REG - Baker Steel Res.Tst. - Investment Update Futura Resources

Baker Steel Resources TrustAnnouncement

10/02/2026 07:00

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RNS Number : 3217S  Baker Steel Resources Trust Ltd  10 February 2026

 

BAKER STEEL RESOURCES TRUST LIMITED

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

 

10 February 2026

 

Investment Update Futura Resources

Baker Steel Resources Trust Limited (the "Company" or "BSRT") announces that
the final date for International Resources Holdings RSC LTD ("IRH") to
exercise its option to acquire the Company's equity interest in Futura
Resources as announced on 9 May 2025, has now passed and therefore the option
has expired.

 

IRH's interest in Futura's mines was part of a strategy to consolidate several
coking coal mining operations in the Bowen Basin in Queensland, Australia
which it was unable to do in the timeframe of the option period. This was
possibly made more challenging by the increase in coking coal prices from
around US$180/tonne at the time of the option to over US$240/tonne currently.

 

Futura's US$90 million refinancing at the beginning of the year (including the
repayment of US$15 million from IRH in April 2025) as announced on 22 December
2025 and the improved coking coal price means it is in a strong position to
progress to full production on both its mines independently. Production
ramp‑up at the Fairhill mine is progressing well, with initial results
confirming exceptionally high‑quality metallurgical coal and supporting
advanced discussions with steel mills in Japan, Europe, Taiwan, and India.
Futura also expect to recommence mining at the Wilton mine in July and is
targeting monthly ROM production of 220,000t per month by the end of 2026.

 

The Company holds a 24.1% equity interest in Futura and a 1.5% Gross Revenue
Royalty from production on both Futura's mines.

 

 

Donald Caroll, Executive Chairman of Futura commented in a letter to Futura
shareholders:

 

"The expiry of the IRH Call Option removes prior constraints and positions
Futura to maximise value for shareholders, with full strategic optionality
restored. With exclusivity obligations now removed, Futura and its
shareholders are free to engage with other interested parties should
opportunities arise, in what we believe is a more favourable market
environment. Futura will also continue its constructive engagement with IRH."

 

 

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

 

"We share Futura's view regarding the lapse of the IRH option allowing for
maximisation of shareholder value, noting that the option was entered into
when coking coal prices were significantly below current levels and at a time
when Futura was in a financially weaker position.  Pleasingly, as we have
seen recently in the portfolio, the inherent optionality to higher commodity
prices of a number of our holdings has been a strong driver of NAV
performance. Continued strength in the coking coal market could in time lead
to a meaningfully higher value on Futura than that of the IRH option."

 

 

Further details of the Company and its investments are available on the Baker
Steel Capital Managers website www.bakersteelcap.com
(https://url.avanan.click/v2/___http:/www.bakersteelcap.com___.YXAxZTpzaG9yZWNhcDphOm86MjdlZGQ1NzE1MDA2OWIwMWI0NzUxYWYwYjc5OWUzNTk6NjpiYzEwOjkzMDBjNGMzNDY1MGVhOGQwZjg2Yjk0OWEzY2U2ODYwZDI0MDYxY2Y3MmU3MDM0OWJkOTAyZWZhZWViMDM0NTI6cDpUOk4)

 

 

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)

 

This announcement contains inside information for the purposes of Article 7 of
MAR. Upon publication of this announcement, the inside information is now
considered to be in the public domain for the purposes of MAR. The person
responsible for arranging the release of this announcement on behalf of the
Company is Lucy McDowall of Aztec Financial Services (Guernsey) Limited, the
Company Secretary.

 

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