REG - Baker Steel Res.Tst. - Futura Completes US$90 million refinancing

Baker Steel Resources TrustAnnouncement

22/12/2025 07:00

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RNS Number : 3760M  Baker Steel Resources Trust Ltd  22 December 2025

BAKER STEEL RESOURCES TRUST LIMITED

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

 

22 December 2025

Futura Completes US$90 million refinancing

Zimbabwe Government reconsiders increase in royalty rates

 

Futura Resources Ltd ("Futura")

Baker Steel Resources Trust Limited (the "Company" or "BSRT") is pleased to
announce that its second largest investment which represented 24.9% of net
assets as at 30 November 2025 has successfully refinanced its debt through a
"Nordic Bond" financing arranged by Clarkson Securities AS raising US$90m in
cash proceeds to Futura.

The secured bonds have a 5-year maturity with a 13.125% coupon with interest
payable quarterly and principal repayments commencing 30 months after the
issue date. The refinancing is sufficient to repay all Futura's current
indebtedness, as well as fund the remaining infrastructure capital required to
support bringing both Futura's mines into full production with a wide
contingency. Subject to standard closing conditions, it is expected that the
funds will be received by Futura in early January 2026.

 

Bilboes Royalty / Caledonia Mining Corporation ("Caledonia")

On 27 November 2025 the Zimbabwe government announced its budget for 2026
which included an increase in government royalties from 5% to 10% of revenue
should gold prices be above US$2,500 an ounce. Following representations from
the mining industry, the Zimbabwe Minister of Finance announced on 17 December
2025 that it was changing the threshold at which the 10% royalty is payable to
a gold price of US$5,000 per ounce.

On 25 November 2025, Caledonia released the results of its Feasibility Study
for the Bilboes Gold Project in Matabeleland, Zimbabwe and its decision to
proceed with the project. A summary of the results of the feasibility study
are set out in the Company's update on 4 December 2025.

 

 

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

 

"The refinancing of Futura's debt not only demonstrates investor confidence in
the company and its financial outlook but importantly gives Futura a clear
runway to ramp up production in 2026. It is also encouraging that that the
metallurgical coal price has recovered to above US$200 per tonne during
December 2025.

 

The raising of the gold price threshold for application of the
higher Zimbabwe government royalty is supportive of financing
the Bilboes project, the details of which we look forward to
receiving from Caledonia in due course."

 

 

 

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

 

Enquiries:

Baker Steel Resources Trust Limited             +44 20 7389 8237

Francis Johnstone

Trevor Steel

 

Shore Capital
                       +44 020 7408 4050

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.

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