Edison issues report on Baker Steel Resources Trust (BSRT)

London, UK, 20 January 2026

Edison issues report on Baker Steel Resources Trust (BSRT)

Edison issues report on Baker Steel Resources Trust (LSE: BSRT)

Baker Steel Resources Trust (BSRT) reported a strong 17.7% NAV total return (TR) in December 2025 as a result of its customary year-end review of unlisted carrying values (with the Bilboes Gold royalty a major driver), as well as strong momentum in its key listed holdings, most notably Silver X. This brings BSRT’s NAV TR for 2025 to a healthy 50%, with robust contribution from nearly all of its top holdings. We consider this good breadth of portfolio performance important, as it reduced the trust’s weighting to its two largest holdings from 64.8% at end-2024 to 47.4% at end-2025. This is notwithstanding the encouraging recent developments at both of these holdings: Futura Resources (successful debt refinancing) and Cemos (launch of its compact calcination unit). BSRT will announce a new capital allocation policy upon the FY25 results release in April that could help narrow the discount to NAV (currently at over 30%).

Click here to read the full report.

All reports published by Edison are available to download free of charge from its website

www.edisongroup.com

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

[email protected]

+44 (0)20 3077 5700

Connect with Edison on:

LinkedIn www.linkedin.com/company/edison-group-/

X  www.x.com/edison_inv_res

YouTube www.youtube.com/edisonitv