Edison Investment Research Limited / GG00B6686L20

  London, UK, 9 May 2025   Edison issues report on Baker Steel Resources Trust (LSE: BSRT). Baker Steel Resources Trust (BSRT) has announced that Futura Resources (one of its largest holdings, making up 33.1% of end-April 2025 NAV) obtained a US$15m loan from International Resources Holdings (IRH), a mine-to-market company based in the UAE. The loan proceeds will be used to fund the further production ramp-up of Fairhill (one of Futura’s two coking coal mines in Australia). Separately, BSRT and some other Futura shareholders, representing more than 50.1% of Futura’s fully diluted share capital, signed agreements giving IRH an option to acquire their shares at a price of A$3.15 per Futura share within nine months, which implies Futura’s enterprise value of c A$250m, according to BSRT. Importantly, this equity valuation is c 43% above the carrying value of A$2.21 per share at which BSRT currently holds its Futura shares (which we calculate make up 12.5% of BSRT’s end-April 2025 NAV), offering significant re-rating potential if IRH exercises its option (a c £5m valuation uplift and a 5.3% increase in BSRT’s NAV vs end-April 2025). For now, BSRT has refrained from revaluing Futura pending a binding offer from IRH. 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 Connect with Edison on:   LinkedIn www.linkedin.com/company/edison-group-/ X  www.x.com/edison_inv_res YouTube www.youtube.com/edisonitv