BlackRock World Mining Trust : Factsheet

Key risk factors

Capital at risk The value of

investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

The Company can invest in economies and markets which may be less developed and this carries a greater risk of volatility and more uncertainty around how these markets operate, compared to more established economies.

BlackRock World Mining Trust plc invests in mining shares which typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining securities.

Overseas investments will be affected by currency exchange rate fluctuations.

The Company may from time to time utilise gearing. A fuller definition of gearing is given in the glossary.

AJ Bell Fund & Investment Trust Awards 2021: Winner - Commodities/Resources - Active category

Effective date: 3 September 2021.

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

blackrock.com/uk/brwm

BlackRock World Mining Trust plc

October 2023

The information contained in this release was correct as at 31 October 2023.

Information on the Company's up to date net asset values can be found on the London Stock Exchange website at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html

Company objective

To provide a diversified investment in mining and metal assets worldwide, actively managed with the objective of maximising total returns. While the policy is to invest principally in quoted securities, the Company's investment policy includes investing in royalties derived from the production of metals and minerals as well as physical metals. Up to 10% of gross assets may be held in physical metals and up to 20% may be invested in unquoted investments.

Fund information (as at 31/10/23)

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

1. Includes net revenue of 17.67p.
2. Discount to NAV including income.
3. Based on a final dividend of 23.50p per share declared on 2 March 2023 in respect of the year ended 31 December 2022, a first and second interim dividend of 5.50p per share and a third interim dividend of 5.50p per share declared on 11 October 2023 with ex-date 23 November 2023 and pay date of 22 December 2023 in respect of the year ending 31 December 2023..
4. The Company's ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 31 December 2022.
5. The Company's ongoing charges are calculated as a percentage of average daily gross assets and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 31 December 2022.

A fuller definition of ongoing charges (which include the annual management fee) is given in the glossary. Details of the management fee are given in the key company details section overleaf. The Company does not have a performance fee. See glossary for further explanation of terms used.

NAV performance.

The latest performance data can be found on our website: www.blackrock.com/uk/brwm

A full disclosure of portfolio investments for the Company as at 30 June 2023 has been made available on the Company's website at the link given below:

https://www.blackrock.com/uk/individual/literature/policies/bwmt-portfolio-disclosure.pdf

Allocations in these tables are as at the date shown and do not necessarily represent current or future portfolio holdings.

NMPI status

Comments from the portfolio managers

Please note that the commentary below includes historic information in respect of performance data in respect of portfolio investments, index performance data and the Company's NAV performance.

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results.

Performance

The Company's NAV fell by 6.7% in October, underperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which fell by 4.6% (performance figures in GBP).

October was a challenging month for the mining sector. Increased geopolitical tensions in the Middle East and expectations for higher-for-longer interest rates appeared to contribute to a risk-off environment for equities. For reference, the MSCI ACWI TR Index fell by 3.0% during the month. Meanwhile, sentiment

towards China remained negative as the country's

manufacturing PMI fell to 49.5 from 50.6 in September. However, the Chinese administration continues to point to stimulus measures, which we expect to come through incrementally.

Mined commodity performance was mixed, with the copper price falling -2.2% but the iron ore price (62% fe) rising +2.1%. Elsewhere, the precious metals performed well on 'safe-haven' demand, with gold, silver and platinum prices rising +7.5%, +3.5% and +1.8% respectively. Meanwhile, battery materials prices were weak (particularly lithium) after General Motors and Ford announced a pullback in electric vehicle-related spend. At the company-level, we saw Q3 production numbers announced during the month, which were generally below or in line with expectations. We also saw some miners having to announce capital expenditure increases.

Strategy and Outlook

China has re-opened but with less impact than had been expected early this year. Uncertainty persists around China's commodity demand, but we are seeing the Chinese administration announce financial support incrementally.

Longer term, we are excited by the structural demand growth for a range of mined commodities that will result from the low carbon transition. Meanwhile, commodity supply is likely to be constrained by the capital discipline of recent years, whilst inventories for many mined commodities are at historic lows. Mining companies have low levels of debt, continue to return capital to shareholders but appear to be entering a higher capital expenditure phase.

In 2023, we have seen Brown to Green emerge as a key theme, where mining companies are focusing on reducing the greenhouse gas emissions intensity associated with their production. We expect to see a re-rating for the mining companies able to best navigate this and are playing this in the portfolio.

All data points are in USD terms unless stated otherwise.

Unless otherwise stated all data is sourced from BlackRock as at 31 October 2023.

Any opinions, forecasts represent an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation.

The latest performance data can be found on the BlackRock website at blackrock.com/uk/brwm.

Ten largest investment (as at 31/10/2023)

Risk: The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable.

Allocations are as at the date shown and do not necessarily represent current or future portfolio holdings.

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Glossary of Terms

Actively managed

The portfolio is managed with the aim of outperforming an index rather than replicating its returns.

Discount/Premium

Investment trust shares frequently trade at a discount or premium to NAV. This occurs when the share price is less than (a discount) or more than (a premium) to the NAV.

The discount or premium is the difference between the share price (based on mid-market share prices) and the NAV, expressed as a percentage of the NAV.

Discounts and premiums are mainly the consequence of supply and demand for the shares on the stock market.

Diversified investment

An investment in which risks are spread out and not overly concentrated.

Gearing

Investment companies can borrow to purchase additional investments. This is called 'gearing'. It allows investment companies to take advantage of a long-term view on a sector or to take advantage of a favourable situation or a particularly attractive stock without having to sell existing investments.

Gearing works by magnifying the company's performance. If a company 'gears up' and then markets rise and the returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified.

Net yield

The net yield is calculated using total dividends declared in the last 12 months (as at date of this factsheet) as a percentage of month end share price.

NAV (Net Asset Value)

A company's undiluted NAV is its available shareholders' funds divided by the number of shares in issue (excluding treasury shares), before making any adjustment for any potentially dilutive securities which the Company may have in issue, such as subscription shares, convertible bonds or treasury shares. on a particular date.

A diluted NAV is calculated on the assumption that holders of any convertibles have converted, subscription shares have been exercised and treasury shares are reissued at the mid-market price, to the extent that the NAV per share is higher than the price of each of these shares or securities and that they are 'in the money'. The aim is to ensure that shareholders have a full understanding of the

potential impact on the Company's NAV if these

instruments had been exercised.

Ongoing charges ratio

Ongoing charges (%) =

Annualised ongoing chargesAverage undiluted net asset value in the period

Ongoing charges are those expenses of a type which are likely to recur in the foreseeable future, whether charged to capital or revenue, and which relate to the operation of the investment company as a collective fund, excluding the costs of acquisition/disposal of investments, financing charges and gains/losses arising on investments. Ongoing charges are based on costs incurred in the year as being the best estimate of future costs and include the annual management fee.

Physical metals

Metals such as copper, zinc and nickel.

Quoted securities

Securities that trade on an exchange for which there is a publicly quoted price.

Royalties

Contracts that involve one party giving capital (funding) to a mining company in return for a percentage share of

the revenues from one or more of the company's assets.

Total returns

The total return is the sum of the capital appreciation return and the dividend return.

Unquoted investments

Financial securities that do not trade on an exchange for which there is not a publicly quoted price.