Investment Update and 30 September 2026 NAV

Baker Steel Resources Trust Ltd

08 October 2026

 

BAKER STEEL RESOURCES TRUST LIMITED

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

8 October 2026

Investment Update and 30 September 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 30 September 2026.

Net asset value per Ordinary Share: 172.4 pence. Total NAV: £ 181.5 million.

The NAV per share at 30 September 2026 decreased by 8.3 pence, down 4.6% from the last published NAV at 31 August 2026. This was largely due to decreases in the listed share prices of Tungsten West and Blue Moon Metals.

During September 2026 no shares were bought back as part of the Company’s share buy back programme, commenced in February 2026. As at 30 September 2026, this programme has bought back a total of 1,224,400 shares at a volume weighed average price of 116.4 pence per share.

As at 30 September 2026, the Company had a total of 105,238,102 Ordinary Shares in issue with a further 700,000 shares held in treasury.

Investment Update

The Company’s top 10 investments were as follows:

	30 September 2026 £m	30 September 2026 %	31 December 2025 £m	31 December 2025 %
Tungsten West Plc	47.7	26.3%	12.5	8.6%
Cemos Group plc	30.0	16.6%	33.5	22.9%
Futura Resources Ltd	26.9	14.8%	36.4	24.9%
Blue Moon Metals Inc	19.6	10.8%	13.6	9.3%
Bilboes Royalty	14.3	7.9%	15.7	10.9%
Silver X Mining Corporation	11.7	6.4%	11.4	7.8%
Metals Exploration plc	7.3	4.1%	6.8	4.7%
First Tin PLC	6.7	3.7%	5.1	3.5%
Kanga Potash	3.4	1.9%	1.1	0.7%
Chancery Royalty	2.3	1.2%	n/a	n/a
Other Investments	3.3	1.8%	5.4	4.7%
Net Cash, Equivalents and Accruals	8.3	4.5%	4.6	3.1%
Total	181.5	100%	146.0	100%

Blue Moon Metals Inc (“Blue Moon”)

On 14 September 2026 – Blue Moon, The Elmet Group Co. (“Elmet”) and EQ Resources Limited (“EQ”, together the “Parties”) announced a joint venture (“JV”) agreement regarding a series of strategic transactions intended to unlock the value of Blue Moon’s Springer Tungsten Complex (“Springer”), located in Imlay, Nevada.

Springer historically was one of the largest tungsten mines in the United States, and consisting of open pit and underground mines, a 1,200 Tpd mill and an Ammonium Paratungstate (“APT”) plant, it is capable of potentially producing up to 4,000 Tpa (collectively, the “Springer Project”). The facility is fully permitted for construction.

The contemplated transactions (“Transactions”) include:

1.                     the formation of a joint venture entity among the Parties to own and operate the APT Plant (the mine and mill will remain owned by Blue Moon),
2.                   a US$25 million equity investment by Elmet into Blue Moon,
3.                 a supply agreement for EQ and Blue Moon tungsten concentrate offtakes to the APT plant at market pricing,
4.                  a US$50 million tungsten prepayment facility provided by Elmet to Blue Moon to be repaid through a credit against sales of concentrate from Springer.
5.                    Up to US$100 million investment by Elmet and EQ to bring the APT plant back into production. Blue Moon will have a 20% carried interest in the APT JV.

Collectively, these Transactions are all part of the broader Elmet Landmark Initiative with the U.S. Department of War (the “DoW”) to secure America’s tungsten supply chain. The DoW has been supportive in advancing the Transactions, including completing a National Environmental Act review of Springer. The DoW announced a US$450 million investment into Elmet, of which US$150 million has been designated as use of proceeds for the Transactions.

The Springer mine and mill are expected to be back in production in Q4 2027, and the APT plant is expected to be restarted 2H 2028, which will be potentially the first material tungsten concentrate production in North America and a significant new source of APT for the U.S. market.

Kanga Potash / Kanga Potash Investments (“KPI”)

During September 2026 the shareholders of Kanga Potash signed a Share Purchase Agreement with Shanghai listed Zangge Mining and Yuntu Holdings for the sale of 92% of Kanga Potash for USD 156.4 million. This will include 100% of the Company’s interests with the remaining 8% of Kanga Potash continuing to be held by its founders. 90% of the consideration will be paid in cash on completion, which is subject to Congolese and Chinese regulatory approvals, with the remaining 10% paid in cash one year following completion.

The Company’s investment is through both Kanga Investments which has a 52% shareholding in Kanga Potash and directly in Kanga Potash itself which owns the Kanga potash project in the Republic of Congo. The Company’s total investment was US$1.93 million (£1.46 million). As the transaction remains subject to regulatory approval, which is expected to be received by the end of 2026, the investment is being held at a 20% discount to the Company’s expected share of the proceeds of US$5.1 million (£3.8 million) in December 2026 and US$0.5 million in December 2027).

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

This Transaction is intended to solidify the

“The Blue Moon transaction with Elmet means the Springer Mine is fully financed through to production and importantly it will have the right to sell its concentrate to the APT joint venture. The processing of tungsten concentrates into APT appears to be the next potential bottleneck in the tungsten supply chain for the Western world.

The involvement of the US Government to secure U.S. tungsten supply chain for primary supply to aerospace and defence contractors plus support for critical U.S. industrial segments such as Semiconductor, Energy, Medical and Industrial underlines the importance of tungsten to Western Governments following the investment by the UK National Wealth Fund in Tungsten West in August 2026.

On completion of the Kanga sale the consideration will represent a 288% return on investment.”

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, Matthew Walton (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