TIDMBSRT

Baker Steel Resources Trust Ltd

05 October 2021

London, UK, 05 October 2021

Edison issues update on Baker Steel Resources Trust (BSRT)

Baker Steel Resources Trust (BSRT) posted a solid 29.2% NAV total return over the 12 months to end-June 2021, primarily supported by revaluations at end-2020 and new funding rounds at project level (eg Tungsten West and First Tin). BSRT's portfolio is maturing with several projects nearing construction or production stage (eg Bilboes, Futura Resources and Tungsten West, representing c 51% of the NAV), making them ripe for an exit or monetisation. Meanwhile, BSRT has not invested in any new project so far this year as new investments are dependent on portfolio realisations, notably of Bilboes, which has been delayed.

BSRT has a number of initial public offerings (IPO) in the pipeline. These are potential NAV catalysts, which include Tungsten West's floatation scheduled for mid-October 2021, followed by First Tin (H122) and Bilboes (H122, delayed following the terminated negotiations with a strategic buyer). BSRT is also considering an IPO of Kanga Potash. We note that the listings are primarily aimed at raising capital to finance the construction or refurbishment of mines. Meanwhile, Futura Resources decided to proceed with its production launch as current Australian coking coal prices sit well above the long-term project assumption of US$135/tonne and as the demand/supply situation across regions stabilised in the aftermath of China's unofficial ban on Australian coking coal.

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