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.

Past performance is not a reliable indicator of current or future results.

blackrock.com/uk/brwm

BlackRock World Mining Trust plc

March 2022

The information contained in this release was correct as at

31 March 2022. 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 31/03/22)
Net asset value including income1: 1 Includes net revenue of 14.59p	769.58p
Net asset value capital only:	754.99p
Share price:	745.00p
Discount to NAV2:	3.2%
Total assets:	£1,587.3m
Net yield3:	5.7%
Net gearing:	12.1%
Ordinary shares in issue:	184,806,116
Ordinary shares held in treasury:	8,205,726
Ongoing charges4:	0.9%

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.

• 2 Discount to NAV including income.

• 3 Based on a first interim dividend of 4.50p per share declared on 29 April 2021, a second and third interim dividend of 5.50p per share declared on 19 August 2021 and 18 November 2021 respectively, and a final dividend of 27.00p per share declared on 8 March 2022, all in respect of the year ended 31 December 2021.

4 Calculated as a percentage of average net assets and using expenses, excluding finance costs, for the year ended 31 December 2021.

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.

Annual performance to the last quarter end (as at 31 March 2022)

31/03/21 31/03/22 %

31/03/20 31/03/21 %

31/03/19 31/03/20 %

• 31/03/18 31/03/17

• 31/03/19 31/03/18

Net asset value Share price Reference index1

44.5 38.4 31.7

92.1 122.1 74.1

-22.4 -20.5 -22.5

% 6.7 4.0 5.0

% 5.6 11.7 4.3

1 Reference index: MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net total return)

Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index and Datastream.

Cumulative performance (as at 31/03/22)

Sterling

1M%

3M%

1Y%

3Y%

5Y%

Net asset value

10.4

28.1

44.5

115.4

142.7

Share price

6.3

31.4

38.4

144.5

184.1

MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net total return)1

8.6

22.0

31.7

77.6

94.6

1 Reference index

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.

The above Net Asset Value (NAV) performance statistics are based on a NAV including income, with any dividends reinvested on the ex-dividend date, net of ongoing charges and any applicable performance fee.

Share price performance figures are calculated on a mid market basis in sterling terms with income reinvested on the ex-dividend date.

The performance of the Company's portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as 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 31 December 2021 has been made available on the Company's website at the link given below:

Country allocations (as at 31/03/2022)

% total assets

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

Global

73.1

Asset allocation (as at 31/03/2022)

% total assets

Equity

94.5

Preferred Stock

3.1

Latin America Australasia United States Canada

7.1

6.4

4.9

3.6

Bonds

2.8

Other Africa

2.8

Warrants

0.1

South Africa

1.3

Net Current Assets

-0.5

Indonesia

1.1

Total

100.0

United Kingdom

0.2

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

Net Current Liabilities Total

-0.5 100.0

NMPI status

The Company currently conducts its affairs so that its securities can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority's (FCA) rules in relation to Non-Mainstream Pooled Investments (NMPI) and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA's

restrictions which apply to non-mainstream pooled investments because they are shares in an investment trust.

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 returned +10.4% in March, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned +8.6% (performance figures in GBP).

The Russia-Ukraine crisis dominated the headlines in March and led to increased concerns around inflation and global economic growth. Mined commodity prices rose almost across the board on supply uncertainty. This was most apparent in the commodities for which Russia has historically been a significant exporter, such as nickel and palladium, with the nickel price for example rising by 30.1% during the month.

Continued increases in global energy costs also put upward pressure on some of the more energy-intensive mined commodities, such as steel, aluminium and zinc. Within the precious metals space, the gold price rose by 2.0% over the month as the metal saw 'safe-haven' demand, with notable investor inflows into physically backed gold ETFs.

Elsewhere, economic data from China remained relatively weak as the country grappled with rising COVID-19 cases, with lockdowns in place in a number of key regions. If this weakness persists into the second half of 2022, we would expect the Chinese government to step in with positive stimulus to support the economy.

Strategy and Outlook

Supply and demand in mined commodity markets is generally very tight today and prices look well-supported in our view. On the demand side, increased global infrastructure spending is supporting demand, whilst we expect the mining sector to play a critical role in the coming years in supplying materials required for lower-carbon technologies, like wind turbines, solar panels and electric vehicles. The Russia-Ukraine crisis puts greater focus on energy independence, particularly for Europe, and will further accelerate investment into renewable energy capacity build-out in our view. On the supply side, we are encouraged by what we are hearing from management teams in terms of maintaining their focus on capital discipline. Longer-term, ill-discipline remains a risk but, regardless, increases in capital expenditure would take some time to feed through into new supply given the time-lags associated with mining projects.

Mining companies are generally in robust financial shape today with strong balance sheets and high levels of free cash flow being generated. Finally, we view mining equities as an effective way to hedge portfolios against persistent inflationary pressures whilst, despite recent outperformance, valuations continue to look attractive in our view.

All data points are in USD terms unless stated otherwise.

Unless otherwise stated all data is sourced from BlackRock as at 31 March 2022.

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.

Risk: Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies.

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

Ten largest investment (as at 31/03/2022)

Company

% of total assets

Vale: Equity Debenture

6.1

3.3

Glencore BHP

8.7

8.3

Anglo American Freeport-McMoRan Teck Resources Rio Tinto

7.3

5.1

4.1

4.1

First Quantum Minerals:Equity

3.3

Bond

0.7

Newmont Mining ArcelorMittal

3.6 3.1

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.

Key company details

Fund characteristics:

Launch date

Sector allocations (as at 31/03/22)

% of total assets

Diversified

42.3

Copper Gold Steel

20.9

15.0

7.2

Industrial Minerals Aluminium

4.6

3.7

Iron Ore

3.0

Platinum Group Metals Nickel

2.5

1.1

Zinc

0.2

Net Current Liabilities

-0.5

Total

100.0

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

.

December 1993

Dealing currency

Sterling

Association of Investment Companies sector (AIC)

Commodities and Natural Resources

Reference index

MSCI ACWI Metals and Mining 30% Buffer 10/40 Index

Traded

London Stock Exchange

Management

Alternative Investment Fund Manager (with effect from 2 July 2014)

BlackRock Fund Managers Limited

Portfolio managers

Evy Hambro & Olivia Markham

Annual management fee

Financial calendar:

Year end

31 December

August (half yearly)

Results announced

February (final)

Annual General Meeting

April/May

May/June/September/Dividends paid

December (quarterly)

0.80% of the Company's gross assets (included in the ongoing charges ratio)

Fund codes:

ISIN

GB0005774855

Sedol

0577485

Bloomberg

BRWM:LN

Reuters

BRWM.L

Ticker

BRWM/LON

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.

A diluted NAV is calculated on the assumption that holders of any convertibles have converted, subscription shares have been exercised and treasury shares are re-issued 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 charges

Average undiluted net asset

value in the period

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.

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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.

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