BAKER STEEL RESOURCES TRUST LIMITED
(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)
6 November 2026
Investment Update and 30 October 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 30 October 2026.
Net asset value per Ordinary Share: 149.2 pence. Total NAV: £156.4 million.
The NAV per share at 30 October 2026 decreased by 23.2 pence, down 13.5% from the last published NAV at 30 September 2026. This was mainly due to falls in the share prices of the listed investments, as mining shares were highly volatile amid the ongoing conflict in the Middle East and ahead of the US mid-term elections. The decrease also reflects the provision for the maiden interim dividend, of 2 pence per share, declared during the month with the ex-dividend date on 19 November 2026.
During October 2026, 452,600 shares were purchased as part of the Company’s share buyback programme, commenced in February 2026. As at 30 October 2026, this programme has bought back a total of 1,677,000 shares at a volume weighed average price of 118.6 pence per share.
As at 30 October 2026, the Company had a total of 104,785,502 Ordinary Shares in issue with a further 700,000 shares held in treasury.
Investment Update
The Company’s top 10 investments were as follows:
30 October 2026 £m | 30 October 2026 % | 31 December 2025 £m | 31 December 2025 % | |
Tungsten West Plc | 32.9 | 21.0% | 12.5 | 8.6% |
Cemos Group plc | 30.0 | 19.2% | 33.5 | 22.9% |
Futura Resources Ltd | 26.6 | 17.0% | 36.4 | 24.9% |
Blue Moon Metals Inc | 14.6 | 9.3% | 13.6 | 9.3% |
Bilboes Royalty | 14.2 | 9.1% | 15.7 | 10.9% |
Silver X Mining Corporation | 9.7 | 6.2% | 11.4 | 7.8% |
Metals Exploration plc | 7.0 | 4.5% | 6.8 | 4.7% |
First Tin PLC | 7.0 | 4.5% | 5.1 | 3.5% |
Kanga Potash | 3.3 | 2.1% | 1.1 | 0.7% |
Challenger Gold | 3.0 | 2.0% | n/a | n/a |
Other Investments | 5.7 | 3.6% | 5.4 | 4.7% |
Net Cash, Equivalents and Accruals | 2.4 | 1.5% | 4.6 | 3.1% |
Total | 156.4 | 100% | 146.0 | 100% |
Blue Moon Metals Inc (“Blue Moon”)
On 3 November 2026 Blue Moon announced that it has entered into a definitive share purchase agreement (the "Agreement") with ACG Metals Limited (“ACG”). Under the terms of the Agreement, ACG will acquire 100% of the outstanding equity securities of Blue Moon Norway AS (“Blue Moon Norway”), which includes the construction-stage Nussir copper mine and the exploration-stage NSG property, in an all-share transaction valued at US$220 million, based on the 30-day VWAP of the ACG shares.
ACG is listed on the London Stock Exchange. Its Gediktepe mine in Türkiye is transitioning from oxide gold and silver production to a long-life copper/zinc mine, due to come into production during the first quarter of 2027. The Nussir copper mine is on target to commence production by the end of 2027. After a 6-month hold period it is planned that Blue Moon’s approximate 27.6% shareholding in ACG will be distributed to Blue Moon’s shareholders.
Closing of the transaction remains subject to the usual conditions, including inter alia approval of the TSX Venture Exchange and ACG shareholder approval (albeit shareholders representing 80.7% of ACG’s issued shares have entered into irrevocable voting support agreements in favour of the required resolutions). Subject to the satisfaction of these conditions, the Transaction is anticipated to close by 30 November 2026.
First Tin Plc (“First Tin”)
On 30 October 2026 First Tin announced that it had received the draft conditions of consent for approval of the Taronga Tin Project’s (“Taronga”) development application from the New South Wales Government’s Department of Planning, Housing and Infrastructure (“DPHI”). Taronga is classified as a State Significant Development (“SSD”) in New South Wales and receipt of the draft conditions of consent is the final step in the assessment process before Determination (approval) of its Development Application. This milestone follows the substantive assessment of the application by the DPHI, which commenced with the Company’s submission of the Environmental Impact Statement (“EIS”) in September 2025. Determination and project approval, now expected in November, will facilitate Taronga’s advancement towards construction and development.
On 9 October 2026 First Tin announced that it received an unsolicited, indicative proposal from Metals X Limited (“MLX”) in relation to a possible cash offer for the company not already held by MLX at a price of 15 pence per ordinary share. In accordance with Rule 2.6(a) of the Code, MLX must, by no later than 5.00 p.m. (UK time) on 6 November 2026, either announce a firm intention to make an offer or announce that it does not intend to make an offer.
Challenger Gold Limited (“Challenger”)
During October 2026, the Company disposed of its equity position in Caledonia Mining and invested the proceeds into a convertible debenture of Challenger Ltd an Australian Stock Exchange listed gold developer whose key project is the Hualilan gold project in Argentina. The convertible carries a coupon of 11% per annum payable in cash. A pre-feasibility study published in 2026 outlined an open pit, heap leach mine averaging 135,000 ounces of gold per annum over a 14 year mine life.
Trevor Steel, Chief Investment Officer of the Investment Manager, Baker Steel Capital Managers LLP commented:
“The sale of Blue Moon’s Norwegian assets to ACG makes eminent strategic sense. It allows Blue Moon to concentrate its financial and management resources on its US critical minerals properties whilst adding Nussir to ACG will create a mid-tier European copper producer with approximately 50,000 tonnes of annual copper equivalent production.
We await to see whether Metals X will follow through with an offer for First Tin and the recommendation of its board as to next steps with our approximate 9.9% interest in that company.
We have followed the progress of Challenger for some time and per our defined strategy, the convertible structure provides BSRT with a measure of downside protection in the current volatile market as well as an attractive coupon.”
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, Matthew Walton (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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