BSRT - December 2025 - 57.5% discount ex cash

In the month of December 2025 the NAV at BSRT increased 17.7% to 136p a share. It’s two years since my initiation where you could buy “Is it a Baker Steel at 39p”. Today’s you can sell BSRT at 87p. Is it time to sell this Oak Bloke 2024 idea? Met Coal producer Futura gained +£4.6m to the NAV in December 2025. A recovering Met Coal price at $240/tonne today helped. Post Period the convertible loan has been converted to equity meaning equity is now circa 31%. There is a A$3.15 per share offer under consideration which would deliver a £5.7m gain. Meanwhile the 1.5% royalty at a future assumed US$230/tonne at 1.9Mtpa the value of that would equate to an income of $6.5m or £4.9m per year. That’s a 29% return on the NAV carrying value of £16.8m, or 19.2% assuming you amortise the £16.8m value over 10 years.