Edison Investment Research - Baker Steel Resources Trust (BSRT) Baker Steel Resources Trust - Upside potential from successful project funding

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Edison Investment Research

Pedro Fonseca

Baker Steel Resources Trust - Upside potential from successful project funding

Baker Steel Resources Trust (BSRT) posted an NAV total return of -16.3% in FY22, which was mostly a result of the de-rating of recently floated holdings Tungsten West and First Tin and the impact of Western sanctions against Russia on Polar Acquisition (PAL) and Azarga Metals. However, BSRT also agreed to sell its equity stake in its largest holdings (Bilboes Gold, completed in January 2023) and saw progress across several projects. BSRT’s maturing portfolio offers the prospect of attractive income from royalty payments (on production launch of Futura, PAL and Bilboes Gold) and dividends (from Caledonia Mining Corporation, CMCL, and later potentially also Cemos).

18/01/2023 1 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 - Upside potential from successful project funding

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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