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Blackrock World Mining Trust

BlackRock World Mining Trust Plc - Portfolio Update

The information contained in this release was correct as at . Information on the Company’s up to date net asset values can be found on the London Stock Exchange Website at:31 December 2020

.https://www.londonstockexchange.com/exchange/news/market-news/market-news-home.html

)BLACKROCK WORLD MINING TRUST PLC (LEI - LNFFPBEUZJBOSR6PW155

All information is at and unaudited.  31 December 2020

At month end

Discount to NAV including income. Based on quarterly interim dividends of 4.00p per share declared on 12 November, 19 August and in respect of the year ended and a final dividend of 10.00p per share announced on in respect of the year ended . Calculated as a percentage of average net assets and using expenses, excluding finance costs, for the year ended .234

30 April 202031 December 202027 February 202031 December 201931 December 2019

   

   

Commenting on the markets, and , representing the Investment Manager noted:Evy HambroOlivia Markham

Performance

The Company’s NAV returned +10.8% in December, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned +9.3% (Figures in GBP).

Despite renewed lockdowns across and in parts of , global equity markets continued to ride a wave of optimism following the announcement of progress in a COVID-19 vaccine, albeit at a slower rate than in November. For reference, the MSCI AC World Index increased by 4.5%. Cyclical stocks were buoyed by the news that the US government signed into law a pandemic relief bill that included enhanced unemployment benefits and direct cash payments. A long-awaited post-Brexit trade deal between the and the EU was finally struck on but investors’ spirits were dampened by the emergence of a new, highly transmissible coronavirus variant that is spreading across and the rest of the world. Global economic activity data also remained strong, with global manufacturing PMIs coming in at 53.8.EuropeAsiaUKEurope$900 billionChristmas Eve

Against this macroeconomic backdrop, the mined commodities performed well almost across the board, supporting the mining sector’s outperformance of broader equity markets.  Iron ore was the standout performer, with the iron ore 62% fe. price rising by 22.4% to an 8-year high of /tonne.  Early in the month, Vale downgraded its 2021 iron ore production guidance to 315-335 million tonnes versus consensus of circa 350 million tonnes, indicating continued tightness in that market. Gold also performed well, its price rising by 7.0% over the month, supported by declines in real interest rates and US dollar weakness.$161

Within the Company, gearing contributed positively during a rising market. This was partly offset by negative stock selection within the copper sub-sector.

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 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.

20 January 2021

Latest information is available by typing on the internet. Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.www.blackrock.com/uk/brwm

Performance at month end with net income reinvested

                                                   One  Three   One Three   Five

                                                 Month Months  Year Years  Years

Net asset value                                  10.8%  18.0% 31.0% 36.2% 225.4%

Share price                                      15.2%  31.2% 46.7% 56.3% 289.5%

MSCI ACWI Metals & Mining 30% Buffer 10/40 Index  9.3%  15.0% 20.6% 22.8% 186.2%
(Net)*

* (Total return)
Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream
Net asset value (including income)1:     533.61p

Net asset value (capital only):          525.20p

1 Includes net revenue of 8.41p

Share price:                             522.00p

Discount to NAV2:                           2.2%

Total assets:                           1,028.5m

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%
Country Analysis             Total  Sector Analysis              Total
                        Assets (%)                          Assets (%)

Global                        64.9  Diversified                   37.3

Australasia                    9.5  Gold                          25.8

Latin America                  7.2  Copper                        19.1

South Africa                   5.3  Iron                           3.3

Canada                         5.2  Platinum Group Metals          3.3

United Kingdom                 2.4  Iron Ore                       2.8

Other Africa                   1.6  Nickel                         2.6

Indonesia                      1.5  Steel                          2.5

United States                  1.4  Industrial Minerals            1.9

Russia                         1.1  Materials                      0.9

Net Current Liabilities       -0.1  Silver & Diamonds              0.3

                             -----  Zinc                           0.3

                             100.0  Net Current Liabilities       -0.1

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                                                                 100.0

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Ten largest investments

Company                        Total Assets %

Vale:

Equity                                    6.8

Debenture                                 4.2

BHP                                       7.7

Rio Tinto                                 7.5

Anglo American                            7.2

Freeport-McMoRan Copper & Gold            5.2

Newmont Mining                            4.5

Barrick Gold                              4.2

Wheaton Precious Metals                   3.3

OZ Minerals:

Royalty                                   1.7

Equity                                    1.3

First Quantum Minerals:

Equity                                    1.2

Debt                                      1.6
Asset Analysis          Total Assets (%)

Equity                              94.3

Bonds                                3.4

Preferred Stock                      2.5

Option                              -0.1

Net Current Liabilities             -0.1

                                   -----

                                   100.0

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