62. Uncovering Trusts – Baker Steel Resources Trust (BSRT): Capturing value along the mining deve...

In this episode, our director of content for investment companies, Milosz Papst, talks about Baker Steel Resources Trust (BSRT), a closed-end investment company targeting long-term capital growth through a concentrated portfolio of natural resources investments, spanning listed and unlisted equity, convertible loans and royalties. Milosz covers BSRT's 15.4% NAV total return in H126, ahead of its mining benchmarks, and the further 17.3% NAV increase in August driven largely by Tungsten West's agreement with the UK National Wealth Fund for financing of up to £71m to bring the Hemerdon mine into production. He also discusses the trust's other largest holdings, including Cemos, Futura Resources and Blue Moon Metals, as well as progress at smaller positions such as the Bilboes gold royalty and Silver X. Milosz also covers the board's new capital allocation policy targeting a 5% annual return of capital, the ongoing share buyback programme, and the narrowing of BSRT's discount from 43% at end-2025 to 22%. *********************************************************** About ‘Uncovering Trusts’ 'Uncovering Trusts': is a podcast run by Edison analysts released every two weeks. Subscribe to hear analyst interviews on how investment trusts maximise returns while managing risks for investors. About Edison: Edison is a content-led IR business. We believe quality investment content should inform all investors, not just brokers. Our mission: engage and build bigger, better-informed investor audiences for our clients. Edison covers around 50 investment trusts, read about them here: https://www.edisongroup.com/equities/...