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

November 2020

The information contained in this release was correct as at

30 November 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 30/11/20)

Net asset value including income1:	481.64p
1 Includes net revenue of 6.69p
Net asset value capital only:	474.95p
Share price:	453.00p
Discount to NAV2:	6.0%
Total assets:	£925.8m
Net yield3:	4.9%
Net gearing:	13.6%
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 quarterly interim dividends of 4.00p per share declared on 12 November, 19 August and

30 April 2020 in respect of the year ending 31 December 2020 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 30/11/20)

Sterling	1M%	3M%	1Y%	3Y%	5Y%
Net asset value	8.3	5.7	26.7	36.8	186.9
Share price	14.3	13.1	39.7	45.2	212.6
MSCI ACWI Metals & Mining 30% Buffer	6.8	4.0	17.2	23.1	156.5
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	94.8
Bonds	3.9
Preferred Stock	2.3
Option	-0.1
Net Current Liabilities	-0.9
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
30/11/2020)	assets
Global	66.6
Australasia	9.5
Latin America	7.8
South Africa	4.8
Canada	4.1
United Kingdom	2.4
Other Africa	1.6
United States	1.5
Indonesia	1.4
Russia	1.2
Net Current Liabilities	-0.9
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 8.3% in November, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned 6.8% (Figures in GBP).

Despite renewed lockdowns across Europe and in parts of Asia, global equity markets performed strongly during November, following the announcement of progress in a COVID-19 vaccine. This positive sentiment led to one of the strongest months on record for equities. For reference the MSCI AC World Index increased by 12.2%. Economic data also evidenced continued strength in global activity with, for example, global manufacturing PMIs at 53.7, the highest level since early 2018.

Most mined commodities performed well with copper and iron ore (62% fe.) prices rising by 12.9% and 11.0% respectively. For reference, copper prices are now at the highest level since February 20131. Gold bucked the trend, however, its price falling by 5.7% as improved investor sentiment dampened demand for 'safe-haven' assets.

Within the Company, outperformance was mainly driven by sub-sector allocation. Whilst our underweight to the steel sub-sector detracted, this was more than offset by a positive impact from our overweight to the copper and diversified sub-sectors. At the stock-level, our position in Vale was the top performer as the stock benefited from investor rotation into Brazilian-listed stocks and iron ore price strength.

Strategy and Outlook

The rebound in global economic activity remains robust, whilst COVID-19 vaccine developments provide greater certainty around growth. Mined commodity prices have performed well and we expect them to be well supported at these levels. Overall, mined commodity supply has been impacted by COVID-19 related disruptions and inventories are low relative to history for most commodities.

Longer term, we expect commodity supply to be constrained by the underinvestment of recent years and continued capital discipline. Meanwhile, commodity demand should continue to be buoyed by increased global infrastructure spend as governments seek to kick-start their economies. Longer term, we also expect the transition to a lower carbon global economy to also support demand for certain mined commodities.

Turning to the miners, balance sheets are in strong shape, whilst earnings and dividends are rising. Meanwhile, we see strong arguments for inflation exceeding current expectations and, historically, the mining sector has performed well on an absolute basis and relative to broader equity markets during periods of rising inflation. We maintain a quality bias in the portfolio, with a focus on companies with stronger balance sheets and lower costs.

All data points are in USD terms unless stated otherwise.

1 Source: Bloomberg, November 2020.

Unless otherwise stated all data is sourced from BlackRock as at 30 November 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 30/11/2020)

Company	% of total
assets
Vale:
Equity	6.7
Debenture	3.9
Rio Tinto	7.3
Anglo American	7.3
BHP	7.2
Freeport-McMoRan Copper & Gold	5.3
Newmont Mining	5.0
Barrick Gold	4.8
OZ Minerals:
Royalty	1.9
Equity	1.8
First Quantum Minerals
Equity	1.8
Debt	1.9
Wheaton Precious Metals	3.5

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.

Sector allocations (as at 30/11/20)	% of total
assets
Diversified	35.6
Gold	28.5
Copper	21.2
Iron	2.9
Platinum Group Metals	2.9
Nickel	2.5
Steel	2.3
Industrial Minerals	1.8
Iron Ore	1.6
Materials	1.0
Silver & Diamonds	0.3
Zinc	0.3
Net Current Liabilities	-0.9
Total	100.0

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

.

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)

Fund codes:

ISIN	GB0005774855
Sedol	0577485

Annual General	April/May
Meeting
Dividends paid	May/June/September/
December (quarterly)

Bloomberg	BRWM:LN
Reuters	BRWM.L
Ticker	BRWM/LON

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