Edison Releases Positive Report on Baker Steel Resources Trust

Edison Investment Research has published a report on Baker Steel Resources Trust (BSRT), highlighting a 17.7% NAV total return in December 2025. This performance was partly driven by a review of unlisted carrying values, with the Bilboes Gold royalty making a significant impact. The 2025 NAV total return reached 50%, supported by nearly all key holdings like Silver X.

BSRT's diverse portfolio performance reduced its dependency on its largest holdings, from 64.8% at the end of 2024 to 47.4% by the end of 2025. Major holdings, Futura Resources and Cemos, showed positive developments. In April, BSRT plans to announce a new capital allocation policy, aiming to reduce the NAV discount, which is currently over 30%.