Edison issues report on Baker Steel Resources Trust (BSRT)

London, UK, 22 July 2026

Edison issues report on Baker Steel Resources Trust (BSRT)

Edison issues report on Baker Steel Resources Trust (LSE: BSRT)

Baker Steel Resources Trust (BSRT) posted a robust 15.4% NAV total return (TR) in H126, ahead of the c 5% and 10% TR posted by the S&P/TSX Global Mining Index and the MSCI World Metals & Mining Index, respectively, in sterling terms, bolstered primarily by its listed holdings Tungsten West and Blue Moon Metals. This was partly offset by the downward valuation adjustments of its two major unlisted holdings: Futura Resources (driven by a negative impact from adverse weather conditions and the war in the Middle East as well as lower public comparable multiples) and Cemos (due to lower peer multiples). These two assets were, alongside a de-rating in listed holdings, major drivers behind the 13.6% NAV decline in June 2026. As BSRT’s discount to NAV narrowed from 43% at end-2025 to 24% currently, its share price TR to date was a strong 55%.

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