Edison Investment Research Limited / GG00B6686L20

  London, UK, 21 November 2025   Edison issues report on Baker Steel Resources Trust (BSRT) Baker Steel Resources Trust (BSRT) delivered a strong c 26% NAV total return in the first 10 months of 2025 (10M25), bolstered by operational progress and a more benign capital-raising environment for junior mining projects. Significant contributors were BSRT’s key listed holdings, which at end-October 2025 made up c 33% of its portfolio. Projects of two of its holdings focused on strategic metals, Tungsten West and Blue Moon Metals, were designated EU Critical Raw Materials Act projects. Tungsten West and First Tin also received non-binding letters of interest from the Export-Import Bank of the US (EXIM). The trust enjoyed tailwinds from precious metal pricing in the valuation of its gross revenue royalty in the Bilboes Gold project in Zimbabwe and its holdings in the listed Metals Exploration, Caledonia Mining Corporation and Silver X Mining Corporation. Click here to read the full report. All reports published by Edison are available to download free of charge from its website www.edisongroup.com 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: enquiries@edisongroup.com +44 (0)20 3077 5700 Connect with Edison on:   LinkedIn www.linkedin.com/company/edison-group-/ X  www.x.com/edison_inv_res YouTube www.youtube.com/edisonitv