Portfolio Update

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 30 June 2023 and unaudited.

Performance at month end with net income reinvested

One

Three

Six

One

Three

Five

Month

Months

Months

Year

Years

Years

Net asset value

4.5%

-3.7%

-5.9%

12.5%

108.3%

82.4%

Share price

3.1%

-11.5%

-12.7%

10.3%

131.4%

73.6%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

126.83p

Net asset value cum income1:

127.32p

Share price:

114.00p

Discount to NAV (cum income):

10.5%

Net yield:

3.9%

Gearing - cum income:

6.7%

Total assets:

£172.6m

Ordinary shares in issue2:

135,586,194

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.13%

1 Includes net revenue of 0.49p. 2 Excluding 0 ordinary shares held in treasury. 3 The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 30 November 2022. In addition, the Company’s Manager has also agreed to cap ongoing charges by rebating a portion of the management fee to the extent that the Company’s ongoing charges exceed 1.25% of average net assets.

Sector Overview

Mining

41.7%

Traditional Energy

31.7%

Energy Transition

27.8%

Net Current Liabilities

-1.2%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

19.6

Global

57.8

Copper

8.5

USA

15.3

Industrial Minerals

4.6

Canada

8.8

Steel

2.5

Latin America

8.7

Aluminium

2.5

Germany

4.7

Nickel

1.8

France

2.7

Uranium

1.1

Australia

1.7

Gold

1.0

Ireland

0.6

Platinum Group Metals

0.4

Denmark

0.5

Tin

-0.3

China

0.4

Subtotal Mining:

41.7

Net Current Liabilities

-1.2

-----

Traditional Energy:

100.0

Integrated

15.2

=====

E&P

14.0

Distribution

1.6

Refining & Marketing

0.5

Storage

0.4

Subtotal Traditional Energy:

31.7

Energy Transition:

Electrification

10.2

Energy Efficiency

8.2

Transport

5.4

Renewables

4.0

Subtotal Energy Transition:

27.8

Net Current Liabilities

-1.2

----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current liabilities figure shown in the tables above therefore exclude bank overdrafts equivalent to 5.5% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Exxon Mobil

Global

4.9

Vale

Latin America

Equity

3.4

Bond

1.2

Glencore

Global

4.6

BHP

Global

4.4

Teck Resources

Global

4.2

Shell

Global

3.5

BP

Global

3.3

NextEra Energy

United States

3.1

Canadian Natural Resources

Canada

2.9

Filo Corp

Latin America

2.8

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company’s Net Asset Value (NAV) per share increased by 4.5% during the month of June (in GBP terms). Economic data releases in the US and Europe continued and were broadly positive, whilst inflation data remained above central bank targets with central bank commentary reinforcing commitments to raise interest rates until inflation is brought under control and closer to target. After a difficult May, the mining sector rebounded in June as market sentiment towards China improved on expectations that the Chinese administration will announce fresh stimulus measures in H2. This helped boost mined commodity prices, for example, copper and iron ore (62% fe.) prices rose by 3.1% and 13.4% respectively. The copper market also saw draws on inventories as inventory cover trended back towards the record lows seen in January 2023. However, although inventories in many metals remain low, we are of the view that any Chinese stimulus will be modest and targeted more at specific industries rather than the real estate sector more broadly, so we have less mining exposure in the portfolio than at the start of the year. Precious metals prices were soft, with gold and silver prices falling by 2.8% and 3.4% respectively as rising US interest rate expectations were a headwind. Oil prices stabilised through June, supported by an announced reduction to production targets from OPEC, with Saudi Arabia set to reduce target production by 1mbpd (million barrels per day), which helped energy equities rise through June and modestly ahead of broader global equity markets as measured by the MSCI AC World Index. The US Henry Hub natural gas price increased by 22.4% during the month to end at $2.70/mmbtu. The Brent and WTI (West Texas Intermediate) oil prices rose by 1.6% and 3.8%, ending the month at $75/bbl and $70/bbl respectively. Within the energy transition theme, the International Energy Agency (IEA) forecasts renewable energy capacity to increase by 33% in 2023 (5th June) with expectations for 440GW of new capacity to be added in 2023, with solar expected to account for 2/3rds of this. The IEA expect China to account for ~55% of global renewable power capacity additions through 2023 and 2024. Elsewhere, Spain raised its 2030 target to reduce greenhouse gas emissions leading to increased expectation for the amount of solar PV and wind installations required by the end of the decade. Spain estimates additional capacity increases of 56GW of solar and 32GW of wind for 2023-2030. 12 July 2023

ENDS

Latest information is available by typing www.blackrock.com/uk/beri on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  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.

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Release

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