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.

Click here to view the full report or here to sign up to receive research as it is published.

Subscribe to Edison's content to receive reports by email.

All reports published by Edison are free-to-access and available on the website .

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Edison is authorised and regulated by the Financial Conduct Authority .

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

   Milosz Papst    +44 (0) 20 3681 2519 investmenttrusts@edisongroup.com

Michal Mierzwiak +44 (0)20 3077 5700 investmenttrusts@edisongroup.com

   Learn more at   edisongroup.com   and connect with Edison on: 
   LinkedIn        https://www.linkedin.com/company/edison-group- 
   Twitter           www.twitter.com/Edison_Inv_Res 
   YouTube       www.youtube.com/edisonitv

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word "Reach" in the source column of the News Explorer pages of London Stock Exchange's website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

NRAKELBBFBLLFBZ

(END) Dow Jones Newswires

October 05, 2021 05:27 ET (09:27 GMT)

Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Baker Steel Resources Charts.
Baker Steel Resources (LSE:BSRT)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Baker Steel Resources Charts.