BlackRock World Mining Trust : AIFMD Fund Disclosures

27 December 2022 Alternative Investment Fund Managers Disclosures BlackRock World Mining Trust plc ... | December 28, 2022

BlackRock World Mining Trust : AIFMD Fund Disclosures

(BRWM)   Report
27 December 2022 Alternative Investment Fund Managers Disclosures BlackRock World Mining Trust plc (the "Company") This document contains the information required to be made available to investors in the Company before they invest, pursuant to Directive 2011/61/EU of the European Parliament and of the Council on Alternative Investment Fund Managers and UK implementing measures (the Alternative Investment Fund Managers Regulations No.1773/2013, and consequential amendments to the FCA Handbook) (the "AIFMD"). The Company's articles of association provide that such information can be made available to investors on the Company's website: The table below sets out information required to be disclosed pursuant to the AIFMD. This document contains solely that information that the Manager is required to make available to investors pursuant to the AIFMD and should not be relied upon as the basis for any investment decision. In this document references to the Manager are to BlackRock Fund Managers Limited; references to the Investment Manager are to BlackRock Investment Management (UK) Limited; references to the Board are to the board of the Company; references to Shares are to shares in the capital of the Company and references to Shareholders are to shareholders in the Company. 27 December 2022 Additional risk disclosures: Unlisted securities The Company may also invest up to 20 per cent of its net assets in investments other than quoted securities. Such investments include unquoted royalties, equities or bonds (see further risks below). Such investments, by their nature, involve a higher degree of risk than investments in quoted securities. Unquoted investments may be more difficult to realise than quoted securities due to the potential greater difficulty in identifying willing purchasers of the unlisted investments. Derivatives Whilst the Board does not currently intend to engage in currency and/or interest rate hedging, the Company may invest through derivatives for efficient portfolio management (such as currency and/or interest swap agreements, futures contracts, options and forward currency and/or interest exchanges and other derivative contracts) where the investment team considers it to be in the interests of the Company. There is no assurance that this can be performed effectively. Expenses and losses of entering into derivatives for efficient portfolio management will affect the overall value of the Company. Currency and/or interest rate hedging may give rise to cash payments to counterparties of hedging contracts. To the extent that such payments are significant, the investment team may need to realise part of the Company's portfolio in order to fund such payments. Furthermore, were the Company to engage in currency and/or interest rate hedging, it would be exposed to a credit risk with regard to the relevant counterparty, and the Company could encounter problems associated with enforcing its rights under a currency and/or interest rate hedging arrangement in the case of the insolvency of such counterparty. Physical assets Up to 10% of gross assets may be held in physical metals. The price of metals can fluctuate widely and is affected by numerous factors beyond the Company's control including: global or regional political, economic or financial events and situations; investors' expectations with respect to the future rates of inflation and movements in world equity, financial and property markets; global supply and demand, which is influenced by such factors as mine production and net forward selling activities by producers, central bank purchases and sales, jewellery demand and the supply of recycled jewellery, net investment demand and industrial demand, net of recycling; interest rates and currency exchange rates, particularly the strength of and confidence in the US Dollar; and investment and trading activities of hedge funds, commodity funds and other speculators. The possibility of a large-scale distress sale of gold in times of crisis may have a short-term negative impact on the price of gold and adversely affect the Company. For example, economic, political or social conditions or pressures may require central banks, other governmental agencies and multi-lateral institutions that buy, sell and hold gold as part of their reserve assets, to liquidate their gold assets all at once or in an uncoordinated manner. The demand for gold might not be sufficient to accommodate the sudden increase in the supply of gold to the market. Royalty contracts The Company may gain exposure to mining projects through investment in royalty investments. A royalty investment is essentially a transaction whereby an investor finances a proportion of a mining project in exchange 27 December 2022 for a percentage of that project's revenue. The typical counterparties to such royalties include owners and operators of metals and mining businesses, investors in such businesses and specialist royalty financing businesses. Such royalties may be income generating or non-income generating at the time of acquisition depending upon the status of the relevant project to which they relate. Risks relating to the royalty contracts include the following: Inability to participate in decision-making- The owners and operators of mining projects will generally have the power to determine the manner in which the relevant properties which the mining royalties relate to are exploited, including decisions to commence, expand, continue or reduce production from a property, decisions about the marketing of products extracted from the property and decisions to advance exploration efforts and conduct development of non-producing properties. Any adverse operational decisions made by the owners and operators of the projects that the Company mining royalties relate to may impact the timing and amount of royalty revenue and may have a material adverse effect on the Company's profitability and returns to Shareholders. Failure to receive payments and absence of security - The Company is dependent to a large extent upon the financial viability and operational effectiveness of the investment counterparties that the mining royalties relate to. Where payments from production flows through the operator, there is a risk of delay and additional expense in receiving such revenues. The right to payment under the mining royalties may not, in some cases, be protected by a security interest over property or assets that could be readily liquidated (and nor may the mining royalty be registered in mineral title or land registries). Mining royalties subject to other rights - Some future mining royalty or royalty-type instrument interests that the Company may seek to acquire (or, as the case may be, have directly or indirectly acquired) may be subject to: (i) pre-emptive rights pursuant to which parties to operating or royalty agreements have the right of first refusal or first offer with respect to a proposed sale or assignment of the royalty; or (ii) claw back rights pursuant to which the seller of a royalty has the right to re-acquire all or a portion of the mining royalty or royalty-type instrument. Holders of these rights may exercise them such that certain interests are not available to the Company. This may have a material adverse effect on the Company's profitability and returns to investors. Contractual terms may not be adhered to - Royalty interests in natural resource properties are largely contractual in nature. Parties to contracts do not always honour contractual terms and contracts themselves may be subject to interpretation or technical defects. Limited access to data and disclosure - The Company will generally have limited if any access to non-public data regarding the operations or to the actual properties themselves that the Company mining royalties relate to. This could affect its ability to enhance the royalties' performance. Investment Please refer to the investment policy in the Company's latest annual report restrictions URL world-mining-trust-plc-annual-report.pdf The management of the Company's assets is also subject to the following investment restrictions. 27 December 2022 Geographic / Market / Asset Class / Sector The Company shall invest in world-wide mining and metals securities listed, traded or quoted on an investment exchange. Income must be wholly or mainly derived from shares or securities. Up to 10 per cent of gross assets may be held in physical metals and up to 20 per cent of the gross assets of the Company may be invested in unquoted investments, including unquoted royalties, equities or bonds. For the purposes of any restriction on the percentage of the Company which may be invested in an asset class, investments in an In-House Fund will be allocated to a single asset class determined by reference to the principal asset class exposure obtained through that In-House Fund. Some In-House Funds may have a large percentage exposure to other asset classes. Maximum value of any one investment There are the following restrictions on the maximum value of any one investment (for example, the amount or percentage of any one company's market capitalisation to be held): There are no restrictions except for the following: An overall limit of 25 per cent of the gross assets of the Company may be invested in the aggregate of: securities not listed, traded or quoted on an investment exchange; and holdings where the Company or any subsidiary holds 20 per cent or more of the equity capital (including capital having an element of equity) of any one listed company (other than holdings in another investment trust which has been approved by the Inland Revenue or which would qualify for such approval but for the fact that it is not yet listed); and Compulsory bid situations must be avoided. Concentration limits There are the following restrictions on the amount or percentage of the Portfolio which any one Investment or any particular kind of Investment may constitute: Save as provided in the paragraph below, no more than 20 per cent of the gross assets of the Company as at the date of purchase may be invested in the securities of any one company. Investment Trusts No more than 15 per cent of the gross assets of the Company may be invested in other UK listed investment companies or investment trusts. In-House Funds and Managed Funds There are the following restrictions on the use of (i) In-House Funds and collective investment schemes (which includes regulated or unregulated collective investment schemes but, for the avoidance of doubt, excludes other Investment Trusts) operated by other investment management firms ("Managed Funds"): No more than 20 per cent of the gross assets of the Company may be invested in (in aggregate) In-House Funds and Managed Funds. In House Funds means collective investment schemes, or investment trusts (as the case may be), of which the Manager or an Associate is the manager. 27 December 2022 Derivatives The Company may from time to time utilise derivatives for the purpose of efficient portfolio management. Such derivatives may involve transactions in options, futures and contracts for differences not traded on a recognised or designated investment exchange (that is, over-the-counter transactions are permitted). The use of derivatives shall be subject to the following: (a) the aggregate exposure to such derivatives (taking account of the total gross long and the total gross short notional value of any futures and contracts for differences and the exercise values of any option positions) does not exceed 10 per cent of the gross assets of the Company; (b) the exercise value of any options on individual securities does not exceed 5 per cent of the gross assets of the Company; (c) futures are appropriately covered at all times; and (d) all investment in metal futures should be through BlackRock World Mining Investment Company Limited unless they replicate an asset class. Unquoted Securities No more than 20 per cent of the gross assets of the Company shall be invested in unquoted securities (being securities not listed, quoted or traded on an investment exchange or which are not quoted on a recognised trading or dealing platform). In order to diversify risk, royalty exposure may be obtained directly or indirectly through a holding company, a fund or another investment or special purpose vehicle, which may or may not be unquoted. Any unquoted investment in a single company, fund or special purpose vehicle or any single royalty which represents more than 10 per cent of the Group's gross assets at the time of acquisition will require the prior approval of shareholders. The Group is the Company and its subsidiary, BlackRock World Mining Investment Company Limited. The Company is also subject to all such investment restrictions as it is required to adhere to in order to maintain its status as an investment trust and its listing on the Official List of the UK Listing Authority. Circumstances in Please refer to the Company's latest annual report which the Company URL may use leverage world-mining-trust-plc-annual-report.pdfwhich discloses the gearing that the Company uses, and the sources thereof. The types and sources of leverage Gearing may be used for short term liquidity purposes and for enhancing permitted investment returns, always, however, in accordance with, and subject to the limits set out in, the Company's stated investment policy (as set out in the Restrictions on the Company's latest annual report). use of leverage The Company may also be leveraged through its use of derivatives (see The maximum level above, the investment techniques disclosure). of leverage which the Company may The definition of 'leverage' as understood pursuant to the AIFMD is wider employ than 'gearing', as measured in accordance with AIC guidelines. Pursuant to its regulatory obligations, the Manager is required to express the level which the Company's 'leverage' will not exceed. For the purposes of this disclosure, leverage is any method by which a fund's exposure is increased. A fund's exposure may be increased by using derivatives, by reinvesting cash borrowings, through positions within repurchase or reverse repurchase agreements, through securities lending or securities borrowing arrangements, or by any other means (such increase referred to herein as the "Incremental Exposure"). The AIFMD This is an excerpt of the original content. To continue reading it, access the original document here. Attachments Original Link Original Document Permalink

Disclaimer BlackRock World Mining Trust plc published this content on 27 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 December 2022 11:18:56 UTC.

Sales 2021 210 M 253 M 253 M Net income 2021 192 M 231 M 231 M Net Debt 2021 113 M 136 M 136 M P/E ratio 2021 5,54x Yield 2021 7,22% Capitalization 1 301 M 1 564 M 1 564 M EV / Sales 2020 4,60x EV / Sales 2021 5,69x Nbr of Employees - Free-Float 92,6% Chart BLACKROCK WORLD MINING TRUST PLC

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