Title: 241324992.pdf URL Source: https://documentscdn.financialexpress.net/Literature/E7F803DB7D51B472AFC10E7EA5807865/241324992.pdf Number of Pages: 3 Markdown Content: Baker Steel Resources Trust Limited # FACTSHEET 31 March 2026 # The Company offers exposure to private and select public companies in the # Natural Resources sector which have the potential to grow over the long -term . # NAV PER SHARE: 174 .0 p Prospective investors should read the Key Information Document and Prospectus prior to investing. INVESTMENT OBJECTIVE The Company’s investment objective is to seek capital growth over the long -term through a concentrated but diversified , global portfolio consisting principally of the equities, royalties, loans or related instruments of natural resources companies. The Company invests predominantly in unlisted companies but also in listed securities (including special situations opportunities and less liquid securities) with a view to making attractive inv estment returns through the uplift in value resulting from the develo pment progression of the investee companies’ projects and through exploiting value inherent in market inefficiencies and pricing anomalies . COMPANY BAKER STEEL RESOURCES TRUST LTD. Baker Steel Resources Trust Limited (the “Company ” or “BSRT”) is a closed -ended investment company that is incorporated in Guernsey under the Companies (Guernsey) Law 2008. The shares of the Company are listed on the Official List of the UK Listing Authority and are traded on the Main Market of the London Stock Exchange following its launch in 201 0. The Company is currently classified as an excluded security for the purposes of Non - mainstream pooled investment . INVESTMENT MANAGER Baker Steel Capital Managers LLP Baker Steel has extensive experience in the management of funds, investing in the natural resources, gold and precious metals sectors. Our investment team benefits from strong technical backgrounds in mining, geology and engineering. Our fund manage ment team make s regular research trips globally in order to identify investment opportunities with attractive prospects and fundamental value. Baker Steel was founded in 2001 and has offices in London and Sydney . Client Services and Fund Management Baker Steel Capital Managers LLP 34 Dover Street London W1S 4NG United Kingdom T: +44 (0)20 7389 0009 www.bakersteelcap.com enquiries@bakersteelresourcestrust.com COMPANY ADDRESS Baker Steel Resources Trust Ltd PO Box 656, East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3PP COMPANY STOCKBROKERS Shore Capital +44 (0)20 7408 4050 A Member Company of the AIC PERFORMANCE 1 Month % 3 Months % 6 Months % 1 Year % 3 Years % 5 Years % Share Price 0.0 % 52.9 % 74.9 % 123.6 % 154.8 % 31.7 % NAV per Share 0.2 % 26.9 % 56.3 % 94.6 % 126.6 % 78.6 % All data in Sterling terms. Performance is b ased on the last available valuation date at month end. Past performance is not a guide to future performance. Source: Bloomberg , Baker Steel Resources Trust. Data as at 31 March 2026 . Your attention is drawn to the disclaimer below Baker Steel Resources Trust Limited # PORTFOLIO ANALYSIS 31 March 2026 TOP TEN HOLDINGS Key Information Total Net Assets Shares in issue Currency NAV per share Share Price Discount Gearing Management Fee ** Performance Fee ** OCR Dividend Yield Bloomberg Reuters Sedol ISIN Year End Annual Report Interims £183.9 m 10 5.7m GBP 174 .0 p 11 8.5 p 31.9 % Nil 1.75% (mkt cap) See below 2.02% n/a BSRT.LN BSRT.L B6686L2 GB GG00B6686L20 December April September % NAV % NAV Tungsten West Plc 22.8 % Silver X Mining Corp 5.8 % Futura Resources Ltd 19.6 % First Tin Plc 3. 5% Cemos Group plc 18.2 % Metals Exploration Plc 3. 0% Blue Moon Metals Inc 13.4 % Caledonia Mining Corp Plc 1.9 % Bilboes Gold Royalty 8.7 % Chancery Royalty Ltd 0. 8% SECTOR ALLOCATION GEOGRAPHICAL ALLOCATION Source: Baker Steel internal data at 31 March 2026 . Company documents are available at: www.bakersteelcap.com ** Management Fee based on Market Capitalisation. 15% performance fee payable above a highwater mark of 94p should NAV per sh are reach approximately 2 10 p ( March 2026 ). Independent Board: Fiona Perrott -Humphrey (Chair), John Falla (Audit Committee Chair), Charles Hansard and Patrick Meier. QUARTERLY PERFORMANCE REVIEW The Company’s NAV increased 26.9 % during the first quarter. The largest contributor was Tungsten West Plc whose share price rose 209 % on the back of a further 150 % increase in the Tungsten price during the quarter and an oversubscribed £44 million equity raisin g, together with a debt package US$85 million which is well advanced means the Hemerdon Tu ngsten project remains on target for first production in the third quarter of 2026 with full production commencing in 2027. The other main contributor was Blue Moon Metals which rose 91% following the acquisition of two brownfield critical mineral projects during the quarter. The se acquisition s of the Springer tungsten mine in Nevada and the Apex germanium/gallium mine in Utah positions Blue Moon as a potential key supplier of US demand for three of the most critical minerals on the US list . In addition , the acquisition of Apex brought in Teck Resources as a key shareholder of Blue Moon with the potential use of Teck’s Trail smelter in British Columbia . During the quarter the Company made its first new investments for some years in two pre -IPO opportunit ies which are expected to list in 2026 . Chancery Royalty holds royalties on assets located in Finland, Brazil , the US and Ethiopia, of which 3 should come into production in 2026 and the fourth from early 2028. Chancery expects to achieve over 3,700 oz of Gold Equivalent Ounces ("GEO") in 2026, over 6,000 oz GE Os in 2027 rising to over 23,000 oz GEO by 2029. The second, MacKay Gold and Silver , has gathered majority control of the Comstock district, Nevada, one of America’s most iconic and productive Au -Ag epithermal deposits which produced 8.2Moz Au and 192Moz Ag @726 g/t between 1859 and 1926 . During February the Company instituted a new share buy -back programme and bought back a total of 777,400 at a weighted average of 111.1 pence per share. This forms part of a new capital allocation policy announced in April 202 6 and detailed in the 2025 Annual Report & Accounts, OUTLOOK The buoyancy of precious and other metals has resulted in a number of pre -IPO opportunities in development companies, some offering attractive entry valuations relative to their listed counterparts. In our view a window for IPOs in the precious and critical metals sector s will likely remain open through at least 2026 . At a macro level the war in the Middle East is severely disrupting trade flows adding increased volatility to the market . How long these conditions will continue, and what their lasting effects on global growth and equity markets could be is unclear . Sustained hostilities risk not on ly higher energy prices but also potentially the timely supply of fuels like diesel used widely in mining operations. Silver 6% Cash & Other 2% Coking Coal 20% Tin 3% Cement 18% Copper 13% Gold 15% Tungsten 23% Philippines/Nicaragua 3% Morocco 18% USA 7% Norway 7% Australia 23% Zimbabwe 11% UK 23% Cash & other 2% Peru 6% DISCLAIMER > Please Note: This document is issued by Baker Steel Capital Managers LLP (“Baker Steel”), which is authorised and regulated by the Financi al Conduct Authority (the “FCA”). Baker Steel is a Limited Liability Partnership registered in England No. OC301191. The information contained in this document has been prepared in good faith, but it is subject to updating, amendment, verific ation and completion. Neither Baker Steel Resources Trust Ltd (“BSRT”) or Baker Steel or any of their respective directors, officer s, employees, agents or advisers or any other person makes any representation or warranty, express or implied, as to the accuracy or completeness of the contents of this document. In particular, but without prejudice to the generality of the foregoing, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any assumptions, targets, forecasts, projections, estimates or prospects with regard to the anticipated future performance of BSRT. No re sponsibility or liability is accepted by any such person for any errors, misstatements or omissions in this document. The exclusions set out in this paragraph do not extend to an exclusion of liability for, or remedy in respect of, fraudulent misr epresent ation. BSRT is registered as a collective investment scheme with the Guernsey Financial Services Commission. BSRT is not an Authorised Person under the Financial Services and Markets Act 2000 and accordingly is not registered with the FCA. BSRT is therefore onl y suitable for professional or experienced investors, or those who have taken financial advice. Regulatory requirements which may be deemed necessary for the protection of retail or inexperienced investors do not apply to listed funds. By investing in BS RT you will be deemed to be acknowledging that you are a professional or experienced investor or have taken appropriate professional advice and accept the reduced requirements accordingly. You are wholly responsible for ensuring that all aspects of invest ment in BSRT are acceptable to you. Investment in listed funds may involve special risks that could lead to a loss of all or of a substantial portion of such investment. Unless you fully understand and accept the nature of this fund and the potential risk s in this fund you should not invest in BSRT. The information and opinions contained in this document are for background purposes only and do not purport to be full or com plete. This document does not in any way purport to give investment advice. No reliance may be placed for any purpose on the info rmation contained in this document or its accuracy or completeness. Past performance is no guarantee as to future performance. This document does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe o r purchase, any shares or any other interests nor shall it or the fact of its distribution form the basis of, or be relied on in co nnection with, any contract therefor. Net asset value (NAV) figures stated are based on unaudited estimated valuations of the underlying investments and not necessarily based on observable inputs. Such estimates are not subject to any independent verification or other due diligence and may not comply w it h generally accepted accounting practices or other generally accepted valuation principles. In addition, some estimated valuations are based on th e latest available information which may relate to some time before the date set out above. Accordi ngly, no reliance should be placed on such estimated valuations and they should only be taken as an indicative guide. Other risk factors which may be relevant to the NAV figures are set out in the Company’s Prospectus dated 26 January 2015. This document contains certain forward -looking statements with respect to financial markets, the sectors in which BSRT invests and the business of BSRT. These statements and forecasts involve risk and uncertainty because they relate to events and depend o n circumstances that may occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or im plied by these forward -looking statements and forecasts. Nothing in this document s hould be construed as a profit or dividend forecast. © Baker Steel Capital Managers LLP Dec ember 2025 (third party sources acknowledged)