Result of Extraordinary General Meeting

BAKER STEEL RESOURCES TRUST LIMITED

(the "Company")

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

9th November 2022

LEI: 213800JUXEVF1QLKCC27

Result of Extraordinary General Meeting

The Board of Directors of the Company are pleased to announce the results of the Company's Extraordinary General Meeting held on Wednesday 9th November 2022

The sole resolution;

To amend the investment policy of the Company so as to (i) allow the Company to increase its investment in Futura provided this investment shall not exceed 35 per cent. in aggregate of the value of the Company's gross assets as at the date of the relevant transaction; and (ii) remove the ability of the Company to invest up to 35. per cent. in aggregate of the value of the Company's gross assets in the Polar Silver Group.

Was passed with a majority of 99.98% of votes received.

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)

Company Secretary +44 1481 717852