24th Sep 2026 15:03
(Alliance News) - Baker Steel Resources Trust Ltd on Thursday reported increased income and net asset value in the first half of 2026 despite a challenging market environment.
The London-based investor in natural resources, gold and precious metals said total comprehensive income rose 41% to GBP22.0 million in the six months to June 30 from GBP15.6 million a year earlier.
Net asset value per share at June 30 was 158.2 pence, up 15% from 137.1p at December 31, outperforming a 10% rise in the MSCI World Metals & Mining Index.
Total earnings per share were 20.77p, up 41% from 14.68p a year earlier.
Baker Steel Resources said the backdrop "continued to be challenging", with inflation putting pressure on interest rates and dampening precious metals prices in the second quarter, while coal prices stabilised.
Looking ahead, the company said short-term trends will be affected by decisions of the US administration regarding the Middle East war and their implications for inflation. It added that it expects "volatility in markets to continue".
Regarding the composition of its portfolio, the trust said investments in Tungsten West PLC, Blue Moon Metals Inc and Silver X Mining Corp progressed due to favourable investor sentiment towards junior mining projects, aided by government investment.
In the UK, the National Wealth Fund provided GBP71.0 million to ensure Tungsten West's Hemerdon tungsten mine in Devon reaches full production early next year. In the US, the government invested USD150.0 million in Blue Moon's Springer tungsten mine.
Driven by the rise in its share price, Tungsten West became the largest contributor to NAV, overtaking unlisted Futura Resources Ltd, which owns steel-making coal projects in the Bowen Basin in Queensland, Australia.
Baker Steel Resources said: "The past three years the NAV has grown by 135% but the shares continue to trade at a disappointingly wide (albeit reduced) discount."
The company said it will declare a first interim dividend of 2p per share.
Shares were down 2.8% at 137.00p in London on Thursday afternoon. Over the last year, shares have risen 77%.
By Camilla Borri, Alliance News reporter
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