Title: Document Title URL Source: https://documentscdn.financialexpress.net/Literature/F31D700AECD3912C83346EF6B0F1EEC0/242446844.pdf Number of Pages: 3 Markdown Content: 1 # Investor # Report CQS Natural Resources Growth and Income PLC # (t he “Company” ) 30 April 202 6 ## Key Facts 1 Portfolio Managers Keith Watson Robert Crayfourd Launch Date August 2003 Total Gross Assets £16 8.1 m Reference Currency GBP Ordinary Shares Net Asset Value: 422. 79p Mid -Market Price: 395 .00 p Dividend Yield (est .) 8.0 % Net gearing 4 10.0 % Discount (6.6 %) Ordinary Shares in Issue 36,326,009 Ongoing Charge Ratio 2.00% Annual Management Fee Annual Management Fee 1.0% p.a. on net assets. Bloomberg CYN LN Reuters CYN.L Sedol 0035392 Year End 30 June Contact Information CQSClientService@cqsm. com Company Broker Cavendish Capital Markets Limited 020 7220 0500 AGM December Dividend Information 202 5/2 6 6.02 p interim pa id On 28 Nov ember 202 5 7.00p p aid On 27 February 2026 8.34 payable 29 May 2026 Fiscal Year -End 30 June Previous Dividend Information 2012/13 Total 5.50p 2013/14 Total 5.60p 2014/15 Total 5.60p 2015/16 Total 5.60p 2016/17 Total 5.60p 2017/18 Total 5.60p 2018/19 Total 5.60p 2019/20 Total 5.60p 2020/21 Total 5.60p 2021/22 Total 5.60p 2022/23 Total 8.60p 2023/24 Total 6.60p 2024/25 Total 8.03p Investor Report Monthly Factsheet Annual Report & Accounts Published: October Results Announced Finals: October Interims: March ## Ordinary Share and NAV Performance 2 1 Month (%) 3 Months (%) 6 Months (%) 1 Year (%) 3 Year (%) 5 Year (%) Since Inception (%) NAV 3.4 8.6 45.1 129.0 141.9 208.6 1572.6 Share Price 8.1 5.2 42.8 124.6 162.6 220.9 1668.9 MSCI World Energy Sector Index 3 (4.7) 20.4 33.1 53.8 52.0 187.1 775.4 MSCI World Metals & Mining Index 3 2.0 3.4 29.8 72.9 69.7 107.9 874.6 ## Commentary 4 The Company’s NAV rose 3.6% over April, ahead of the MSCI World Metals & Mining and MSCI World Energy indices, which returned 2.0% and -4.7% , respectively, in sterling. Oil remained volatile through April as the US raised the prospect of a ceasefire with Iran, weighing on prices, before rallying as it became clear talks were breaking down. Even a brief ceasefire would still lead to significant disruption to global oil flo ws, impacts that have not yet been fully felt. The last oil exports through the Strait of Hormuz (SoH) were still being delivered in late April, meaning the brunt of the supply loss will become more evident in May and June. At the time of writing, there is no clear off -ramp for negotiations, with Iran appearing to gain leverage as oil prices move higher. An oil price greater than $200 is justified by this current disruption, as that is the level at which a material reduction in usage would begin to emerge , particularly in more price -sensitive emerging markets. However, even this price would likely be insufficient, given the low proportion of oil usage that is discretionary. The Company remains weighted to energy, precious metals, and shipping over the more economically sensitive base metals, reflecting concerns that a higher oil price would hurt emerging market economies the most, which are also key drivers of base metal demand, where r ecycling is less prevalent. Precious metals have been less directional, as concerns about higher oil prices and inflation expectations have lifted rates, weighing on their pric es . Similarly, oil is a significant input cost for miners and could negatively impact margins. However, we believe this energy shock is materially positive for the longer - term drivers of precious metals, such as government debt levels, currency depreciation, and global economic risks . We also note that miners' strong current margins lessen the impact of some cos t creep. The Company added to Tamboran Resources, reflecting its large Australian shale gas resource, and Teekay Tankers, a shipper focused on mid -range crude tankers, which we believe should benefit from current shipping route disruptions in the Middle East. ## Description The Company aims to generate capital growth and income , predominantly from a portfolio of mining and resource equities, and from mining, resource and industrial fixed interest securities. ## Key Advantages for the Investor ▪ Access to under -researched, mid and smaller -cap companies in the Natural Resources sector ▪ Quarterly dividend paid to shareholders ▪ Potential inflation hedge ## Portfolio Managers Keith Watson and Robert Crayfourd Sources: 1 Manulife | C QS Inves tment Management and Frostrow LLP as at the last business day of the month indicated at the top of this investor report . 2 Total return performance net of fees and expenses as at the last business day of the month indicated at the top of this investor report . 3 Source: MSCI is total return . 4 All market data sourced from Bloomberg unless otherwise stated. All returns quoted in local currency unless otherwise stated. The Company may since have exited some or all of the positions detailed in the commentary. 2 # Monthly Investor Report – CQS Natural Resources Growth and Income PLC – April 2026 Sector Region ## AIFMD Leverage Limit Report (% of NAV) Gross Leverage (%) 3 Commitment Leverage (%) 3 CQS Natural Resources Growth and Income 10 8 108 Source s: 1 Manulife | C QS Investment Management and Frostrow LLP as at the last business day of the month indicated at the top of this investor report . 2 All holdings data are rounded to one decimal place. Totals may therefore differ to sum of constituents. 3 Manulife | C QS Investment Management , as at the last business day of the month indicated at the top of this investor report . For methodology details see Article 4(3) of Directive 2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated Regulation 231/2013. The AIFMD Leverage Limit Report includes the proceeds from the Tender Pool which were distributed in October 2025. 4 Manulife | C QS Investment Management as at the last business day of the month indicated at the top of this investor report . For methodology details see Article 4(3) of Directive 20 11/61/EU (AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated Regulation 231/2013. These include historic returns and past performance is not a reliable indicator of future results. The value of investments can go down as well as up. Please read the important legal notice at th e end of this document . ## Top 20 Holdings (% of MV) 1,2 Name (% of MV ) NEXGEN ENERGY NPV 5.8 TAMBORAN RESOURCES CORP USD0.001 4.6 SPARTAN DELTA CORP NPV 4.2 PREDICTIVE DISCOVERY NPV 3.4 EMERALD RESOURCES NPV 3.3 GREATLAND RESOURCES NPV 3.3 BW LPG LTD USD 0.0100 3.2 TRANSOCEAN USD0.01 2.7 CENOVUS ENERGY COM NPV CAD 2.6 TALON METALS CORP NPV 2.6 Top 10 Holdings Represent 35.7 Name (% of MV) EQUINOX GOLD CORP NPV 2.5 ORA BANDA MINING NPV 2.5 CORE NATURAL RESOU USD0.0100 2.4 SUNCOR ENERGY NPV 2.4 UR ENERGY NPV 2.4 WEST AFRICAN RESOURCES NPV 2.3 SOUTHERN CROSS GOLD CONS -CDI NPV 2.1 G MINING VENTURE CORP 0.000001 1.9 POLYMETALS RESOURCES NPV 1.8 HARBOUR ENERGY ORD GBP0.00002 1.8 Top 20 Holdings Represent 57.8 ## Portfolio Analysis 1,2 Precious Metals 37.6% Oil & Gas 30.1% Uranium 11.7% Shipping 5.2% Base Metals 4.4% Coal 3.9% Copper 2.8% Lithium 1.8% Other 2.6% North America 42.3% Australia 20.6% Latam 11.3% Africa 8.4% Global 7.2% Asia 5.7% Europe 4.5% 3 # Monthly Investor Report – CQS Natural Resources Growth and Income PLC – April 2026 > Important Information Manulife | CQS Investment Management is a trading name of CQS (UK) LLP which is authorised and regulated by the Financial Conduct Authority. This document has been issued by CQS (UK) LLP and/or CQS (US), LLC which is a registered investment adviser with th e US Securities and Exchange Commission, The term “CQS” or “Manulife | CQS Investment Management” as used herein may include one or more of CQS (UK) LLP, CQS (US), LLC or any other affiliated entity. The information is intended solely for sophisticated inv estors who are (a) professional investors as defined in Article 4 of the European Directive 2011/61/EU or (b) accredited investors (within the meaning given to such term in Regulation D under the U.S. Securities Act of 1933, as amended) and qualified purch asers (within the meaning given to such term in Section 2(a)(51) of the U.S Investment Company Act 1940, as amended). This document is not intended for distribution to, or use by, the public or any person or entity in any jurisdiction where such use is pro hibited by law or regulation. Manulife | CQS Investment Management is a wholly owned subsidiary of Manulife Investment Management (Europe) Limited. This document is a marketing communication prepared for general information purposes only and has not been delivered for registration in any jurisdiction nor has its content been reviewed by any regulatory authority in any jurisdiction. The information con tained herein does not constitute: (i) a binding legal agreement; (ii) legal, regulatory, tax, accounting or other advice; (iii) an offer, recommendation or solicitation to buy or sell shares or interests in any fund or investment vehicle managed or advise d by CQS (a “CQS Fund”) or any other security, commodity, financial instrument, or derivative; or (iv) an offer to enter into any other transaction whatsoever (each a “Transaction”). 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