Baker Steel Regulatory News (BSRT)

London, UK, 23 January 2024

Edison issues update on Baker Steel Resources Trust (BSRT): Strong revaluation boost from Futura

Baker Steel Resources Trust (BSRT) has reported a strong 16.3% NAV increase in its end-December 2023 monthly update (reducing the FY23 NAV decline to 6.3%), following its year-end portfolio valuations update. The key driver was a c 47% revaluation of Futura Resources, BSRT’s largest holding, which owns two coking coal mines in Australia. This follows the successful financing in September 2023, which allowed Futura to advance its Wilton mine to production. At the last closing price, BSRT shares are trading at a 44% discount to its unaudited end-2023 NAV.

The cement producer Cemos was revalued by 14% to reflect part of the expected benefit from commencing a compact calcination unit to produce its own clinker (a key input, making up c 70% of production costs) later this year. Cemos believes that this could potentially double the company’s EBITDA while providing better security of clinker supply. Other major portfolio changes include a 37% reduction in the fair value of Kanga Potash and a c 19% upward revaluation of Nussir based on the change in comparable listed companies.

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