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

Baker Steel Resources TrustAnnouncement

11/11/2025 07:00

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RNS Number : 9442G  Baker Steel Resources Trust Ltd  11 November 2025

BAKER STEEL RESOURCES TRUST LIMITED

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

 

11 November 2025

Investment Update and 31 October 2025 Unaudited NAV

Net Asset Value ("NAV")

Baker Steel Resources Trust Limited (the "Company" or "BSRT") announces its
unaudited net asset value per share as at 31 October 2025.

NAV per Ordinary Share: 113.0 pence. Total NAV £120.3 million.

The NAV per share at 31 October 2025 increased by 1.5% from the last published
NAV at 30 September 2025 largely as a result of increases in the listed share
prices of Tungsten West Plc and Blue Moon Metals Inc.

 

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 October 2025.

 

Top 10 Investments

                                     31 October 2025  31 October 2025  31 December 2024  31 December 2024

                                     £m               %                £m                %
 Cemos Group plc                     31.9             26.5%            30.0              31.4%
 Futura Resources Ltd                30.8             25.6%            31.9              33.4%
 Bilboes Royalty                     10.2             8.5%             8.4               8.8%
 Blue Moon Metals Inc*               10.1             8.4%             7.3               7.6%
 Tungsten West Plc                   9.8              8.2%             3.2               3.3%
 Metals Exploration Plc              5.8              4.8%             3.3               3.5%
 Caledonia Mining Corporation Plc    5.0              4.2%             3.2               3.4%
 Silver X Mining Corporation         5.0              4.1%             2.1               2.3%
 First Tin PLC                       3.6              3.0%             2.6               2.8%
 Kanga Investments Ltd               1.6              1.3%             1.4               1.6%
 Other Investments                   1.1              0.9%             1.8               1.6%
 Net Cash, Equivalents and Accruals  5.4              4.5%             0.3               0.3%
 Total                               120.3            100.0%           95.5              100.0%

  *During the year Blue Moon Metals Inc acquired Nussir ASA

 

 

Investment Update

 

Cemos Group plc ("Cemos")

During October 2025, Cemos produced its first clinker from its new Compact
Calcination Unit at the Tarfaya cement plant site in Morocco. This will in
future produce clinker and supplementary cementitious materials, the principal
raw materials in cement production representing approximately 70% of cost of
the cement. It will not only provide security of supply of clinker but should
materially reduce costs as well as providing the potential to lower the carbon
footprint associated with cement production through the use of natural
supplementary cementitious materials such as pozzolan.

 

Blue Moon Metals Inc ("Blue Moon")

On 14 October 2025, Blue Moon announced that it had entered into a memorandum
of understanding to acquire the Springer mine, 1,200 tonnes per day capacity
mill, and all associated infrastructure required for mineral processing in
Pershing County, Nevada. The acquisition is subject to further due diligence
and in particular the extension of certain water rights used by the mill.

 

The Springer Mill historically processed tungsten and has an Ammonium
Paratungstate ("APT") circuit including autoclave and related reagent systems.
The mill can readily be modified to produce concentrates from critical metals
from alternate sources. Blue Moon intends to develop a hub and spoke business
model by acquiring and developing smaller, high grade underground critical
metals mines in the western United States ("US") and processing the
mineralised material at the Springer Mill. The Blue Moon Mine owned by the
company in California could serve as one such feed, which is about 375 miles
from the Mill by road. The primary Union Pacific rail spur is 7 miles away
from the mill and the site was historically served by a railway siding that
could potentially be reinstated.

 

The launch of a US critical minerals strategy with a central processing
facility that could unlock smaller 'stranded' critical minerals deposits in
the region is in-line with the US federal government's efforts to promote
domestic production of critical metals and decrease dependence on foreign
supply chains.

 

In addition, Blue Moon announced its intention to seek to list its shares on
the Nasdaq Capital Market in the first quarter of 2026.

Blue Moon is currently advancing: the Nussir Copper Project in Norway; the
Blue Moon zinc-gold-silver-copper project in the United States; and the NSG
copper-zinc-gold-silver project in Norway.

 

Futura Resources Ltd ("Futura")

During the month the Company advanced a further US$1.05 million bridging loan
to Futura to provide working capital whilst Futura progressed the refinancing
of its development loan.

 

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

 

"The start of the Compact Calcination Unit at Cemos has taken longer than
originally targeted but the benefits should start to be realised from now
onwards with the cost of clinker to Cemos potentially reducing by as much as
50% thereby significantly enhancing the operating margin."

 

The acquisition of Springer by Blue Moon not only potentially provides a
fast-track opportunity for the start of production from the Blue Moon mine but
we believe the launch of a US critical minerals strategy in the US will be
well received by investors when they seek a NASDAQ listing early next year.

Whilst there has been an encouraging pick up in the metallurgical coal price
over the last month, continued delay in completion of Futura's refinancing has
resulted in tighter short term cashflows than anticipated."

 

 

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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