BAKER STEEL RESOURCES TRUST LIMITED

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

8 May 2026

Investment Update and 30 April 2026 Unaudited NAV

Net Asset Value

Baker Steel Resources Trust Limited (the "Company" or "BSRT") announces its unaudited net asset value per share as at 30 April 2026.

Net asset value per Ordinary Share: 180.2 pence. Total NAV: £190.3 million.

The NAV per share at 30 April 2026 increased by 6.2p, up 3.6% from the last published NAV at 31 March 2026, largely due to continued appreciation in the listed prices of Blue Moon and Tungsten West. Events in the Middle East continued to create significant volatility in commodity markets during the month and consequently for mining shares, which is likely to continue.

During the month the Company continued its share buy back programme commenced in February 2026 and bought back a further 90,000 shares at a volume weighted average price of 129.9 pence per share which were cancelled. As at 30 April 2026, from this programme, the Company has bought back a total of 869,400 shares at a volume weighed average price of 113.1 pence per share.

As a result, the Company had a total of 105,593,102 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 30 April 2026.

Investment Update

The Company's top 10 investments were as follows:

Blue Moon Metals Inc ("Blue Moon")

During April 2026, Blue Moon announced the completion of a Feasibility Study ("FS") for its Nussir copper project, located in northern Norway. The FS confirmed that Nussir is a robust, long-life asset with strong economics producing an average of 19,000 tonnes per annum of copper equivalent. The FS outlines a 13-year mine life, while the deposit remains open to the west and at depth. This provides significant upside potential for future resource growth and mine life extension in addition to the potential utilisation of 50% of the inferred resources which would add a further 5 years to the mine life.  

Initial capital expenditure is forecast to be US$184 million generating base case average annual free cash flow of US$77 million (and approximately US$125 million at spot prices on 4 March 2026). The economics generated a post-tax net present value of US$235 million (8% discount rate) at a long-term copper price of US$4.78 per pound, gold price of US$3,515 per ounce and silver price of US$45.26 per ounce.

Blue Moon has formally approved a final investment decision on the construction of Nussir with hot commissioning of the process plant scheduled for the third quarter 2027.

Additionally in April 2026, Blue Moon announced its plans to fast-track the plans for production resumption at its recently acquired Springer tungsten mine and mill complex in Nevada with a targeted restart date of the fourth quarter 2027.

The Springer tungsten production facility consists of an existing 1,300-ft vertical shaft and underground workings, a nominal 1,200 ton per day mill with rod/ball mills, grinding and flotation circuits, and a decommissioned Ammonium Paratungstate ("APT") circuit including autoclave and related reagent systems. Preliminary internal studies estimate the restart cost estimate at US$50M, with potential production of 107,000 to 124,000 MTU which would represent a material component of the domestic U.S. market with Springer becoming the only major producer of tungsten in North America. Blue Moon management estimates cash costs net of molybdenum production would be in the US$300-400/MTU APT range compared to the current price of around US$2,500/MTU.

At the end of April/beginning of May 2026, Blue Moon raised C$155 million (gross) in equity at a price of C$10.00 per share which represented a 7% discount to the market close on the day of launch but a 113% premium to the share price at 31 December 2025.

MacKay Gold Corp & Silver (MacKay)

On 24 April 2026 MacKay commenced trading on the TSX-V exchange closing the month at C$2.54 per share. As described in the March 2026 NAV statement, during March 2026 the Company invested US$1.5 million in the pre-IPO fundraising at an equivalent price of C$1.95 per share.

Trevor Steel, Chief Investment Officer of the Investment Manager, Baker Steel Capital Managers LLP commented:

"Following its recent C$156 million equity raising and US$140 million project finance package with Hartree/Oaktree arranged last year, Blue Moon is well financed to bring the Nussir copper project into production as well as fast-track its exciting critical minerals projects in the Western USA which we expect would attract significant US government interest. This highlights the continued market appetite from investors to finance attractive development projects, which is positive for BSRT's portfolio."

Further details of the Company and its investments are available on the Baker Steel Capital Managers website www.bakersteelcap.com

Enquiries:

Baker Steel Resources Trust Limited             +44 20 7389 8237

Francis Johnstone
Trevor Steel

Shore Capital                                                +44 020 7408 4050

Henry Willcocks (Corporate Broking)

Gillian Martin, Daphne Zhang (Corporate)

Adam Gill (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.