REG — Baker Steel Res.Tst. — Half — year Report

5, released its Half-Yearly Report for the period ended 30 June 2026. The Report is available via and the National Storage Mechanism.

Further details of the Company and its investments are available on the Baker Steel Capital website Enquiries: Baker Steel Resources Trust Limited +44 20 7389 8237 Francis Johnstone Trevor Steel Shore Capital +44 20 7408 4050 Henry Willcocks (Corporate Broking) Gillian Martin, Daphne Zhang (Corporate) Adam Gill (Sales) Aztec Financial Services (Guernsey) Limited Company Secretary +44 1481 748882 BAKER STEEL RESOURCES TRUST LIMITED Half-Yearly Report and Unaudited Condensed Interim Financial Statements For the period from 1 January 2026 to 30 June 2026 CONTENTS PAGE Chairman’s Statement 2 Investment Manager’s Report 5 Directors’ Report 14 Unaudited Portfolio Statement 17 Unaudited Condensed Interim Statement of Financial Position 19 Unaudited Condensed Interim Statement of Comprehensive Income 20 Unaudited Condensed Interim Statement of Changes in Equity 22 Unaudited Condensed Interim Statement of Cash Flows 23 Notes to the Unaudited Condensed Interim Financial Statements 24 Management and Administration 36 CHAIRMAN'S STATEMENT FOR THE PERIOD FROM 1 JANUARY 2026 TO 30 JUNE 2026 THE PORTFOLIO The first half of 2026 has been positive for the Company in large part.

2%. 2% in the MSCI World Metals and Mining Index. Once again, the diversity of our portfolio stood the Company and its shareholders in good stead. The market backdrop to this performance continued to be challenging - while the shock of the tariff wars that had dominated 2025 dissipated somewhat, the US attack on Iran two months into 2026 ratcheted up the risks around spiking energy costs and widespread inflationary pressure on interest rates.

The latter took the wind out of precious metals prices in the second quarter, while power (coal) prices firmed. We are pleased to report that the NAV has continued to grow since 30 June 2025, reflecting both the benefits of some specific commodity price uplift, particularly in critical minerals, and notable progress in a range of our development projects as they move up the value creation curve. In addition, a more favourable investor view towards junior mining projects continued into the first quarter of the year. This allowed three of our portfolio companies to progress crucial financing packages, namely: Tungsten West, Blue Moon and Silver X.

The willingness of Western governments to come alongside private capital in funding critical minerals projects has also underpinned sentiment. This has been reflected in our own portfolio following the period end, firstly with the UK’s National Wealth Fund providing £71million of equity and debt with the aim of ensuring Tungsten West’s Hemerdon tungsten mine in Devon remains on track for full production early next year.

Secondly, the US Government invested $150million in Blue Moon’s Springer tungsten mine through a strategic partnership with Elmet Technologies, the leading US manufacturer of tungsten metal and other critical minerals to a range of applications in defence, aerospace, medical, energy, semiconductor, electronics and industrial processing. Importantly, these strategic government investments have included offtake rights as Western governments react to Chinese export restrictions. Key developments affecting the Company’s holdings over the past six months are discussed in detail in the Investment Manager’s Report (pages 5-13).

A top-down look at the portfolio shows the ongoing shift in the balance between unquoted and quoted investments net of cash. A primary catalyst was the stronger share prices of Tungsten West (+235%) and Blue Moon Metals (+91%), leaving both companies now forming a more significant part of the portfolio. 1% at 30 June 2026. Cemos, the Moroccan cement producer, is now producing its own clinker from its new compact calcination plant.

While revenues have remained steady in the first half, the benefit to future profit margins from this achievement is expected to be significant from reduced operating expenses (as the cost of clinker represents around 70% of the cost of cement production). Australian coal producer Futura had a difficult start to the year. Exceptionally heavy rains and typhoons in Queensland, where Futura is based, resulted in almost a month’s lost production which again put strain on its balance sheet as it was unable to benefit from firming coking coal prices, despite the refinancing of its debts with a “Nordic Bond” at the end of 2025.

Futura’s board have therefore engaged Clarkson Securities AS, who arranged the Nordic Bond financing, to undertake a strategic review to consider whether Futura would be better placed as part of a larger group which could provide the additional financing needed to expand the current targeted 4 million tonnes per annum of run-of-mine material up to 10 million tonnes per annum. Of note amongst our smaller holdings, we are seeing positive operational momentum at Silver X in the wake of its successful fundraising, in what looks to be an improving post-election environment for mining in Peru.

Metals Exploration is pushing ahead with its La India project in Nicaragua, which is due to pour first gold before the end of this year, funded by cashflows from its Runruno gold mine in the Philippines. CHAIRMAN'S STATEMENT FOR THE PERIOD FROM 1 JANUARY 2026 TO 30 JUNE 2026 (CONTINUED) CAPITAL ALLOCATION POLICY Over the past three years the NAV has grown by 135% but the shares continue to trade at a disappointingly wide (albeit reduced) discount. In light of this, in the 2025 Annual Report and accounts, the Board announced some important changes to the capital allocation policy with one of the aims being to reduce this discount.

A share buyback programme was put in place, and in the period to the end of June 2026 1,174,400 shares had been repurchased. Over the six months, the discount has at times tightened significantly, but extreme market uncertainty was unhelpful around the outbreak of the Iran war. We will continue to use the share buyback programme as one of the strings to our bow. Whilst we cannot predict the impact that they will have on the level of discount at which the shares trade, they should be highly accretive to the NAV per share.

99% of its shares and the Board intends to seek a renewal of the authority at each AGM. The second objective of the revised capital allocation policy was to offer shareholders some visibility on future income streams. For a number of years, they had been anticipating capital returns as development projects matured or were sold. Given the unpredictability of such returns, the Board decided that a regular dividend could help in this regard.

This has been set at a minimum of 3% of NAV per annum. This rate, as well as enhanced buybacks or tender offers, could increase capital returns in the case of significant realisations of assets. The maiden interim dividend of 2 pence per share will be declared, and further details will be announced in due course.

In the new capital allocation policy outlined in the 2025 Annual Report, the Board made a commitment that in the event of significant realisations from asset sales, and where the Company’s shares have been trading at a discount to NAV in excess of 25%, the Company will, where appropriate, seek to apply at least 50% of the “Net Gains” from such realisation proceeds to a return of capital. Following further consultation with shareholders, the Board has decided to amend the policy such that it will consider applying at least 50% of net realisation proceeds (rather than net gains) from any significant realisations.

Any decision to return capital in this respect shall remain at the discretion of the Board taking into account a number of factors such as the level of discount at which the Company’s shares have been trading, the overall liquidity of the Company’s portfolio and any requirement for follow-on commitments, as well as the cash requirements of the Company including the payment of dividends and other potential liabilities such as any performance fee due. Future capital allocation decisions will inevitably be driven by cash generated by dividend and royalty income from the investee companies, as well as selective asset realisations.

The Board will retain discretion for determining the most appropriate manner by which to make such distributions, mindful of differing preferences across our shareholder base and the cyclicality of the commodity markets in which we operate, and always subject to the solvency of the Company, its future commitments and the general liquidity of markets.

Finally, this statement regarding capital allocation does not result in a change to the Company’s investment approach and strategy, which aims to continuously evaluate the best returns for shareholders over the medium term by investing in attractive high growth natural resources opportunities that have the potential for superior returns and to broaden the diversification and increase the critical mass of the portfolio. OUTLOOK Short-term trends in capital and commodity markets are likely to be affected by a cocktail of different factors. These include key decisions by the US administration in relation to the Middle East war and consequential implications for inflation.

The possible outcome of the tug of war between the US Federal Reserve and the Treasury is hard to predict, and will impact the direction of interest rates and the US dollar. As all these factors impact commodity prices in one way or another, we expect volatility in markets to continue. CHAIRMAN'S STATEMENT FOR THE PERIOD FROM 1 JANUARY 2026 TO 30 JUNE 2026 (CONTINUED) Against this challenging macro background, the diversity of the Company’s portfolio and its increased focus on critical minerals should continue to underpin performance and protect shareholder value.

We are excited by the positive momentum in a number of our investee companies, and believe the more benign environment for financing should continue. In many instances, Western government funding for select critical minerals projects is instilling a confidence in the private capital markets to come alongside, while buoyant precious metals continue to attract fund inflows. 2% in Sterling terms. For the purpose of calculating the NAV per share, unquoted investments were carried at fair value as at 30 June 2026 as determined by the Directors, based on reports received from the Investment Manager following a process detailed in the Annual Report and Accounts.

Quoted investments were carried at their quoted prices as at that date. 8% of the portfolio by value. In terms of commodity, the portfolio has indirect exposure to tungsten, cement, coking coal, gold, silver, copper, tin, zinc, potash, lead, gallium, germanium, iron, and vanadium. Its projects were located in Australia, Canada, Germany, Indonesia, Madagascar, Morocco, Norway, Nicaragua, Peru, the Philippines, Republic of the Congo, the UK, the USA and Zimbabwe.

During the first few months of 2026, the recovery of investor interest for development-stage projects seen in 2025 continued with investors prepared to make equity funds available for good quality development and advanced exploration projects held by junior mining companies. This benefited several of the investments in the Company’s portfolio looking to progress their projects.

4 million in equity towards the restart of the Hemerdon Tungsten Mine in the UK; Blue Moon raised C$150 million towards the construction of its Nussir Copper Mine in Norway and the fast-tracking of the Springer Mine in Nevada, USA; and Silver X raised C$69 million through a convertible debenture to continue the expansion of its La Recuperada silver mine in Peru. However, in the second quarter, investors became more cautious as the conflict in the Middle East became prolonged and shipping halted through the Strait of Hormuz, affecting the price and availability of oil. 2% in Sterling terms in response to stronger commodity prices. 4% during the period.

The outperformance was driven largely by stronger listed share prices of Tungsten West and Blue Moon which increased by 235% and 91% respectively and now form a more significant proportion of the portfolio. The ongoing interest from western governments in securing future supply chains of critical minerals continues to be an important driver for commodity prices. The continuing focus on future security of supply of critical minerals has seen key players in commodity markets like the US, China and India focus on calibrating the direction of their future trade flows, both inward and outward bound.

This trend has been demonstrated in the Company’s portfolio by the UK National Wealth Fund investing £71 million on Tungsten West whilst securing 50% of the tungsten offtake during August 2026 and in September 2026, the US Department of War invested US$150 million in Tungsten West through a strategic investment in The Elmet Group. 2%. 0% after also almost trebling in 2025. 6% (all percentages measured in US dollar terms).

The Company’s main investments at 30 June 2026: INVESTMENT MANAGER'S REPORT FOR THE PERIOD FROM 1 JANUARY 2026 TO 30 JUNE 2026 (CONTINUED) Tungsten West Plc (‘‘Tungsten West’’) Tungsten West owns the Hemerdon Tungsten Mine in Devon, United Kingdom and is quoted on the AIM market of the London Stock Exchange. 5 million). The share price increased following the increased tungsten price and progress towards the start of production. In February 2025 China, which accounts for some 80% of the global supply of tungsten, announced restrictions to the export of 5 critical minerals including tungsten.

This development has fed through to prices with the western price of APT having risen to over US$3,000 per MTU at 30 June 2026. In August 2025, Tungsten West announced the results of its updated feasibility study for the restart of mining operations at the Hemerdon Mine. The feasibility study sets out a base case with an 11-year mine life, 4 years of subsequent stockpile reclaim and an additional 12 years of on-going premium aggregate sales. The potential also exists to extend the operational life of mine, potentially to over 40 years.

The total financing requirement for restarting mining operations at Hemerdon was estimated at US$93 million, benefitting from approximately US$300 million of previously invested capital, including significant open pit pre-stripping, the majority of the plant and a large tailings dam. 7 billion with an IRR of 197% and an average cashflow over the first 11 years of production of around US$300 million.