Edison issues report on Baker Steel Resources Trust (LSE: BSRT)

Summary by AI ^BETAClose X

Baker Steel Resources Trust (BSRT) achieved a strong approximately 26% net asset value total return in the first ten months of 2025, driven by operational advancements and a more favorable capital-raising climate for junior mining projects. Key listed holdings, representing about 33% of the portfolio at the end of October 2025, were significant contributors, with two strategic metals projects, Tungsten West and Blue Moon Metals, designated as EU Critical Raw Materials Act projects. Further positive developments included non-binding letters of interest from the Export-Import Bank of the US for Tungsten West and First Tin, alongside tailwinds from precious metal pricing impacting valuations of the Bilboes Gold project royalty and holdings in Metals Exploration, Caledonia Mining Corporation, and Silver X Mining Corporation.

Disclaimer*

Edison Investment Research Limited
Edison issues report on Baker Steel Resources Trust (LSE: BSRT)

21-Nov-2025 / 11:32 GMT/BST
The issuer is solely responsible for the content of this announcement.

London, UK, 21 November 2025

Edison issues report on Baker Steel Resources Trust (BSRT)

Edison issues report on Baker Steel Resources Trust (LSE: BSRT)

Baker Steel Resources Trust (BSRT) delivered a strong c 26% NAV total return in the first 10 months of 2025 (10M25), bolstered by operational progress and a more benign capital-raising environment for junior mining projects. Significant contributors were BSRT’s key listed holdings, which at end-October 2025 made up c 33% of its portfolio. Projects of two of its holdings focused on strategic metals, Tungsten West and Blue Moon Metals, were designated EU Critical Raw Materials Act projects. Tungsten West and First Tin also received non-binding letters of interest from the Export-Import Bank of the US (EXIM). The trust enjoyed tailwinds from precious metal pricing in the valuation of its gross revenue royalty in the Bilboes Gold project in Zimbabwe and its holdings in the listed Metals Exploration, Caledonia Mining Corporation and Silver X Mining Corporation.

Click here to read the full report.

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

enquiries@edisongroup.com

+44 (0)20 3077 5700

Connect with Edison on:

LinkedIn www.linkedin.com/company/edison-group-/

X www.x.com/edison_inv_res

YouTube www.youtube.com/edisonitv

Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

View original content: EQS News

End of Announcement - EQS News Service

2234276 21-Nov-2025