Investment Update and 31 July 2026 NAV

Baker Steel Resources Trust Ltd

07 August 2026

 

BAKER STEEL RESOURCES TRUST LIMITED

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

7 August 2026

Investment Update and 31 July 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 31 July 2026.

Net asset value per Ordinary Share: 154.1 pence. Total NAV: £ 162.2 million.

The NAV per share at 31 July 2026 decreased by 4.1 pence, down 2.6% from the last published NAV at 30 June 2026. This was largely due to a fall in the value of Blue Moon shares on the TSX-V exchange.

During July 2026 the Company continued its share buy back programme, commenced in February 2026 and bought back a further 50,000 shares at a volume weighted average price of 115.8 pence per share which were subsequently cancelled. As at 31 July 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 31 July 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:

	31 July 2026 £m	31 July 2026 %	31 December 2025 £m	31 December 2025 %
Tungsten West Plc	37.7	23.2%	12.5	8.6%
Cemos Group plc	30.0	18.5%	33.5	22.9%
Futura Resources Ltd	26.7	16.5%	36.4	24.9%
Blue Moon Metals Inc	19.6	12.1%	13.6	9.3%
Bilboes Royalty	14.1	8.7%	15.7	10.9%
Silver X Mining Corporation	9.8	6.0%	11.4	7.8%
Metals Exploration Plc	5.6	3.5%	6.8	4.7%
First Tin PLC	5.1	3.2%	5.1	3.5%
Caledonia Mining Corporation Plc	2.7	1.7%	4.6	3.2%
Kanga Potash	2.6	1.6%	1.1	0.7%
Other Investments	5.8	3.4%	0.8	0.5%
Net Cash, Equivalents and Accruals	2.5	1.6%	4.6	3.1%
Total	162.2	100%	146.0	100%

Blue Moon Metals Inc ("Blue Moon")

During July 2026, Blue Moon announced that it had initiated a 67,000 metre initial two-phase drill programme at its Springer Tungsten Project in Nevada. The programme represents major progress in advancing the Springer project: it will employ a combination of systematic diamond drilling, validation of extensive historical datasets (including assaying of untested mineralised core), and the application of modern geoscience, geophysics, and engineering studies aimed at rapidly enhancing the geological model and unlocking the broader scale potential of the mineralised system. Drilling is expected to commence during the first half of August, initially utilising two diamond drill rigs, with additional rigs to be mobilised in phases as the programme progresses towards a six-rig configuration. The programme is anticipated to be completed by the first quarter of 2027.

Springer is a largely permitted facility which already has an integrated 1,200 tpd flotation plant, an Ammonium Paratungstate (APT) circuit, together with ancillary facilities, utilities and a large unutilized conventional tailings dam. Blue Moon is thus able to target a fast track to production from Springer at the end of 2027.

Silver X Mining Corp. ("Silver X")

On 9 July 2026 Silver X announced the continuing ramp up of ore being processed through its Nueva Recuperada plant in Peru. Processed tonnage increased to 62,252 MT in 2Q26, up 39% from 44,883 MT in 1Q26 and up 78% from 34,899 MT in 2Q25. Silver X is targeting to process 30,000 tonnes of ore per month by the end of 2026.

This resulted in record production for the second quarter with silver production up 40% at 175,560 oz, zinc up 22% at 1.56 million pounds, lead up 44% at 1.76 million pounds and gold up 55% at 2,204 ounces over the first quarter. Silver equivalent ounces were up 57% at 283,029 ounces for the quarter.

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

"Blue Moon is fast-tracking the development of Springer to take advantage of the high tungsten price which has increased ten-fold since the beginning of last year.

We are beginning to see improved performance from Silver X as its starts to benefit from its C$69 million convertible debenture raising earlier this year. This has provided the capital to invest in the ramp up of production towards its eventual target of over 6 million silver equivalent ounces per annum from its operations in Peru."

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.

 

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