Baker Steel Regulatory News (BSRT)

London, UK, 17 November 2020

Edison issues update on Baker Steel Resources Trust (BSRT)

Baker Steel Resources Trust (BSRT) recorded a solid 10.8% NAV total return in the 12 months ended 30 October 2020, assisted by the progress of several projects and its precious metals exposure. Looking ahead, potential positive NAV triggers for Q420 and Q121 relate in particular to BSRT's three major projects (Bilboes, Tungsten West and Futura), which made up 45% of its NAV at end October 2020. On the other hand, the recently published pre-feasibility study (PFS) on the Prognoz mine assumes lower annual output than the preliminary economic assessment (PEA). However, this should be partially offset by a lower discount rate applied in the valuation due to the move to PFS, as well as the current favourable silver price.

BSRT's reported January to October 2020 3.1% return is based on the valuation of its unlisted holdings at end June (next review planned for 31 December). With solid share price performance, the discount narrowed at end September to just 13.8% and expanded to 18.8% at end October, below the 10-year average of c 25%.

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