**Summary**
Baker Steel Resources Trust Limited (BSRT) announced that the option for International Resources Holdings RSC LTD (IRH) to acquire BSRTs 24.1% equity interest in Futura Resources has expired, as the final exercise date of February 10, 2026, has passed. IRHs inability to consolidate coking coal mining operations in Queensland, Australia, within the option period, coupled with rising coking coal prices (from US$180/tonne to over US$240/tonne), contributed to the options lapse.
Futura Resources is now in a strong financial position following a US$90 million refinancing and improved coal prices. The company is progressing towards full production at its Fairhill and Wilton mines, with Fairhill already producing high-quality metallurgical coal and engaging with international steel mills. Wilton mine is expected to restart in July 2026, targeting 220,000t of monthly production by year-end.
The expiry of the IRH option restores Futuras strategic flexibility, allowing it to maximize shareholder value and explore opportunities in a favorable market. BSRTs Chief Investment Officer, Trevor Steel, highlighted that the lapsed option, agreed upon when coal prices were lower and Futura was financially weaker, could lead to a higher valuation for Futura given current market conditions. BSRT retains its 24.1% equity stake and a 1.5% gross revenue royalty from Futuras mines.