Baker Steel Resources Trust - High interest in assets, 16.4% return in H125

Baker Steel Resources Trust (BSRT) reported a strong monthly NAV uplift of 13.2% in June 2025 (bringing the H125 NAV total return to 16.4%) following its latest interim valuations update, with multiple portfolio drivers across its top 10 assets. Most notable among these was the AIM-listed Tungsten West as its share price rallied by 153% in June, following the designation of its Hemerdon Mine as one of the EU's Critical Raw Materials Act projects (alongside the copper mining project of Nussir, which BSRT holds through Blue Moon Metals). BSRT also benefited from a valuation uplift on the agreed sale of the net smelter royalty in the Prognoz Silver Mine in Russia by Polar Acquisition (PAL). Finally, the trust enjoyed tailwinds from favourable precious metal prices in the valuation of its gross revenue royalty in the Bilboes Gold project in Zimbabwe and holdings in the listed Metals Exploration, Caledonia Mining Corporation and Silver X. BSRT's last closing price implies a 36% discount to its end-June 2025 NAV of 104.4p per share.

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