	3.4	1.7%	1.7	1.2%
Net Cash, Equivalents and Accruals	3.2	1.6%	4.6	3.2%
Total	193.2	100%	144.7	100%

Caledonia Mining Corporation Plc ("Caledonia")

On 11 May 2026, Caledonia announced its results for the first quarter of 2026. Revenue increased by 18.3% from Q1 2025 to US$66.4 million despite a 29% drop in gold sales to 13,784 ounces of gold compared to Q1 2025. As a result, gross profit increased 19.2% on Q1 2025 to US$32.1 million as Caledonia benefitted from the higher gold price. Production during the quarter was adversely affected primarily by constrained access to higher‑grade areas. This meant that although tonnes milled was slightly higher than the comparative quarter, the head grade reduced from 3.1g/t to 2.5g/t, resulting in a lower recovery, reduced gold production and increased cost per ounce.

Caledonia stated that it has implemented measures to improve the grade and already expected production to be weighted towards the second half of the year while reiterating full‑year production guidance at Blanket of 72,000 to 76,500 ounces.

Caledonia reported that funding plans for the Bilboes project continue to make good progress following its US$150 million convertible senior notes financing in January 2026 and that discussions with domestic and international lenders and financial institutions are already well advanced.

Silver X Mining Corp. ("Silver X")

On 29 May 2026, Silver X announced results for the first quarter 2026. Silver equivalent production was down 25.1% on Q1 2025 however net profit moved to US$4.6 million compared to a loss of US$0.3 million in 2025 as a result of the much improved silver price over the past year.

Following Silver X's C$69 million 5-year convertible debenture raising in March 2026, it is well capitalized to advance its growth plan: ramping up its Tangana mine towards 1,000 tonnes per day in Q3 (from 500 tpd in Q1) and completing a 40,000-metre drill program. From this foundation Silver X remains on track towards its target of approximately 6 million silver-equivalent ounces of annual production by 2029.

Metals Exploration Plc ("Metals Ex")

On 23 April 2026, Metals Ex reported its results for the first quarter of 2026. Despite 40.6% lower gold sales of 10,505 ounces as its Runruno gold mine in Philippines starts to run down towards planned closure once exhausted at the end of this year, pre-tax cashflow at US$ 29.4 million was a 25% increase on the first quarter 2025.

Development of Metals Ex's La India Project in Nicaragua continued ahead of schedule with construction 40% complete in mid-March 2026 and running a projected 4% ahead of budget. La India remains on schedule for first production at the end of 2026 and has been entirely funded by cashflow from Runruno.

Trevor Steel, Chief Investment Officer of the Investment Manager, Baker Steel Capital Managers LLP commented:

"Precious metals companies are starting to show the benefits of the increase in gold and silver prices over the past 6 months, generating strong cashflow. Importantly Caledonia, Silver X and Metals Exploration are also all in the process of transformational expansion projects from a platform of cashflow from existing projects."

Further details of the Company and its investments are available on the Baker Steel Capital Managers website www.bakersteelcap.com

Enquiries:

Baker Steel Resources Trust Limited             [phone]

Francis Johnstone
Trevor Steel

Shore Capital                                                [phone]

Henry Willcocks (Corporate Broking)

Gillian Martin, Daphne Zhang (Corporate)

Adam Gill (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 are set out in the Company's Prospectus dated 26 January 2015.

 

END