Baker Steel Resources Trust - Improved funding environment for junior miners

Baker Steel Resources Trust (BSRT) delivered a strong c 26% NAV total return in the first 10 months of 2025 (10M25), bolstered by operational progress and a more benign capital-raising environment for junior mining projects. Significant contributors were BSRT's key listed holdings, which at end-October 2025 made up c 33% of its portfolio. Projects of two of its holdings focused on strategic metals, Tungsten West and Blue Moon Metals, were designated EU Critical Raw Materials Act projects. Tungsten West and First Tin also received non-binding letters of interest from the Export-Import Bank of the US (EXIM). The trust enjoyed tailwinds from precious metal pricing in the valuation of its gross revenue royalty in the Bilboes Gold project in Zimbabwe and its holdings in the listed Metals Exploration, Caledonia Mining Corporation and Silver X Mining Corporation.

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