Baker Steel Resources Trust Limited released its annual report and audited financial statements for the year ended 31 December 2024. The report is available on the Baker Steel Capital Managers website. The companys net asset value per ordinary share increased by 16.2% in the year compared with the decrease in the MSCI World Metals and Mining Index of 13.5% in Sterling terms. The companys audited net asset value per ordinary share was 89.7 pence, an increase of 16.2% in the year. The companys main investments at the year-end were Futura Resources Ltd, CEMOS Group Plc, Bilboes Gold Royalty, Nussir ASA, Metals Exploration plc, Caledonia Mining Corporation Plc, Tungsten West Plc, First Tin plc, Silver X Mining Corporation, and Kanga Investments Ltd. The companys two largest investments, CEMOS and Futura, now comprise some 65% of the companys net assets. The companys investment objective is to seek capital growth over the long term through a focused, global portfolio consisting principally of the equities, loans, or related instruments of natural resources companies. The companys investment policy is to invest in natural resources companies, predominantly unlisted, that the Investment Manager considers to be undervalued and that have strong fundamentals and attractive growth prospects. The companys board of directors is comprised of four directors: Fiona Perrott-Humphrey, Charles Hansard, John Falla, and Patrick Meier.