Baker Steel Resources Trust October 2021 Monthly Report


Net Asset Value

Baker Steel Resources Trust Limited (the “Company”) announces its unaudited net asset value per
share at 29 October 2021:

Net asset value per Ordinary Share: 97.7 pence

The NAV per share has increased by 0.7% against the unaudited NAV at 30 September 2021,
mainly due an increase in the carrying value of Tungsten West Plc following its successful IPO on
AIM 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 29 October 2021.

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