REG - Baker Steel Res.Tst. - Investment Update and 31 July 2025 NAV

Baker Steel Resources TrustAnnouncement

12/08/2025 07:00

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RNS Number : 8499U  Baker Steel Resources Trust Ltd  12 August 2025

BAKER STEEL RESOURCES TRUST LIMITED

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

 

12 August 2025

 

Investment Update and 31 July 2025 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 2025.

Net asset value per Ordinary Share: 107.1 pence. Total NAV £114.0 million.

The NAV per share at 31 July 2025 increased by 2.6% from the last published
NAV at 30 June 2025, largely due to increases in the listed share prices of
Blue Moon Metals Inc, Metals Exploration Plc and Silver X Mining Corp coupled
with a not inconsiderable rally in the US dollar against Sterling.

 

During the month, the Company received its share of cash proceeds (US$5.16
million) following the previously announced disposal of the Prognoz Royalty
Interest by Polar Acquisition Limited for US$11 million. This increased the
aggregate cash holdings to £5.8 million or 5.1% of NAV.

 

 

BSRT Chair Fiona Perrott-Humphrey advised:

 

"The Board is pleased that cash from PAL has been received, which provides
welcome liquidity. We continue to work with our advisers on initiatives
which will, in addition to the improved NAV growth in recent months,
hopefully narrow the discount at which our shares are trading to reflect more
closely the value of the underlying investments.  Our interim accounts will
be released in September, and we expect to update shareholders at that time.
As Chair, I welcome engagement with all shareholders, whose views will
continue to inform our decision-making process."

 

Total Voting Rights

 

The Company had a total of 106,462,502 Ordinary Shares in issue with a further
700,000 shares held in treasury as at 31 July 2025.

 

Investment Update

 

The Company's top 10 investments were as follows:

 

                                     31 July 2025  31 July 2025  31 December 2024  31 December 2024

                                     £m            %             £m                %
 Cemos Group plc                     32.3          28.4%         30.0              31.4%
 Futura Resources Ltd                29.3          25.7%         31.9              33.4%
 Bilboes Royalty                     10.2          8.9%          8.4               8.8%
 Blue Moon Metals Inc                9.4           8.2%          6.9               7.2%
 Tungsten West Plc                   9.0           7.9%          3.2               3.4%
 Metals Exploration Plc              5.8           5.1%          3.3               3.5%
 Caledonia Mining Corporation Plc    3.9           3.4%          3.2               3.3%
 Silver X Mining Corporation         3.1           2.7%          2.1               2.3%
 First Tin PLC                       2.7           2.4%          2.6               2.8%
 Kanga Investments Ltd               1.6           1.4%          1.4               1.6%
 Other Investments                   0.8           0.8%          2.2               2.0%
 Net Cash, Equivalents and Accruals  5.9           5.1%          0.3               0.3%
 Total                               114.0         100%          95.5              100%

 

Metals Exploration ("Metals Ex")

 

Metals Ex announced its unaudited results for the second quarter, the
highlight being a record positive pre-tax free cash flow of US$47.2 million
(Q1 2025: US$23.5 million). This was generated by gold sales of 23,021 ounces
at an average realised price of US$3,061 per ounce with an
all-in-sustaining-cost of US$1,098 per oz.

On its key gold development project, La India in Nicaragua, Metals Ex reported
that ground-breaking had taken place and that the process plant was being
loaded for transport from Alaska to Nicaragua; the project remains on track
for first production by the end of 2026.

On 6 August 2025 Metals Ex announced the grant of the Dupax Exploration
Tenement permit in the Philippines and that it had commenced an Induced
Polarisation ("IP") ground geophysics survey in preparation for a 2,500-metre
drill programme. The newly granted tenement covers approximately 3,100
hectares and is located approximately 20 km south-west of the Company's
existing Runruno ore processing facility. IP surveying is underway over rock
chip and trench sampling anomalies covering a 10km long geological belt
containing the historical high-grade Keon open pit operation. Sampling has
shown mineralisation over a 10km strike with historical rock sample grades of
up to 15.47 grammes per tonne gold, and 7% copper. Should exploration at Dupax
discover an economic resource, the mined ore could potentially extend ore
processing operations at Runruno, which would significantly enhance the value
of both the Runruno process plant and the Dupax exploration project.

 

Caledonia Mining Corporation Plc ("Caledonia")

 

Caledonia announced record second quarter gold production of 21,070 ounces
from the Blanket Mine in Zimbabwe. First half gold production was 39,741
ounces, a 5.1 % increase on the 37,823 ounces produced in the first half of
2024. EBITDA for the second quarter amounted to US$39.5 million including a
one-off profit on the sale of solar plant in April 2025 of US$8.5
million. Caledonia also announced increased production guidance to 75,500 -
79,500 ounces for the full 2025 year and stated that profitability is
therefore expected to be materially ahead of market expectations.

 

 

Blue Moon Mining Inc ("Blue Moon")

 

Blue Moon continues to make good progress and has announced the selection of
the engineering contractor for its flagship Nussir Copper-gold-silver Project
in Norway following the update from the May 2023 SRK JORC-compliant
Feasibility Study ("FS"). Basic engineering continues to make progress such
that ordering of long-lead items is anticipated by the end of the year. The
results from the FS update are expected in the first quarter of 2026.

Blue Moon has also announced the receipt of environmental permits from the
Norwegian Environmental Agency which supports its plans to complete a 10,000m
exploration drilling program at its NSG project copper-zinc-gold-silver
project in Norway. The intention is to upgrade the current resource from the
Inferred category to Indicated category and to expand it from the current
Inferred Resource of 9.258 Mt at 1.19% Cu and 0.31% Zn.

Blue Moon is currently advancing 3 brownfield polymetallic projects: the
Nussir, NSG and the Blue Moon zinc-gold-silver-copper project in the United
States.

 

 

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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