Baker Steel Regulatory News (BSRT)

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

7 October 2022

30 September 2022 Unaudited NAV Statement

Net Asset Value

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

Net asset value per Ordinary Share: 80.4 pence.

The NAV per share has decreased by 0.9% against the unaudited NAV at 31 August 2022 largely due to falls in the listed values of Tungsten West Plc and First Tin plc.

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 September 2022.

Investment Update

The Company's top 10 investments were as follows as a percentage of NAV:

Tungsten West Plc ("Tungsten West")

During July 2022 Tungsten West announced that it had committed to a new development plan (the "Plan") developed in response to global crises in power and diesel costs and inflationary pressures. Further refinements to the Plan have been made since then and an updated feasibility study is expected to be completed in November 2022.

During September 2022, Tungsten West announced that it had signed a non-binding term sheet for a US$30 million (approximately £26 million) royalty investment with a global mine royalty investment fund and is working towards agreeing definitive documentation and meeting conditions precedent which include the completion of the updated feasibility study to the fund's satisfaction. In addition to the royalty sale, Tungsten is in advanced discussions with asset backed finance providers in order to secure additional finance of between £5 million and £10 million secured against fixed and mobile equipment, and spare parts to add to the cash reserves of £17 million at the end of August 2022.

In addition to the feasibility study, Tungsten West has initiated scoping studies for the installation of both solar energy and wind turbines including planning and permitting requirements which would not only significantly reduce energy costs but also reduce the carbon footprint of the mine.

Kanga Investments Ltd ("Kanga") (formerly Kanga Potash)

The announcement by Danakali on 3 October 2022 that it has agreed to sell its 50% interest in the Colluli potash project in Eritrea for US$166 million is noted with interest regarding Kanga's potash project in Republic of Congo. Although no two projects are directly comparable they are of similar size and stage of development and the transaction demonstrates the increasing interest in the fertiliser market.

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com

Enquiries:

Baker Steel Resources Trust Limited +44 20 7389 8237

Francis JohnstoneTrevor Steel

Numis Securities Limited +44 20 7260 1000

David Benda (corporate)

James Glass (sales)

The Net Asset Value ("NAV") figure stated is 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 with generally accepted accounting practices or other generally accepted valuation principles. In addition, some estimated valuations are based on the latest available information which may relate to some time before the date set out above.

Accordingly, 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 figure are set out in the Company's Prospectus dated 26 January 2015.