BSRT Baker Steel Resources Trust Limited

BAKER STEEL RESOURCES TRUST LIMITED

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

8 February 2024

31 January 2024 Unaudited NAV Statement

Net Asset Value

Baker Steel Resources Trust Limited (the "Company") announces its unaudited net asset value per share at 31 January 2024.

Net asset value per Ordinary Share: 75.3 pence.

The NAV per share has decreased by 2.5% versus the unaudited NAV at 29 December 2023 primarily due to a weakening of the Australian Dollar against Sterling together with a fall in the price of Caledonia Mining shares.

The Company had a total of 106,462,502 Ordinary Shares in issue with a further 700,000 shares held in treasury as at 31 January 2024.

Investment Update

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

Metals Exploration Plc ("Metals Ex")

In January 2024 Metals Ex announced record annual gold sales of 85,744 ounces from its Runruno Gold mine in the Philippines generating record annual positive free cash flow of US$72.3 million, more than double the previous year.  This strong performance allowed it to pay down the majority of its debt such that net debt at 31 December 2023 stood at US$19.9 million.

Metals Ex also forecast production for 2024 of 74,000 - 80,000 ounces of gold at an All-in sustaining cost of between US$1,175 and US$1,275 per ounce of gold. This should mean that Metals Ex will be able to retire the remainder of its outstanding debt during the first half of 2024.

During January 2024 Metals Ex also announced the first step of its strategy to continue life of the company within the Philippines, once the Runruno Mine is exhausted in two to three years time, through the conditional acquisition of the Abra Tenement. The Abra Tenement is an extensive exploration tenement covering some 16,200 hectares with multiple prospective targets in both gold and copper.

Caledonia Mining Plc ("Caledonia")

During January 2024 Caledonia announced that it had achieved annual gold production at its Blanket gold mine in Zimbabwe of 75,416 oz in 2023, in line with guidance. It also provided 2024 gold production guidance at Blanket of 74,000 to 78,000oz and All-in sustaining cost guidance of between US$1,370 and US$1,470/oz.

Caledonia continues to work on the feasibility studies in respect of the Bilboes sulphide project to determine the optimal implementation strategy for the project. This work includes updating the existing feasibility study for a project producing approximately 170,000oz of gold per annum and work on an alternative phased approach to the project. The Company holds a 1% net smelter royalty over future gold production from the Bilboes project.  Caledonia is also planning to commence exploration at the Motapa project adjacent to Bilboes.

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 Johnstone
Trevor Steel

Deutsche Numis                                              +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.