Baker Steel Resources Trust Limited (BSRT), a Guernsey-incorporated closed-ended investment company focused on mining and resources, has reported an unaudited net asset value per share of 149.2 pence as at 30 October 2026, representing a decline of 23.2 pence or 13.5% from the 30 September 2026 figure. The fall was driven primarily by volatility in listed mining shares, compounded by geopolitical tensions in the Middle East and uncertainty ahead of US mid-term elections. The NAV also reflects a provision for BSRT's maiden interim dividend of 2 pence per share, with an ex-dividend date of 19 November 2026. Total NAV stood at £156.4 million.

Key Points

  • Baker Steel Resources Trust Limited (BSRT), incorporated in Guernsey
  • Unaudited NAV per share fell 13.5% to 149.2 pence as at 30 October 2026, with total NAV of £156.4 million
  • Maiden interim dividend of 2 pence per share declared; ex-dividend date 19 November 2026; 452,600 shares bought back during October 2026
  • Investors should watch the outcome of Metals X's possible offer for First Tin and closing of the Blue Moon–ACG transaction, anticipated by 30 November 2026

Blue Moon Metals Agrees US$220 Million All-Share Sale of Norwegian Copper Assets to ACG Metals

BSRT's fourth-largest holding, Blue Moon Metals Inc, valued at £14.6 million and representing 9.3% of the portfolio, announced on 3 November 2026 that it has entered a definitive share purchase agreement with London Stock Exchange-listed ACG Metals Limited. ACG will acquire 100% of Blue Moon Norway AS — which holds the construction-stage Nussir copper mine and the exploration-stage NSG property — in an all-share transaction valued at US$220 million based on ACG's 30-day volume-weighted average price. The transaction is anticipated to close by 30 November 2026, subject to TSX Venture Exchange approval and ACG shareholder approval, with shareholders representing 80.7% of ACG's shares already having signed irrevocable voting support agreements. After a six-month hold period, Blue Moon's approximate 27.6% shareholding in ACG is planned to be distributed to Blue Moon shareholders.

First Tin's Taronga Project Reaches Final Planning Step in New South Wales Amid Metals X Takeover Approach

First Tin Plc, in which BSRT holds an approximate 9.9% interest valued at £7.0 million, reached a significant regulatory milestone on 30 October 2026 when it received draft conditions of consent for the Taronga Tin Project's development application from New South Wales's Department of Planning, Housing and Infrastructure. This is the final assessment step before formal determination, now expected in November 2026, which would facilitate advancement toward construction. Separately, on 9 October 2026 First Tin disclosed an unsolicited, indicative proposal from Metals X Limited for a possible cash offer at 15 pence per ordinary share. Under the Takeover Code, Metals X faced a deadline of 5.00 p.m. on 6 November 2026 to announce a firm intention or walk away.

BSRT Exits Caledonia Mining and Enters Challenger Gold Convertible Debenture at 11% Coupon

During October 2026, BSRT disposed of its equity position in Caledonia Mining and reinvested the proceeds into a convertible debenture issued by Challenger Gold Limited, an Australian Securities Exchange-listed gold developer. Challenger's key asset is the Hualilan gold project in Argentina, for which a pre-feasibility study published in 2026 outlined an open-pit, heap-leach mine averaging 135,000 ounces of gold per annum over a 14-year mine life. The convertible carries a coupon of 11% per annum payable in cash. The company's buyback programme, commenced in February 2026, purchased 452,600 shares in October 2026, bringing the cumulative total to 1,677,000 shares at a volume-weighted average price of 118.6 pence per share.