Baker Steel Company Research (BSRT)

Baker Steel Resources Trust (BSRT) reported a strong 17.7% NAV total return (TR) in December 2025 as a result of its customary year-end review of unlisted carrying values (with the Bilboes Gold royalty a major driver), as well as strong momentum in its key listed holdings, most notably Silver X. This brings BSRT’s NAV TR for 2025 to a healthy 51.6%, with robust contribution from nearly all of its top holdings. We consider this good breadth of portfolio performance important, as it reduced the trust’s weighting to its two largest holdings from 64.8% at end-2024 to 47.4% at end-2025. This is notwithstanding the encouraging recent developments at both of these holdings: Futura Resources (successful debt refinancing) and Cemos (launch of its compact calcination unit). BSRT will announce a new capital allocation policy upon the FY25 results release in April that could help narrow the discount to NAV (currently at over 30%).