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Baker Steel Resources Trust Ltd shares climbed on Monday as it reported a sharp rise in its net asset value in December. The investor in mining companies said its net asset value per share was 136.0p at the end of December, up 18% from the end of November. The NAV per share is up 52% during 2025 to a total of £144.7 million. The firm said key contributors to last month’s rise were the 83% share price increase in Silver X Mining Corp and the 55% rise in the value of the Bilboes royalty, as part of Baker Steel’s review of the carrying values of its unlisted holdings. It said the value of the Bilboes royalty increased partly due to the higher gold price and partly as a result of Caledonia Mining Corp PLC committing to develop the project following a positive feasibility study. Caledonia has earmarked $136 million on Bilboes in 2026 out of a total of $484 million over the next two and a half years. ‘We are pleased to announce such a meaningful increase in our NAV over the year ending December 2025, reflecting an improvement across the range of our investments. An additional positive outcome has been a better balance in the portfolio spread at year-end,’ said Chair Fiona Perrott-Humphrey. ‘Having exposure to the best performing commodity prices during 2025 (gold, silver, copper, tin, tungsten) has underlined the value of our portfolio diversity.’ The firm said strong commodity prices and positive development plans drove increased share prices in listed shares, which improved the balance of the portfolio. Chair Perrott-Humphrey added: ‘The [Baker Steel Resources Trust] share price rose by only 38% over the year and we are keenly aware of the continued large discount at which our shares trade. We reiterate our firm intention to announce a detailed capital allocation plan along with the release of our annual financial statements in April, with the aim of continuing to ensure that shareholders reap further rewards from the improved performance of the portfolio.’ Shares in Baker Steel Resources Trust were up 8.1% at 89.70 pence on Monday afternoon in London. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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