Edison Investment Research - Baker Steel Resources Trust (BSRT) Baker Steel Resources Trust - Several IPOs of portfolio projects on the horizon

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Edison Investment Research

Pedro Fonseca

Baker Steel Resources Trust - Several IPOs of portfolio projects on the horizon

Baker Steel Resources Trust (BSRT) posted a solid 29.2% NAV total return over the 12 months to end-June 2021, primarily supported by revaluations at end-2020 and new funding rounds at project level (eg Tungsten West and First Tin). BSRT’s portfolio is maturing with several projects nearing construction or production stage (eg Bilboes, Futura Resources and Tungsten West, representing c 51% of the NAV), making them ripe for an exit or monetisation. Meanwhile, BSRT has not invested in any new project so far this year as new investments are dependent on portfolio realisations, notably of Bilboes, which has been delayed.

01/10/2021 12 EN

Underlying

Baker Steel Resources Trust

Baker Steel Resources Trust is an investment company. Co. invests in the equities, loans or related instruments, of natural resources companies. Co. invests predominantly in unlisted companies but also in listed securities. Co.'s portfolio is concentrated on the liquid markets of silver, gold, oil shale, chrome, iron ore, coal, copper, and platinum. Co.'s projects are located in Canada, China, Democratic Republic of Congo, Indonesia, Madagascar, Mongolia, Morocco, Norway, the Philippines, Republic of Congo, Russia, South Africa, Vietnam and Zimbabwe. Co.'s portfolio is managed by Baker Steel Capital Managers (Cayman) Limited. As of Dec 31 2016, Co.'s investment portfolio was £55.7 million.

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GG00B6686L20 London Stock Exchange Guernsey

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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Baker Steel Resources Trust - Several IPOs of portfolio projects on the horizon

Baker Steel Resources Trust - Interim revaluations bring H124 NAV TR to c 5%

Edison issues review on Baker Steel Resources Trust (BSRT): Potential to generate a 20%+ yield

Baker Steel Resources Trust - Potential to generate a 20%+ yield

Basilea Pharmaceutica - Milestone march continues for Cresemba

Sareum Holdings - New funding extends runway to Phase II

Ocean Wilsons Holdings - Confirmation of interest in Wilson Sons holding

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