BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
4 September 2025
Investment Update and 29 August 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 29 August 2025.
Net asset value per Ordinary Share: 108.2 pence. Total NAV £115.1 million.
The NAV per share at 29 August 2025 increased by 1.0% from the last published NAV at 31 July 2025, largely due to increases in the listed share prices of Tungsten West Plc and Caledonia Mining Corporation Plc.
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 29 August 2025.
The Company's top 10 investments were as follows:
| |
29 August 2025 £m |
29 August 2025 % |
31 December 2024 £m |
31 December 2024 % |
| Cemos Group plc |
31.9 |
27.7% |
30.0 |
31.4% |
| Futura Resources Ltd |
29.2 |
25.3% |
31.9 |
33.4% |
| Tungsten West Plc |
10.0 |
8.7% |
3.2 |
3.4% |
| Bilboes Royalty |
9.9 |
8.6% |
8.4 |
8.8% |
| Blue Moon Metals Inc |
9.3 |
8.1% |
6.9 |
7.2% |
| Metals Exploration Plc |
5.7 |
5.0% |
3.3 |
3.5% |
| Caledonia Mining Corporation Plc |
4.9 |
4.3% |
3.2 |
3.3% |
| Silver X Mining Corporation |
3.6 |
3.1% |
2.1 |
2.3% |
| First Tin PLC |
2.8 |
2.5% |
2.6 |
2.8% |
| Kanga Investments Ltd |
1.5 |
1.3% |
1.4 |
1.6% |
| Other Investments |
0.8 |
0.7% |
2.2 |
2.0% |
| Net Cash, Equivalents and Accruals |
5.5 |
4.7% |
0.3 |
0.3% |
| Total |
115.1 |
100% |
95.5 |
100% |
Investment Update
Blue Moon Metals Inc ("Blue Moon")
On 19 August 2025 Blue Moon announced that it had entered into a memorandum of understanding with Hartree Partners, LP ("Hartree") and funds managed by Oaktree Capital Management, L.P. ("Oaktree") for a financing package of up to US$ 140 million which will be used to continue development and construction of Blue Moon's flagship Nussir Copper Project in Norway.
The terms of the finance package include a US$50 million senior secured term loan; a US$70 million precious metals stream and an equity investment of up to US$20 million (subject to a 19.9% Oaktree / Hartree combined ownership limitation). The finance package is subject to customary approvals, diligence and closing conditions. In addition, Blue Moon has signed a US$25 million Bridge Loan agreement with Hartree which Blue Moon expects to be able draw in addition to with the first US$5 million tranche of the equity investment by Oaktree during September 2025.
The initial funds from the Bridge Loan and equity investment will support key early works and pre-construction activities including detailed engineering, procurement of long-lead items, underground development, and operational readiness for Nussir and Blue Moon activities ahead of the full finance package closing. This is subject to the satisfactory completion of certain defined conditions by 31 March 2026 including delivery of an updated feasibility study which is targeted for February 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.
Tungsten West Plc (" Tungsten West ")
On 28 August 2025, Tungsten West announced that it had received a non-binding Letter of Interest from the Export-Import Bank of the United States ("EXIM"), the official export credit agency of the U.S., outlining its capacity to provide financial support for Tungsten West's Hemerdon Mine in Devon, UK. Under EXIM's new Supply Chain Resilience Initiative it may consider financing up to US$95 million for a maximum repayment term of 15 years. The anticipated financing would not be tied to specific equipment purchases and is predicated upon offtake agreements with U.S. buyers.
In August 2025, Tungsten West announced the results of its updated feasibility study for the restart of mining operations at Hemerdon which set out a base case with a 11-year life of mine followed by 4 years of subsequent stockpile reclaim and an additional 12 years of on-going premium aggregate sales. In addition, there remains the potential to extend the operational life of mine to over 40 years. The total financing requirement for restarting mining operations at Hemerdon is estimated at US$93 million, benefitting from approximately US$300 million of previously invested capital, including significant open pit pre-stripping.
At the current tungsten price of approximately US$500 per Metric Tonne Unit (MTU) (65% ammonium paratungstate or APT), the economic model estimates an NPV (7.5%) of US$342 million generating an IRR of 48% on the new US$93 million investment. The Hemerdon Mine is fully permitted and once in production could potentially supply some 20% of global supply of primary tungsten from outside of China.
In February 2025 China, which accounts for some 80% of the global supply of tungsten, announced restrictions to the export of 5 critical minerals including tungsten. This is beginning to feed through to higher prices and the price of tungsten is already up 30% in 2025.
First Tin PLC ("First Tin")
First Tin PLC announced that it had received encouraging initial tin assay results from its ongoing infill and extension drilling programme at its Taronga Tin Project in Australia. The 10,000 metre drilling programme is designed to convert Inferred resources to Indicated status and to test several previously interpreted zones of mineralisation close to the proposed pits. The Taronga Definitive Feasibility Study noted that approximately 3.6Mt of Inferred Mineral Resource is located within the current pit designs which is currently not included in the economic analysis.
As of 18th August 2025, a total of 2,780m of RC drilling had been completed in 39 drill-holes as part of the resource drilling programme. Assay results from the first 4 drill-holes have been received, and these confirm similar grade tin mineralisation to that in the current resource and reserve and are expected to result in additional resources being added within the current South Pit outline.
Trevor Steel, Chief Investment Officer of the Investment Manager, Baker Steel Capital Managers LLP commented:
"The announcements by Blue Moon and Tungsten West regarding prospective debt funding packages are very positive for their shareholders not least given likely significantly reduced equity dilution in putting their mines into production. The increasing availability of finance for development projects bodes well for equity valuations in the sector which should benefit the Company given the nature of its portfolio. EXIM's interest in funding Tungsten West's Hermerdon tungsten mine highlights the need for western sourced critical and strategic minerals, which may also be helpful for First Tin in financing its Taronga tin project in Australia."
Further details of the Company and its investments are available on the Baker Steel Capital Managers website 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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