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.

BlackRock World Mining Trust plc has been included in Money Observer Rated Funds 2020

Category: Specialist.

Effective date: 7 February 2020.

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

blackrock.com/uk/brwm

BlackRock World Mining Trust plc

September 2020

The information contained in this release was correct as at

30 September 2020. 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 30/09/20)

Net asset value including income1:	456.18p
1 Includes net revenue of 9.69p
Net asset value capital only:	446.49p
Share price:	401.50p
Discount to NAV2:	12.0%
Total assets:	£884.5m
Net yield3:	5.5%
Net gearing:	11.1%
Ordinary shares in issue:	173,550,814
Ordinary shares held in treasury:	19,461,028
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.

1. Discount to NAV including income.
2. Based on two quarterly interim dividends of 4.00p per share declared on 19 August 2020 and

30 April 2020 for the year ending 31 December 2020 and a quarterly interim dividend of 4.00p per share declared on 14 November 2019 and a final dividend of 10.00p per share announced on 27 February 2020 in respect of the year ended 31 December 2019.

4 Calculated as a percentage of average net assets and using expenses, excluding finance costs, for the year ended 31 December 2019.

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.

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Annual performance to the last quarter end (as at 30 September 2020)

	30/09/19	30/09/18	30/09/17	30/09/16	30/09/15
	30/09/20	30/09/19	30/09/18	30/09/17	30/09/16
	%	%	%	%	%
Net asset value	17.2	2.2	8.2	20.1	69.4
Share price	21.0	3.5	5.1	25.2	58.5
Reference index1	10.7	0.7	6.2	19.2	72.2

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 30/09/20)

Sterling	1M%	3M%	1Y%	3Y%	5Y%
Net asset value	-0.7	7.5	17.2	29.6	163.6
Share price	-0.6	7.8	21.0	31.6	161.2
MSCI ACWI Metals & Mining 30% Buffer	-1.2	5.6	10.7	18.4	143.2
10/40 Index (Net total return)1

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

30 June 2020 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

Asset allocation	% total assets
Equity	93.4
Bonds	4.1
Preferred Stock	1.9
Net Current Assets	0.6
Total	100.0

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

NMPI status

Country allocations (as at	% total
30/09/2020)	assets
Global	66.5
Australasia	7.9
Latin America	7.6
Canada	5.7
South Africa	3.8
United Kingdom	2.7
Russia	1.5
United States	1.4
Other Africa	1.2
Indonesia	1.0
Argentina	0.1
Net current assets	0.6
Total	100.0

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.

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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 -0.7% in September, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned -1.2% (Figures in GBP).

Global equity markets lost ground in September, amid rising COVID-19 infection rates across much of Western Europe and renewed concerns about the strength of the global economic recovery. For reference, the MSCI AC World Index fell by 3.4%. Elsewhere, the US Federal Reserve disappointed expectations with respect to further stimulus to spur inflation and support the economy on a short-term basis, potentially driving the tick up in real interest rates.

The mining sector pulled back in September following a strong run in August. Most mined commodities were down over the month, with US dollar strength acting as a headwind. For reference, copper, gold and iron ore (62% fe.) prices fell by -0.4%,-3.5% and -4.4% respectively, albeit remaining at elevated prices, all still well above where they started the year. Market sentiment appeared to be negatively impacted by mounting fears around COVID-19 second waves. Economic activity data continued to be encouraging, however, with China's manufacturing PMI coming in at 51.5, up from 51.0 in August, for example. China also announced an aim to achieve carbon neutrality before 20601 during the month, in a move seen as hugely significant in the fight against climate change.

Within the portfolio, our exposure to the diversified mining sub-sector contributed positively, with the Vale debentures being the largest contributor to relative performance. Elsewhere, our holding in platinum group metal (PGM) producer, Northam Platinum, also appeared amongst the top performers over the month. The Company benefited from its significant exposure to rhodium, the price of which rallied over the month owing to growing demand for the metal for use in cleaning vehicle emissions and disruptions in supply from South Africa.

Strategy and Outlook

We expect continued volatility as the COVID-19 pandemic evolves and believe broader equity markets could be vulnerable to a pull back in the near term. However, with balance sheets in strong shape, we believe the miners are relatively well-positioned to weather economic weakness. Mined commodity prices have performed strongly in recent months, with most now up on a year-to-date basis, and the sector should see strong earnings growth on the back of that. We expect mined commodity demand to be supported by increased infrastructure spending in China and the US, as well as coordinated green spending initiatives in Europe. The capital discipline story remains intact, with mining companies focused on shareholder returns through dividends and buybacks.

All data points are in USD terms unless stated otherwise.

1 Source: The Guardian

Unless otherwise stated all data is sourced from BlackRock as at 30 September 2020.

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 at blackrock.com/uk/brwm.

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Ten largest investment (as at 30/09/2020)

Company	% of total
assets
Vale:
Equity	5.3
Debenture	3.8
BHP	8.2
Rio Tinto	7.1
Barrick Gold	6.9
Newmont Mining	6.7
Anglo American	5.5
Wheaton Precious Metals	5.3
Freeport-McMoRan Copper & Gold	4.2
OZ Minerals:
Royalty	2.1
Equity	1.6
Franco-Nevada	3.1

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.

Sector allocations (as at 30/09/20)	% of total
assets
Gold	37.0
Diversified	31.3
Copper	18.1
Platinum Group Metals	2.9
Nickel	2.1
Industrial Minerals	2.0
Steel	1.9
Iron Ore	1.7
Iron	0.9
Materials	0.9
Zinc	0.3
Silver & Diamonds	0.2
Aluminium	0.1
Net current assets	0.6
Total	100.0

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

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Key company details

Fund characteristics:

Launch date	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	BlackRock Fund Managers Limited
2 July 2014)
Portfolio managers	Evy Hambro & Olivia Markham
Annual management fee	0.80% of the Company's gross assets (included in the
ongoing charges ratio)

Financial calendar:

Year end	31 December
Results announced	August (half yearly)
February (final)
Annual General	April/May
Meeting
Dividends paid	May/June/September/
December (quarterly)

Fund codes:

ISIN	GB0005774855
Sedol	0577485
Bloomberg	BRWM:LN
Reuters	BRWM.L
Ticker	BRWM/LON

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