Portfolio Update

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

All information is at 31 August 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

-3.3%

5.7%

-5.0%

0.9%

102.7%

93.9%

Share price

-3.2%

4.4%

-12.9%

-6.1%

111.5%

88.6%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

127.59p

Net asset value cum income1:

128.78p

Share price:

115.40p

Discount to NAV (cum income):

10.4%

Net yield:

3.8%

Gearing - cum income:

11.7%

Total assets:

£173.0m

Ordinary shares in issue2:

134,336,194

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.13%

1 Includes net revenue of 1.19p. 2 Excluding 1,250,000 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

40.2%

Traditional Energy

34.0%

Energy Transition

25.7%

Net Current Assets

0.1%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Diversified

17.8

Global

56.7

Copper

7.9

USA

15.1

Industrial Minerals

4.2

Canada

9.5

Gold

2.7

Latin America

7.5

Steel

2.3

Germany

4.4

Aluminium

2.1

France

2.6

Nickel

1.9

Australia

1.5

Uranium

1.2

Africa

0.9

Platinum Group Metals

0.4

Ireland

0.7

Tin

-0.3

China

0.7

Subtotal Mining:

40.2

Denmark

0.3

Net Current Assets

0.1

-----

Traditional Energy:

100.0

Integrated

15.2

=====

E&P

14.8

Distribution

1.9

Oil Services

0.9

Storage

0.7

Refining & Marketing

0.5

Subtotal Traditional Energy:

34.0

Energy Transition:

Electrification

8.9

Energy Efficiency

7.9

Transport

5.1

Renewables

3.8

Subtotal Energy Transition:

25.7

Net Current Assets

0.1

----

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 11.9% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Exxon Mobil

Global

4.8

Vale

Latin America

Equity

3.2

Bond

1.0

Glencore

Global

4.1

BHP

Global

4.0

Teck Resources

Global

3.9

Shell

Global

3.4

BP

Global

3.3

Canadian Natural Resources

Canada

3.2

Hess

Global

2.9

First Quantum Minerals

Global

Equity

1.4

Bond

1.4

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted: The Company’s Net Asset Value (NAV) per share decreased by 3.3% during the month of August (in GBP terms). Global economic growth concerns for China contributed to stock market volatility over the month, with evidence of stress in China’s property market. Inflation data continued the easing trend in the US and Europe, but core inflation remained resilient, leading to continued hawkish commentary from central banks. August was a challenging month for the mining sector, underperforming global equity markets, as economic data from China was softer than anticipated. For reference, China’s manufacturing PMI fell to 51.7 from 51.9 in July. As a result, industrial mined commodities were mostly weak, with copper, falling by 4.5%. Iron ore (62% fe) however, rose by 5.8%. Most precious metals also struggled, with gold and silver prices falling by 1.3% and -1.5% respectively. Platinum prices however, rose by 3.3%. Within energy markets production cuts from Saudi Arabia and Russia of 1mbpd, were further extended at the end of the month, and have contributed to tightening in the physical oil markets as demand has remained resilient. This supported oil prices, with the Brent and WTI (West Texas Intermediate) prices rising by a further 2.4% and 2.2%, ending the month at $90/bbl and $86/bbl respectively. The US Henry Hub natural gas price rose by 4.9% during the month to end at $2.77/mmbtu. The potential for strike action at Liquefied natural gas plants in Australia at Woodside, since resolved provided support for gas prices. Within the energy transition theme, Germany’s cabinet agreed to earmark EUR57bn for green investments in 2024, up by 60% from the 2023 target. The German ministry noted that the budget for the Climate and Transformation Fund could amount to EUR212 billion between 2024 and 2027. The budget is to support domestic industries in renewable power and related supply chain, semiconductors and building renovation. 27 September 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.

---

Release

---