Baker Steel Resources Trust June 2022 Monthly Report

Monthly Report

30 June 2022 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the “Company”) announces its unaudited net asset value per share at 30 June 2022:

Net asset value per Ordinary Share: 80.4 pence.

The NAV per share has decreased by 7.6% against the unaudited NAV at 31 May 2022 largely due to falls in the market for mining shares which have affected both the share prices of the listed portion of the portfolio as well as the pricing of certain of the unlisted shares when they are adjusted for market movements as part of the Company’s normal review of the unlisted positions at the half year as described below.

The Company had a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 30 June 2022.

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