Baker Steel Resources Trust January 2022 Monthly Report

Fund Factsheet

Net Asset Value

Baker Steel Resources Trust Limited (the “Company”) announces its unaudited net asset value per
share at 31 January 2022:

Net asset value per Ordinary Share: 95.5 pence

The NAV per share has decreased by 2.9% against the unaudited NAV at 31 December 2021,
largely due to falls in the listed holdings during January 2022 in particular Tungsten West PLC
which fell 16.4% on the AIM Market of the London Stock Exchange during the month.


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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