Baker Steel Resources Trust - Significant income getting closer

Baker Steel Resources Trust (BSRT) reported a significant 9.8% increase in NAV per share versus end-November 2024 on the back of the positive revaluation of key unlisted investments (Futura Resources, Cemos Group, Bilboes royalty and Nussir) following the usual year-end valuation review. This resulted in a solid overall NAV total return for 2024 of 16.1%. The continued progress made by BSRT's two largest holdings (Futura Resources and Cemos) increases the likelihood that the trust will start receiving significant recurring income from royalties, dividends and interest income from these assets in the next 12-24 months. While the level of income is dependent on the pace of production ramp-up and the pricing environment, we believe that the trust has the potential to generate an attractive double-digit income yield on its current market capitalisation (its shares now trade at a 35% discount to NAV).

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