Baker Steel Resources Trust Sees 9.8% NAV Increase

Edison Investment Research Limited has released a report on Baker Steel Resources Trust (BSRT), highlighting a 9.8% increase in net asset value (NAV) per share as of end-November 2024. This surge stems from positive revaluation of unlisted investments such as Futura Resources, Cemos Group, Bilboes royalty, and Nussir, following their year-end valuation review.

The report details a solid overall NAV total return for 2024 of 16.1%. It notes progress in BSRT's major holdings, Futura Resources and Cemos, which enhances prospects for significant recurring income from royalties and dividends in the next 12–24 months. Despite income being contingent on production pace and pricing, the trust could achieve an attractive double-digit income yield, as its shares trade at a 35% discount to NAV.