Baker Steel Resources Trust Limited (LSE:BSRT) reported a 13.5% decline in its unaudited net asset value (NAV) per share to 149.2p as of October 30, 2026, compared with 172.4p at the end of September.
The investment trust’s total NAV stood at £156.4 million, with the monthly decline primarily reflecting weaker share prices among its listed mining investments amid Middle East tensions and uncertainty ahead of the US midterm elections.
The reduction also included a provision for the company’s maiden interim dividend of 2p per share, with an ex-dividend date of November 19, 2026.
Share Buybacks Continue
Baker Steel repurchased 452,600 ordinary shares during October under its buyback programme, which began in February 2026.
By October 30, the company had acquired a total of 1,677,000 shares at a volume-weighted average price of 118.6p per share.
The trust had 104,785,502 ordinary shares in issue, with a further 700,000 held in treasury.
Its largest portfolio holdings included Tungsten West, valued at £32.9 million and representing 21.0% of NAV, followed by Cemos Group at £30.0 million, or 19.2%, and Futura Resources at £26.6 million, or 17.0%.
Blue Moon Metals Announces $220 Million Asset Sale
Portfolio company Blue Moon Metals announced an agreement to sell its Norwegian subsidiary, including the Nussir copper mine and NSG exploration property, to London-listed ACG Metals in an all-share transaction valued at US$220 million.
The proposed transaction would give Blue Moon approximately 27.6% of ACG, with the shares expected to be distributed to Blue Moon shareholders following a six-month holding period.
Completion remains subject to regulatory and shareholder approvals and is anticipated by November 30, 2026.
The Nussir copper mine is targeting production by the end of 2027, while ACG’s Gediktepe operation in Türkiye is transitioning towards copper and zinc production.
First Tin Advances Taronga Project Amid Takeover Interest
First Tin, another Baker Steel portfolio company, received draft development consent conditions for its Taronga Tin Project in New South Wales, Australia.
The milestone represents the final stage of the assessment process before a development approval decision, expected in November 2026.
First Tin is also considering an unsolicited indicative cash offer from Metals X Limited at 15p per share.
Under UK takeover rules, Metals X has until November 6, 2026, to announce a firm offer or confirm that it does not intend to proceed.
Baker Steel holds approximately 9.9% of First Tin.
Investment in Challenger Gold Convertible Debt
During October, Baker Steel exited its equity investment in Caledonia Mining and reinvested the proceeds into a convertible debenture issued by Challenger Gold.
The instrument carries an annual cash coupon of 11% and provides exposure to Challenger’s Hualilan gold project in Argentina.
A 2026 pre-feasibility study outlined a potential open-pit, heap-leach operation producing an average of 135,000 ounces of gold annually over a 14-year mine life.
Chief Investment Officer Trevor Steel said the convertible structure offered a measure of downside protection during volatile market conditions while providing an attractive income return.
He also highlighted the strategic rationale for Blue Moon’s Norwegian asset disposal and said the investment manager was monitoring developments surrounding the potential First Tin takeover.
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