RCS - Baker Steel Res Tst - Edison issues update on Baker Steel Resources

Baker Steel Resources TrustAnnouncement

19/01/2023 07:00

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RNS Number : 1558N  Baker Steel Resources Trust Ltd  19 January 2023

London, UK, 19 January 2023

 

Edison issues update on Baker Steel Resources (BSRT)

Baker Steel Resources Trust (BSRT) posted an NAV total return of -16.3% in
FY22, which was mostly a result of the de-rating of recently floated holdings
Tungsten West and First Tin and the impact of Western sanctions against Russia
on Polar Acquisition (PAL) and Azarga Metals. However, BSRT also agreed to
sell its equity stake in its largest holdings (Bilboes Gold, completed in
January 2023) and saw progress across several projects. BSRT's maturing
portfolio offers the prospect of attractive income from royalty payments (on
production launch of Futura, PAL and Bilboes Gold) and dividends (from
Caledonia Mining Corporation, CMCL, and later potentially also Cemos).

 

BSRT's shares now trade at a wide discount to NAV of 41% (vs a five-year
average of c 20%). Moreover, we see potential for an NAV uplift following the
successful completion of the currently ongoing fund-raising processes to
either initiate mine construction or enable production ramp-up (Futura,
Tungsten West, Kanga Investments, Nussir). Also, a meaningful part of BSRT's
portfolio (c 27%, according to our estimates) is in listed equities, some of
which (First Tin, CMCL) are reflected in BSRT's NAV at a discount due to
lock-ups, which will expire later this year.

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