Baker Steel Resources Trust November 2021 Monthly Report

Net Asset Value Statement

30 November 2021 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the “Company”) announces its unaudited net asset value per
share at 30 November 2021:

Net asset value per Ordinary Share: 97.4 pence

The NAV per share has decreased by 0.3% against the unaudited NAV at 29 October 2021, mainly
due a fall in the value of Tungsten West Plc on AIM during the month after the initial strong price
performance following its IPO in October 2021, albeit the share price still remains at 10% above
the IPO price.

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 November 2021.

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