Baker Steel Resources Trust December 2021 Monthly Report

Fund Factsheet

Net Asset Value

Baker Steel Resources Trust Limited (the “Company”) announces its unaudited net asset value per
share at 31 December 2021:

Net asset value per Ordinary Share: 98.4 pence

The NAV per share has increased by 1.0% against the unaudited NAV at 30 November 2021,
albeit there were some significant changes in individual positions following the usual review of
unlisted holdings at the year end as outlined below. Over the full year 2021, the NAV per share
has risen by 1.2% compared to a 5.0% rise in the EMIX Global Mining Index in Sterling terms.

The Company had a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares
held in treasury as at 31 December 2021.

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