Edison's Report Highlights Strong Returns for BSRT

London, UK, 21 November 2025 - Edison Investment Research Limited has released a report on Baker Steel Resources Trust (BSRT), noting a robust c 26% NAV total return in the first ten months of 2025. This performance was driven by positive operational progress and a supportive capital-raising climate for junior mining projects. Key contributors were listed holdings that constituted approximately 33% of BSRT's portfolio by the end of October 2025.

Significant projects within BSRT, such as those by Tungsten West and Blue Moon Metals, were categorized as EU Critical Raw Materials Act projects. Additionally, Tungsten West and First Tin received tentative expressions of interest from the Export-Import Bank of the US (EXIM). The trust also benefited from favorable precious metal prices, particularly impacting its Bilboes Gold project in Zimbabwe.