Edison's Report Highlights Baker Steel Resources Trust Performance

On July 22, 2026, Edison Investment Research Limited released a report on Baker Steel Resources Trust (BSRT). The trust reported a notable 15.4% NAV total return in the first half of 2026. BSRT outperformed indices such as the S&P/TSX Global Mining and MSCI World Metals & Mining, attributed mainly to holdings in Tungsten West and Blue Moon Metals.

The trust faced challenges, with significant downward valuation adjustments in unlisted holdings like Futura Resources and Cemos. These adjustments resulted in a 13.6% NAV decline in June 2026. Despite these, BSRT's discount to NAV reduced significantly, and the share price total return was a strong 55%.