BlackRock World Mining Trust plc

1 BlackRock World Mining Trust plcMarch 2022 Company objectiveTo provide a diversified investment in Mining and metal assets worldwide, actively managed with the objective of maximisingtotal 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 risk factorsCapital 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 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.

2 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 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 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 Discount to NAV including Based on a first interim dividend of per share declared on 29 April 2021, a second and third interim dividend of per share declared on 19 August 2021 and 18 November 2021 respectively, and a final dividend of per share declared on 8 March 2022, all in respect of the year ended 31 December as a percentage of average net assets and using expenses, excluding finance costs, for the year ended 31 December fuller definition of ongoing charges (which include the annual management fee) is given in the glossary.

3 Details of the management fee are given in the key company details section overleaf. The Company does not have a performance glossary for further explanation of terms information (as at 31/03/22)Net asset value including income1:1 Includes net revenue of asset value capital to NAV2 assets: 1, yield3 shares in issue:184,806,116 Ordinary shares held in treasury:8,205,726 Ongoing charges4 Bell Fund & Investment Trust Awards 2021: Winner Commodities/Resources Active categoryEffective date: 3 September performance is not a reliable indicator of current or future information contained in this release was correct as at 31 March on the Company s up to date net asset values can be found on the London Stock Exchange website at.

4 Performance to the last quarter end (as at 31 March 2022)Country allocations (as at 31/03/2022)% total Current in these tables are as at the date shown and do not necessarily represent current or future portfolio 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 (as at 31/03/22)1 Reference above Net Asset Value (NAV) performance statistics are based on a NAV including income, with any dividends reinvested on theex-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-dividenddate.

5 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 latest performance data can be found on our website: 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: statusThe 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.

6 The securities are excluded from the FCA s restrictions which apply to non-mainstream pooled investments because they are shares in an investment asset value asset ACWI Metals & Mining 30% Buffer 10/40 Index (Net total return) allocation (as at 31/03/2022)% total Current from the portfolio managersPlease 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 figures shown relate to past performance. Past performance is not a reliable indicator of current or future resultsPerformanceThe Company s NAV returned + in March, outperforming its reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return), which returned + (performance figures in GBP).

7 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 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 over the month as the metal saw safe-haven demand, with notable investor inflows into physically backed gold ETFs.

8 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 and OutlookSupply 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.

9 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 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 data points are in USD terms unless stated otherwise stated all data is sourced from BlackRock as at 31 March 2022.

10 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 latest performance data can be found on the BlackRock website at company detailsFund characteristics:Launch dateDecember 1993 Dealing currencySterling Association of Investment Companies sector (AIC)Commodities and Natural ResourcesReference indexMSCI ACWI Metals and Mining 30% Buffer 10/40 IndexTradedLondon Stock ExchangeManagementAlternative Investment Fund Manager (with effect from 2 July 2014) BlackRock Fund Managers LimitedPortfolio managersEvy Hambro & Olivia MarkhamAnnual management of the Company s gross assets (included in the ongoing charges ratio)Fund codes:ISINGB0005774855 Sedol0577485 calendar.