Baker Steel Resources Trust (LSE: BSRT)

Currency in GBP

Last close As at 28/11/2023


−0.50 (−1.45%)

Market capitalisation


Baker Steel Resources Trust (BSRT) is a closed-ended investment company aiming to achieve long-term capital growth through investing in equity, loans and related instruments issued by private natural resources companies, targeting a global concentrated portfolio of 15–20 investments. BSRT’s objective is to create value through driving the development of investee companies, as well as exploiting market inefficiencies and pricing anomalies.

Latest Insights

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Investment Companies | edison tv

Executive interview: Discussing BSRT’s NAV and income potential

Investment Companies | Flash note

Baker Steel Resources Trust — Valuation headwinds reflected in June 2023 NAV

Investment Companies | Update

Baker Steel Resources Trust — Facing a challenging funding environment

Businessman talking about investment stock market and graph from computer laptop with broker trader, giving money plan management and analysis

Equity Analyst

Milosz Papst

Milosz Papst

Director, Financials

Key Management

  • Cosmo Sturge

    IR Associate

  • Francis Johnstone

    Investment Adviser to BSRT

  • Trevor Steel

    Chief Investment Officer and Managing Partner

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.0 (1.5) (25.3)
Relative (3.1) (3.0) (24.6)
52 week high/low 55.0p/33.5p


Baker Steel Resources Trust (BSRT) announced that Futura Resources (its second-largest holding, making up 25.3% of end-August 2023 NAV) closed a c A$26.2m funding round (A$21.2m convertible note and A$5m in-kind commitments from contractors and suppliers). This should fully fund the advancement of the Wilton coking coal mine to production. We see it as a major milestone and possibly also a considerable trigger for BSRT’s year-end NAV uplift. We note Futura’s high royalty and dividend income potential once in full production, possibly at a high single- to low double-digit yield on BSRT’s share price at its current c 47% discount to NAV.



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