REG - Baker Steel Res.Tst. - Investment Update and 31 March 2026 NAV

Baker Steel Resources TrustAnnouncement

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RNS Number : 5254Z  Baker Steel Resources Trust Ltd  08 April 2026

 

BAKER STEEL RESOURCES TRUST LIMITED

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

 

8 April 2026

Investment Update and 31 March 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 March 2026.

Net asset value per Ordinary Share: 174.0 pence. Total NAV: £183.9 million.

The NAV per share at 31 March 2026 decreased by 0.3p, down 0.17% from the last
published NAV at 27 February 2026. Recent events in the Middle East created
significant volatility in commodity markets during the month and consequently
for mining shares. Falls in the prices of precious metals in the face of
dramatically altered market expectations of future inflation trends hit the
share prices for our precious metal shares. First Tin weakened in line with
the tin price.

 

In contrast, the pullbacks were counterbalanced by a strong performance by
Blue Moon Metals as the market digested the news of its acquisitions of the
Springer and Apex critical mineral mines (outlined in the February 2026 NAV
Statement) and continued strength of the Tungsten West share price in the
light of record tungsten prices.

 

During the month the Company continued its share buy back programme commenced
in February 2026 and bought back a further 431,000 shares at a weighted
average price of 112.2 pence per share which were cancelled. To date, from
this programme, the Company has bought back a total of 779,400 shares at an
average price of 111.2 pence per share.

 

As a result, the Company had a total of 105,683,102 Ordinary Shares in issue
with a further 700,000 shares held in treasury as at 31 March 2026.

 

Investment Update

 

The Company's top 10 investments were as follows:

 

                                     31 March 2026  31 March 2026  31 December 2025  31 December 2025

                                     £m             %              £m                %
 Tungsten West Plc                   41.9           22.8%          12.5              8.6%
 Futura Resources Ltd                36.1           19.6%          35.2              24.3%
 Cemos Group plc                     33.5           18.2%          33.5              23.1%
 Blue Moon Metals Inc                24.7           13.4%          13.6              9.4%
 Bilboes Royalty                     16.0           8.7%           15.7              10.9%
 Silver X Mining Corporation         10.7           5.8%           11.4              7.9%
 First Tin PLC                       6.4            3.5%           5.1               3.5%
 Metals Exploration Plc              5.5            3.0%           6.8               4.7%
 Caledonia Mining Corporation Plc    3.4            1.9%           4.6               3.2%
 Chancery Royalty Ltd                1.5            0.8%           n/a               n/a
 Other Investments                   3.1            1.7%           1.7               1.2%
 Net Cash, Equivalents and Accruals  1.1            0.6%           4.6               3.2%
 Total                               183.9          100%           144.7             100%

 

 

Silver X Mining Corporation ("Silver")

 

During March 2026, Silver X completed a C$69 million raising through an
offering of 5-year secured convertible debentures with a coupon of 10% per
annum. This capital enables Silver X to continue advancing the expansion,
development, and exploration of its Nueva Recuperada silver/lead/zinc project
in Peru.

 

In September 2025, Silver X had announced the results of a Preliminary
Economic Assessment ("PEA") under Canadian National Instrument 43-101 on its
Nuevo Recuperada project in Peru. The PEA outlined a project processing 3,000
tonnes of ore per day producing an average of 5.6 million silver equivalent
ounces per annum over a 14-year period. Initial capital costs are estimated at
US$81.8 million with an All-In-Sustaining Cost of US$15.8/oz AgEq. The
economic model generated a post-tax NPV10% of US$303 million with an IRR of
69% using a silver price of US$33.2 per ounce (31 March 2025: US$74.0/oz).

The Company invested C$9 million in the new debentures, largely funded through
the sale of a portion of its Silver X equity during February 2026, in line
with its general strategy of targeting convertibles in preference to pure
exposure to equity.

 

 

MacKay Gold Corp & Silver/Drummond Ventures Corp/Toro Silver Corp (MacKay)

 

As we noted when announcing our first new investment for several years in
February 2026 with the participation in pre-IPO opportunity, Chancery Royalty,
equity markets have re-opened for companies with attractive development
projects.  We also note that Chancery Royalty is in the process of a second
pre-IPO fund raising targeting a price which would be at a 50% premium to the
price paid by the Company in February 2026.

 

During March, the Company invested in a second new pre-IPO opportunity, MacKay
Gold and Silver.  The Company invested US$1.5 million in Toro Silver Corp a
TSX-V listed "shell" as part of an oversubscribed US$60.3 million placing and
combination with Drummond Ventures Corp. Upon completion of the transaction,
the resulting consolidated company will be renamed Mackay Gold & Silver
Corp. and will commence trading on the TSX-V which is expected to occur during
April 2026.

 

MacKay has gathered majority control of the Comstock district, Nevada, one of
America's most iconic and productive Au-Ag epithermal deposits which produced
8.2Moz @ 35 g/t and 192Moz Ag @ 726 g/t between 1859 and 1926.  The district
is underexplored due to 150 years of fragmented land ownership.  The
opportunity has been unlocked through the consolidation of the various mining
rights. The area has multiple near-surface heap leach and high-grade UG
prospects with drilling targets already defined.

 

 

 

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

 

"We were happy to switch a portion of our equity in Silver X into the new
debenture as it not only moves part of our investment into a better place in
the capital structure with an income stream, but importantly provides a
significant portion of the capital required for Silver X to progress to become
a +5 million ounce silver producer."

 

 

Fiona Perrott-Humphrey, Chairman of the Company commented:

 

"Over the past two months we have made our first two new investments where the
Investment Manager has identified pre-IPO opportunities with the potential for
superior returns in the shorter term. We also initiated a share buyback
programme and later this month in the Annual Report, I will set out a more
comprehensive capital allocation policy which balances returns to shareholders
whilst taking advantage of the improved outlook for mining shares."

 

 

 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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