Baker Steel Resources Trust


£87.3m market cap

82p last close

Baker Steel Resources Trust’s (BSRT) investment objective is to seek capital growth over the long term through a focused global portfolio consisting principally of the equities, loans or related instruments of natural resources companies. BSRT invests predominantly in unlisted companies, but also in listed securities, with a view to making attractive investment returns through uplift in value resulting from development progression of investee companies’ projects, and through exploiting value inherent in market inefficiencies and pricing anomalies.

Investment summary

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.

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Share price graph
Price performance
Actual 15.1 24.2 40.2
Relative* 11.9 8.5 57.3
52-week high/low 82.2p/43.8p
*% relative to local index
Key management
Cosmo Sturge IR Associate
Francis Johnstone Investment Adviser to BSRT
Trevor Steel Chief Investment Officer and Managing Partner

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