Baker Steel Resources Trust April 2022 Monthly Report

Fund Factsheet

Net Asset Value

Baker Steel Resources Trust Limited (the “Company”) announces its unaudited net asset value per
share at 29 April 2022:


Net asset value per Ordinary Share: 91.9 pence.


The NAV per share has decreased by 5.7% against the unaudited NAV at 31 March 2022 largely
due to falls in the share prices of the listed portion of the portfolio, in particular that of Tungsten
West Plc, which outweighed an increase in the carrying value of Futura due to the conversion of a
bridging loan into an additional royalty interest.


The Company had a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares
held in treasury as at 29 April 2022.

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