CQS NATURAL RES GROWTH & INCOME PLC

Interim / Quarterly Report • Mar 27, 2025

Focused on the future, delivering value today

Job No: 53681 Proof Event: 13 Black Line Level: 3 Park Communications Ltd Alpine Way London E6 6LA Customer: CQS Project Title: Half-Yearly Report 2024 T: 0207 055 6500 F: 020 7055 6600

Half Year Report for the six months ended 31 December 2024

Our Objective

To provide shareholders with capital growth and income predominantly from a portfolio of mining and resource equities and of mining, resource and industrial fixed interest securities.

Why invest?

The Company:

• provides exposure to value focused, underresearched global resources equities, aided by the investment trust closed end structure;
• has unconstrained flexibility to invest in energy, mining or related service industries which assists in levelling the effect of cyclical impacts;
• is well positioned to benefit from potentially higher prices and higher profits for natural resources companies, following years of producer under-investment and subsequent supply constraint;

• has direct exposure to global growth and energy transition to drive long-term demand; and
• aims to pay dividends supported by strong income dynamics of the sector depending on the cycles.

IFC Our Objective IFC Why invest?

Strategic Report

• 1 Key Metrics
• 2 Chairman's Statement
• 5 Performance Record
• 6 Investment Manager's Review
• 10 Top Ten Largest Holdings
• 14 Portfolio at a glance 15 Investment Portfolio

Financial Statements

• 18 Condensed Income Statement
• 19 Condensed Balance Sheet 20 Condensed Statement of
• Changes in Equity
• 21 Condensed Cash Flow Statement 22 Notes to the Condensed Financial Statements

Job No: 51433 Proof Event: 3 Black Line Level: 0 Park Communications Ltd Alpine Way London E6 6LA Customer: CQS Project Title: Half-Yearly Report 2023 T: 0207 055 6500 F: 020 7055 6600

Governance and General Information

• 26 Interim Management Report and Responsibility Statement
• 27 Glossary of Terms and Definitions
• 30 Corporate Information

Key Metrics

For the six months to 31 December:

1 Alternative Performance Measure ("APM"). A glossary of the terms used, including alternative performance measures, can be found on pages 27 to 29.

2 Based on an annualised dividend of 6.60 pence per share (2023: annualised dividend of 8.60 pence per share).

3 Used by the Company as a comparator, not a benchmark. As at 31 December 2024, 19.1% of the portfolio was attributable to the MSCI World Energy Index and 67.6% of the portfolio to the MSCI World Metals and Mining Index. Please refer to the 'by commodity' illustration on page 14 for further detail.

Chairman's Statement

"Recent macroeconomic and geopolitical events have continued to contribute to the turbulent market environment for the sectors in which your Company invests. However, our investment managers believe that volatility provides investment opportunities from which the Company can benefit."

Christopher Casey

I would like to extend the Board's thanks to all shareholders for their engagement and support of the Board in voting at the Requisitioned General Meeting1 held in February 2025. The Board is pleased to have since engaged with the Company's major shareholder, Saba Capital Management, L.P. ("Saba"), in order to enable the progression of its strategic review, the result of which will be announced during April 2025.

I am pleased to present my first report as Chairman following the retirement of Helen Green from the Board and as Chair in December 2024. My Board colleagues and I would like to thank Helen and Alun Evans, who also retired from the Board in December, for their dedicated service to the Company. Following the recent Board changes, Seema Paterson succeeded me in the role of Chair of the Audit Committee.

Overview

Recent macroeconomic and geopolitical events have continued to contribute to the turbulent market environment for the sectors in which your Company invests. Rising geopolitical tensions, such as U.S. – China trade disputes and conflict in resource rich-regions, have led to increased supply chain disruption and price volatility. However, our investment managers believe that volatility provides investment opportunities from which the Company can benefit. The Company's share price, through its portfolio's significant weighting towards precious metals, was supported by rising gold prices over the period as investors sought safe-haven assets amid these uncertainties, although the market remains sensitive to shifts in inflation and central bank policies.

Performance and discount

During the six months to 31 December 2024, the Company's net asset value ("NAV") total return per share returned -7.5%, outperforming the total return of -9.3% of its performance comparator, the MSCI World Metals and Mining Index (sterling adjusted), to which 67.6% of the Company's portfolio (as at 31 December 2024) can be attributed.

1 Capitalised terms not otherwise defined in this Report have the meaning given to them in the Circular published by the Company on 7 January 2025.

The Company underperformed the total return of -3.8% of the MSCI World Energy Index (sterling adjusted), however, the Company's portfolio has a smaller relative exposure (19.1% as at 31 December 2024) to this performance comparator.

Although in recent periods the Company's short-term returns have been volatile, as explained by the Investment Manager, over the longer term, the Company's NAV per share total return has been 99% for the five years to 31 December 2024, compared with total returns of 61% for the MSCI World Metals and Mining Index (sterling adjusted) and 56% for the MSCI World Energy Index (sterling adjusted).

The Company's share price total return over the six months was 0.4%, while the share price decreased from 189.00 pence per share as at 30 June 2024 to 185.75 pence per share as at 31 December 2024. As at 31 December 2024 the discount to NAV was 2.8% and at the time of writing (at the close of the UK market on 25 March 2025), the discount was 7.9%. Over the six months the discount averaged 8.9%, compared with 15% over the course of the previous financial year.

Share capital

During the six months under review the Company bought back a total of 2,002,114 shares into treasury at a cost of £3.6 million and at an average discount of 11.2%. The resulting uplift to NAV was 1.4%. The discount had narrowed since the Company started buying back shares in April 2024 but also as Saba reported increases in their shareholding in the Company. Saba's latest publicly disclosed holding (as at 2 January 2025) was 18.6 million shares, representing 29.07% of the Company's total voting rights.

As at 25 March 2025, the Company had 64,157,838 shares in issue (excluding 2,730,671 shares held in treasury).

Over the six months ended 31 December 2024 and subsequent to the period end, current Directors' shareholdings have risen collectively by 22,660 shares, demonstrating the Board's long-term support of the Company's investment strategy and manager, and further aligning the Board's interest with shareholders. The current total shareholdings of the Board are valued at over £80,0002 and, further, the collective shareholdings of the Company's investment management team (and of the persons closely associated with them) are valued at over £225,0002 .

2 Based on an Ordinary share price (mid market) of 185.75 pence as at 31 December 2024.

Dividends and income

As detailed within the Condensed Income Statement on page 18 and Note 3 to the Condensed Financial Statements, the Company has reported an overall reduction in Income from investments during the period. This is primarily due to a conscious repositioning of the portfolio by the Investment Manager in leading a total return investment strategy, in anticipation of market turbulence. As shown by the ̒by commodity' illustration on page 14, the Company's exposure to high-yielding shipping stocks was reduced by nearly a third between 31 December 2023 and 31 December 2024 and exposure to gold, which is typically lower yielding, has increased by over 80% in the same period. Whilst having a positive effect on capital returns during the period, this inevitably created the reduction in Income.

The Company has continued to maintain its dividend and has paid two quarterly dividends of 1.26 pence each per share during the financial year to date.

Gearing

The Company's credit facility with Scotiabank expired after a one-year term on 13 September 2024 and, following the Board's review of alternative credit facility providers, the Company entered into a two-year agreement with BNP Paribas for the provision of a £25 million secured revolving credit facility. Further details can be found within Note 8 to the Condensed Financial Statements.

Continued market volatility led the Investment Manager to reduce gearing over the period from 10.1% at the start of the period to 7.0% as at 31 December 2024. As at 31 December 2024, and as at the date of this report, £13 million had been drawn down from this facility (30 June 2024: £17 million).

Half Year Report and Accounts

In common with many other companies, the Company aims to do what it can to reduce its carbon footprint. As noted in the Company's Annual Report for the year ended 30 June 2024, as part of this strategy, and also to produce cost savings for shareholders, the Company will no longer prepare printed copies of its half year report and accounts. This document will, however, continue to be published on the Company's website. The Company's annual report will continue to be available in print.

Shareholder Activity

On 18 December 2024, the Company was served a requisition notice on behalf of Saba requiring the Board to convene a general meeting to consider resolutions that would remove each of the current directors and replace them with two of Saba's nominees (the "Requisitioned Resolutions").

In addition to this, Saba's requisition included reference to terminating the Company's current investment management agreement with Manulife | CQS Investment Management, potentially selecting themselves as the Company's new investment manager and refocusing the Company's investment mandate away from energy, mining, and natural resources.

Chairman's Statement continued

The Board and three proxy advisor agencies unanimously recommended that shareholders should vote against Saba's Requisitioned Resolutions to protect their investment in the Company.

The Board was pleased to announce that at the meeting held on 4 February 2025, all Requisitioned Resolutions were defeated on a poll by a majority of shareholders. Over 59% of the votes cast were against Saba's Requisitioned Resolutions, representing approximately 40% of the issued share capital. Total votes cast represented over 68% of the issued share capital, up from 10% at the Company's Annual General Meeting held on 15 December 2024. The Board was truly pleased to see such strong engagement from shareholders, and the results of the vote against Saba's proposals spoke loud and clear – the majority of our shareholders have shown their confidence in the existing board and investment strategy. We thank you for this support.

Post reporting period update

On 12 February 2025, the Company announced the receipt of a requisition served on behalf of Saba for a second general meeting of shareholders. Since then, the Board has engaged in a series of constructive discussions with Saba, who have agreed to withdraw the requisition to enable the Board and its advisers to complete the strategic review that was outlined in the Circular to shareholders. The Board will expedite this review and announce the outcome during April 2025. We are pleased to have reached this constructive way forward with the team at Saba and to focus on achieving an outcome in the best interests of all shareholders.

The Board has always been, and continues to be, committed to the interests of all shareholders. A key area of attention is delivering shareholder value and ensuring the strongest corporate governance and transparency. As outlined within the Circular, the Board is currently reviewing the following options available to preserve value for all shareholders:

• Maintaining the current investment policy and management arrangements, given the best practice annual continuation vote, together with providing liquidity to Shareholders by means of buybacks, tenders and other similar actions;
• Introducing an increased dividend, to be funded in part by capital growth;
• Pursuing further discount management mechanisms;
• Providing a full cash exit at NAV for all Shareholders; and
• If a suitable partner can be identified, to negotiate terms of a combination with another investment trust or openended investment company that would provide an ongoing investment opportunity with a natural resources and energy focus, together with the option of a full cash exit at NAV for all Shareholders.

Outlook

The Board and Investment Manager remain positive for the outlook of the Company, underpinned by strong free cash flow in the sector and new mining projects from investee companies. The Investment Manager has increased the Company's exposure to uranium, with confidence that newly elected President Trump is likely to support pro-nuclear policies and uranium demand is therefore expected to rise.

Despite macroeconomic and geopolitical challenges, your Board remains confident that the Company's investment strategy should continue to deliver sustainable returns to shareholders and invites shareholders to read the Investment Manager's Review beginning on page 6 for their views on your Company's underlying investments and outlook for the future.

We thank shareholders for your recent support and fully intend to continue to engage with you through the various channels available to us. Shareholders are welcome to get in touch with the Board of Directors via the Company Secretary or the Investment Manager using the contact information provided on page 30.

Christopher Casey Chairman 26 March 2025

Performance Record3

	Six months ended 31 Dec 2024	Six months ended 31 Dec 2023	Year ended 30 June 2024 (audited)	Five years ended 31 December 2024
Total Return
Net asset value per share1	(7.5)%	3.4%	7.2%	99.0%
Ordinary share price (mid market)1	0.4%	0.7%	17.1%	168.1%
MSCI World Energy Index (sterling adjusted)2	(3.8)%	6.8%	17.4%	56.3%
MSCI World Metals and Mining Index (sterling adjusted)2	(9.3)%	8.4%	7.3%	60.6%

	As at 31 December 2024	As at 30 June 2024 (audited)	% change
Capital Values
Net asset value per share1	191.17p	209.44p	(8.7)%
Ordinary share price (mid market)	185.75p	189.00p	(1.7)%
Share price discount to NAV per share1	2.8%	9.8%
Gearing1	7.0%	10.1%

	Six months ended 31 Dec 2024	Six months ended 31 Dec 2023
Revenue Earnings and Dividends
Earnings per ordinary share	0.63p	3.06p
Dividends per ordinary share	2.52p	2.52p
Dividend yield1	3.0%	3.3%
Ongoing charges ratio1	2.0%	1.8%

	High	Low
Highs and Lows during the six months ended 31 December 2024
Net asset value per share	221.3p	184.9p
Ordinary share price (mid market)	205.0p	166.5p
Discount/(premium)	13.3%	(2.0)%

	Dividend per share	Ex-dividend date	Record date	Payment date
Dividend History
Second interim dividend 2025	1.26p	30 January 2025	31 January 2025	28 February 2025
First interim dividend 2025	1.26p	24 October 2024	25 October 2024	22 November 2024
Total	2.52p
Special interim dividend 2024	1.00p	1 August 2024	2 August 2024	2 September 2024
Fourth interim dividend 2024	1.82p	1 August 2024	2 August 2024	2 September 2024
Third interim dividend 2024	1.26p	25 April 2024	26 April 2024	28 May 2024
Second interim dividend 2024	1.26p	25 January 2024	26 January 2024	23 February 2024
First interim dividend 2024	1.26p	26 October 2023	27 October 2023	27 November 2023
Total	6.60p

1 Alternative Performance Measure ("APM"). A glossary of the terms used, including alternative performance measures, can be found on pages 27 to 29.

2 Used by the Company as a comparator, not a benchmark. As at 31 December 2024, 19.1% of the portfolio was attributable to the MSCI World Energy Index and 67.6% of the portfolio to the MSCI World Metals and Mining Index. Please refer to the 'by commodity' illustration on page 14 for further detail.

Job No: 53681 Proof Event: 13 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: CQS Project Title: Half-Yearly Report 2024 T: 0207 055 6500 F: 020 7055 6600

3 Unaudited unless otherwise stated.

Investment Manager's Review

In these uncertain geopolitical times, being able to own quality gold miners at these levels provides a very attractive risk reward ratio through 2025.

On 4 February 2025 shareholders rejected the proposed change of the Board, Investment Manager and strategy by 29% shareholder, Saba. Non-Saba shareholders voted 98.6% in support of the existing company mandate and strategy. We thank all shareholders for their support especially on the strong voter turnout.

Summary

The Company's flexible investment strategy, driven by top down and bottom up research, allows the Company to exploit opportunities that arise through economic and political cycles, as well as global secular trends pertaining to the energy and resources sector, with the aim of maximising total returns to shareholders. This strategy has been the right one, as recent geopolitical events have introduced a heightened level of uncertainty in global trade which directly impacts the sector and markets.

The new US Administration has played a considerable role in disrupting international trade policies and recalibrating trends such as the energy transition, amongst others. We are witnessing the stoking of inflation and investment decisions being deferred in many regions around the world which is likely to act as a drag to overall global economic growth in the near term. Preempting such turbulence over the period under review, we had implemented a conscious reallocation of portfolio exposure from more economically sensitive sectors, including the incomegenerating energy and shipping markets, into gold, which has supported the Company's performance.

Exposure to gold was considerably more profitable than the energy-related sector over the period to 31 December 2024, albeit at a lower level when compared with the first six months of 2024, during which it made a higher contribution. Despite paring back our energy-related exposure during the period it continued to act as a drag to performance and dividends, particularly as shippers of energy, such as Frontline, reduced their dividends. Since 31 December 2024, however, the performance of gold investments has contributed nearly 12% to overall returns in contrast to the 3% drag from energy related investments, thereby supporting our view and actions.

At the time of writing, with little to suggest an end to retaliatory tariffs, inward focused international trade policies and uncertainty around global growth and the outcomes of the wars in Ukraine and Gaza, gold remains a preferred investment. This positioning feels even more justified against the backdrop of a US-led trade war, whilst further supporting the upside case for precious metals as financial market participants and central banks are adding gold for portfolio protection. The Company continues to hold a historically low weighting to base metals and zero iron ore, in part due to the ongoing Chinese property crisis, but this is further supported by broader economic risk from trade policy. Over the longer term, we remain supportive of the secular trends towards decarbonisation which will support some specific commodity investments, but timing is uncertain so we remain flexible and focused on delivering value today by maximising total returns to our shareholders.

Performance

The Company's NAV total return performance was between that of the two comparator indices on a sterling adjusted basis, MSCI World Metals and Mining and MSCI World Energy, over the six months to 31 December 2024. The discount closed from ~10% in October to 3% at the period end, leading to a 7% relative better performance of the Company's shares vs the Company's NAV.

The second half of 2024 was dominated by the US presidential election as it became increasingly likely that Donald Trump would win, before that was confirmed on 5 November. The reason for such focus was not unjustified given the divergent policy intentions between Trump and Biden, which would impact almost every corner of the global economy, not least with regards to global commodity pricing and trade flows. Trump was clear on his love of import tariffs as a way of encouraging more US domestic supply and raising additional tax receipts.

This form of trade war is unprecedented in its scope and reach, but whilst it is claimed to be a tax on the suppliers of goods to the US, ultimately this will be a be a burden that is also shared with US consumers, as these incremental tariffs will directly translate through to higher consumer prices and add to inflationary pressures in the US. These consequences appear to be well understood by the broader market and previously anticipated interest rate cuts are no longer expected. Indeed long-dated interest rates have risen since the election result: the pre-election consensus that viewed inflation as being on a downward path is being questioned as readings prove that price rises are proving stickier, with US policy shifts, especially the introduction of tariffs, likely to make inflation persistent and restricting the US Federal Reserve's ability to follow through on rate cuts. Against a backdrop of rising government indebtedness, and slowing global growth, the sticky inflation environment has raised fears of stagflation (inflation and negative growth) which is historically supportive for real assets, especially gold.

Precious Metal miners

Gold prices repeatedly made new all-time highs through 2024, after breaking free from the \$2,000/oz level that had capped it since 2020. This led to strong performance in the precious metal miners which benefited the Company. Gold rallied 12.8% through the second half of calendar 2024 whilst gold miners, as measured by the Philadelphia Gold/Silver Index, decreased 0.8% in USD terms, disappointingly not exhibiting the operating leverage one would expect to see.

Typically, returns of a producer should increase by a greater amount than the underlying commodity as, given their production cost, the margins expand by a greater percentage than the underlying metal price increase. A reason that leverage might not occur as above is when the market expects cost pressures also to increase, but the costs of many inputs are easing, from beneficial foreign exchange rate moves, improved availability of labour, easing steel and oil prices, all contributing to an improving outlook for margins and cash generation.

Strong central bank demand has been a key driver of gold's strength, with 2024 marking the third year of over 1,000 tonnes of net demand. Trump's tariff and trade war threats and risks from broader government indebtedness should only act to support even stronger additions to gold reserves going forwards.

Base metal caution

Trump's approach to foreign policy, which relies heavily on tariffs, is and will remain significant for commodity markets. In this regard, at the time of writing, a series of varying tariffs have been applied on all US imports from China while higher duties are due to be applied to specific goods imported from the US's neighbours, Canada and Mexico. Historically, such policies come with collateral damage, causing prices to rise and growth to slow domestically while creating deflation and unemployment in tariffed countries, which causes their growth to slow.

Investment Manager's Review continued

Meanwhile, the ongoing Chinese property crisis continues to weigh on commodity demand and remains key to our still cautious portfolio positioning in base metals and zeroweighting in iron ore. While showing some signs of flattening out, Chinese residential housing starts are down 72% from the end of 2020. Central planners appear reluctant to stimulate the sector meaningfully, perhaps sensibly given the longer-term demographic issues now faced and the population now in decline. Chinese stimulus to address slowing economic growth proved disappointing in 2024 as authorities awaited clarity on US trade policies. China's central planners have subsequently indicated, and as noted by Mr Liao Min, Vice Minister of Finance, that the country has "ample fiscal policy room and tools to deal with new domestic and external problems". Measures include an increase in fiscal spending deficit from to 4% of GDP in 2025, from ~3% historically, in order to support domestic consumption and reduce reliance on export markets. However, without even more stimulus (and against the backdrop of a countervailing response by Trump early in his Presidential tenure), the economic growth outlook remains challenging. In addition, we are acutely aware that the pull-forward of trade ahead of the much-vocalised tariffled policy has led to broadly higher inventory levels which may now dampen near-term demand.

Assessing other investment themes, the energy transition will require more base metals, especially copper. We continue to believe that does not translate to shortages of associated ingredients today (as illustrated by the adequate supply of copper inventories as estimated by the International Copper Study Group in January), and thus we struggle with premium valuations

The below chart shows the dynamic allocation by sector since March 2020.

for copper miners. The portfolio's copper weighting remains focused on discounted developers, such as Solaris in Ecuador, which we believe offer a better risk reward ratio and which can be brought into production in the future during periods of expected deficit. Sales of electric vehicles ("EVs") globally continue to grow rapidly despite the slow down in Europe, with China reporting a 31% increase in year on year new EV sales for 2024.

Energy

Oil was moderately weaker over the period, as production globally remained resilient, with limited supply disruptions. Demand concerns continue given China's currently challenged economic outlook and increasing penetration of EVs domestically. Fears that Trump's "drill baby drill" rhetoric could lead to more shale production also added concern, but we are dubious that Trump can pressurise US domestic shale business to produce more as the decision to invest in production growth is driven by commodity price expectations. We reduced our weighting to US land drillers and sold out of Precision Drilling. Our preference for fossil fuel exposure is through gas focused stocks that may benefit from US liquefied natural gas ("LNG") facility build out and European energy policy restricting production, thus requiring more LNG imports. We also believe that nuclear power will continue to gain more focus, benefiting the Company's uranium mining exposure, as countries look to extend the lives of their existing nuclear fleets. Nuclear power offers zero carbon base load power, with significant energy security benefits, supporting China's continued build out of 10 new reactors per year.

Positioning

The Company further increased its weighting in precious metal miners, due to their attractive fundamentals: new all-time highs in gold, combined with the easing cost pressures referred to earlier, lifted margins and cash generation to record levels for the sector. This has considerably improved prospects for shareholder returns via higher dividends, buybacks and M&A. Additionally, within the precious metal allocation the Company is focused on miners with development assets that are expected to come online in 2025, providing incremental catalysts over and above the broader positive fundamentals. Such investments include Ora Banda, West African Resources, and Calibre Mining, which are all in the portfolio's top 10 holdings.

More recent additions to the precious metal weighting were primarily funded by a reduction in the energy exposure given the softer near-term demand. Supply looks sufficient for now, although this could rapidly tighten with a stricter application of sanctions on Russian and Iranian exports. Shipping names remain attractive, with continued disruptions in the Red Sea from Houthi attacks, whilst BW LPG is well placed to capture value from increasing US gas production and thus propane production as a byproduct.

As stated, base metal positioning remains low on China concerns and richer valuations especially with copper miners.

Outlook

2025, and probably the rest of Donald Trump's term, will be marked by higher volatility, which may require more nimble shifts in portfolio allocation. A trade war will probably be negative for global growth, whilst America's weaponization of the US dollar is likely to continue to support strong central bank gold demand.

China's economy continues to struggle, which, with a squeezed global consumer, continues to drive our low base metal weighting and lightening of the Company's exposure to crude oil. Chinese housing starts are down over 70% in four years, with lagging completions following the declining trajectory, limiting copper demand for final wiring, air conditioning and white goods.

Energy markets remain uncertain and regional. Oil demand growth is lacklustre with a soft China offset by signs of growth from the likes of India. The big unknown remains geopolitics. Trump is taking a harder line against Iran which threatens oil exports from the country. In addition, Trump has stated he would solve the Russia-Ukrainian war, and with Russian output equivalent to that of Saudi Arabia, this represents an important supply side consideration. For now, heavier application of sanctions on Russia looks more likely to disrupt output rather than add production, but a potential truce could leave risks skewed to the downside in the shorter term.

One area that does look likely to benefit from Trump's stance, backed up by Elon Musk and US Energy Secretary, Chris Wright, is nuclear, which has become increasingly strategic to many nations' energy requirements. In light of this, the Company maintains a significant allocation to uranium miners, which is biased to developer, NexGen, whose core asset is located in the established uranium mining district of the Athabasca Basin in Canada.

Uncertainty deters corporate investment and is negative for global growth while, in anticipation of Trump's well signalled policy approach, it has also pulled forward much demand ahead of tariff implementation. In light of this, the Company's positioning reflects a less sanguine outlook and gearing has been reined in to provide flexibility for opportunities which may arise from potential to-and-fro policy shifts and the increased volatility that may result.

Ian (Franco) Francis, Keith Watson and Robert Crayfourd

Manulife | CQS Investment Management 26 March 2025

Investment Manager's Review continued

Top ten largest holdings

NexGen Energy

A tier 1 uranium development asset in the established Athabasca Basin uranium mining district in Saskatchewan, Canada, which has the potential to be the lowest cost uranium mine globally. As a zero-carbon source of energy, civil nuclear power generation, and hence uranium, may gain further traction in global energy mix.

Emerald Resources

An Australian listed gold producer, with a producing mine in Cambodia and development asset in Australia. The company has successfully commissioned its low cost Okvau gold mine in Cambodia on time and budget. This strong management team has a long history of delivering mines on time and budget and is self-funded for the future growth profile.

Ora Banda Mining

An Australian gold exploration and development company, with 100% ownership of the Davyhurst Gold Project in the highly productive eastern goldfields region of Western Australia.

West African Resources

An Australian listed emerging mid-tier gold producer based in the West African region. The company acquires, explores and develops resource projects, and serves customers in West Africa and Australia.

REA Holdings

A leading contributor to responsible palm oil production globally. REA has a commitment to produce sustainably and has also received Roundtable on Sustainable Palm Oil certification. Following substantial cost cutting measures the group is well placed to benefit from the recent recovery in the crude palm oil price.

Tamboran Resources

A US listed natural gas exploration and production company, which specialises in the transition to cleaner energy and supports the energy transition by developing commercial production of natural gas and net zero equity scope 1 and 2 emissions. Tamboran Resources conducts its business in Australia.

Investment Manager's Review continued

Top ten largest holdings continued

Westgold Resources

An innovative and progressive gold producer located in the Murchison and Southern Goldfields regions of West Australia. The company has tenure of more than 3,200 km2 and operates six underground mines and five processing plants with an installed processing capacity of approximately 6.6 million tonnes per annum. Sales

Purchases 3,568

Ur-Energy

An American uranium producer, which is engaged in uranium recovery and processing operations, as well as the exploration and development of uranium mineral properties. (112)

Transocean

A leading international provider of offshore contract drilling services for oil and gas wells. The group is well placed to benefit from an improvement in offshore rig day rates. The offshore rig market looks attractive as spending from global oil and gas increases, whilst the availability of rigs remains constrained given the large capital requirement and long lead times for new builds.

Calibre Mining

A Canadian listed, American focused growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland & Labrador in Canada, Nevada and Washington in the USA, and Nicaragua. The company is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth.

At 31 December 2024, the value of the top ten investments totalled £52,275,000, 39.8% of the investment portfolio. To see a full breakdown of our investments see pages 15 to 17.

Portfolio at a glance

as at 31 December

By commodity

By location of listing

* The increase in unquoted investments is primarily driven by the suspension of trading of Leo Lithium on 1 July 2024. Further detail can be found within Note 9 to the Financial Statements in the Company's Annual Report for the year ended 30 June 2024.

Investment Portfolio

as at 31 December 2024

Company	Sector	Valuation £'000	% of total investments
NexGen Energy	Uranium	10,365	7.9
Emerald Resources	Gold	6,354	4.8
Ora Banda Mining	Gold	5,668	4.3
West African Resources	Gold	4,972	3.8
REA Holdings1	Palm Oil	4,445	3.4
Tamboran Resources	Oil & Gas	4,325	3.3
Westgold Resources	Gold	4,322	3.3
Ur-Energy	Uranium	4,243	3.2
Transocean	Oil & Gas	3,867	3.0
Calibre Mining	Gold	3,714	2.8
Top ten investments		52,275	39.8
Vermilion Energy	Oil & Gas	3,437	2.6
BW LPG	Shipping	3,404	2.6
Diamondback Energy	Oil & Gas	3,231	2.5
Leo Lithium	Lithium	3,085	2.3
Thungela Resources	Coal	3,029	2.3
Sigma Lithium Resources	Lithium	2,830	2.2
Lynas Corporation	Rare Earth	2,378	1.8
Peyto Exploration & Development	Oil & Gas	2,278	1.7
Foran Mining	Copper	2,273	1.7
Greatland Gold	Gold	2,256	1.7
Top twenty investments		80,476	61.2
Wheaton Precious Metals	Royalty	2,243	1.7
EOG Resources	Oil & Gas	2,056	1.6
Diversified Energy	Oil & Gas	2,037	1.5
Equinox	Gold	1,936	1.5
Frontline	Shipping	1,700	1.3
Solaris Resources	Gold	1,695	1.3
Polymetals Resources	Gold	1,674	1.3
Robex Resources	Gold	1,622	1.2
G Mining	Gold	1,495	1.1
Paladin Energy	Uranium	1,408	1.1
Top thirty investments		98,342	74.8

1 Includes REA Holdings 9% preference shares valued at £3,985,000 (31 December 2023: £4,064,000), REA Finance 8.75% 31/08/2025 valued at £460,000 (31 December 2023: £460,000), REA Holdings warrants valued at £4,000 (2023: £4,000) and no holding in the ordinary shares of REA Holdings (31 December 2023: £153,000).

Investment Portfolio continued

as at 31 December 2024

Company	Sector	Valuation £'000	% of total investments
Southern Cross Gold	Gold	1,274	1.0
Mawson Gold	Gold	1,246	1.0
Metals X	Base metals	1,234	1.0
True North Copper	Copper	1,112	0.8
Integra Resources	Gold	1,105	0.8
Afentra	Oil & Gas	1,044	0.8
Sylvania Platinum	Platinum	1,009	0.8
Newcore Gold	Gold	947	0.7
Patriot Battery Metals	Lithium	891	0.7
Cleantech	Royalty	833	0.6
Top forty investments		109,037	83.0
Coronado Global Resources	Coal	818	0.6
Collective Mining	Copper	812	0.6
Talon Metals	Nickel	802	0.6
Liberty Energy	Oil & Gas	794	0.6
ISOEnergy	Base metals	771	0.6
Greenheart Gold	Gold	758	0.6
Solgold	Copper	756	0.6
NorAm Drilling	Oil & Gas	719	0.5
Osisko Development	Gold	716	0.5
Eldorado Gold	Gold	698	0.5
Top fifty investments		116,681	88.7
Coppernico Metals	Copper	694	0.5
Rupert Resources	Gold	664	0.5
Galena Mining	Base metals	662	0.5
Osisko Gold Royalties	Gold	608	0.5
MAG Silver	Silver	605	0.5
Central Asia Metals	Copper	595	0.5
Ero Copper	Copper	589	0.4
Spartan Delta	Oil & Gas	568	0.4
Richmond Vanadium	Diversified Minerals	531	0.4
TDG Gold	Gold	505	0.4
Top sixty investments		122,702	93.3

Company	Sector	Valuation £'000	% of total investments
Castile Resources	Gold	488	0.4
Euronav	Shipping	474	0.4
Ascendant Resources	Base metals	462	0.4
Mawson Finland	Base metals	458	0.4
Shelf Drilling	Oil & Gas	455	0.4
Denison Mines	Uranium	451	0.3
Firefinch	Lithium	438	0.3
Platinum Group Metals	Platinum	436	0.3
Fortuna Silver Mines	Silver	434	0.3
Cosa Resources	Uranium	431	0.3
Top seventy investments		127,229	96.8
Other investments		4,215	3.2
Total		131,444	100.0

Further details on the Company's top ten largest holdings within its Investment Portfolio are on pages 10 to 13.

Condensed Income Statement

		Six months ended 31 December 2024 (unaudited)		Six months ended 31 December 2023 (unaudited)
	Notes	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
(Losses)/gains on investments held at fair value through profit or loss	2	–	(9,281)	(9,281)	–	2,567	2,567
Exchange (losses)/gains on foreign currencies		–	(30)	(30)	–	226	226
Income	3	1,358	323	1,681	3,078	341	3,419
Investment management fee		(199)	(597)	(796)	(209)	(628)	(837)
Other expenses		(550)	–	(550)	(523)	(2)	(525)
Net return before finance costs and tax		609	(9,585)	(8,976)	2,346	2,504	4,850
Finance costs		(136)	(407)	(543)	(126)	(367)	(493)
Net return before tax		473	(9,992)	(9,519)	2,220	2,137	4,357
Tax		(69)	(25)	(94)	(174)	–	(174)
Net return for the period		404	(10,017)	(9,613)	2,046	2,137	4,183
Basic and diluted return per ordinary share (pence)		0.63p	(15.53)p	(14.90)p	3.06p	3.19p	6.25p

The "total" column of this statement is the Income Statement of the Company, prepared in accordance with Financial Reporting Standard 102 ("FRS 102"). The supplementary revenue and capital columns are presented in accordance with the Statement of Recommended Practice issued by the AIC ("AIC SORP").

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.

There is no other comprehensive income, and therefore the net return after tax for the period is also the total comprehensive income.

The accompanying notes are an integral part of the financial statements.

Condensed Balance Sheet

Notes	As at 31 December 2024 (unaudited) £'000	As at 30 June 2024 (audited) £'000
Fixed assets
Investments at fair value through profit or loss	131,444	152,627
Current assets
Debtors	421	645
Cash	4,383	2,952
	4,804	3,597
Current liabilities
Creditors: amounts falling due within one year	(597)	(658)
Bank loan 8	(13,000)	(17,000)
	(13,597)	(17,658)
Net current liabilities	(8,793)	(14,061)
Net assets	122,651	138,566
Capital and reserves
Called-up share capital	16,722	16,722
Share premium	4,851	4,851
Special distributable reserve	23,898	27,127
Treasury shares	(682)	(182)
Capital reserve	78,269	88,307
Revenue reserve	(407)	1,741
Equity shareholders' funds 7	122,651	138,566
Net asset value per ordinary share 7	191.17p	209.44p

The accompanying notes are an integral part of the financial statements.

Condensed Statement of Changes in Equity

	Share capital £'000	Share premium account £'000	Special distributable reserve £'000	Treasury shares £'000	Capital reserve £'000	Revenue reserve £'000	Total £'000
For the six months ended 31 December 2024 (unaudited)
Balance at 30 June 2024	16,722	4,851	27,127	(182)	88,307	1,741	138,566
Net return after tax for the period	–	–	–	–	(10,017)	404	(9,613)
Shares bought back into treasury	–	–	(3,114)	(500)	(21)	–	(3,635)
Dividends paid	–	–	(115)	–	–	(2,552)	(2,667)
Balance at 31 December 2024	16,722	4,851	23,898	(682)	78,269	(407)	122,651
For the six months ended 31 December 2023 (unaudited)
Balance at 30 June 2023	16,722	4,851	28,571	–	83,454	2,962	136,560
Net return after tax for the period	–	–	–	–	2,137	2,046	4,183
Dividends paid	–	–	(262)	–	–	(3,805)	(4,067)
Balance at 31 December 2023	16,722	4,851	28,309	–	85,591	1,203	136,676

The special distributable reserve and the revenue reserve represent the amount of the Company's reserves distributable by way of dividend.

The accompanying notes are an integral part of the financial statements.

Condensed Cash Flow Statement

	Six months ended 31 December 2024 (unaudited) £'000	Six months ended 31 December 2023 (unaudited) £'000
Operating activities
Investment income received	1,490	2,767
Deposit interest received	44	46
Investment management fees paid	(814)	(702)
Other expenses	(650)	(562)
Net cash inflow from operating activities	70	1,549
Investing activities
Purchases of investments	(14,118)	(10,569)
Disposals of investments	26,315	15,724
Net cash inflow from investing activities	12,197	5,155
Financing activities
Equity dividends paid	(2,667)	(4,067)
Shares bought back into treasury	(3,635)	–
Repayment of credit facility	(4,000)	(2,000)
Loan interest paid	(504)	(486)
Net cash outflow from financing activities	(10,806)	(6,553)
Increase in net cash	1,461	151
Foreign exchange (losses)/gains	(30)	226
Opening net cash at 1 July	2,952	3,857
Closing net cash at 31 December	4,383	4,234

The accompanying notes are an integral part of the financial statements.

Notes to the Condensed Financial Statements

for the Half Year ended 31 December 2024

1 Accounting Policies – Basis of Preparation

The condensed interim financial statements have been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting) and with the Statement of Recommended Practice for 'Financial Statements of Investment Trust Companies and Venture Capital Trusts'. They have also been prepared on a going concern basis and on the assumption that approval as an investment trust will continue to be granted.

The condensed interim financial statements have been prepared using the same accounting policies as the preceding annual financial statements, which were prepared under Financial Reporting Standard 102.

2 (Losses)/gains on Investments

Included within (losses)/gains on investments in the Condensed Income Statement for the period ended 31 December 2024 are realised gains of £7,675,000 (31 December 2023: gains of £1,993,000) and unrealised losses of £16,956,000 (31 December 2023: gains of £574,000).

3 Income

The breakdown of income for the six months to 31 December 2024 and 31 December 2023 is as follows:

	Six months ended 31 December 2024 (unaudited) £'000	Six months ended 31 December 2023 (unaudited) £'000
Income from investments:
UK dividend income	197	39
Preference share dividend income	233	–
Overseas dividend income	830	2,890
Overseas fixed interest	54	103
	1,314	3,032
Other income
Bank interest	44	46
Total Income	1,358	3,078

4 Return per Ordinary Share

Return per share attributable to shareholders reflects the overall performance of the Company in the period. Net revenue recognised in the first six months is not necessarily indicative of the total likely to be received in the full accounting year.

	Six months ended 31 December 2024 (unaudited) £'000	Six months ended 31 December 2023 (unaudited) £'000
Revenue return	404	2,046
Capital return	(10,017)	2,137
Total return	(9,613)	4,183

	Six months ended 31 December 2024 (unaudited) p/share	Six months ended 31 December 2023 (unaudited) p/share
Revenue return per share (pence)	0.63	3.06
Capital return per share (pence)	(15.53)	3.19
Total return per share (pence)	(14.90)	6.25

The weighted average number of shares in issue during the six months ended 31 December 2024 was 64,516,804 (six months ended 31 December 2023: 66,888,509).

There are no dilutive instruments issued by the Company.

5 Dividends

During the six months to 31 December 2024, the Company paid a fourth interim dividend of 1.82 pence per share and a special interim dividend of 1.00 penny per share in relation to the financial year ended 30 June 2024, and a first interim dividend of 1.26 pence per share in relation to the six months ended 31 December 2024.

A second interim dividend 2025 of 1.26 pence per share was declared after 31 December 2024 and paid on 28 February 2025. In accordance with FRS 102, this interim dividend has not been included as a liability in this Half Year Report and instead will be recognised in the period in which they are paid.

6 Share Capital

At 31 December 2024 there were 64,157,838 ordinary shares in issue, excluding 2,730,671 shares held in treasury (30 June 2024: 66,159,952, excluding 728,557 shares held in treasury).

During the six months ended 31 December 2024 the Company repurchased 2,002,114 shares to hold in treasury (six months ended 31 December 2023: none).

Notes to the Condensed Financial Statements continued

for the Half Year ended 31 December 2024

7 Net Asset Value per Ordinary Share

As at 31 December 2024 (unaudited)	As at 30 June 2024 (audited)
Net asset value per share 191.17p	209.44p
Net assets £122.7m	£138.6m
Ordinary shares of 25p each in issue (excluding shares held in treasury) 64,157,838	66,159,952

There are no dilutive instruments issued by the Company.

8 Bank Loan

	As at	As at
	31 December	30 June
	2024	2024
	(unaudited)	(audited)
	£'000	£'000
Bank loan	13,000	17,000

The Company previously had an unsecured loan facility with Scotiabank Europe Plc ("Scotiabank"), on which drawdowns attracted an interest rate of Sterling Overnight Index Average ("SONIA") plus 1.10%. As at 30 June 2024, £17 million was drawn down at an indicative rate of 6.3% fixed until 13 September 2024. The credit facility with Scotiabank had a floating charge covering all the property or undertaking of the Company.

The facility with Scotiabank expired on 13 September 2024 and a new secured facility with a two-year tenure was agreed with BNP Paribas ("BNP") with effect from the same date until September 2026. Drawdowns from the new facility attract an interest rate of SONIA plus 1.35% and a commitment fee of 0.45%. The previous floating charge was satisfied upon repayment and expiration of the facility with Scotiabank, and replaced by a floating charge, with the same coverage of assets, under the new facility agreement with BNP Paribas.

As at the date this Report was approved, £13 million was drawn down under this facility at an indicative rate of 6.05% fixed until 13 June 2025.

The covenants of the loan facility with Scotiabank for the period to 13 September 2024 and of the facility with BNP since 13 September 2024 have been met. Covenant conditions for the facility with BNP are as follows:

• ^l the borrower shall not permit the net asset value to be less than £45 million;
• ^l maximum loan to value ratio of 30%; and
• ^l minimum coverage ratio (total adjusted total assets value over debt) of 1.

9 Going Concern

After making enquiries and having considered the Company's investment objective, nature of the investment portfolio, bank facility and expenditure projections, the Directors consider that the Company has adequate resources to continue in operation for the foreseeable future. For this reason, the Directors are satisfied that it is appropriate to adopt the going concern basis in preparing this report.

10 Comparative Information

The condensed financial statements contained in this Half Year Report do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the six months to 31 December 2024 and 31 December 2023 has not been audited or reviewed by the Company's external Auditor.

The information for the year ended 30 June 2024 has been extracted from the latest published audited financial statements. Those statutory financial statements have been filed with the Registrar of Companies and included the report of the Auditor, which was unqualified and did not contain a statement under Sections 498(2) or (3) of the Companies Act 2006.

Earnings for the first six months should not be taken as a guide to the results for the full year.

11 Related Parties

The following are considered related parties: the Board of Directors (the "Board") and CQS (UK) LLP (trading as Manulife | CQS Investment Management) (the "Investment Manager").

All transactions with related parties are carried out on an arm's length basis.

There are no other transactions with the Board other than aggregated remuneration and reimbursement of expenses for services as Directors. There were no amounts payable to Directors outstanding at the end of the period (31 December 2023: £17,000).

The Investment Manager's management fee is:

• ^l 1.2 per cent on net assets up to £150m;
• ^l 1.1 per cent on net assets above £150m and up to £200m;
• ^l 1.0 per cent on net assets above £200m and up to £250m; and
• ^l 0.9 per cent on net assets above £250m.

The amount incurred in respect of investment management fees during the period was £796,000 (six months to 31 December 2023: £837,000), of which £123,000 (2023: £273,000) was outstanding as at 31 December 2024.

12 Post Balance Sheet Events

The second interim dividend of 1.26 pence per share in relation to the six months ended 31 December 2024 was announced on 21 January 2025 and paid on 28 February 2025 to shareholders on the register on 31 January 2025, with an ex-dividend date of 30 January 2025.

On 12 February 2025, the Company announced the receipt of a requisition served on behalf of Saba for a second general meeting of shareholders. Since then, the Board has engaged in a series of constructive discussions with Saba, who have agreed to withdraw the requisition to enable the Board and its advisers to complete the strategic review that was outlined in the Circular to shareholders. The Board will expedite this review and announce the outcome during April 2025.

Interim Management Report and Responsibility Statement

The Chairman's Statement beginning on page 2 and the Investment Manager's Review beginning on page 6 give details of the important events which have occurred during the period and their impact on the financial statements.

Principal Risks and Uncertainties

The Company's assets consist principally of listed equities and fixed interest securities and its principal risks are therefore primarily market related. The Company is also exposed to currency risk in respect of the markets in which it invests. Key risks faced by the Company fall into the following broad categories: market, sector and geopolitical, demand for the Company's shares, key person, regulatory and operational.

These risks, and the way in which they are managed, are described in more detail under the heading 'Principal Risks, Uncertainties and Mitigations' within the Strategic Report contained within the Company's Annual Report for the year ended 30 June 2024. The Company's principal risks and uncertainties have not changed materially since the date of the report and are not expected to change materially for the rest of the Company's financial year.

Related Parties Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.

Going Concern

The Directors, having considered the Company's investment objective, the nature and liquidity of the portfolio and the income and expenditure projections, consider that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and is financially sound. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements.

Statement of Directors' Responsibilities in respect of the Interim Report

The Board of Directors confirms that, to the best of its knowledge:

• ^l the condensed set of financial statements has been prepared in accordance with IAS 34 "Interim Financial Reporting" and gives a true and fair view of the assets, liabilities, financial position and profit or loss of the Company;
• ^l the interim management report includes a true and fair review of the information required by:
  • a. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and
  • b. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

The Half Year Report has not been audited by the Company's Auditor.

This Half Year Report contains certain forward-looking statements. These statements are made by the Directors in good faith based on the information available to them up to the date of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

On behalf of the Board

Christopher Casey

Chairman 26 March 2025

Glossary of Terms and Definitions1

AIC	Association of Investment Companies. The AIC represents a broad range of investment companies, investment trusts, VCTs and other closed-ended funds.
UK Alternative Investment Fund Managers Directive ("UK AIFMD")	Agreed by the European Parliament and the Council of the European Union and transposed into UK legislation, the AIFMD classifies certain investment vehicles, including investment companies, as Alternative Investment Funds ("AIF"s) and requires them to appoint an Alternative Investment Fund Manager ("AIFM") and depositary to manage and oversee the operations of the investment vehicle. The Board of the Company retains responsibility for strategy, operations and compliance and the Directors retain a fiduciary duty to shareholders.
Alternative Performance Measure ("APM")	A financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework.
Dividend Yield (APM)		The annual dividend expressed as a percentage of the share price.
		Six months ended 31 December 2024	Six months ended 31 December 2023
	Total non-special interim dividends paid and declared (pence)	5.6	5.6
	Closing share price (pence)	185.75	168.25
	Dividend yield	3.0%	3.3%
Gearing (APM)	Net debt (bank loan net of cash) as a percentage of net asset value. Gearing amplifies the impact of gains or losses on the net asset value of the Company. It can be positive for a company's performance, although it can have negative effects on performance when underlying assets fall in value. It is the Company's policy to determine the adequate level of gearing appropriate to its own risk profile. The Company may borrow an amount up to 25 per cent of shareholders' funds (measured at the time of drawdown). Gearing is calculated in accordance with guidance from the AIC as follows:
		Six months	Year ended
		ended 31 December 2024	30 June 2024 (audited)
	Cash	4,383	2,952
	Bank loan	(13,000)	(17,000)
	Net debt	(8,617)	(14,048)
	Net asset value	122,651	138,566
	Gearing	7.0%	10.1%

1 Unaudited unless otherwise stated.

Glossary of Terms and Definitions continued

Net Asset Value ("NAV")	The value of total assets less all liabilities of the Company. Liabilities for this purpose include current and long-term liabilities.
NAV per share (APM)	NAV per ordinary share is calculated by dividing total net asset value by the total number of ordinary shares in issue (excluding shares held in treasury).
NAV per share Capital Return (APM)	The movement between opening NAV per share (204.16 pence) and closing NAV per share (209.44 pence), which shows the capital return element (without the impact of dividend reinvestment) of the Company's NAV per share during the year.
NAV per share Total Return (APM)	The theoretical total return on an investment over a specified period assuming dividends paid to shareholders are reinvested at net asset value per share at the time the shares were quoted ex-dividend. This is a way of measuring investment management performance of investment companies which is not affected by movements in discounts or premiums. The Directors regard the Company's net asset value total return per share as being the overall measure of value delivered to shareholders over the long term.
		Six months ended 31 December 2024	Six months ended 31 December 2023	5 years ended 31 December 2024
	Opening NAV per share (pence)	209.44	204.16	115.80
	Closing NAV per share (pence)	191.17	204.33	191.17
	Percentage change in NAV per share	(8.7)%	0.1%	65.1%
	Impact of dividend reinvestment	1.2%	3.3%	33.9%
	NAV per share total return	(7.5)%	3.4%	99.0%
Ongoing Charges Ratio (APM)	A measure of all operating costs incurred in the reporting period, calculated as a
	percentage of average net assets in that year. Operating costs exclude costs suffered within underlying investee funds, costs of buying and selling investments, interest costs, taxation and the costs of buying back or issuing ordinary shares.
			Six months ended 31 December 2024	Six months ended 31 December 2023
	Total expenses (per Condensed Income Statement) (£'000)		1,346	1,362
	Annualised total expenses (£'000)		2,692	2,640
	Average net assets value (£'000)		135,276	136,919
	Ongoing charges ratio		2.0%	1.8%
Share Price Capital Return	The movement between opening share price (189.00 pence) and closing share price (185.75 pence), which shows the capital return element (without the impact of dividend reinvestment) of the Company's share price during the year.

Share Price Total Return (APM)	The change in capital value of a company's shares over a given time period, plus dividends paid to shareholders, expressed as a percentage of the opening value. The assumption is that dividends paid to shareholders are re-invested in the shares at the time the shares are quoted ex-dividend. The Directors regard the Company's share price total return to be a key indicator of performance. This reflects share price growth of the Company which the Board recognises is important to investors.
		Six months ended 31 December 2024	Six months ended 31 December 2023	5 years ended 31 December 2024
	Opening share price (pence)	189.00	169.50	86.20
	Closing share price (pence)	185.75	168.25	185.75
	Percentage change in share price	(1.7)%	(0.7)%	115.5%
	Impact of dividend reinvestment	2.2%	1.4%	52.6%
	Share price total return	0.4%	0.7%	168.1%
Share Price Discount or Premium to NAV per share (APM)	The amount by which the market price per share of an investment trust is lower or higher than the net asset value per share. The discount or premium is normally expressed as a percentage of the net asset value per share. If the share price is higher than the net asset value per share the result is a premium. If the share price is lower than the net asset value per share, the shares are trading at a discount. The Board regularly reviews the level of the discount/premium of the Company's share price to the net asset value per share and considers ways in which share price performance may be enhanced, including the effectiveness of share buybacks, where appropriate.
			As at 31 December 2024	As at 30 June 2024 (audited)
	Closing NAV per share (pence)		191.17	209.44
	Closing share price (pence)		185.75	189.00
	Share price discount to NAV per share		2.8%	9.8%
Treasury shares	Shares previously issued by a company that have been bought back from shareholders to be held by the company for potential re-issuance or cancellation at a later date. Shares held in treasury do not carry voting rights or rights to dividends.

Corporate Information

Registered Number

02978531

The Company is an investment company in England and Wales as defined under Section 833 of the Companies Act 2006.

Registered Office

25 Southampton Buildings London WC2A 1AL

Directors

Christopher Casey (Chairman) Carole Cable (Chair, Management Engagement Committee) Paul Cahill (Chair, Nomination Committee) Louise Hall (appointed 1 August 2024) Seema Paterson (appointed 1 August 2024) (Chair, Audit Committee)

AIFM and Investment Manager

CQS (UK) LLP (trading as Manulife | CQS Investment Management) 4th Floor One Strand London WC2N 5HR Telephone: + 44 (0)207 201 6900 Email: contactNCIM@cqsm.com

Company Secretary and Administrator

Frostrow Capital LLP 25 Southampton Buildings London WC2A 1AL Telephone: +44 (0)203 008 4910 Email: cosec@frostrow.com

Financial Adviser and Corporate Broker

Cavendish Capital Markets Limited 1 Bartholomew Close London EC1A 7BL

Bankers, Custodian and Depositary

BNP Paribas S.A. 10 Harewood Avenue London NW1 6AA

Auditor

BDO LLP 55 Baker Street London W1U 7EU

Tax Advisor

KPMG LLP 20 Castle Street Edinburgh EH1 2EG

Registrars

Equiniti Limited Aspect House Spencer Road, Lancing West Sussex BN99 6DA

Registered shareholders can obtain further details of their holdings on the internet by visiting www.shareview.co.uk.

Shareholder helpline: +44 (0) 371 384 2410

Please use the country code when calling from outside the UK. Calls from outside the UK will be charged at international rates. Other telephone provider costs may vary. Lines are open 8.30am to 5.30pm, Monday to Friday (excluding public holidays in England and Wales). Notifications of changes of address and enquiries regarding share certificates or dividend cheques should be made in writing to the Registrars quoting your shareholder reference number.

Solicitors

Dentons UK and Middle East LLP One Fleet Place London EC4M 7WS

Shareholder Information

Net Asset Value/Share Price

The net asset value of the Company's ordinary shares may be obtained by contacting CQS on 0207 201 6900, by email at clientservice@cqsm.com or alternatively by visiting the Company's website at www.ncim.co.uk/cqs-natural-resourcesgrowth-and-income-plc/.

Website

General Information about the Company, monthly factsheets and data, reports and details of general meetings can be found at www.ncim.co.uk/cqs-natural-resources-growth-and-income-plc/.

The Company is a member of the Association of Investment Companies.

Disability Act

Copies of this Half Year Report and other documents issued by CQS Natural Resources Growth and Income PLC are available from the Company Secretary. If needed, copies can be made available in a variety of formats, including Braille, audio tape or larger type as appropriate. For deaf and speech impaired customers, calls are welcomed to the Company's Registrar, Equiniti Limited, via Relay UK. Please see www.relayuk.bt.com for more information.

Unsolicited approaches for shares:

Many companies have become aware that their shareholders have received unsolicited phone calls or correspondence concerning investment matters. These are typically from overseas based 'brokers' who target UK shareholders offering to sell them what often turn out to be worthless or high-risk shares in US or UK investments. They can be very persistent and extremely persuasive. Shareholders are therefore advised to be very wary of any unsolicited advice, offers to buy shares at a discount or offers of free company reports.

Please note that it is very unlikely that either the Company or the Company's Registrar, Equiniti Limited, would make unsolicited telephone calls to shareholders and that any such calls would relate only to official documentation already circulated to shareholders and never in respect of investment 'advice'.

Shareholders who suspect they may have been approached by fraudsters should advise the Financial Conduct Authority ("FCA") using the share fraud report form at www.fca.org.uk/scams or call the FCA Customer Helpline on 0800 111 6768. You may also wish to call either the Company Secretary or the Registrar whose contact details can be found on page 30.

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This is a certified climate neutral print product for which carbon emissions have been calculated and offset by supporting recognised carbon offset projects. The carbon offset projects are audited and certified according to international standards and demonstrably reduce emissions. The climate neutral label includes a unique ID number specific to this product which can be tracked at www.climatepartner.com, giving details of the carbon offsetting process including information on the emissions volume and the carbon offset project being supported.

3 Black Line Level: 0 Park Communications Ltd Alpine Way

London E6 6LA

F: 020 7055 6600

T: 0207 055 6500

Job No: 51433 Proof Event:

Customer: CQS Project Title: Half-Yearly Report 2023