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

January 2021

The information contained in this release was correct as at

31 January 2021. 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 31/01/21)
Net asset value including income1: 1 Includes net revenue of 8.86p	533.20p
Net asset value capital only:	524.34p
Share price:	530.00p
Discount to NAV2:	0.6%
Total assets:	£1,047.3m
Net yield3:	4.2%
Net gearing:	12.6%
Ordinary shares in issue:	173,550,814
Ordinary shares held in treasury:	19,461,028
Ongoing charges4:	1.0%

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 three quarterly interim dividends of 4.00p per share declared on 12 November, 19 August and

30 April 2020 in respect of the year ended 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.

Annual performance to the last quarter end (as at 31 December 2020)

31/12/19 31/12/20 %

31/12/18 31/12/19 %

31/12/17 31/12/18 %

• 31/12/16 31/12/15

• 31/12/17 31/12/16

Net asset value Share price Reference index1

31.0 46.7 20.6

17.2 19.4 15.3

-11.2 -10.7 -11.7

% 23.8 24.2 21.5

% 92.9 100.6 91.9

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 31/01/21)

Sterling

1M%

3M%

1Y%

3Y%

5Y%

Net asset value

-0.1

19.9

38.7

38.2

246.0

Share price

1.5

33.7

59.8

58.8

318.6

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

-2.5

13.9

25.0

18.9

193.1

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

Allocations in these tables are as at the date shown and do not necessarily represent current

or future portfolio holdings.

NMPI status

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

Country allocations (as at	% total
31/01/2021)	assets
Global	64.9
Australasia	9.2
Latin America	7.2
Asset allocation	% total assets
South Africa	5.5
Equity	93.5
Canada	4.9
Bonds	3.8	United Kingdom	2.3
Preferred Stock	2.3	Indonesia	1.7
Option	-0.1	Other Africa	1.5
Net Current Assets	0.5	United States	1.3
Total	100.0	Russia	1.0
Net Current Assets	0.5
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.

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 -0.1% in January, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned -2.5% (Figures in GBP).

Despite much of the world remaining in a state of lockdown due to the coronavirus pandemic, the year started with a flavour of optimism in global equity markets as investors focused on the potential for a vaccine-driven economic restart. This narrative was somewhat derailed towards the end of the month as it became clear that there was divergence in the vaccine rollout in different countries. Against this backdrop, the MSCI AC World Index fell by 0.6%.

January was a mixed month for the mining sector, having started the period strongly before pulling back. US 10-year treasury yields rose over the month, contributing to US dollar strength which acted as a headwind for commodities. Meanwhile, tougher COVID-19 related restrictions in China stoked concern around economic activity in the country and, in turn, its commodity demand.

Mined commodity performance was varied, with iron ore (62% fe) and gold prices down by 0.9% and 2.1% respectively but the copper price up by 1.5%. Turning to the companies, 2020 production results were announced during the month and, in general, they were in line with expectations, with relatively limited COVID-19 related disruptions. Investors are now looking ahead to the February earnings reporting season in which we are expecting to see strong financial results and continued focus on returning capital to shareholders.

Strategy and Outlook

We are optimistic on COVID-19 vaccine rollouts supporting global economic growth and, in turn, commodity demand. Meanwhile, our analysis shows that the mining sector has performed particularly strongly during periods with significant increases in inflation expectations, which we believe we could see this year.

Increased fiscal stimulus globally aimed at kickstarting economies in the COVID-19 crisis is being geared towards infrastructure spending which should support mined commodity demand. Meanwhile, we see the mining sector playing a crucial role in supplying the materials required for low carbon technologies e.g. wind turbines and solar panels.

Capital expenditure has been slashed by the miners since the peak in 2013 which is constraining new commodity supply and supporting prices. Whilst capital expenditure has risen since 2016, it is still a long way below the peak and we are encouraged by rhetoric from management teams around continued capital discipline.

Mining companies have focused on paying down debt in recent years and balance sheets are exceptionally strong today as a result. Given ongoing discipline, capital is being returned to shareholders in the form of dividends and buybacks. Meanwhile, we see potential for dividend upside given that prices for mined commodities have surprised to the upside e.g. iron ore.

All data points are in USD terms unless stated otherwise.

Unless otherwise stated all data is sourced from BlackRock as at 31 January 2021.

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 31/01/2021)

Company

% of total assets

Vale: Equity Debenture

6.5

4.9

BHP

8.0

Anglo American Rio Tinto Freeport-McMoRan Newmont Mining Barrick Gold Glencore OZ Minerals:

7.1

6.2

5.3

4.4

4.0

4.0

Royalty Equity

2.1

Wheaton Precious Metals

1.3 3.2

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 31/01/21)

% of total assets

Diversified

38.9

Gold Copper

24.7

18.5

Platinum Group Metals Iron

3.1

3.0

Nickel Iron Ore Steel

2.9

2.7

2.3

Industrial Minerals Materials

2.0

0.8

Silver & Diamonds Zinc

0.3

0.2

Aluminium

0.1

Net Current Assets Total

0.5 100.0

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