BlackRock Energy and Resources Income Trust Plc – Final Results

PR Newswire

LONDON, United Kingdom, February 05

BlackRock Energy and Resources Income Trust plc (LEI: 54930040ALEAVPMMDC31)

Annual Report and Financial Statements 30 November 2025

· 5 years change in NAV per share (with dividends reinvested) to 30 November
2025 was 144.0%, outperforming the Reference index over the same period which
was 65.8%.
· Increase in dividend for the year ended 30 November 2026 to 6.6 pence per
share, representing a 38.3% increase over the 2024/2025 financial year dividend.

Performance record

[][]
As at As at
30 November 30 November
2025 2024
Net assets (£’000)[1] 182,814 167,327
Net asset value per ordinary share (pence) 164.30 137.66
Ordinary share price (pence) 150.00 121.00
Discount to net asset value[2] 8.7% 12.1%
========= =========
[][][]
For the year For the year
ended ended
30 November 30 November
2025 2024
Performance (with dividends reinvested)
Net asset value per share[2] 23.5% 15.3%
Ordinary share price[2] 28.8% 14.0%
Reference index[3] 17.9% 0.5%
========= =========
[][][]
Since inception Since inception
to 30 November to 30 November
2025 2024
Performance since
inception[4] (with dividends
reinvested)
Net asset value per share[2] 344.7% 259.9%
Ordinary share price[2] 310.1% 218.4%
========= =========
[]
For the year For the year Change
ended ended %
30 November 30 November
2025 2024
Revenue
Net profit on ordinary 4,076 4,541 -10.2
taxation (£’000)
Revenue earnings per 3.50 3.63 -3.6
ordinary share
(pence)[5]
————— ————— —————
Dividends (pence)
1st interim 1.125 1.125 0.0
2nd interim 1.125 1.125 0.0
3rd interim 1.250 1.125 11.1
4th interim 1.250 1.125 11.1
————— ————— —————
Total dividends paid 4.750 4.500 5.6
========= ========= =========

[1] The change in net assets reflects portfolio movements, the repurchase of
shares and dividends paid during the year.

[2] Alternative Performance Measures, see Glossary contained within the
Annual Report and Financial Statements.

[3] The reference index is the blended comparator index comprised of three
indices – the MSCI ACWI Select Metals & Mining Producers Ex Gold and Silver IM
(Mining), the MSCI World Energy Index (Traditional Energy) and S&P Global Clean
Energy Transition Index (Energy Transition) with a 40:30:30 mix of the three
indices.

[4] The Company was launched on 13 December 2005.

[5] Further details are given in the Glossary contained within the Annual
Report and Financial Statements.

Chairman’s statement

Dear Shareholder

As the Company reaches its 20th birthday and completes a full 5 years under the
new investment strategy, I am delighted to be able to report on another year of
strong performance and to reward our loyal shareholders with a new, enhanced
dividend policy. At the same time, in line with best practice, we are offering
you a chance to vote on the Continuation of the Company at its AGM in March, and
would urge you all to do so.

Market Overview
The year under review saw significant moves in global stock markets driven by
geopolitical events, in particular related to US trade tariff policy. Markets
ended the year higher, with the positive investment momentum linked to
developments in artificial intelligence (AI) and related infrastructure
investment and earnings upgrades for many associated companies. This additional
infrastructure spend has brought the supply of power and of critical raw
materials and rare earth minerals into sharp focus, and many clean power
companies performed strongly following US energy policy clarification with the
passing of the One Big Beautiful Bill Act (OBBBA). The Company’s ability to
allocate to Energy Transition alongside mining and Traditional Energy companies,
has enabled it to benefit from this trend, and exposure to Energy Transition
stocks within the portfolio increased to 34.9% at the year end from 29.2% at the
start of the year.

In terms of the commodities and mining sectors, continued weak economic data
from China has been a headwind, although the increased demand for the metals and
minerals required to support these evolving technologies should support prices.
An ample global oil supply following increased oil production from a range of
new projects has weighed on the oil price, albeit this has been tempered by
continuing geopolitical risks and strong refining margins. Another key feature
of global markets was the strong rise in the gold price, up 57.9%, and also in
gold equities.

In response to these developments, our portfolio managers marginally increased
Mining sector exposure (up from 40.2% at the start of the year to 41.6% at 30
November 2025) and reduced the weighting of Traditional Energy stocks within the
portfolio (down from 30.6% at the start of the year to 23.5% at the end of the
year).

Performance
During the year ended 30 November 2025, the Company’s share price returned 28.8%
and the net asset value (NAV) per share returned 23.5% (both percentages in
British Pound Sterling terms with dividends reinvested). The NAV out-turn
represented a substantial outperformance of the comparator index (which returned
17.9%) for the third year in a row. The internal benchmark that the fund manager
and the board use to evaluate performance is a blended comparator index which
comprised three indices – the MSCI ACWI Select Metals & Mining Producers Ex Gold
and Silver IM (Mining), the MSCI World Energy Index (Traditional Energy) and S&P
Global Clean Energy Transition Index (Energy Transition) with a 40:30:30 mix of
the 3 indices. The representative constituent indices returned 19.2% for Mining,
0.6% for Traditional Energy and 33.9% for Energy Transition (all percentages in
British Pound Sterling terms with dividends reinvested).

[][][][]
Performance to 30 1 Year 2 Years 3 Years 5 Years Since
November 2025 change change change change inception[2]
% % % % %
NAV per share (with 23.5 42.5 25.7 144.0 344.7
dividends
reinvested)[1]
Share price (with 28.8 46.8 24.4 155.2 310.1
dividends
reinvested)[1]
Reference index[3,4] 17.9 18.2 0.1 65.8 N/A

[1] Alternative Performance Measures. Further details of the calculation of
performance with dividends reinvested are given in the Glossary contained within
the Annual Report and Financial Statements.

[2] The Company was launched on 13 December 2005.

[3] Reference index is the blended comparator index comprised of three
indices – the MSCI ACWI Select Metals & Mining Producers Ex Gold and Silver IM
(Mining), the MSCI World Energy Index (Traditional Energy) and S&P Global Clean
Energy Transition Index (Energy Transition) with a 40:30:30 mix of the 3
indices.

[4] Please note though, that the Company’s objectives are to achieve both an
annual dividend target and, over the long term, capital growth (see table
above). Consequently, the Board does not formally benchmark performance against
mining and energy sector indices as meeting a specific dividend target is not
within the scope of these indices. In addition, the S&P Global Clean Energy
Transition Index is not directly comparable but following recent changes is the
best available proxy.

Source: BlackRock. Data as at 30 November 2025.

The portfolio’s holding in Abaxx Technologies was a significant positive
contributor to overall returns in the year, the firm’s role developing software
and infrastructure for energy transition commodities trading benefitting from
the growth of AI. This is one of the portfolio’s less liquid holdings and
illustrates the benefit of the Company’s closed ended structure, allowing it to
hold material positions in such investments. Within the Mining portfolio, gold
producers were also notable contributors to performance on the back of the
strong rise in the gold price.

Our portfolio managers provide a detailed description of the main contributors
and detractors to performance during the period, insight into the positioning of
the portfolio and their views on the outlook for the forthcoming year in their
report below.

Revenue return and dividends
The Company’s revenue earnings per share for the year to 30 November 2025 was
3.50 pence per share, a small decrease of 3.6% compared to the prior year
revenue earnings per share of 3.63 pence. This was driven in part by an
increased portfolio exposure to Energy Transition companies, which tend to have
a lower yield at this stage of their development.

The Board is cognisant of the importance of a reliable, steady income to its
shareholders and aims to ensure that the dividend is competitive. With this in
mind, the Board announced in July 2025 that it was increasing the quarterly
dividend target from 1.125 pence per share to 1.25 pence per share (an increase
of 11.1%) for the remainder of the year to 30 November 2025. Together with the
two quarterly dividends of 1.125 pence per share already paid this financial
year, this rate equates to a total dividend of 4.75 pence per share in respect
of the current financial year which represents a yield of 3.2% based on the
share price at 30 November 2025. The shortfall of 1.25 pence between earnings
per share and the annual dividend target will be funded out of the Company’s
available revenue reserves (c£3.8 million (3.43 pence per share) at 30 November
2025).

In addition, as announced in July 2025, and with effect from 1 December 2025,
the Board will target a dividend in each financial year of the greater of (i)
the total dividend per share in respect of the prior year, and (ii) at least 4%
of NAV per share at the end of the preceding financial year, which equates to a
minimum dividend target for the year to 30 November 2026 of 6.6pence per share.
This will be paid in four quarterly installments of 1.65 pence per share,
representing 38.3% increase in the annual dividend over the 2024/2025 financial
year. The first installment is due to be announced and go ex-dividend in March
2026 and will be paid in April 2026. The dividend will be met through a mix of
dividend income from the portfolio and revenue reserves, although this may be
supported by the distribution of other distributable reserves if required.

This target represents a yield of 4.4% based on the share price of 150.00 pence
at 30 November 2025, and 3.9% based on the share price at the close of business
on 2 February 2026.

[][]
2024 2025 2026
(forecast)
Dividends paid/forecast for 4.50 4.75 6.6
the financial year (pence)
Increase in dividend year 1.7% 5.6% 38.3%
-on-year
Share price[1] 121.00 150.00 168.00
Yield[1] 3.7% 3.2% 3.9%

[1]Based on the share price at 30 November 2024, 30 November 2025 and 2 February
2026, respectively.
The Company may also continue to write options to generate revenue return,
although the portfolio managers’ focus is on investing the portfolio to generate
an optimal level of total return without striving to meet an annual income
target and will only undertake option transactions to the extent that the
overall contribution is beneficial to total return.

This dividend target should not be interpreted as a profit forecast.

Gearing
The Company operates a flexible gearing policy which depends on prevailing
market conditions. It is not intended that gearing will exceed 20% of the gross
assets of the Company. The maximum gearing used during the period was 13.9%, and
the level of gearing at 30 November 2025 was 4.0%. Average gearing over the year
to 30 November 2024 was 7.1%. For calculations, see the Glossary contained
within the Annual Report and Financial Statements.

Management of share rating
The Directors recognise the importance to investors that the Company’s share
price should not trade at a significant premium or discount to NAV, and
therefore, in normal market conditions, may use share repurchases, sales of
shares from treasury and share issues to ensure that the share price is broadly
in line with the underlying NAV. Discounts across the closed end funds sector
remained wide over the period under review, driven by ongoing uncertainty around
interest rates, cost inflation and global economic growth, and heightened by an
accelerated stream of retail selling in the run-up to the UK Budget. Against
this challenging backdrop, the Company’s shares started the year under review
trading at a discount of 12.1% and ended the year at 8.7%, which compared
favourably to a closed end fund sector average (excluding 3i) of 11.5% and an
average for the AIC Commodities and Natural resources peer group of 12.0% at 30
November 2025.

The Board stepped in to actively manage the discount, buying back 10,283,000
shares in the year under review at a cost of £12,480,000. This discount
management activity has continued since the year end, and up to 2 February 2026,
the Company repurchased 9,071,500 ordinary shares for a net consideration of
£15,939,000. It is pleased to note that as at 2 February 2026, the Company’s
discount had narrowed further.

The Board’s objectives in exercising the buy back are to seek to minimise share
price volatility and encourage the Company’s share price to trade within as
tight a range as possible, taking into account the various factors described
above.

Your Board will continue to monitor the Company’s share rating and may deploy
its powers to support it by issuing or buying back the Company’s shares where it
believes that it is in shareholders’ long-term best interests to do so.

Consumer Duty Value Assessment
The Manager has conducted an annual value assessment on the Company in line with
FCA rules set out in the Consumer Duty regulation. The assessment focuses on the
nature of the product, including benefits received and its quality, limitations
that are part of the product, expected total costs to clients and target market
considerations. Within this, the assessment considers quality of services,
performance of the Company (against both relevant reference indices and peers),
total costs associated with the product (including management fees and other
operating costs), and also considers whether all consumers, including vulnerable
consumers, are able to receive fair value from the product.

The Manager has concluded that the Company is providing good value based on the
above assessment.

Annual general meeting arrangements
The AGM will be held in person at 12:00 p.m. on Wednesday, 25 March 2026 at the
offices of BlackRock at 12 Throgmorton Avenue, London EC2N 2DL. The Board very
much looks forward to meeting shareholders and we encourage you to attend this
year’s AGM. A buffet lunch and refreshments will be available to all
shareholders joining us on the day, and the Board look forward to meeting
shareholders over lunch to discuss your views and to answer any questions you
may have. As I mention at the start of this report, there is a particularly
important vote this year, on the Continuation of the Company (Resolution 11).
This gives you an opportunity to express your support (or not) for the Company’s
current strategy. If we fail to get your support, it could lead to the wind-up
of the Company. The Board will be voting FOR Continuation and, whether you can
attend the AGM or not we urge you to vote. For those of you who hold shares via
platforms, voting is now free and relatively straightforward on many platforms,
and information on how to vote can be found here:
https://www.theaic.co.uk/availability-on-platforms.

In the meantime, if shareholders would like to contact me, please write to
BlackRock Energy and Resources Income Trust plc, 12 Throgmorton Avenue, London
EC2N 2DL, marked for the attention of the Chairman or email me at
[email protected].

Outlook
The Energy Transition remains a key megatrend for the global economy, and the
rapid innovations in AI are driving even greater power demands. Multiple energy
solutions are likely to be needed to meet these requirements, with the commodity
intensive nature of renewables, EVs and battery storage driving increasing
demand for critical raw materials such as lithium from the Mining sector. The
flexibility of your Company’s investment mandate, with the ability to shift
exposure between Mining, Traditional Energy and Energy Transition sectors, means
that it is uniquely positioned to capitalize on these trends and serve investors
as these sectors evolve.

The Board is confident that the Company offers investors exposures which would
be hard to replicate through passive indices and remains well-placed to benefit
from these key investment trends over the long term.

ADRIAN BROWN
5 February 2026

Investment Managers’ report

Market overview
The Company delivered a positive year in 2025, with a NAV return of 23.5% and
share price return of 28.8%, both of which were ahead of our reference index
which returned 17.9%. This was achieved with decisive changes in the positioning
of the Company during the year, recognizing the impact of geopolitical events,
particularly related to US trade tariff policy and opportunity presented by
significant moves in global stock markets. The ability to gain exposure to
selected energy transition companies played an important factor in delivering
returns. The Company’s decision five years ago, to include energy transition
alongside mining and Traditional Energy companies, was a recognition of the
major structural changes taking place in the global energy system. The latest
year’s performance builds on prior years and takes the Company’s five-year NAV
return to 144.0% and share price return to 155.2% (all percentages in British
Pound Sterling terms with dividends reinvested).

Over the year, global stock markets moved higher, with some of the largest
companies in the world continuing to see positive investment momentum, linked to
the buildout of artificial intelligence (AI) data centres needed for training
new large language models. A combination of US import tariff related uncertainty
and China’s announcement of a DeepSeek AI model contributed to a market sell-off
in April. However, trade agreements and announcements of further increases in AI
investment plans by US hyperscalers (large-scale cloud service providers) drove
further earnings upgrades for many associated companies, supporting a market
recovery.

A focus on the large power requirements of AI and increased demand for critical
raw materials necessary for today’s technologies was evident throughout the
year. US related clean power companies, which have faced numerous headwinds to
market sentiment in recent years, performed strongly following US energy policy
clarification with the passing of the One Big Beautiful Bill Act (OBBBA).

Increasingly, supply of power and of critical raw materials is viewed as a
matter of national security, with the US government taking stakes in companies
seeking to build domestic supply chains. There appeared to be particular concern
around the over-reliance on China for refined production of a number of
commodities. Certain rare earth minerals were subject to increased restrictions
during US-China trade talks, including those needed for powerful rare earth
magnets (NdFeB magnets)[1] used in electric vehicle (EV) motors, electronics,
medical devices and other critical industrial and defence applications. The
price of copper and aluminium was well-supported, up 26.3% and 10.3%
respectively. On the supply side, there has been major production disruption at
copper mines Kamoa-Kakula, Cobre Panama and a mudslide with tragic consequences
at Grasberg in Indonesia. Together these account for c.1.6mt of lost copper
production, c.7% of global supply[2].

Infrastructure spend has been underpinned by AI investment, whilst additionally
in Europe, Germany announced a €500 billion infrastructure bill, of which €100
billion was allocated to climate and transition related investment.

Another key feature of global markets was the strong rise in the gold price, up
57.9% and also in gold equities. Elevated government debt levels and risk of
declining value of fiat currencies have been a primary driver, in our view.
Silver ended the period up 75.6%, after its price rallied through September and
October as precious metals saw notable investor inflows in the second half of
the year.

Ample global oil supply following increased oil production from new projects in
Guyana, Norway and expansion of US shale, weighed on the oil price. OPEC’s
decision to add back previously curtailed oil production to a well-supplied oil
market combined to put downward pressure on oil prices. Despite oil prices
moving lower, energy equities were supported by continuing geopolitical risks
and strong refining margins. Oil demand remained resilient and in the second
half of the year, the International Energy Agency (IEA) revised upwards its oil
demand forecasts for 2025 and for 2026[3].

[1] NdFeB: Neodymium-Iron-Boron magnet is the strongest type of permanent
magnet commercially available.

[2] International Copper Study Group (ICSG) «Copper Market Forecast
2025/2026» Ivanho Mines June 2025, Reuters May 2025 and September 2025.

[3] IEA Oil market report, November 2025.

[][][][]
Commodity 30 November November 2025 2024 Base Metals (US$/tonne)
Aluminium 2,842 Copper 11,234 Lead 1,939 Nickel 14,632 Tin 39,284 Zinc 3,280 ——— ——— —— —— Precious Metals
(US$/ounce)
Gold 4,200 Silver 54 Platinum 1,640 Palladium 1,448 ——— ——— —— —— Energy
Oil (West Texas 59 Intermediate) (US$/barrel)
Oil (Brent) (US$/barrel) 64 Natural Gas (US$/Metric 5 Million British Thermal
Unit)
——— ——— —— —— Bulk Commodities
(US$/tonne)
Iron ore 107 Coking coal 198 Thermal coal 111 ——— ——— —— —— Equity Indices
MSCI ACWI[2] Metals & Mining Index (US$)
MSCI ACWI[2] Metals & Mining Index (£)
MSCI[3] World Energy Index 536 (US$)
MSCI World Energy Index 673 (£)
S&P Global Clean Energy Transition Index (US$)
S&P Global Clean Energy Transition Index (£)
========= ========= ========= 30 % change 2025 on 2024
Average Price %
Change[1]
2,577 10.3% 8.8%
8,892 26.3% 6.5%
2,048 -5.3% -5.2%
15,671 -6.6% -10.1%
28,695 36.9% 11.0%
3,109 5.5% 4.5%
——— —————
——
2,659 57.9% 41.1%
31 75.6% 33.8%
940 74.5% 25.4%
983 47.3% 10.2%
——— —————
——
68 -14.2% -13.4%
74 -13.6% -14.2%
3 35.4% 57.2%
——— —————
——
106 0.8% -9.1%
205 -3.5% -24.7%
142 -21.5% -20.7%
——— —————
——
1,616 1,301 24.2% -1.6%
1,986 1,666 19.2% -4.2%
511 4.8% 2.3%
669 0.6% -0.3%
1,586 1,132 40.1% -3.2%
1,197 891 34.3% -5.9%
=========

Source: LSEG Datastream and Bloomberg.

[1] Average Price % Change (Average of 1/12/23-30/11/24 to 1/12/24
-30/11/25).

[2] Morgan Stanley Capital International All Country Weighted Index.

[3] Morgan Stanley Capital International.

Investment performance
The Company’s portfolio delivered a NAV return of 23.5% for the year with strong
absolute performance from the Mining and Energy Transition sectors and a flat
return from the Traditional Energy sector. This result was a pleasing turnaround
from the negative return at the half-year stage, which was impacted by US tariff
related uncertainty and demonstrates the scale of the market moves over the
year.

The ability to actively invest across the mining, energy and energy transition
sectors enabled the portfolio to benefit from market volatility over the year,
particularly via increased allocation to selected companies within the energy
transition sector. A combination of fundamental stock decisions and asset
allocation changes contributed positively to returns.

Within the energy transition holdings, Siemens Energy and GE Vernova reported
earnings growth and benefitted from an upwards re-rating in their valuations.
They reported increased demand for gas turbines for power generation, with
earnings expectations raised throughout the year. Power cable company Prysmian
also reported earnings ahead of consensus expectations, supported by a need to
connect increased renewable energy projects to the power grid. The Company
participated in capital raises by Elia and SSE and both contributed positively
to returns. A private share placing by Elia, a German/Belgian power network
business, was part of a €2.2 billion funding package to support its grid
investment plans, whilst UK utility SSE raised equity as part of an accelerated
growth program. Both capital raises were received well by the market, and the
shares subsequently rose.

Within the portfolio’s mining holdings, gold producers Firefly Metals, Kinross
Gold and gold royalty company Wheaton Precious Metals were notable contributors,
each displaying positive beta to the rise in the gold price. The portfolio’s
overweight position in Brazilian iron ore producer Vale contributed positively
to returns as the company’s share price rose with strong cash flow generation,
due to higher iron ore output with lower-than-expected cash costs. Lynas Rare
Earths is one of the few rare earth producers outside of China and benefitted
from higher rare earth prices and positive market sentiment towards the sector,
following the US government’s stake in rare earths company MP Materials. The
Company’s holding in European cement group Heidelberg Materials contributed to
returns with expectations raised following new infrastructure investment
announcements from the EU and Germany. Validation of Abaxx Technologies’ digital
commodities and carbon exchange saw its share price rise strongly with the stock
the largest positive contributor to overall returns.

On the negative side, the notable detractors to return included a number of
Traditional Energy companies. US shale oil producer Permian Resources fell due
to lower oil prices and pipeline and energy distribution companies Targa
Resources and Cheniere, as market expectations for increased LNG supply weighed
on forward price expectations.

Within mining exposure, an operational incident at Freeport McMoRan’s Grasberg
mine in Indonesia led the company to guide the market that it was unlikely there
would be any significant production from the asset for the remainder of the
year, with a phased restart planned from 2026 through to 2027. This incident
caused the stock to fall 5.3% during the period and detract from returns. For
context, the mine accounted for 3.5% of global supply in 2024. This added to
current disruption at other major copper mines, Kamoa-Kakula and Cobre Panama.

Portfolio activity
Looking across the three sectors, exposure to Traditional Energy was reduced
throughout the year, on an expectation that a well-supplied oil market would see
oil prices trade lower. Exposure to exploration & production companies was
significantly reduced, as these companies may typically be expected to prove
less defensive in a softer oil price environment. Exposure to selected oil
majors was increased due to their combination of strong balance sheets and
diverse businesses across oil and gas production, trading and refining. New
purchases included TotalEnergies and Chevron, whilst Galp and Repsol were added
given their relative exposure to refining, where margins continue to be well
-supported.

Exposure to Energy Transition was meaningfully reduced through January and
February before being significantly increased with the passing of the OBBBA and
clarification around US energy policy. Exposure to US renewables was increased
via additions to First Solar and a new purchase of EDP Renewables. Exposure to
power grid infrastructure was increased with new purchases in cable group
Nexans, and selected utility companies. Exposure to energy storage and power
management was also increased. Exposure to Energy Transition related industrial
companies was significantly reduced where valuations had increased
significantly.

Within Mining we maintained a positive outlook for gold producers, given the
supportive factors we see as underpinning the gold price, coupled with a benign
energy cost environment, which should lead to strong conversion of earnings to
cash flow. Exposure to copper producers was maintained over the year, however a
number of smaller producers were sold as valuations expanded with the increase
in the copper price, whilst the incident at Grasberg led us to exit Freeport,
given uncertainty over a production restart. We purchased Rio Tinto, which has
copper exposure alongside its large iron ore business and where new management
appeared to support a disciplined approach to growth investment.

Portfolio income
From a portfolio income perspective, the increase in allocation to companies
within the Energy Transition area and a reduction in exposure to conventional
energy companies, contributed to the slight fall in portfolio income over the
year. Energy Transition companies, including wind turbine manufacturers, or
solar panel manufacturers may typically have lower dividend payments than
integrated oil companies and midstream energy pipeline companies. Commodity
price movements and therefore implications for earnings of the commodity
producers were mixed, with lower oil prices impacting on earnings and dividends
for energy companies, whilst higher metal prices were broadly positive for
earnings and dividends of mining companies.

We have previously noted that British Pound Sterling has strengthened versus the
US Dollar and this trend has continued in 2025. This will act as a headwind for
the Company’s income generation in British Pound Sterling terms as most of the
dividends from the underlying portfolio companies are paid in US Dollars.

Gearing was reduced through the first half of the reporting period due to trade
tensions giving rise to an uncertain outlook for economic growth.

Traditional Energy
Traditional Energy companies delivered flat returns over the period, where the
Company’s holdings returned 0.0% compared to 1.5% for the Traditional Energy
portion of the benchmark.

Energy markets have contended with clear oversupply through 2024 and 2025, with
the oil price trending down, however, during this down trend, there have been
periods when the oil price has risen, due to geopolitical risk. Events in the
Middle East have been notable contributors to these risk spikes, particularly
with the targeted attacks on Iran’s nuclear facilities in early June. The Russia
-Ukraine conflict has seen certain energy related assets targeted in drone and
missile attacks. As risk of escalation or impact has faded, so has the oil
price. We noted in the half-yearly report, that the Oil and Petroleum Exporting
Countries (OPEC) plus countries had changed their behaviour from curtailing
production to support higher oil prices, to steadily increasing oil production
to maintain market share. US shale oil producers include a number of higher-cost
oil producers, which means they are typically the marginal producer – willing to
increase drilling activity under higher oil prices and to curtail activity if
prices fall below the cost of drilling. In our view, a sub-$60/barrel oil price
is having an impact on the drilling decisions of US shale companies, with the
number of drilling rigs reducing.

On the demand side, there are several key trends. We remain in an oil-based
global economy with oil demand linked to global economic growth and with the
exception of the impact from Covid in 2020, global economic growth and oil
demand has continued to be positive. China and increasingly, also India, are key
oil demand growth markets, whilst oil demand in a number of developed markets
has already peaked. The electrification of transport is beginning to impact,
already estimated to be reducing oil demand by c.1.5mbpd, with EV sales rapidly
expanding year on year.

The resilience of oil demand growth has been underestimated in recent years, as
shown by Figure 4 (contained within the annual report) and the upward revisions
to future oil demand. In part, recognizing this challenge, in its latest Energy
Outlook, the IEA introduced a new «current policies scenario», which forecast
that this could continue to increase from c.100mbpd in 2024 to 105mbpd in 2035
and to 113mbpd by 2050. Other scenarios suggest oil demand may peak in the
2030s. Either scenario requires continued investment in new oil production,
beyond the level we see today, to meet expected demand, in our view.

The Company remains defensively positioned for a $50-60/bbl oil price in the
near term. However, resilient oil demand is evident by the strong refining
margins shown in Figure 5 (contained within the annual report), which are at
exceptionally high levels and it may be possible that by mid-2026, the outlook
for oil appears significantly tighter, with OPEC spare production capacity back
to lower levels.

We are beginning to see some energy companies re-focus investment on longer
duration wells, in addition to US shale oil. We expect this to be positive for
certain offshore oilfield services companies that have retained expertise in
those areas. Investment in liquified natural gas (LNG) may see large capacity
additions each year out to 2030, to support increased demand from large energy
importers including Europe, China and Japan. The Company has exposure to LNG
specialists along the supply chain, from midstream pipeline companies to the
necessary oilfield services companies and to specialists in LNG storage.

Energy Transition
Energy Transition companies have delivered positive returns over the period,
where the Company’s holdings returned 23.4% compared to 34.6% for the energy
transition portion of the benchmark.

Developed market power demand has seen a prolonged period of stagnation and as
we commented on in last year’s report, we believe that we are now seeing a
positive inflection in power demand, driven by rapidly increasing adoption of AI
and electrification and reshoring of manufacturing.

One of the key changes we have seen this year is clarity on US energy policy
post the OBBBA, which removes a major headwind to energy related investment, in
our view. Policy clarity, combined with the catalyst of AI electricity demand
requirements and an expectation of lower interest rates, are likely supportive
for energy transition related investments. In Europe there is the added factor
of a need to continue to focus on energy security, following the energy crisis
in 2022. For US renewables companies, we see confirmation that US production tax
credits would continue for US utility scale projects, coupled with import
restrictions on lower cost solar panels, as providing a strong market backdrop
for selected US renewables companies selling into the domestic market. We
continue to see the Chinese solar market as oversupplied.

Companies are racing to scale the intelligence of AI models as quickly as
possible and AI data centres are capital and energy intensive. The AI arms race
is as much an energy arms race. It is estimated that c.7 GigaWatt (GW) of new
global data centre capacity will be built in 2025, with 1GW roughly equating to
the output of a nuclear power station. S&P Global Energy estimate that by 2028,
up to 44GW of additional capacity will be required by new data centres. Powering
this computing requires an all-of-the-above energy solutions and it will
therefore benefit all forms of power generation. We have already seen agreements
to restart the Three Mile Island nuclear power station in 2027/28 and a large
increase in orders for combined cycle gas turbines, but the reality is that
renewable energy solutions, primarily solar + storage, are the quickest and
cheapest way to meet growing power needs.

Data centres represent 4% of US power demand today but are likely to represent
double digits, potentially as much as 15-20% of US power demand by 2030. This
means the power supply chain is increasingly likely to be the bottleneck in the
data centre ambition.

This power demand is manifesting itself in the form of increased grid
infrastructure spending, whereby latest forecasts show a material step up, in
order to meet this rising demand and connect new sources of generation. Whilst
much of investor focus has been on the computing power required to train AI
models, we believe the power demand aspect may be less well understood. We
continue to see investment opportunities related to the power grid, especially
given that valuations for many of the companies have been relatively less
impacted so far.

Mining
Mining companies have delivered strong positive returns over the period, where
the Company’s holdings returned 30.8% compared to 19.3% for the mining portion
of the benchmark.

Demand for various critical raw materials is forecast to increase, driven by the
prominent technological growth trends previously mentioned: artificial
intelligence, renewable energy, energy storage and electric vehicles. Given
supply constraints, we see potential for certain metals to deliver higher-than
-anticipated prices, to bring about increased supply and for this outcome to
drive better-than-expected earnings for producers.

Capital discipline by the mining industry over the decade means that we see
relatively limited scope for copper supply growth, yet with copper a key metal
in many of today’s technologies, as highlighted in Figure 9 (contained within
the annual report), demand growth may outstrip supply. If the world’s copper
demand rises as forecast, by over 3 million tonnes by 2028, we will require the
equivalent again of the current top 5 copper producing mines in the world.
Metals that may be substitutes for copper in certain applications may also see
increased demand, including aluminium. China has placed restrictions on
aluminium exports, which may further tighten the industrial metals space.

Critical raw materials were in focus throughout the year, where demand for
various metals and minerals is increasing, driven by prominent technological
growth trends: artificial intelligence, renewable energy, energy storage and
electric vehicles. Certain rare earth minerals were subject to increased
restrictions during US-China trade talks, including those needed for powerful
rare earth magnets (NdFeB magnets) used in EV motors, electronics, medical
devices and other critical industrial and defence applications. The US
Government announced direct investment in rare earth minerals group MP
Materials, which was supportive for other rare earth producers, including the
Company’s position in Lynas Rare Earths, which returned 103% over the year.

China is the largest source of demand for many mined commodities. Whilst Chinese
property related development remains at lower levels, other industries have seen
commodity demand increase, for example the continued rapid build out of
renewable power, solar and onshore wind and the growth in Chinese EV
manufacturing. Global solar power capacity added in 2024 was c.600GW, of which
c.330GW was installed in China.

The mining industry is faced with the challenge of meeting the increased demand
for the metals and minerals, given the materials intensity of today’s
technologies. In order to do this, the commodity price needs to be sufficient to
incentivise new production capital expenditure.

Valuations of mining companies are at a level where it typically remains cheaper
to buy production than to build a new mine and we see this as supporting mergers
and acquisitions in the sector. For example, Anglo American announced a bid for
Teck Resources, during the year to create a leading global copper producer.

Gold rose strongly through the year, +58%, with performance primarily been
driven by the «risk aversion towards currencies» in our view. Investors and
central banks have sought gold as a hedge against the declining value of paper
currencies, impacted by high government debt to fund expanding commitments. The
debt to GDP ratio has passed 100% in several major economies: US, UK, Italy,
France, Canada with interest payments on the debt rising now that interest rates
are no longer close to zero. Inflation remains above central bank targets,
contributing to an erosion of purchasing power of currency. For central banks
and investors seeking to diversify away from the US Dollar, gold may have
appeared attractive.

We entered 2025 with a positive view on gold equities, in contrast with 2024
where a more cautious view was held. The difference was due to the cost
environment for gold producers: where we saw higher costs impacting on profit
margins in 2024, by 2025, energy prices were moving lower. Other costs such as
raw materials and labour inflation appeared to be past recent higher levels, and
we expected higher gold prices to translate to higher cash flows. The move in
the gold price was greater than expected, and this outlook proved correct, with
companies returning increased cash flow to shareholders via dividends and share
buybacks. Gold producers are not part of the reference index and contributed to
relative performance.

Gold producers have the ability to add value though new production and
operational efficiency, in addition to benefitting from a higher gold price and
following the moves in 2025 we see a need to focus on those companies able to
maintain capital discipline, in order that profitability is maintained.

Outlook
The build out of AI data centres and the necessary supporting infrastructure has
grabbed many headlines, with strong performance from a number of perceived
beneficiaries. The build out of AI infrastructure means a shift toward capital
intensive investment and comes on top of existing electrification trends. We
expect power demand to be met via multiple energy solutions, however renewables
plus battery storage look to be a key part of the solution to meeting the near
-term power needs and are also recovering from previously depressed valuation
levels.

The commodity intensive nature of renewables, EVs and battery storage is
positive for demand trends for critical raw materials. A new focus on security
of supply may support pricing in certain materials to incentivise domestic
supply chains. Near term, the mining sector faces a headwind of uncertainty
surrounding China’s economy, however this has been more than offset by tight
supply in a number of metals, including copper, which has resulted in higher
commodity prices. That said, the country’s anti-involution measures, which aim
to reduce the negative effect from overcapacity in the domestic market, could be
a cause for optimism, whilst trade relations with the US remain at risk. On the
supply side, capital discipline of recent years means a lack of shovel-ready
projects to meet demand, and this is likely to drive further M&A activity as
companies seek to add production at lower cost than developing a new mine. Gold
producer equities look attractive in our view, where analyst expectations do not
appear to reflect current gold prices and investors have only recently begun to
add exposure.

Amidst a strong bout of non-OPEC growth, and assuming current production rates
from OPEC+ are maintained, global oil markets look significantly oversupplied as
we head into the first half of calendar 2026. In the absence of any meaningful
changes in supply, we see oil prices having to slide lower to help balance
markets in the first half of the year. However, with US oil rig counts already
down 20% from an April 2025 peak of 450 (and peak of 572 in 2022), we expect US
shale oil growth to reverse through the course of next year. Combined with a
slowdown in new project start-ups from non-OPEC countries, global balances
should tighten again in the latter part of 2026. Importantly, as we look into
the period beyond 2026 we believe supply growth will need to come from
increasingly higher cost regions. As demand remains resilient, oil prices will
need to rise to incentivise some combination of higher supply and/or lower
demand. Production companies with asset duration will fare well in this
environment and a new cycle of upstream investment will benefit well-positioned
oilfield services companies in the years ahead. Geopolitical risk was a feature
immediately following the Company’s financial year-end, supporting oil prices,
with US naval build up offshore Venezuela and a blockade of sanctioned oil
tankers ahead of the removal of President Maduro from power by the US.

TOM HOLL AND MARK HUME
BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED
5 February 2026

Distribution of investments as at 30 November 2025

Asset Allocation – Geography

[]
Global¹ 53.2%
United States 14.1%
Brazil 6.2%
Canada 6.1%
Germany 5.0%
United Kingdom 3.9%
Italy 2.8%
France 1.6%
Africa 1.5%
Spain 1.5%
Morocco 1.1%
Australia 1.0%
Latin America[2] 0.8%
South Africa 0.7%
Ireland 0.5%

[1 ]Global relates to companies having businesses and operations in multiple
countries and territories.

[2] Latin America represents Argentina.

Source: BlackRock.

Asset Allocation – Commodity/sub-sectors

Traditional Energy 23.5%

Integrated 11.8%
Oil Services 4.7%
Exploration & Production 3.5%
Refining & Marketing 1.8%
Distribution 1.7%

Energy Transition 34.9%

Electrification 12.9%
Renewables 12.7%
Storage 5.3%
Energy Efficiency 4.0%

Mining 41.6%

Diversified 25.0%
Gold 5.0%
Copper 4.0%
Industrial Minerals 2.9%
Steel 1.1%
Silver 1.1%
Aluminium 1.1%
Platinum Group Metals 0.7%
Metals & Mining 0.4%
Nickel 0.3%

Source: BlackRock.

Ten largest investments

Together, the Company’s ten largest investments represented 41.3% of the
Company’s portfolio as at 30 November 2025 (2024: 32.5%)

1 ▲ Abaxx Technologies (2024: 30th)
Diversified mining group
Market value: £14,259,000
Share of investments: 7.5%[1] (2024: 1.3%)

A financial software and market infrastructure company focused on developing
technology for global commodity exchanges and digital marketplaces, which owns
and operates Abaxx Exchange and Abaxx Clearing.

2 ▲ Vale (2024: 8th)
Diversified mining group
Market value: £11,830,000
Share of investments: 6.2%[2] (2024: 2.8%)

One of the largest mining groups in the world, with operations in 30 countries.
Vale is the world’s largest producer of iron ore and iron ore pellets, and the
world’s largest producer of nickel. The group also produces manganese ore,
ferroalloys, metallurgical and thermal coal, copper, platinum group metals,
gold, silver, cobalt, potash, phosphates and other fertiliser nutrients.

3 ▼ Anglo American (2024: 1st)
Diversified mining group
Market value: £8,514,000
Share of investments: 4.5% (2024: 4.6%)

A global mining group. The group’s mining portfolio includes bulk commodities
including iron ore, manganese, metallurgical coal, base metals including copper
and nickel and precious metals and minerals such as platinum and diamonds. Anglo
American has mining operations globally, with significant assets in Africa and
South America.

4 ▲ Chevron Corporation (2024: n/a)
Integrated oil group
Market value: £8,427,000
Share of investments: 4.4% (2024: n/a)

One of the world’s largest publicly listed globally integrated energy companies.
With core assets in the prolific Permian Basin of West Texas, and a large
position in the world-class Guyana Stabroek license, the company has ample
duration and quality across its portfolio. Following the completion of the Hess
merger in 2025, the company has also embarked on a substantive cost reduction
program which should help deliver further margin accretion in the years ahead.

5 ▼ Shell (2024: 4th)
Integrated oil group
Market value: £6,488,000
Share of investments: 3.4% (2024: 2.9%)

One of the largest integrated energy companies globally with five main operating
segments: Integrated Gas, Upstream, Marketing, Chemicals and Products, and
Renewables and Energy Solutions. The company has a high quality, gas/liquified
natural gas (LNG)-weighted portfolio.

6 ▲ Siemens Energy (2024: 55th)
Renewables
Market value: £6,417,000
Share of investments: 3.4% (2024: 0.6%)

Spun out of Siemens AG in 2020, Siemens Energy is one of the world’s leading
energy technology companies. Its business spans conventional (gas turbines) and
renewable (wind turbines) power generation as well as grid and
transmission/distribution equipment such as transmission gear, transformers,
switchgear and grid integration. As the world continues on a multi-decade path
towards electrification, the company is in a strong position to deliver bespoke
solutions to its end customers.

7 ▲ Glencore (2024: 10th)
Diversified mining group
Market value: £6,012,000
Share of investments: 3.2% (2024: 2.7%)

One of the world’s largest diversified natural resource companies and a leading
producer and marketer of more than 60 commodities, operating an integrated
mining, processing, logistics and trading platform across over 35 countries.
Leveraging sizable positions in copper, cobalt, nickel, zinc and other
transition metals alongside a cash generative coal business, the group is
increasingly orienting its portfolio toward materials critical to global
electrification while using its scale and marketing expertise to capture value
across the commodity supply chain.

8 ▲ SSE (2024: 46th)
Renewables
Market value: £5,753,000
Share of investments: 3.0% (2024: 0.9%)

A leading energy company in the UK and Ireland, focused on electricity networks
and renewable energy generation and is a major player in onshore and offshore
wind, hydro power, and electricity transmission and distribution networks.

9 ▲ First Solar (2024: 50th)
Renewables
Market value: £5,483,000
Share of investments: 2.9% (2024: 0.8%)

First Solar manufactures photovoltaic (solar PV) modules for large-utility scale
projects. With a large domestic manufacturing and supply chain footprint, the
company looks set to benefit from the ongoing reindustrialisation and power
demand growth in the United States.

10 ▲ Prysmian (2024: 19th)
Storage
Market value: £5,327,000
Share of investments: 2.8% (2024: 1.9%)

Headquartered in Italy, Prysmian is the world’s largest cable manufacturer by
sales. The company provides high voltage direct and alternating current (HVDC
and HVAC) cabling to connect large scale power generation facilities to electric
grids. The company specialises in high-voltage and subsea cables positioning it
well for the continued electrification of the world’s global power system.

[1] 5.1% relates to interest in fixed income investments which is unlisted
and held at fair value.

[2] 1.3% relates to interest in Vale shareholder debentures.

All percentages reflect the value of the holding as a percentage of total
investments.

Arrows indicate the change in relative ranking of the position in the portfolio
compared to its ranking as at 30 November 2024.

Percentages in brackets represent the value of the holding as at 30 November
2024.

Investments as at 30 November 2025

[][][][][]
Main Market % of
geographic value investments
exposure £’000
Mining
Diversified
Abaxx Technologies 7.0% Global 9,754 } 7.5
21/03/2028 – convertible
debtentures[1,2]
Abaxx Technologies Global 4,505
Vale Brazil 9,351 } 6.2
Vale Debentures[3,4] Brazil 2,479
Anglo American Global 8,514 4.5
Glencore Global 6,012 3.2
Rio Tinto Global 3,587 1.9
Teck Resources Global 1,706 0.9
BHP Global 1,459 0.8
——— —————
——
47,367 25.0
========= =========
Gold
Firefly Metals Canada 3,692 1.9
Wheaton Precious Metals Global 2,705 1.4
Allied Gold Corporation 8.75% Africa 2,016 1.1
07/09/2028[4]
Kinross Gold Global 1,174 0.6
——— —————
——
9,587 5.0
========= =========
Copper
Freeport-McMoran United 2,270 1.2
States
Foran Mining Canada 1,592 0.8
Ngex Minerals Latin 1,507 0.8
America
Ivanhoe Electric United 1,474 0.8
States
First Quantum Minerals Global 763 0.4
LunR Royalties[1,2] Canada 5 –
——— —————
——
7,611 4.0
========= =========
Industrial Minerals
Heidelberg Materials Global 1,920 1.0
Lynas Corporation Australia 1,892 1.0
Albemarle Global 1,768 0.9
——— —————
——
5,580 2.9
========= =========
Steel
ArcelorMittal Global 2,083 1.1
——— —————
——
2,083 1.1
========= =========
Silver
Aya Gold & Silver Morocco 2,057 1.1
——— —————
——
2,057 1.1
========= =========
Aluminium
Hydro Global 2,003 1.1
——— —————
——
2,003 1.1
========= =========
Platinum Group Metals
Valterra Platinum South 1,423 0.7
Africa
——— —————
——
1,423 0.7
========= =========
Metals & Mining
Ivanhoe Mines Africa 835 0.4
——— —————
——
835 0.4
========= =========
Nickel
Lifezone Metals Global 656 0.3
——— —————
——
656 0.3
========= =========
Uranium
Cameco Canada 25 –
——— —————
——
25 –
========= =========
Total Mining 79,227 41.6
========= =========
Energy Transition
Electrification
EDP Renováveis Global 5,270 2.8
RWE Germany 4,758 2.5
Centerpoint Energy United 3,993 2.1
States
Nexans France 2,965 1.6
Spie Global 2,246 1.2
Centrica United 1,716 0.9
Kingdom
Talen Energy United 1,298 0.7
States
Vistra United 1,080 0.6
States
Howmet Aerospace United 880 0.5
States
——— —————
——
24,206 12.9
========= =========
Renewables
Siemens Energy Global 6,417 3.4
SSE United 5,753 3.0
Kingdom
First Solar Global 5,483 2.9
Vestas Wind Systems Global 5,038 2.6
Grenergy Renovables Spain 1,429 0.8
——— —————
——
24,120 12.7
========= =========
Storage
Prysmian Italy 5,327 2.8
Elia Group Germany 4,759 2.5
——— —————
——
10,086 5.3
========= =========
Energy Efficiency
Schneider Electric Global 3,336 1.8
Trane Technologies United 2,338 1.2
States
Kingspan Group Ireland 937 0.5
Vertiv Holdings Global 864 0.5
——— —————
——
7,475 4.0
========= =========
Total Energy Transition 65,887 34.9
========= =========
Traditional Energy
Integrated
Chevron Corporation Global 8,427 4.4
Shell Global 6,488 3.4
TotalEnergies Global 3,527 1.9
Suncor Energy Canada 1,773 0.9
Repsol Spain 1,253 0.7
Galp Energia Global 1,013 0.5
Gazprom[1,5] Russia – –
——— —————
——
22,481 11.8
========= =========
Oil Services
NiSource United 4,731 2.5
States
Gaztransport & Technigaz Global 2,497 1.3
TechnipFMC Global 1,370 0.7
Téchnicas Reunidas Global 449 0.2
——— —————
——
9,047 4.7
========= =========
Exploration & Production
Canadian Natural Resources Canada 2,140 1.1
Permian Resources United 1,891 1.0
States
Arc Resources Canada 1,370 0.7
California Resources United 1,342 0.7
States
——— —————
——
6,743 3.5
========= =========
Refining & Marketing
HF Sinclair Corporation United 2,108 1.1
States
Alimentation Couche-Tard Canada 1,271 0.7
——— —————
——
3,379 1.8
========= =========
Distribution
Cheniere Energy United 1,792 0.9
States
Targa Resources United 1,561 0.8
States
——— —————
——
3,353 1.7
========= =========
Total Energy Transition 45,003 23.5
========= =========
Total Portfolio 190,117 100.0
Comprising:
Equity and debt investments 190,117 100.0
——— —————
——
190,117 100.0
========= =========

[1] Investment is a Level 3 investment.

[2] Investment is unlisted and is held at fair value.

[3] The investment in the Vale debentures is illiquid and has been valued
using secondary market pricing information provided by the Brazilian Financial
and Capital Markets Association (ANBIMA).

[4] Investment is a Level 2 investment.

[5] The investment in Gazprom has been valued at a nominal value of RUB0.01
as secondary listings of the depositary receipts on Russian companies have been
suspended from trading.

All investments are ordinary shares unless otherwise stated. The total number of
holdings (including options) at 30 November 2025 was 68 (2024: 74).

There were no open options as at 30 November 2025 (2024: one option).

The equity and fixed income investment total of £190,117,000 (2024:
£189,752,000) above before the deduction of the negative option valuation of
£nil (2024: £51,000) represents the Group’s total investments held at fair value
as reflected in the Consolidated and Parent Company Statements of Financial
Position. The table above excludes cash and gearing; the level of the Group’s
gearing may be determined with reference to the bank overdraft of £6,869,000
(2024: £25,944,000) and cash and cash equivalents of £nil (2024: £3,714,000)
that are also disclosed in the Consolidated and Parent Company Statements of
Financial Position. Details of the AIC methodology for calculating gearing are
given in the Glossary contained within the Annual Report and Financial
Statements.

As at 30 November 2025, the Company did not hold any equity interests comprising
more than 3% of any company’s share capital.

Strategic report

The Directors present the Strategic Report of the Company for the year ended 30
November 2025. The aim of the Strategic Report is to provide shareholders with
the information required to enable them to assess how the Directors have
performed in their duty to promote the success of the Company for the collective
benefit of shareholders.

The Chairman’s Statement together with the Investment Managers’ Report and the
Section 172 Statement set out how the Directors promote the success of the
Company form part of the Strategic Report. The Strategic Report was approved by
the Board at its meeting on 5 February 2026.

Business and management of the Company
BlackRock Energy and Resources Income Trust plc (the Company) is an investment
trust company that has a premium listing on the London Stock Exchange. Its
principal activity is portfolio investment and option writing. The Company’s
wholly owned subsidiary is BlackRock Energy and Resources Securities Income
Company Limited (together `the Group’). Its principal activity is investment
dealing.

Investment trusts, like unit trusts and open-ended investment companies (OEICs),
are pooled investment vehicles which allow exposure to a diversified range of
assets through a single investment thus spreading, although not eliminating,
investment risk. In accordance with the Alternative Investment Fund Managers’
Directive (AIFMD) the Company is an Alternative Investment Fund (AIF). BlackRock
Fund Managers Limited (the Manager) is the Company’s Alternative Investment Fund
Manager (AIFM). The management of the investment portfolio and the
administration of the Company have been contractually delegated to the Manager.
The Manager, operating under guidelines determined by the Board, has direct
responsibility for decisions relating to the running of the Company and is
accountable to the Board for the investment, financial and operating performance
of the Company.

The Company delegates fund accounting services to the Manager, which in turn
subdelegates these services to the Fund Accountant, The Bank of New York Mellon
(International) Limited. The Company sub-delegates registration services to the
Registrar, Computershare Investor Services PLC. Other service providers include
the Depositary, also performed by The Bank of New York Mellon (International)
Limited. Details of the contractual terms with these service providers are set
out in the Directors’ Report contained within the Annual Report and Financial
Statements.

Business model
The Company invests in accordance with the investment objective. The Board is
collectively responsible to shareholders for the long-term success of the
Company. There is a clear division of responsibility between the Board and the
Manager. Matters reserved for the Board include setting the Company’s strategy,
including its investment objective and policy, setting limits on gearing,
capital structure, governance, and appointing and monitoring of the performance
of service providers, including the Manager. As the Company’s business model
follows that of an externally managed investment trust, it does not have any
employees and outsources its activities to third party service providers
including the Manager who is the principal service provider.

Investment objective
The Company’s objectives are to achieve an annual dividend target and, over the
long term, capital growth by investing primarily in securities of companies
operating in the mining and energy sectors.

Investment policy and strategy
The Company seeks to achieve its objectives through a focused portfolio,
consisting of approximately 30 to 150 securities.

Although the Company has the flexibility to invest within this range, at 30
November 2025 the portfolio consisted of 68 investments and the detailed
portfolio listing is provided above.

There are no restrictions on investment in terms of geography or sub-sector and,
in addition to equities, other types of securities, such as convertible bonds
and debt issued primarily by mining or energy companies, may be acquired.
Although most securities will be quoted, listed or traded on an investment
exchange, up to 10% of the gross assets of the Group, at the time of investment,
may be invested in unquoted securities. Investment in securities may be either
direct or through other funds, including other funds managed by BlackRock or its
associates, with up to 15% of the portfolio being invested in other listed
investment companies, including listed investment trusts. In order to comply
with the current Listing Rules, the Company will not invest more than 10% of its
gross asset value in other listed closed-ended investment funds which themselves
may invest more than 15% of their gross assets in other listed closed-ended
investment funds. This restriction does not form part of the Company’s
investment policy. Up to 10% of the gross assets of the Group, at the time of
investment, may be invested in physical assets, such as gold and in securities
of companies that operate in the commodities sector other than the mining and
energy sectors.

No more than 15% of the gross assets of the Group will be invested in any one
company as at the date any such investment is made and the portfolio will not
own more than 15% of the issued shares of any one company, other than the
Company’s subsidiary. The Group may deal in derivatives, including options and
futures, up to a maximum of 30% of the Group’s assets for the purposes of
efficient portfolio management and to enhance portfolio returns. In addition,
the Group is also permitted to enter into stock lending arrangements up to a
maximum of 33.3% of the total asset value of the portfolio.

The Group may, from time to time, use borrowings to gear its investment policy
or in order to fund the market purchase of its own ordinary shares. This gearing
typically is in the form of an overdraft or short-term facility, which can be
repaid at any time. Under the Company’s Articles of Association, the Board is
obliged to restrict the borrowings of the Company to an aggregate amount equal
to 40% of the value of the gross assets of the Group. However, borrowings are
not anticipated to exceed 20% of gross assets at the time of drawdown of the
relevant borrowings.

The Group’s financial statements are maintained in British Pound Sterling.
Although many investments are denominated and quoted in currencies other than
British Pound Sterling, the Company does not intend to employ a hedging policy
against fluctuations in exchange rates but may do so in the future if
circumstances warrant implementing such a policy.

No material change will be made to the investment policy without shareholder
approval.

Environmental, social and governance (ESG) impact
The Board’s ESG approach is set out within the Annual Report and Financial
Statements. The direct impact of the Company’s activities is minimal as it has
no employees, premises, physical assets or operations either as a producer or a
provider of goods or services. Neither does it have customers. Its indirect
impact occurs through the investments that it makes, and this is managed through
BlackRock’s approach to material ESG integration.

Performance
Details of the Company’s performance for the year are given in the Chairman’s
Statement above. The Investment Managers’ Report above includes a review of the
main developments during the year, together with information on investment
activity within the Company’s portfolio.

Results and dividends
The Company’s revenue earnings for the year amounted to 3.50p per share (2024:
3.63p). Details of dividends paid and declared in respect of the year, together
with the Company’s dividend policy, are set out in the Chairman’s Statement.

Future prospects
The Board’s main focus is the achievement of an annual dividend target and, over
the long term, capital growth. The future of the Company is dependent upon the
success of the investment strategy. The outlook for the Company is discussed in
both the Chairman’s Statement and in the Investment Managers’ Report above.

Employees, social, community and human rights issues
The Company has no employees, and all the Directors are non-executive,
therefore, there are no disclosures to be made in respect of employees. The
Company believes that it is in shareholders’ interests to consider
environmental, social and governance factors and human rights issues when
selecting and retaining investments. Details of the Company’s policy on socially
responsible investment are set out within the Annual Report and Financial
Statements.

Modern slavery act
As an investment vehicle the Company does not provide goods or services in the
normal course of business and does not have customers. Accordingly, the
Directors consider that the Company is not required to make any slavery or human
trafficking statement under the Modern Slavery Act 2015. The Board considers the
Company’s supply chain, dealing predominantly with professional advisers and
service providers in the financial services industry, to be low risk in relation
to this matter.

Directors and gender representation
The Directors of the Company are set out in the Governance structure and
Directors’ biographies contained within the Annual Report and Financial
Statements. All the Directors held office throughout the year. The Board
consists of two male Directors and two female Directors.

Key performance indicators
A number of performance indicators (KPIs) are used to monitor and assess the
Company’s success in achieving its objectives and to measure its progress and
performance. The principal KPIs are described below:

Performance
At each meeting the Board reviews the performance of the portfolio as well as
the net asset value and share price for the Company and compares this to the
performance of other companies in the peer group. The Company does not have a
benchmark; however, the Board also reviews performance in the context of the
blended performance of the MSCI ACWI Select Metals & Mining Producers Ex Gold
and Silver IM (Mining), the MSCI World Energy Index (Traditional Energy) and S&P
Global Clean Energy Transition Index (Energy Transition) with a 40:30:30
composite of the three indices. The Board also monitors performance relative to
a peer group of commodities and natural resources focused funds and also
regularly reviews the Company’s performance attribution analysis to understand
how performance was achieved. This provides an understanding of how components
such as sector exposure, stock selection and asset allocation impacted
performance. Information on the Company’s performance is given in the
performance record contained within the Annual Report and Financial Statements
and the Chairman’s Statement and Investment Managers’ Report above.

Share rating
The Board monitors the level of the Company’s premium or discount to NAV on an
ongoing basis and considers strategies for managing any premium or discount. In
the year to 30 November 2025, the Company’s share price to NAV traded in the
range of a discount of 6.5% and 13.5% on a cum income basis. The average
discount for the year was 9.1%. 10,283,000 shares were repurchased into treasury
during the year at a total cost of £12,480,000. Details of shares issued or
repurchased since the year end date are given in note 15 contained within the
Annual Report and Financial Statements.

Further details setting out how the discount or premium at which the Company’s
shares trade is calculated are included in the Glossary contained within the
Annual Report and Financial Statements.

Ongoing charges
The ongoing charges represent the Company’s management fee and all other
recurring operating expenses, excluding finance costs, direct transaction costs,
custody transaction charges, VAT recovered, taxation, prior year expenses
written back and certain non-recurring items, expressed as a percentage of
average daily net assets. The ongoing charges are based on actual costs incurred
in the year as being the best estimate of future costs. The Company’s Manager
has also agreed to reduce the existing cap on ongoing charges from 1.25% to
1.15% with effect from 1 December 2024. To the extent that the Company’s ongoing
charges exceed 1.15% of average net assets, the Manager will rebate a portion of
the management fee to ensure they remain below 1.15%. The Board reviews the
ongoing charges and monitors the expenses incurred by the Company on an ongoing
basis. A definition setting out in detail how the ongoing charges ratio is
calculated is included in the Glossary contained within the Annual Report and
Financial Statements. The Company’s ongoing charges amounted to 1.15% for the
year ended 30 November 2025 (there was a management fee rebate of £28,000
applied for the year).

Dividend target and income generation
The level of income is considered at each meeting and the Board receives
detailed income forecasts. The Board also monitors the risks and returns from
option writing, and regularly reviews the Company’s levels of distributable
reserves.

The table below sets out the key KPIs for the Company. These KPIs fall within
the definition of `Alternative Performance Measures’ (APMs) under guidance
issued by the European Securities and Markets Authority (ESMA) and additional
information explaining how these are calculated is set out in the Glossary
contained within the Annual Report and Financial Statements.

[][][][][]
Key Performance Indicators Year ended Year ended
30 November 30 November
2025 2024
Net asset value total return[1,2] 23.5% 15.3%
Share price total return[1,2] 28.8% 14.0%
Discount at year end[2,3] 8.7% 12.1%
Revenue earnings per share 3.50p 3.63p
Dividends per share 4.75p 4.50p
Ongoing charges[2,] [4] 1.15% 1.20%
========= =========

[1] This measures the Company’s NAV and share price total returns, which
assumes dividends paid by the Company have been reinvested.

[2] Alternative Performance Measures, see Glossary contained within the
Annual Report and Financial Statements.

[3] This is the difference between the share price and the cum-income NAV
per share.

[4] Ongoing charges represent the management fee and all other recurring
operating expenses excluding finance costs, direct transaction costs, custody
transaction charges, VAT recovered, taxation, prior year expenses written back
and certain non-recurring items, expressed as a percentage of average daily net
assets. The cap on ongoing charges reduced from 1.25% to 1.15% with effect from
1 December 2024.

Principal risks
The Company is exposed to a variety of risks and uncertainties. The Board has in
place a robust process to identify, assess and monitor the principal risks of
the Company. A core element of this process is the Company’s risk register which
identifies the risks facing the Company and assesses the likelihood and
potential impact of each risk and the controls established for mitigation. A
residual risk rating is then calculated for each risk.

The risk register is regularly reviewed, and the risks reassessed. The risk
environment in which the Company operates is also monitored and regularly
appraised. New risks are also added to the register as they are identified which
ensures that the document continues to be an effective risk management tool.

The risk register, its method of preparation and the operation of key controls
in the Manager’s and third-party service providers’ systems of internal control
are reviewed on a regular basis by the Audit and Management Engagement
Committee. In order to gain a more comprehensive understanding of the Manager’s
and other third-party service providers’ risk management processes, and how
these apply to the Company’s business, BlackRock’s internal audit department
provides an annual presentation to the Audit and Management Engagement Committee
Chairman setting out the results of testing performed in relation to BlackRock’s
internal control processes. The Audit and Management Engagement Committee also
periodically receives presentations from BlackRock’s Risk & Quantitative
Analysis teams, and reviews Service Organisation Control (SOC 1) reports from
BlackRock and other key service providers. The Custodian is appointed by the
Company’s Depositary and does not have a direct contractual relationship with
the Company.

The Board has undertaken a robust assessment of both the principal and emerging
risks facing the Company, including those that would threaten its business
model, future performance, solvency or liquidity. The risk that unforeseen or
unprecedented events including (but not limited to) heightened geo-political
tensions such as the war in Ukraine, high inflation and the current cost of
living crisis has had a significant impact on global markets. The Board has
taken into consideration the risks posed to the Company by these events and
incorporated them into the Company’s risk register. Emerging risks are
considered by the Board as they come into view and are incorporated into the
existing review of the Company’s risk register.

Additionally, the Manager considers emerging risks in numerous forums and the
Risk and Quantitative Analysis team produces an annual risk survey. Any material
risks of relevance to the Company identified through the annual risk survey will
be communicated to the Board.

Emerging risks that have been considered by the Board over the year include the
impact of climate change, escalating geo-political conflict and technological
advances such as in Artificial Intelligence.

The key emerging risks identified are as follows:

Climate change: Investors can no longer ignore the impact that the world’s
changing climate will have on their portfolios, with the impact of climate
change on returns, including climate-related natural disasters, now potentially
significant and with the potential to escalate more swiftly than one is able to
predict. The Board receives ESG reports from the Manager on the portfolio and
the way ESG considerations are integrated into the investment decision-making,
so as to mitigate risk at the level of stock selection and portfolio
construction.

Artificial Intelligence (`AI’): Advances in computing power means that AI has
become a powerful tool that will impact a huge range of areas and with a wide
range of applications that have the potential to dislocate established business
models and disrupt labour markets, creating uncertainty in corporate valuations.
The significant energy required to power this technological revolution will
create further pressure on environmental resources and carbon emissions.

Geo-political risk: Geo-political tensions (including, but not limited to the
ongoing war in Ukraine, or deteriorating relations between China and the
US/other countries) have a significant negative impact on global markets, with
an increasing use of tariffs and domestic regulations making global trade more
complex and driving economic fragmentation.

The Board will continue to assess these risks on an ongoing basis. In relation
to the UK Code, the Board is confident that the procedures that the Company has
put in place are sufficient to ensure that the necessary monitoring of risks and
controls has been carried out throughout the reporting period.

The principal risks and uncertainties faced by the Company during the financial
year, together with the potential effects, controls and mitigating factors are
set out below.

Investment performance
Principal risk
The returns achieved are reliant primarily upon the performance of the
portfolio.

The Board is responsible for:

· setting the investment strategy to fulfil the Company’s objective; and

· monitoring the performance of the Investment Manager and the
implementation of the investment strategy.

An inappropriate investment strategy may lead to:

· poor performance;

· widening discount;

· a reduction or permanent loss of capital; and

· dissatisfied shareholders and reputational damage.

The Board is also cognisant of the long-term risk to performance from inadequate
attention to ESG issues, and in particular the impact of climate change. More
detail in respect of these risks can be found in the AIFMD Fund Disclosures
document available on the Company’s website at
www.blackrock.com/uk/individual/literature/policies/itc-disclosure-blackrock
-energy- (http://www.blackrock.com/uk/individual/literature/policies/itc
-disclosure-blackrock-energy-and-resources-income-trust-plc.pdf)and-resources
-income-trust
-plc.pdf (http://www.blackrock.com/uk/individual/literature/policies/itc
-disclosure-blackrock-energy-and-resources-income-trust-plc.pdf).

Mitigation/Control
To manage this risk the Board:

· regularly reviews the Company’s investment mandate and long-term
strategy;

· where necessary, the Board seeks shareholder approval to both
repurchase and issue shares to help control the level of discount/premium at
which the shares trade. The Board also keep under review other mechanisms for
reducing the discount, including the option of offering occasional cash exits at
close to NAV;

· has set investment restrictions and guidelines which the Investment
Manager monitors and regularly reports on;

· receives from the Investment Manager a regular explanation of stock
selection decisions, portfolio exposure, gearing and any changes in gearing and
the rationale for the composition of the investment portfolio; and

· monitors the maintenance of an adequate spread of investments in order
to minimise the risks associated with factors specific to particular sectors,
based on the diversification requirements inherent in the investment policy.

ESG analysis is integrated in the Manager’s investment process, as set out
within the Annual Report and Financial Statements. This is monitored by the
Board.

Income/dividend
Principal risk
The ability to pay dividends, and future dividend growth, is dependent on a
number of factors including the level of dividends earned from the portfolio and
income generated from the option writing strategy. Income returns from the
portfolio are dependent, among other things, upon the Company successfully
pursuing its investment policy.

Any change in the tax treatment of dividends or interest received by the Company
including as a result of withholding taxes or exchange controls imposed by
jurisdictions in which the Company invests may reduce the level of dividends
received by shareholders.

Mitigation/Control
The Board monitors this risk through the receipt of detailed income forecasts
and considers the level of income at each meeting.

The Company has the ability to make dividend distributions out of special
reserves and capital reserves as well as revenue reserves to support any
dividend target. These reserves totalled £111.5 million at 30 November 2025.

In setting the dividend target each year, the Board is mindful of the balance of
shareholder returns between income and capital.

Gearing
Principal risk
The Company’s investment strategy may involve the use of gearing, including
borrowings.

Gearing may be generated through borrowing money or increasing levels of market
exposure through the use of derivatives. The Company currently has an overdraft
facility with The Bank of New York Mellon (International) Limited. The use of
gearing exposes the Company to the risk associated with borrowing.

Gearing provides an opportunity for greater returns where the return on the
Company’s underlying assets exceeds the cost of borrowing. It is likely to have
the opposite effect where the return on the underlying assets is below the cost
of borrowings. Consequently, the use of borrowings by the Company may increase
the volatility of the NAV.

Mitigation/Control
The Company’s Articles of Association limit borrowings to an aggregate amount
equal to 40% of the value of the gross assets of the Company. However, to
further manage this risk the Board does not anticipate borrowings will exceed
20% of gross assets at the time of drawdown.

The use of derivatives, including options and futures has been limited to a
maximum of 30% of the Group’s assets.

The Investment Manager will only use gearing when confident that market
conditions and opportunities exist to enhance investment returns.

The Investment Manager reports to the Board on a regular basis the levels of
gearing in place as compared to limits set by the Board under the investment
policy and by the Manager as Alternative Investment Fund Manager (AIFM) under
the Alternative Investment Fund Managers’ Directive, as retained and onshored in
the UK (AIFMD).

The Board monitors gearing levels and will raise any queries or concerns in
respect of changes in the gearing level with the Investment Manager.

Legal and regulatory compliance
Principal risk
The Company has been approved by HM Revenue & Customs as an investment trust,
subject to continuing to meet the relevant eligibility conditions and operates
as an investment trust in accordance with Chapter 4 of Part 24 of the
Corporation Tax Act 2010. As such, the Company is exempt from capital gains tax
on the profits realised from the sale of its investments.

Any breach of the relevant eligibility conditions could lead to the Company
losing investment trust status and being subject to corporation tax on capital
gains realised within the Company’s portfolio.

Any serious breach could result in the Company and/or the Directors being fined
or the subject of criminal proceedings or the suspension of the Company’s shares
which would in turn lead to a breach of the Corporation Tax Act 2010.

Amongst other relevant laws and regulations, the Company is required to comply
with the provisions of the Companies Act 2006, the Alternative Investment Fund
Managers’ Directive, the Market Abuse Regulation, the UK Listing Rules,
international sanctions and the FCA’s Disclosure Guidance and Transparency
Rules.

Mitigation/Control
The Investment Manager monitors investment movements, the level and type of
forecast income and expenditure and the amount of proposed dividends to ensure
that the provisions of Chapter 4 of Part 24 of the Corporation Tax Act 2010 are
not breached. The results are reported to the Board at each meeting.

Compliance with the accounting rules affecting investment trusts are also
carefully and regularly monitored.

The Company Secretary, Manager and the Company’s professional advisers provide
regular reports to the Board in respect of compliance with all applicable rules
and regulations. The Board and the Manager also monitor changes in government
policy and legislation which may have an impact on the Company.

The Company’s Investment Manager, BlackRock, at all times complies with the
sanctions administered by the UK Office of Financial Sanctions Implementation,
the United States Treasury’s Office of Foreign Assets Control, the United
Nations, European Union member states and any other applicable regimes.

The Market Abuse Regulation came into force on 3 July 2016. The Board has taken
steps to ensure that individual Directors (and their Persons Closely Associated)
are aware of their obligations under the regulation and has updated internal
processes, where necessary, to ensure the risk of non-compliance is effectively
mitigated.

Operational
Principal risk
The Company relies on the services provided by third parties.

Accordingly, it is dependent on the control systems of the Manager and The Bank
of New York Mellon (International) Limited (who act as both Depositary,
Custodian and Fund Accountant and who maintain the Company’s assets, settlement
and accounting records). The Company’s share register is maintained by the
Registrar, Computershare Investor Services PLC. The security of the Company’s
assets, dealing procedures, accounting records and adherence to regulatory and
legal requirements depend on the effective operation of the systems of the third
-party service providers.

Failure by any service provider to carry out its obligations to the Company
could have a material adverse effect on the Company’s performance. Disruption
through a global IT outage, a cyber-attack or by way of any other event leading
to the disruption of the accounting, payment systems, custody records and other
IT systems which prevent the accurate reporting and monitoring of the Company’s
financial position and operational activities.

Inadequate succession arrangements, particularly of the Manager, could disrupt
the level of service provided.

Any significant reduction in the market value of the Company, including through
falls in its share price and increased buy-backs may result in the Company’s
size becoming unviable.

Mitigation/Control
The Fund Accountant’s and the Manager’s internal control processes are regularly
tested and monitored throughout the year and are evidenced through their SOC 1
reports, which are subject to review by an Independent Service Assurance
Auditor. The SOC 1 reports provide assurance in respect of the effective
operation of internal controls. These reports are provided to the Audit and
Management Engagement Committee.

The Company’s financial assets are subject to a strict liability regime and in
the event of a loss of assets, the Depositary must return assets of an identical
type or the corresponding amount, unless able to demonstrate the loss was a
result of an event beyond its reasonable control.

The Board reviews the overall performance of the Manager, Investment Manager and
all other third-party service providers on a regular basis.

The Board also considers the business continuity arrangements of the Company’s
key service providers on an ongoing basis and reviews these as part of its
review of the Company’s risk register.

The Board considers the Manager’s succession plans in so far as they affect the
services provided to the Company.

The Board considers opportunities to enhance the size of the Company, monitors
any buy-backs, and has in place an ongoing charges cap.

Market
Principal risk
Market risk arises from volatility in the prices of the Company’s investments.
The price of shares of companies in the mining, traditional energy and energy
transition sectors can be volatile and this may be reflected in the NAV and
market price of the Company’s shares.

The Company invests in the mining, traditional energy and energy transition
sectors in many countries globally and will also be subject to country-specific
risk. A lack of growth in world or country-specific industrial production may
adversely affect metal and energy prices.

Companies operating within the sectors in which the Company invests will be
impacted by climate change and by new legislation governing climate change and
environmental issues, which may have a negative impact on their valuation and
share price. Market risk includes the potential impact of events which are
outside the Company’s control, including (but not limited to) heightened geo
-political tensions and military conflict, a global pandemic and high inflation.

There is the potential for the Company to suffer loss through holding
investments in the face of negative market movements. There is also risk related
to the investment trust sector. The sector may be out of favour, leading to
higher discounts.

Companies within the sector are also at risk that high discounts allow activist
investors, whose objectives may not be aligned with other shareholders, to
secure significant stakes. The low level of retail voting at general meetings
exacerbates this risk.

Mitigation/Control
The Board considers the diversification of the portfolio, asset allocation,
stock selection, and levels of gearing on a regular basis and has set investment
restrictions and guidelines which are monitored and reported on by the
Investment Manager. The Board monitors the implementation and results of the
investment process with the Investment Manager.

Under the Company’s investment policy, the Investment Manager has the ability to
invest in energy transition stocks and is mindful of the impact of any shift in
energy consumption towards less carbon intensive energy supply. This is taken
into account by the Investment Manager in building a well diversified portfolio.

The Board also recognises the benefits of a closed-end fund structure in
extremely volatile markets such as those experienced during the Russia-Ukraine
and Middle East conflicts. Unlike open-ended counterparts, closed-end funds are
not obliged to sell-down portfolio holdings at low valuations to meet liquidity
requirements for redemptions. During times of elevated volatility, restrictions
and impacts on securities and markets following the Russian invasion of the
Ukraine and market stress, the ability of a closed-end fund structure to remain
invested for the long term enables the Portfolio Managers to adhere to
disciplined fundamental analysis from a bottom-up perspective and be ready to
respond to dislocations in the market as opportunities present themselves.

The Board monitors its share register, consults regularly with shareholders and
seeks to improve engagement with retail shareholders.

Financial
Principal risk
The Company’s investment activities expose it to a variety of financial risks
that include interest rate risk and foreign currency risk.

The Company invests in both British Pound Sterling and non-British Pound
Sterling denominated securities. Consequently, the value of investments in the
portfolio made in non-British Pound Sterling currencies will be affected by
currency movements.

Mitigation/Control
Details of these risks are disclosed in note 17 to the Financial Statements,
together with a summary of the policies for managing these risks.

Viability statement
In accordance with provision 31 of the 2018 UK Corporate Governance Code, the
Directors have assessed the prospects of the Company over a longer period than
the twelve months referred to by the `Going Concern’ guidelines. The Board is
cognisant of the uncertainty surrounding the outcome of the continuation vote.
Notwithstanding this and given the factors stated below, the Board expects the
Company to continue for the foreseeable future and has therefore conducted this
review for a period of five years. This is generally the investment holding
period investors consider while investing in the sector. The Board conducted
this review for the period up to the AGM in 2031.

The Board has also considered a number of other factors in its assessment,
including:

· continuation vote to be passed at the AGM which is to be held on 25
March 2026;

· portfolio liquidity;

· setting the investment strategy to fulfill the Company’s objective; and
monitoring the performance of the Investment Manager and the implementation of
the investment strategy. The Board regularly reviews the Company’s investment
mandate and long-term strategy; it has set investment restrictions and
guidelines which the Investment Manager monitors and regularly reports to the
Board;

· the Company’s revenue and expense forecasts. The Board is confident
that the Company’s business model remains viable and that there are sufficient
resources to meet all liabilities as they fall due for the period under review;

· the Company’s borrowing facility and the fact that the Company
continues to meet its financial covenants in respect of this facility;

· the long-term risk to performance from inadequate attention to ESG
issues, and in particular the impact of climate change. ESG analysis is
integrated in the Manager’s investment process. This is monitored by the Board;

· the principal risks and uncertainties as set out above and the fact
that the Company has appropriate controls and processes in place to manage these
and to maintain its operating model;

· the operational resilience of the Company and its key service providers
and their ability to continue to provide a good level of service for the
foreseeable future;

· the effectiveness of business continuity plans in place for the Company
and key service providers; and

· the level of income generated by the Company and future income
forecasts.

In its assessment of the viability of the Company the Directors have noted that:

· the Company predominantly invests in highly liquid, large listed
companies so its assets are readily realisable;

· the Company has gearing facilities in place and no concerns around
facilities, headroom or covenants;

· the Company’s forecasts for revenues, expenses and liabilities are
relatively stable, it has largely fixed overheads which comprise a small
percentage of net assets and ongoing charges are capped at 1.15% of average net
asset value; and

· the business model should remain attractive for longer than five years
unless there is significant economic or regulatory change.

The Directors have also reviewed:

· the impact of a significant fall in global commodity equity markets on
the value of the Company’s investment portfolio;

· the ability of portfolio companies to pay dividends, and the Company’s
portfolio yield and ability to meet its dividend target over the longer term;

· the ongoing relevance of the Company’s investment objective, business
model and investment policy in the current environment; and

· the level of demand for the Company’s shares and expectations on the
outcome of the continuation vote.

Based on the results of their analysis, the Directors have concluded that there
is a reasonable expectation that the Company will be able to continue in
operation and meet its liabilities as they fall due over the period of their
assessment.

Section 172 Statement: promoting the success of BlackRock Energy and Resources
Income Trust plc
The Directors are required to explain in detail how they have discharged their
duties under Section 172(1) of the Companies Act 2006 in promoting the success
of their companies for the benefit of members as a whole. This includes the
likely consequences of their decisions in the longer term and how they have
taken wider stakeholders’ needs into account.

As the Company is an externally managed investment company and does not have any
employees or customers, the Board considers the main stakeholders in the Company
to be the shareholders, key service providers (being the Manager and Investment
Manager, the Custodian, Depositary, Registrar and Broker) and investee
companies. The reasons for this determination, and the Board’s overarching
approach to engagement, are set out below.

Stakeholders
Shareholders
Continued shareholder support and engagement are critical to the continued
existence of the Company and the successful delivery of its long-term strategy.
The Board is focused on fostering good working relationships with shareholders
and on understanding the views of shareholders in order to incorporate them into
the Board’s strategy and objectives in delivering long-term growth and income.
The Chairman and advisors met with a number of significant shareholders during
the year in particular in assessing their support for the forthcoming
continuation vote at the AGM this year.

Manager and Investment Manager
The Board’s main working relationship is with the Manager, who is responsible
for the Company’s portfolio management (including asset allocation, stock and
sector selection) and risk management, as well as ancillary functions such as
administration, secretarial, accounting and marketing services. The Manager has
sub-delegated portfolio management to the Investment Manager. Successful
management of shareholders’ assets by the Investment Manager is critical for the
Company to successfully deliver its investment strategy and meet its objective.
The Company is also reliant on the Manager as AIFM to provide support in meeting
relevant regulatory obligations under the AIFMD and other relevant legislation.

Other key service providers
In order for the Company to function as an investment trust with a listing on
the premium segment of the official list of the Financial Conduct Authority
(FCA) and trade on the London Stock Exchange’s (LSE) main market for listed
securities, the Board relies on a diverse range of advisors for support in
meeting relevant obligations and safeguarding the Company’s assets. For this
reason, the Board considers the Company’s Custodian, Depositary, Registrar and
Broker to be stakeholders. The Board maintains regular contact with its key
external service providers and receives regular reporting from them through the
Board and committee meetings, as well as outside of the regular meeting cycle.

Investee companies
Portfolio holdings are ultimately shareholders’ assets, and the Board recognises
the importance of good stewardship and communication with investee companies in
meeting the Company’s investment objective and strategy. The Board monitors the
Manager’s stewardship activities and receives regular feedback from the Manager
in respect of meetings with the management of portfolio companies.

A summary of the key areas of engagement undertaken by the Board with its key
stakeholders in the year under review and how Directors have acted upon this to
promote the long-term success of the Company are set out below.

Area of Engagement
Investment Mandate and Objective
Issue
The Board is committed to promoting the role and success of the Company in
delivering on its investment mandate to shareholders over the long term.
However, the Board recognises that the sectors in which the Company invests are
undergoing structural changes, with a gradual shift in the energy sector away
from carbon-based energy supplies towards alternative and renewable energy
sources. The extractive industries in which the companies in the Company’s
investment universe operate are facing ethical and sustainability issues that
cannot be ignored by asset managers and investment companies alike. More than
ever, consideration of material ESG information and sustainability risks is an
important element of the investment process. The Board also has responsibility
to shareholders to ensure that the Company’s portfolio of assets is invested in
line with the stated investment objective and in a way that ensures an
appropriate balance between spread of risk and portfolio returns.

Engagement
The Board believes that responsible investment and sustainability are integral
to the longer-term delivery of growth in capital and income and has worked very
closely with the Manager throughout the year to regularly review the Company’s
performance, investment strategy and underlying policies to ensure that the
Company’s investment objective continues to be met in an effective, responsible
way that is transparent to current and future investors.

In addition to six scheduled Board meetings a year, the Board holds a Strategy
Day which is dedicated to an in depth review of the Company’s strategy in
conjunction with key advisors including the Company’s broker, public relations
and marketing teams and members of BlackRock’s portfolio management and risk
analytics teams.

The Manager’s approach to the consideration of ESG factors in respect of the
Company’s portfolio, as well as its engagement with investee companies to
encourage the adoption of sustainable business practices which support long-term
value creation, are kept under review by the Board.

The Manager reports to the Board in respect of its consideration of ESG factors
and how these are integrated into the investment process; a summary of
BlackRock’s approach to material ESG integration is set out within the Annual
Report and Financial Statements.

In order to assess the support for the investment mandate, the Board decided to
offer a continuation vote at the 2026 AGM in line with best corporate
governance.

Impact
The portfolio activities undertaken by the Investment Manager can be found in
the Investment Managers’ Report above.

The Board does not formally benchmark the Company’s performance against mining
and energy sector indices because meeting a specific dividend target is not
within the scope of these indices and also because no index appropriately
reflects the Company’s blended exposure to the Energy (including the energy
transition) and mining sectors. For internal monitoring purposes, however, the
Board compares the performance of the portfolio against a bespoke composite
index. The neutral sector weightings of this bespoke index are 40% Mining, 30%
Traditional Energy and 30% Energy Transition, as measured (respectively) by the
MSCI ACWI Select Metals & Mining Producers Ex Gold and Silver IMI Index, the
MSCI World Energy Index and the S&P Global Clean Energy Transition Index.

The result of the continuation vote will be announced subsequent to the AGM on
25 March 2026.

Details regarding the Company’s Key Performance Indicators can be found in this
Strategic Report contained within the Annual Report and Financial Statements.

Management of Share Rating
Issue
The Board recognises the importance to shareholders that the market price of the
Company’s shares should not trade at either a significant discount or premium to
the NAV. One of the Board’s long-term strategic aspirations is that the
Company’s shares should trade consistently at a price close to the NAV per
share.

Engagement
The Board monitors the Company’s discount on an ongoing basis and meets with the
Manager and the Company’s Broker on a regular basis to discuss methods to try to
ensure that the shares trade neither at an excessive discount or premium to NAV,
but reasonably close to par. The Board considers both prevailing market
conditions and the need to preserve the shares trading liquidity (and the
Company’s scale) in determining the level of buy back activity. A range of
discount control mechanisms have been considered and the benefits and
disadvantages of these have been discussed at length. The Chairman and advisors
also had discussions with major shareholders during the year to seek the
importance or otherwise of the level of the Company’s discount level.

For the year under review, the Board authorised the buy back of 10,283,000
shares at a cost of £12,480,000. Since the year end and up to 2 February 2026,
the Company repurchased 9,071,500 ordinary shares for a net consideration of
£15,939,000.

In addition, the Board has worked closely with the Manager to develop the
Company’s marketing strategy, with the aim of ensuring effective communication
with existing shareholders and to attract new shareholders to the Company in
order to improve liquidity in the Company’s shares and to sustain the share
rating of the Company.

Impact
The Company’s average discount for the year to 30 November 2025 was 9.1% (2024:
10.8%) and as at 2 February 2026 the discount stood at 8.3%. This compares to an
average discount for the AIC Commodities and Natural resources sector of 12.0%
at 30 November 2025 and 10.2% at 2 February 2026.

The Company contributed during the year to a focused investment trust sales and
marketing initiative operated by BIM (UK) on behalf of the investment trusts
under its management. For the year ended 30 November 2025, the Group’s
contribution to the consortium element of the initiative, which enables the
trusts to achieve efficiencies by combining certain sales and marketing
activities, represented 0.025% per annum of its net assets (£184.7 million) as
at 31 December 2025, and this contribution was matched by BIM (UK).

Dividend target
Issue
A key element of the Company’s investment objective is to achieve an annual
dividend target. The Board is cognisant that portfolio investments with a high
yield may have lower capital growth, and that seeking to ensure that any
dividend target is covered by current year dividend revenue may result in a
lower total return. Conversely, a move to invest a higher proportion of the
portfolio in higher growth investments (including certain energy transition
stocks) may result in a lower yielding portfolio.

Engagement
The Board reviews income forecasts and option writing activity in conjunction
with the Manager to determine the most effective approach for meeting the
dividend target whilst generating the optimal level of total return for
shareholders.

The Board aims to meet the annual target dividend primarily from a mix of
dividend income from the portfolio and revenue reserves, although this will be
supported by the distribution of the Company’s other substantial distributable
reserves (£107.7 million at 30 November 2025) if required.

Impact
The Board’s dividend target for 2025 was to declare quarterly dividends of at
least 1.125 pence per share in the year to 30 November 2025, making a total of
at least 4.50 pence per share for the year as a whole. This was increased to
1.25 pence per share during the second half of the year making a total of 4.75
pence per share for the year as a whole. The shortfall of 1.25 pence between
earnings per share and the annual dividend target will be funded out of the
Company’s revenue reserves and distributable reserves (£111.5 million at 30
November 2025).

The Board has decided with effect from 1 December 2025, the Board will target a
dividend in each financial year of the greater of (i) the total dividend per
share in respect of the prior year, and (ii) at least 4% of NAV per share at the
end of the preceding financial year, which equates to a minimum dividend target
for the year to 30 November 2026 of 6.57 pence per share.

The Company has sufficient distributable reserves to meet its current target
dividend for a period of 15 years.

Service levels of third party providers
Issue
The Board acknowledges the importance of ensuring that the Company’s principal
suppliers are providing a suitable level of service: this includes the Manager
in respect of investment performance and delivering on the Company’s investment
mandate; the Custodian and Depositary in respect of their duties towards
safeguarding the Company’s assets; the Registrar in its maintenance of the
Company’s share register and dealing with investor queries and the Company’s
Broker in respect of the provision of advice and acting as a market maker for
the Company’s shares.

Engagement
The Manager reports to the Board on the Company’s performance on a regular
basis. The Board carries out a robust annual evaluation of the Manager’s
performance, its commitment and available resources.

The Board performs an annual review of the service levels of all third-party
service providers and concludes on their suitability to continue in their role.

The Board receives regular updates from the AIFM, Depositary, Registrar and
Broker on an ongoing basis.

Impact
All performance evaluations were performed on a timely basis and the Board
concluded that all key third-party service providers, including the Manager were
operating effectively and providing a good level of service.

Board composition
Issue
The Board is committed to ensuring that its own composition brings an
appropriate balance of knowledge, experience and skills, and that it is
compliant with best corporate governance practice under the UK Code, including
guidance on tenure and the composition of the Board’s committees.

Engagement
The Board reviews succession planning on an ongoing basis. Board diversity,
including gender, is taken into account when establishing the criteria.

The Board remain focused on best Corporate Governance Practice, and in
particular the recommendation under the UK Code that Directors’ tenure is
limited to nine years. The Board does not have a formal limit on tenure.

Impact
Details of each Director’s contribution to the success and promotion of the
Company are set out in the Directors’ Report contained within the Annual Report
and Financial Statements.

All Directors currently serving on the Board have tenure below the nine years
maximum limit recommended under the UK Code.

The Board’s composition currently meets all targets recommended under the Parker
Review and enshrined in recent changes to the FCA’s Listing Rules (which set new
diversity targets and associated disclosure requirements for UK companies listed
on the London Stock Exchange).

BlackRock Active Investment Stewardship engagement with portfolio companies in
the year ended 30 November 2025
Given the Board’s belief in the importance of engagement and communication with
portfolio companies, they receive regular updates from the Manager in respect to
the stewardship activity undertaken for the year under review. The Board notes
that over the year to 30 November 2025, 27 total company engagements were held
with the management teams of 19 portfolio companies representing 29.2% of the
portfolio by value at 30 November 2025. To put this into context, there were 65
companies in the BlackRock Energy and Resources Income Trust plc portfolio at 30
November 2025. Additional information is set out below.

BlackRock Energy and
Resources Income Trust
plc –
year ended 30 November
2025
Number of engagements held 27
Number of companies met 19
% of equity investments 29.2
covered
Shareholder meetings voted 72
at
Number of proposals voted on 1,024
Number of votes against 17
management
% of total votes represented 1.7
by votes against management

The BAIS Global Engagement and Voting Guidelines provide clients and companies
factors we consider when we engage and vote on matters that are commonly on
shareholder meeting agendas. They are not prescriptive and are applied in the
context of a company’s operating environment and an active equity portfolio
manager’s investment strategy, anchored in our fiduciary duty to clients. BAIS
undertakes the analysis related to the items on the agenda of the annual or
special shareholder meeting and makes voting recommendations to the active
portfolios managers with holdings. Any active portfolio manager may override the
BAIS recommendation if they determine that voting differently is more aligned
with the investment objectives of their fund.

Senior representatives of the active investment, legal and risk teams, reviews
and advises on amendments to BAIS’ Global Engagement and Voting Guidelines. They
also consider developments in corporate governance, related public policy, and
market norms and how these might influence BAIS’ policies and practices.

BAIS does not act collectively with other shareholders or organizations in
voting shares. Instead, the team engages companies and makes vote
recommendations to portfolio managers based solely on our assessment of what is
most aligned with the investment objectives of clients and funds.

BAIS’ Global Engagement and Voting Guidelines are available here:
https://www.blackrock.com/corporate/literature/ (https://www.blackrock.com/corpor
ate/literature/publication/blackrock-active-investment-stewardship-engagement
-and-voting-guidelines.pdf)publication/blackrock-active-investment-stewardship
-engagement-and-voting
-guidelines.pdf (https://www.blackrock.com/corporate/literature/publication/black
rock-active-investment-stewardship-engagement-and-voting-guidelines.pdf).

A detailed approach to the team’s engagement priorities is available here:
https://www.blackrock.com/corporate/literature/ (https://www.blackrock.com/corpor
ate/literature/publication/blackrock-active-investment-stewardship-engagement
-priorities.pdf)publication/blackrock-active-investment-stewardship-engagement
-priorities.pdf (https://www.blackrock.com/corporate/literature/publication/black
rock-active-investment-stewardship-engagement-priorities.pdf).

BlackRock Active Investment Stewardship[#]
BlackRock Active Investment Stewardship (BAIS) partners with BlackRock’s active
investment teams on company engagement and voting in relation to their holdings.
Through direct dialogue with company leadership, the team seeks to understand
their businesses and how they manage risks and opportunities to deliver durable,
risk-adjusted financial returns. Generally, portfolio managers and stewardship
specialists engage jointly on substantive stewardship matters. The team’s
discussions focus on topics relevant to a company’s success over time including
governance and leadership, corporate strategy, capital structure and financial
performance, operations and sustainability-related risks, as well as macro
-economic, geopolitical and sector dynamics. The team aims to be informed
investors and generally vote in support of management teams’ recommendations
when a company has a track record of financial value creation.

Environmental, Social and Governance Approach
The Board’s approach
Environmental, social and governance (ESG) issues can present both opportunities
and risks to long-term investment performance. The Company’s investment universe
comprises sectors that are undergoing significant structural change and are
likely to be highly impacted by increasing regulation as a result of climate
change and other social and governance factors. Your Board is committed to
ensuring that we have appointed a manager that integrates ESG considerations
into its investment process and has the skill and vision to navigate the
structural transition that the Company’s investment universe is undergoing.

More information on BlackRock’s global approach to ESG integration, as well as
activity specific to the BlackRock Energy and Resources Income Trust plc
portfolio, is set out below. BlackRock has defined ESG integration as the
practice of incorporating financially material ESG information and consideration
of sustainability risks into investment decisions in order to enhance risk
-adjusted returns. ESG integration does not change the Company’s investment
objective or constrain the Investment Managers’ investable universe and does not
mean that an ESG or impact focused investment strategy or any exclusionary
screens have been or will be adopted by the Company. Similarly, ESG integration
does not determine the extent to which the Company may be impacted by
sustainability risks. More information on sustainability risks may be found in
the AIFMD Fund Disclosures document of the Company available on the Company’s
website at
www.blackrock.com/uk/individual/literature/ (http://www.blackrock.com/uk/individu
al/literature/policies/itc-disclosure-blackrock-energy-and-resources-income
-trust-plc.pdf)policies/itc-disclosure-blackrock-energy-and-resources-income
-trust-plc.pdf (http://www.blackrock.com/uk/individual/literature/policies/itc
-disclosure-blackrock-energy-and-resources-income-trust-plc.pdf).

The Company does not meet the criteria for Article 8 or 9 products under the EU
Sustainable Finance Disclosure Regulation («SFDR») and the investments
underlying this financial product do not take into account the EU criteria for
environmentally sustainable economic activities.

# As of 1 January 2025, BlackRock’s stewardship policies are developed and
implemented by two independent, specialist teams, BlackRock Investment
Stewardship (BIS) and BlackRock Active Investment Stewardship (BAIS). While the
two teams operate independently, their general approach is grounded in widely
recognized norms of corporate governance and shareholder rights and
responsibilities. BIS is responsible for engagement and voting in relation to
clients’ assets managed by certain index equity portfolio managers. BAIS
partners with BlackRock’s active investment teams on company engagement and
voting in relation to their holdings.

BlackRock’s reporting and disclosures
In terms of its own reporting, BlackRock believes that the Sustainability
Accounting Standards Board provides a clear set of standards for reporting
sustainability information across a wide range of issues, from labour practices
to data privacy to business ethics. For evaluating and reporting climate-related
risks, as well as the related governance issues that are essential to managing
them, the Task Force on Climate-related Financial Disclosures (TCFD) provides a
valuable framework. BlackRock recognises that reporting to these standards
requires significant time, analysis, and effort. BlackRock’s 2024 TCFD report
can be found at https://www.blackrock.com/corporate/literature/continuous
-disclosure-and-important-information/climate
– (https://www.blackrock.com/corporate/literature/continuous-disclosure-and
-important-information/climate-report-blkinc.pdf)report
-blkinc.pdf (https://www.blackrock.com/corporate/literature/continuous
-disclosure-and-important-information/climate-report-blkinc.pdf).

BlackRock’s approach to material ESG integration
BlackRock’s clients have a wide range of perspectives on a variety of issues and
investment themes. Given the wide range of unique and varied investment
objectives sought by our clients, BlackRock’s investment teams have a range of
approaches to considering financially material E, S, and/or G factors. As with
other investment risks and opportunities, the relevance of E, S and/or G
considerations may vary by issuer, sector, product, mandate, and time horizon.
Depending on the investment approach, this financially material E, S and/or G
data or information may help inform due diligence, portfolio or index
construction, and/or monitoring processes of our portfolios, as well as our
approach to risk management.

BlackRock’s ESG integration framework is built upon our history as a firm
founded on the principle of thorough and thoughtful risk management. Aladdin,
our core risk management and investment technology platform, allows investors to
leverage financially material E, S and/or G data or information as well as the
combined experience of our investment teams to effectively identify investment
opportunities and investment risks. Our heritage in risk management combined
with the strength of the Aladdin platform enables BlackRock’s approach to ESG
integration.

We structure our approach around three main pillars: investment processes, data
& analytics and transparency and we support them by equipping our employees with
investment relevant E, S and/or G data, tools, and education.

More information in respect of BlackRock’s approach to material ESG integration
can be found at https://www.blackrock.com/corporate/literature/publication/blk
-esg-investment-statement
-web.pdf (https://www.blackrock.com/%20corporate/literature/publication/blk-esg
-investment-statement-web.pdf).

BAIS Global Engagement and Voting Guidelines
The BAIS Global Engagement and Voting Guidelines provide clients and companies
factors we consider when we engage and vote on matters that are commonly on
shareholder meeting agendas. They are not prescriptive and are applied in the
context of a company’s operating environment and an active equity portfolio
manager’s investment strategy, anchored in our fiduciary duty to clients.

BAIS Engagement priorities
The BAIS engagement priorities are the themes on which BAIS most frequently
engages with companies, where they are relevant and a source of material
business risk or opportunity. These engagement priorities are available here:
https://www. (https://www.blackrock.com/corporate/literature/publication/blackroc
k-active-investment-stewardship-engagement-priorities.pdf)
blackrock.com/corporate/literature/publication/blackrock-active-investment
-stewardship-engagement
-priorities.pdf (https://www.blackrock.com/corporate/literature/publication/black
rock-active-investment-stewardship-engagement-priorities.pdf).

The above forms part of the Strategic Report.

By order of the Board
GRAHAM VENABLES
FOR AND ON BEHALF OF
BLACKROCK INVESTMENT MANAGEMENT (UK) LIMITED
Company Secretary
5 February 2026

Related Party Transactions and Transactions with the AIFM and the Investment
Manager

BlackRock Fund Managers Limited (BFM) provides management and administrative
services to the Group under a contract which is terminable on six months’
notice. BFM has (with the Group’s consent) delegated certain portfolio and risk
management services, and other ancillary services to BlackRock Investment
Management (UK) Limited (BIM (UK)). Further details of the investment management
contract are disclosed in the Directors’ Report contained within the Annual
Report and Financial Statements.

The investment management fee due for the year ended 30 November 2025 amounted
to £1,305,000 (2024: £1,425,000). At the year end, £682,000 was outstanding in
respect of the management fee (2024: £1,072,000).

The Company is entitled to a rebate from the investment management fee charged
by the Manager in the event the Company’s ongoing charges exceeds the cap of
1.15% per annum of average daily net assets. Up to 30 November 2024, the cap was
1.25% per annum of average daily net assets. The amount of rebate accrued to 30
November 2025 amounted to £28,000 (2024: £nil).

Further details in respect of the management fee and rebate are given in note 4
below.

In addition to the above services, BIM (UK) has provided the Group with
marketing services. The total fees paid or payable for these services for the
year ended 30 November 2025 amounted to £50,000 excluding VAT (2024: £80,000).
Marketing fees of £59,000 excluding VAT (2024: £28,000) were outstanding as at
the year end.

The ultimate holding company of the Manager and the Investment Manager is
BlackRock, Inc., a company incorporated in Delaware USA.

At the date of this report, the Board consists of four non-executive Directors,
all of whom are considered to be independent of the Manager by the Board.

Disclosures of the Directors’ interests in the ordinary shares of the Company
and fees and expenses payable to the Directors are set out in the Directors’
Remuneration Report contained within the Annual Report and Financial Statements.
At 30 November 2025, £12,000 (2024: £12,000) was outstanding in respect of
Directors’ fees.

Statement of Directors’ responsibilities in respect of the Annual Report and
Financial Statements

The Directors are responsible for preparing the Annual Report and the Financial
Statements in accordance with applicable United Kingdom law and regulations.

Company law requires the Directors to prepare financial statements for each
financial year. Under that law, the Directors have elected to prepare the Group
and Parent Company financial statements in accordance with UK-adopted
International Accounting Standards (IFRSs). Under company law the Directors must
not approve the financial statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Group and the Company and of
the profit or loss of the Group and the Company for that period.

In preparing these financial statements, the Directors are required to:

· select suitable accounting policies in accordance with IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors and then apply them
consistently;

· present information, including accounting policies, in a manner that
provides relevant, reliable, comparable and understandable information;

· make judgements and estimates that are reasonable and prudent;

· in respect of the Group financial statements, state whether UK-adopted
International Accounting Standards have been followed, subject to any material
departures disclosed and explained in the financial statements;

· provide additional disclosures when compliance with the specific
requirements in IFRSs is insufficient to enable users to understand the impact
of particular transactions, other events and conditions on the Group and Company
financial position and financial performance;

· in respect of the Parent Company financial statements, state whether UK
-adopted International Accounting Standards, have been followed, subject to any
material departures disclosed and explained in the financial statements; and

· prepare the financial statements on the going concern basis unless it
is inappropriate to presume that the Group and/or the Company will continue in
business.

The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Group’s and the Company’s transactions and
disclose with reasonable accuracy at any time the financial position of the
Group and the Company and enable them to ensure that the Group and Company
financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the Group and Parent
Company and hence for taking reasonable steps for the prevention and detection
of fraud and other irregularities.

Under applicable law and regulations, the Directors are also responsible for
preparing a Strategic Report, Directors’ Report, Directors’ Remuneration Report,
Corporate Governance Statement and the Report of the Audit and Management
Engagement Committee that comply with that law and those regulations. The
Directors have delegated responsibility to the Manager for the maintenance and
integrity of the Group’s corporate and financial information included on the
BlackRock website. Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from legislation in other
jurisdictions.

The Directors confirm, to the best of their knowledge:

· that the consolidated financial statements prepared in accordance with
UK-adopted International Accounting Standards, give a true and fair view of the
assets, liabilities, financial position and profit of the Parent Company and
undertakings included in the consolidation taken as a whole;

· that the annual report, including the strategic report, includes a fair
review of the development and performance of the business and the position of
the Company and undertakings included in the consolidation taken as a whole,
together with a description of the principal risks and uncertainties that they
face; and

· that they consider the annual report, taken as a whole, is fair,
balanced and understandable and provides the information necessary for
shareholders to assess the company’s position, performance, business model and
strategy.

In order to reach a conclusion on this matter, the Board has requested that the
Audit and Management Engagement Committee advise on whether it considers that
the Annual Report and Financial Statements fulfils these requirements. The
process by which the Committee has reached these conclusions is set out in the
Audit and Management Engagement Committee’s Report contained within the Annual
Report and Financial Statements. As a result, the Board has concluded that the
Annual Report for the year ended 30 November 2025, taken as a whole, is fair,
balanced and understandable and provides the information necessary for
shareholders to assess the Group’s and the Company’s position, performance,
business model and strategy.

FOR AND ON BEHALF OF THE BOARD
ADRIAN BROWN
Chairman
5 February 2026

Consolidated statement of comprehensive income for the year ended 30 November
2025

2025 2024
Notes Revenue Capital Total Revenue Capital
Total
£’000 £’000 £’000 £’000 £’000
£’000
Income from 3 4,441 – 4,441 4,951 –
4,951
investments
held at
fair
value
through
profit
or loss
Other 3 1,158 – 1,158 1,200 –
1,200
income
——— ——— ——— ——— ——— —-
—–
—— —— —— —— —— –
—–
Total 5,599 – 5,599 6,151 –
6,151
income
========= ========= ========= ========= =========
=========
Net profit – 30,463 30,463 – 18,986
18,986
on
investments
and
derivatives
held at
fair value
through
profit or
loss
Net profit – 110 110 – 25
25
on
foreign
exchange
——— ——— ——— ——— ——— —-
—–
—— —— —— —— —— –
—–
Total 5,599 30,573 36,172 6,151 19,011
25,162
========= ========= ========= ========= =========
=========
Expenses
Investment 4 (321) (984) (1,305) (356) (1,069)
(1,425)
management
fees
Other 5 (482) (9) (491) (511) (9)
(520)
operating
expenses
——— ——— ——— ——— ——— —-
—–
—— —— —— —— —— –
—–
Total (803) (993) (1,796) (867) (1,078)
(1,945)
operating
expenses
========= ========= ========= ========= =========
=========
Net profit 4,796 29,580 34,376 5,284 17,933
23,217
before
finance
costs and
taxation
Finance 6 (156) (469) (625) (230) (690)
(920)
costs
——— ——— ——— ——— ——— —-
—–
—— —— —— —— —— –
—–
Net profit 4,640 29,111 33,751 5,054 17,243
22,297
before
taxation
Taxation (564) 184 (380) (513) 128
(385)
(charge)/cre

dit
——— ——— ——— ——— ——— —-
—–
—— —— —— —— —— –
—–
Net profit 4,076 29,295 33,371 4,541 17,371
21,912
for the
year
========= ========= ========= ========= =========
=========
Earnings 8 3.50 25.18 28.68 3.63 13.87
17.50
per
ordinary
share
(pence)
========= ========= ========= ========= =========
=========

The total columns of this statement represent the Group’s Statement of
Comprehensive Income, prepared in accordance with UK-adopted International
Accounting Standards (IASs). The supplementary revenue and capital accounts are
both prepared under guidance published by the Association of Investment
Companies (AIC). All items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the year. All
income is attributable to the equity holders of the Group.

The Group does not have any other comprehensive income/(loss) (2024: £nil). The
net profit/(loss) for the year disclosed above represents the Group’s total
comprehensive income.

Consolidated statement of changes in equity for the year ended 30 November 2025

[][]
Group Notes Called Share Special Capital Revenue
Total
up share premium reserve reserves reserve
£’000
capital account £’000 £’000 £’000
£’000 £’000
For the year
ended 30
November 2025
At 30 1,356 69,980 54,812 36,031 5,148
167,327
November 2024
Total
comprehensive
income:
Net profit – – – 29,295 4,076
33,371
for the year
Transactions
with owners,
recorded
directly to
equity:
Ordinary 9, 10 – – (12,395) – –
(12,395)
shares
repurchased
into treasury
Share 9, 10 – – (85) – –
(85)
repurchase
costs
Dividends 7 – – – – (5,404)
(5,404)
paid[1]
——— ——— ——— ——— ——— —
——
—— —— —— —— ——
——
At 30 1,356 69,980 42,332 65,326 3,820
182,814
November 2025
========= ========= ========= ========= =========
=========
For the year
ended 30
November 2024
At 30 1,356 69,980 66,100 18,660 6,266
162,362
November 2023
Total
comprehensive
income:
Net profit – – – 17,371 4,541
21,912
for the year
Transactions
with owners,
recorded
directly to
equity:
Ordinary 9, 10 – – (11,208) – –
(11,208)
shares
repurchased
into treasury
Share 9, 10 – – (80) – –
(80)
repurchase
costs
Dividends 7 – – – – (5,659)
(5,659)
paid[2]
——— ——— ——— ——— ——— —
——
—— —— —— —— ——
——
At 30 1,356 69,980 54,812 36,031 5,148
167,327
November 2024
========= ========= ========= ========= =========
=========

[1] 4th interim dividend of 1.125p per share for the year ended 30 November
2024, declared on 28 November 2024 and paid on 7 January 2025; 1st interim
dividend of 1.125p per share for the year ended 30 November 2025, declared on 20
March 2025 and paid on 25 April 2025; 2nd interim dividend of 1.125p per share
for the year ended 30 November 2025, declared on 4 June 2025 and paid on 14 July
2025 and 3rd interim dividend of 1.250p per share for the year ended 30 November
2025, declared on 15 September 2025 and paid on 27 October 2025.

[2] 4th interim dividend of 1.125p per share for the year ended 30 November
2023, declared on 7 December 2023 and paid on 12 January 2024; 1st interim
dividend of 1.125p per share for the year ended 30 November 2024, declared on 15
March 2024 and paid on 26 April 2024; 2nd interim dividend of 1.125p per share
for the year ended 30 November 2024, declared on 4 June 2024 and paid on 15 July
2024 and 3rd interim dividend of 1.125p per share for the year ended 30 November
2024, declared on 18 September 2024 and paid on 28 October 2024.

Parent company statement of changes in equity

[][]
Company Notes Called Share Special Capital Revenue
Total
up share premium reserve reserves reserve
£’000
capital account £’000 £’000 £’000
£’000 £’000
For the year
ended 30
November 2025
At 30 1,356 69,980 54,812 36,986 4,193
167,327
November 2024
Total
comprehensive
income:
Net profit – – – 28,340 5,031
33,371
for the year
Transactions
with owners,
recorded
directly to
equity:
Ordinary 9, 10 – – (12,395) – –
(12,395)
shares
repurchased
into treasury
Share 9, 10 – – (85) – –
(85)
repurchase
costs
Dividends 7 – – – – (5,404)
(5,404)
paid[1]
——— ——— ——— ——— ——— —
——
—— —— —— —— ——
——
At 30 1,356 69,980 42,332 65,326 3,820
182,814
November 2025
========= ========= ========= ========= =========
=========
For the year
ended 30
November 2024
At 30 1,356 69,980 66,100 20,294 4,632
162,362
November 2023
Total
comprehensive
income:
Net profit – – – 16,692 5,220
21,912
for the year
Transactions
with owners,
recorded
directly to
equity:
Ordinary 9, 10 – – (11,208) – –
(11,208)
shares
repurchased
into treasury
Share 9, 10 – – (80) – –
(80)
repurchase
costs
Dividends 7 – – – – (5,659)
(5,659)
paid[2]
——— ——— ——— ——— ——— —
——
—— —— —— —— ——
——
At 30 1,356 69,980 54,812 36,986 4,193
167,327
November 2024
========= ========= ========= ========= =========
=========

For information on the Company’s distributable reserves please refer to note 16
contained within the Annual Report and Financial Statements.

Consolidated and parent company statements of financial position as at 30
November 2025

30 30
November November
2025 2024
Notes Group Company Group Company
£’000 £’000 £’000 £’000
Non current assets
Investments held 11 190,117 190,117 189,752 190,707
at fair value
through profit or
loss
Current assets
Other receivables 11 499 499 436 3,176
Current tax asset 117 117 193 193
Cash collateral – – 591 591
pledged with
brokers
Cash and cash – – 3,714 19
equivalents – cash
at
bank
——— ——— ——— ———
—— —— —— ——
Total current 616 616 4,934 3,979
assets
========= ========= ========= =========
Total assets 190,733 190,733 194,686 194,686
========= ========= ========= =========
Current
liabilities
Other payables (1,050) (1,050) (1,364) (1,364)
Derivative – – (51) (51)
financial
liabilities held
at fair value
through profit or
loss
Cash and cash 11 (6,869) (6,869) (25,944) (25,944)
equivalents – bank
overdraft
——— ——— ——— ———
—— —— —— ——
Total current (7,919) (7,919) (27,359) (27,359)
liabilities
========= ========= ========= =========
Net assets 182,814 182,814 167,327 167,327
========= ========= ========= =========
Equity
attributable to
equity holders
Called up share 9 1,356 1,356 1,356 1,356
capital
Share premium 10 69,980 69,980 69,980 69,980
account
Special reserve 10 42,332 42,332 54,812 54,812
Capital reserves 10
At 1 December 36,031 36,986 18,660 20,294
Net profit for the 29,295 28,340 17,371 16,692
year
At 30 November 65,326 65,326 36,031 36,986
——— ——— ——— ———
—— —— —— ——
Revenue reserve 10
At 1 December 5,148 4,193 6,266 4,632
Net profit for the 4,076 5,031 4,541 5,220
year
Dividends paid (5,404) (5,404) (5,659) (5,659)
At 30 November 3,820 3,820 5,148 4,193
——— ——— ——— ———
—— —— —— ——
Total equity 182,814 182,814 167,327 167,327
========= ========= ========= =========
Net asset value 8 164.30 164.30 137.66 137.66
per ordinary share
(pence)
========= ========= ========= =========

Consolidated and parent company cash flow statements for the year ended 30
November 2025

[]
30 30 November 2024
November
2025
Group Company Group Company
£’000 £’000 £’000 £’000
Operating
activities
Net profit 33,751 33,751 22,297 22,297
before
taxation[1]
Changes in
working
capital
items:
(Increase)/de (63) 2,677 182 183
crease in
other
receivables
Decrease in (314) (314) (55) (55)
other
payables
Decrease in – – (569) (569)
amounts due
to brokers
Other
adjustments:
Finance 625 625 920 920
costs
Net profit (30,463) (29,508) (18,986) (17,486)
on
investments
and
derivatives
held at fair
value
through
profit or
loss
(including
transaction
costs)
Net profit (110) – (25) –
on foreign
exchange
Sales of 190,444 190,444 123,914 123,914
investments
held at fair
value
through
profit or
loss
Purchases of (160,397) (160,397) (119,979) (119,979)
investments
held at fair
value
through
profit or
loss
Net movement 591 591 947 947
in cash
collateral
held with
brokers
——— ————— ————— —————
——
Net cash 34,064 37,869 8,646 10,172
inflow from
operating
activities
before
taxation
Taxation on (304) (304) (448) (448)
investment
income
included
within gross
income
——— ————— ————— —————
——
Net cash 33,760 37,565 8,198 9,724
inflow from
operating
activities
========= ========= ========= =========
Financing
activities
Interest (625) (625) (920) (920)
paid
Shares (12,395) (12,395) (11,208) (11,208)
repurchased
into
treasury
Share (85) (85) (80) (80)
repurchase
costs
Dividends (5,404) (5,404) (5,659) (5,659)
paid
——— ————— ————— —————
——
Net cash (18,509) (18,509) (17,867) (17,867)
outflow from
financing
activities
========= ========= ========= =========
Increase in 15,251 19,056 (9,669) (8,143)
cash and
cash
equivalents
Effect of 110 – 25 –
foreign
exchange
rate changes
Change in 15,361 19,056 (9,644) (8,143)
cash and
cash
equivalents
Cash and (22,230) (25,925) (12,586) (17,782)
cash
equivalents
at start of
year
Cash and (6,869) (6,869) (22,230) (25,925)
cash
equivalents
at end of
year
Comprised
of:
Cash at bank – – 3,714 19
Bank (6,869) (6,869) (25,944) (25,944)
overdraft
——— ————— ————— —————
——
(6,869) (6,869) (22,230) (25,925)
========= ========= ========= =========

[1] Dividends and interest received in cash during the year amounted to
£3,567,000 and £427,000 (2024: £4,080,000 and £436,000).

Notes to the financial statements for the year ended 30 November 2025

1. Principal activity
The principal activity of the Company is that of an investment trust company
within the meaning of Section 1158 of the Corporation Tax Act 2010. The Company
was incorporated on 4 November 2005 and this is the eighteenth Annual Report.

2. Accounting policies
The principal accounting policies adopted by the Group and Company are set out
below.

(a) Basis of preparation
The Group and Company financial statements have been prepared under the historic
cost convention modified by the revaluation of certain financial assets and
financial liabilities held at fair value through profit or loss and in
accordance with UK-adopted International Accounting Standards (IASs), with
future changes being subject to endorsement by the UK Endorsement Board and with
the requirements of the Companies Act 2006 as applicable to companies reporting
under those standards. All of the Group’s operations are of a continuing nature.
The Company has taken advantage of the exemption provided under Section 408 of
the Companies Act 2006 not to publish its individual Statement of Comprehensive
Income and related notes.

Insofar as the Statement of Recommended Practice (SORP) for investment trust
companies and venture capital trusts, issued by the Association of Investment
Companies (AIC) in October 2019 and updated in July 2022, is compatible with UK
-adopted IASs, the financial statements have been prepared in accordance with
guidance set out in the SORP.

Substantially, all of the assets of the Group and Company consist of securities
that are readily realisable and, accordingly, the Directors are satisfied that
the Group has adequate resources to continue in operational existence for the
foreseeable future for the period to 30 November 2027, being a period of at
least twelve months from the date of approval of the financial statements and
therefore consider the going concern assumption to be appropriate. The Directors
have reviewed compliance with the covenants associated with the bank overdraft
facility, income and expense projections and the liquidity of the investment
portfolio in making their assessment.

The Directors have considered the impact of climate change on the value of the
investments included in the financial statements and have concluded that there
was no further impact of climate change to be considered as the investments are
valued based on market pricing as required by IFRS 13.

None of the Group and Company’s other assets and liabilities were considered to
be potentially impacted by climate change.

The Group and Company’s financial statements are presented in British Pound
Sterling, which is the functional currency of the Group and Company and the
currency of the primary economic environment in which the Group and Company
operates. All values are rounded to the nearest thousand pounds (£’000) except
when otherwise indicated.

Adoption of new and amended International Accounting Standards and
interpretations:
IFRS 17 – Insurance contracts (effective 1 January 2023). This standard replaced
IFRS 4 and applies to all types of insurance contracts. IFRS 17 provides a
consistent and comprehensive model for insurance contracts covering all relevant
accounting aspects.

IAS 1 – Classification of liabilities as current or non current and non current
liabilities with covenants (effective 1 January 2024). The IASB has amended IAS
1 Presentation of Financial Statements to clarify its requirement for the
presentation of liabilities depending on the rights that exist at the end of the
reporting period. The amendment requires liabilities to be classified as non
current if the entity has a substantive right to defer settlement for at least
12 months at the end of the reporting period. The amendment no longer refers to
unconditional rights. The IASB has also introduced additional disclosures for
liabilities with covenants within 12 months of the reporting period. The
additional disclosures include the nature of covenants, when the entity is
required to comply with covenants, the carrying amount of related liabilities
and circumstances that may indicate that the entity will have difficulty
complying with the covenants.

The amendment of this standard did not have any significant impact on the
Company.

IAS 21 – Lack of exchangeability (effective 1 January 2025 – early adopted from
1 October 2024). The IASB issued amendments to IAS 21 The Effects of Changes in
Foreign Exchange Rates to specify how an entity should assess whether a currency
is exchangeable and how it should determine a spot exchange rate when
exchangeability is lacking. The amendments also require disclosure of
information that enables users of its financial statements to understand how the
currency not being exchangeable into the other currency affects, or is expected
to affect, the entity’s financial performance, financial position and cash
flows.

The amendment of this standard did not have any significant impact on the
Company’s operations as IAS 21 better reflects the practical considerations of
establishing fair values for the Company’s foreign currency assets.

Relevant International Accounting Standards that have yet to be adopted:
IFRS 18 – Presentation and disclosure in financial statements (effective 1
January 2027). The IASB issued IFRS 18, which replaces IAS 1 Presentation of
Financial Statements. IFRS 18 introduces new requirements for presentation
within the statement of profit or loss, including specified totals and
subtotals. Furthermore, entities are required to classify all income and
expenses within the statement of profit or loss into one of five categories:
operating, investing, financing, income taxes and discontinued operations,
whereof the first three are new. It also requires disclosure of newly defined
management performance measures, subtotals of income and expenses, and includes
new requirements for aggregation and disaggregation of financial information
based on the identified `roles’ of the primary financial statements and
the notes.

The amendment of this standard is expected to have an impact on the disclosure
and presentation of the Statement of Comprehensive Income but will not have any
impact on the accounting or financial results.

(b) Basis of consolidation
The Group’s financial statements are made up to 30 November each year and
consolidate the financial statements of the Company and its wholly owned
subsidiary, which is registered and operates in England and Wales, BlackRock
Energy and Resources Securities Income Company Limited (together `the Group’).

Subsidiaries are consolidated from the date of their acquisition, being the date
on which the Company obtains control, and continue to be consolidated until the
date that such control ceases. The financial statements of subsidiaries used in
the preparation of the consolidated financial statements are based on consistent
accounting policies. All intra-group balances and transactions, including
unrealised profits arising therefrom, are eliminated.

(c) Presentation of the Consolidated Statement of Comprehensive Income
In order to better reflect the activities of an investment trust company and in
accordance with guidance issued by the AIC, supplementary information which
analyses the Consolidated Statement of Comprehensive Income between items of a
revenue and a capital nature has been presented alongside the Consolidated
Statement of Comprehensive Income.

(d) Segmental reporting
The Directors are of the opinion that the Group is engaged in a single segment
of business being investment business.

(e) Income
Dividends receivable on equity shares are recognised as revenue for the year on
an ex-dividend basis. Where no ex-dividend date is available, dividends
receivable on or before the year end are treated as revenue for the year.
Provision for bad debts is made for any dividends not expected to be received.
Special dividends, if any, are treated as a capital or a revenue receipt
depending on the facts or circumstances of each particular case. The return on a
debt security is recognised on a time apportionment basis so as to reflect the
effective yield on the debt security.

Options may be purchased or written over securities held in the portfolio for
generating or protecting capital returns, or for generating or maintaining
revenue returns. Where the purpose of the option is the generation of income,
the premium is treated as a revenue item. Where the purpose of the option is the
maintenance of capital, the premium is treated as a capital item.

Option premium income is recognised as revenue evenly over the life of the
option contract and included in the revenue account of the Consolidated
Statement of Comprehensive Income unless the option has been written for the
maintenance and enhancement of the Group’s investment portfolio and represents
an incidental part of a larger capital transaction, in which case any premia
arising are allocated to the capital account of the Consolidated Statement of
Comprehensive Income.

Deposit interest receivable is accounted for on an accruals basis.

Where the Group has elected to receive its dividends in the form of additional
shares rather than in cash, the cash equivalent of the dividend is recognised as
revenue. Any excess in the value of the shares received over the amount of the
cash dividend is recognised in capital.

(f) Expenses
All expenses, including finance costs, are accounted for on an accruals basis.
Expenses have been charged wholly to the revenue account of the Consolidated
Statement of Comprehensive Income, except as follows:

– expenses which are incidental to the acquisition or sale of an
investment are charged to the capital account of the Consolidated Statement of
Comprehensive Income. Details of transaction costs on the purchases and sales of
investments are disclosed within note 10 to the financial statements contained
within the Annual Report and Financial Statements;

– expenses are treated as capital where a connection with the maintenance
or enhancement of the value of the investments can be demonstrated; and

– the investment management fee and finance costs have been allocated 25%
to the revenue account and 75% to the capital account of the Consolidated
Statement of Comprehensive Income in line with the Board’s expectations of the
long-term split of returns, in the form of capital gains and income,
respectively, from the investment portfolio. The investment management fee
rebate accrued as a result of the application of the cap on ongoing charges of
1.25% per annum of average daily net assets is offset against management fees
and is allocated between revenue and capital in the ratio of total ongoing
charges allocated between revenue and capital during the year.

Finance costs incurred by the Subsidiary are charged 100% to revenue.

(g) Taxation
The Group accounts do not reflect any adjustment for group relief between the
Company and the Subsidiary.

The tax expense represents the sum of the tax currently payable and deferred
tax. The tax currently payable is based on the taxable profit for the year.
Taxable profit differs from net profit as reported in the Consolidated Statement
of Comprehensive Income because it excludes items of income or expenses that are
taxable or deductible in other years and it further excludes items that are
never taxable or deductible. The Group’s liability for current tax is calculated
using tax rates that were applicable at the balance sheet date.

Where expenses are allocated between capital and revenue accounts, any tax
relief in respect of expenses is allocated between capital and revenue returns
on the marginal basis using the Company’s effective rate of corporation tax for
the accounting period.

Deferred taxation is recognised in respect of all temporary differences that
have originated but not reversed at the financial reporting date, where
transactions or events that result in an obligation to pay more taxation in the
future or right to pay less tax in the future have occurred at the financial
reporting date. This is subject to deferred taxation assets only being
recognised if it is considered more likely than not that there will be suitable
profits from which the future reversal of the temporary differences can be
deducted. Deferred taxation assets and liabilities are measured at the rates
applicable to the legal jurisdictions in which they arise.

(h) Investments held at fair value through profit or loss
In accordance with IFRS 9, the Group classifies its investments at initial
recognition as held at fair value through profit or loss and are managed and
evaluated on a fair value basis in accordance with its investment strategy and
business model.

All investments are measured initially and subsequently at fair value through
profit or loss. Purchases of investments are recognised on a trade date basis.
Sales of investments are recognised at the trade date of the disposal.

The fair value of the financial investments is based on their quoted bid price
at the financial reporting date, without deduction for the estimated selling
costs. This policy applies to all current and non-current asset investments held
by the Group.

The fair value of the investment in the subsidiary is calculated based on the
net asset value of the underlying balances within the subsidiary.

Changes in the value of investments held at fair value through profit or loss
and gains and losses on disposal are recognised in the Consolidated Statement of
Comprehensive Income as `Net profit/(loss) on investments and options held at
fair value through profit or loss’. Also included within the heading are
transaction costs in relation to the purchase or sale of investments.

For all financial instruments not traded in an active market, the fair value is
determined by using various valuation techniques. Valuation techniques include
market approach (i.e., using recent arm’s length market transactions adjusted as
necessary and reference to the current market value of another instrument that
is substantially the same) and the income approach (i.e., discounted cash flow
analysis and option pricing models making use of available and supportable
market data as possible). The level 3 investments have been valued based on the
sum of the straight debenture value and the embedded equity conversion option
value, and an adjusted enterprise value based on milestone achievements and
changes in the underlying public stock price. See note 2(p) below.

(i) Options
Options are held at fair value through profit or loss based on the bid/offer
prices of the options written to which the Group is exposed. The value of the
option is subsequently marked-to-market to reflect the fair value through profit
or loss of the option based on traded prices. Where the premium is taken to
revenue, an appropriate amount is shown as capital return such that the total
return reflects the overall change in the fair value of the option. When an
option is exercised, the gain or loss is accounted for as a capital gain or
loss. Any cost on closing out an option is transferred to revenue along with any
remaining unamortised premium.

(j) Other receivables and other payables
Other receivables and other payables do not carry any interest and are short
-term in nature and are accordingly stated on an amortised cost basis.

(k) Dividends payable
Under IAS, final dividends should not be accrued in the financial statements
unless they have been approved by shareholders before the financial reporting
date. Interim dividends should not be recognised in the financial statements
unless they have been paid.

Dividends payable to equity shareholders are recognised in the Consolidated
Statement of Changes in Equity.

(l) Foreign currency translation
Transactions involving foreign currencies are converted at the rate ruling at
the date of the transaction. Foreign currency monetary assets and liabilities
and non-monetary assets held at fair value are translated into British Pound
Sterling at the rate ruling on the financial reporting date. Foreign exchange
differences arising on translation are recognised in the Consolidated Statement
of Comprehensive Income as a revenue or capital item depending on the income or
expense to which they relate. For investment transactions and investments held
at the year end, denominated in a foreign currency, the resulting gains or
losses are included in the net profit/(loss) on investments and options held at
fair value through profit or loss in the Consolidated Statement of Comprehensive
Income.

(m) Cash and cash equivalents
In the Statements of Financial Position, cash and cash equivalents are comprised
of cash (i.e. cash on hand and on-demand deposits) and cash equivalents. Cash
equivalents are short-term (generally with original maturity of three months or
less), highly liquid investments that are readily convertible to a known amount
of cash and which are subject to an insignificant risk of changes in value. Cash
equivalents are held for the purpose of meeting short-term cash commitments
rather for investment or other purposes.

For the purposes of the Cash Flow Statements, cash and cash equivalents consist
of cash and cash equivalents as defined above, net of outstanding bank
overdrafts which are repayable on demand and form an integral part of the
Group’s cash management. Such overdrafts are presented as short-term borrowings
in the Statements of Financial Position.

(n) Bank borrowings
Bank overdrafts are recorded as the proceeds received. Finance charges are
accounted for on an accruals basis in the Consolidated Statement of
Comprehensive Income using the effective interest rate method and are added to
the carrying amount of the instruments to the extent that they are not settled
in the period in which they arise.

(o) Share repurchases and share reissues
Shares repurchased and subsequently cancelled – share capital is reduced by the
nominal value of the shares repurchased, and the capital redemption reserve is
correspondingly increased in accordance with Section 733 of the Companies Act
2006. The full cost of the repurchase is charged to the special reserve.

Shares repurchased and held in treasury – the full cost of the repurchase is
charged to the special reserve.

Where treasury shares are subsequently reissued:

– amounts received to the extent of the repurchase price are credited to
the special reserve and capital reserves based on a weighted average basis of
amounts utilised from these reserves on repurchases; and

– any surplus received in excess of the repurchase price is taken to the
share premium account.

Where new shares are issued, the par value is taken to called up share capital
and amounts received to the extent of any surplus received in excess of the par
value are taken to the share premium account.

Share issue costs are charged to the share premium account. Costs on share
reissues are charged to the special reserve and capital reserves.

(p) Critical accounting estimates and judgements
The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates and assumptions will, by definition, seldom equal the
related actual results. Estimates and judgements are regularly evaluated and are
based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances. There
were no critical accounting judgements that would have a significant effect on
the amounts recognised in the financial statements or key sources of estimation
uncertainty at the balance sheet date that would have a significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities
within the next financial year.

3. Income

2025 2024
£’000 £’000
Investment income:
UK dividends 913 1,184
Fixed income 547 505
Overseas dividends 2,752 2,835
Overseas special dividends 229 299
UK stock dividends – 128
————— —————
Total investment income 4,441 4,951
========= =========
Net income from derivatives – –
Other income:
Bank interest 9 4
Interest on collateral received 33 32
Option premium income 1,116 1,164
————— —————
Total other income 1,158 1,200
========= =========
Total 5,599 6,151
========= =========

During the year, the Group received option premium income in cash totalling
£1,116,000 (2024: £1,164,000) for writing covered call and put options for the
purposes of revenue generation.

Option premium income is amortised evenly over the life of the option contract
and accordingly, during the year, option premiums of £1,116,000 (2024:
£1,164,000) were amortised to revenue.

At 30 November 2025, there were no open option positions (2024: one) with an
associated liability of £nil (2024: £51,000).

Dividends and interest received in cash during the period amounted to £3,567,000
and £427,000 (2024: £4,080,000 and £436,000).

No special dividends have been recognised in capital during the year (2024:
£nil).

4. Investment management fee

2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Investment 333 1,000 1,333 356 1,069 1,425
management fee
Investment (12) (16) (28) – – –
management fee
rebate
——— ——— ——— ——— ——— ———
—— —— —— —— —— ——
Total 321 984 1,305 356 1,069 1,425
========= ========= ========= ========= ========= =========

The investment management fee is levied at 0.80% of gross assets per annum.
Gross assets for the purposes of calculating the management fee equate to the
value of the portfolio’s gross assets held on the relevant date as valued on the
basis of applicable accounting policies, less the value of any investments in in
-house funds.

The fee is allocated 25% to the revenue account and 75% to the capital account
of the Consolidated Statement of Comprehensive Income. There is no additional
fee for company secretarial and administration services.

The Company is entitled to a rebate from the investment management fee charged
by the Manager in the event the Company’s ongoing charges exceed the cap. Up to
30 November 2024, the cap was 1.25% per annum of average daily net assets. From
1 December 2024, the cap was reduced to 1.15% per annum of average daily net
assets.

The amount of rebate accrued for the year ended 30 November 2025 amounted to
£28,000 (2024: £nil). The rebate, if any, is offset against management fees and
is allocated between revenue and capital in the ratio of total ongoing charges
(as defined within the Annual Report and Financial Statements) allocated between
revenue and capital during the period.

5. Other operating expenses

[][][]
2025 2024
£’000 £’000
Allocated to revenue:
Custody fee 6 7
Auditor’s remuneration – audit services[1] 49 51
Registrars’ fees 39 32
Directors’ emoluments[2] 143 143
Broker fees 25 25
Depositary fees 15 16
Marketing fees 50 80
Printing and postage fees 49 40
Legal and professional fees 24 24
Bank charges 18 14
Stock exchange listing fees 11 11
Other administration costs 53 68
————— —————
Total revenue expenses 482 511
========= =========
Allocated to capital:
Custody transaction charges[3] 9 9
————— —————
Total 491 520
========= =========
[]
2025 2024
Ongoing charges[4] 1.15% 1.20%
========= =========

[1] No non-audit services are provided by the Company’s auditors (2024:
none).

[2] Further information on Directors’ emoluments can be found in the
Directors’ Remuneration Report contained within the Annual Report and Financial
Statements. The Company has no employees.

[3] For the year ended 30 November 2025, expenses of £9,000 (2024: £9,000)
were charged to the capital account of the Statement of Comprehensive Income.
These relate to transaction costs charged by the custodian on sale and purchase
trades.

[4] 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, prior year expenses written back and certain non
-recurring items. Alternative Performance Measure, see Glossary contained within
the Annual Report and Financial Statements.

The Company’s ongoing charges, as defined within the Annual Report and Financial
Statements (including the investment management fee), are capped at 1.15% per
annum of average daily net assets. Up to 30 November 2024, the cap was 1.25% per
annum of average daily net assets. The Company is entitled to a rebate from the
investment management fee charged by the Manager in the event the Company’s
ongoing charges exceed the cap.

The overall cap on ongoing charges and any applicable rebate is calculated and
accrued on a daily basis and will be adjusted in the investment management fees
charged up to 30 November every year. See note 4 above.

6. Finance costs

2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Interest 156 469 625 230 690 920
paid –
bank
overdraft
——— ——— ——— ——— ——— ———
—— —— —— —— —— ——
Total 156 469 625 230 690 920
========= ========= ========= ========= ========= =========

Finance costs for the Company are charged 25% to the revenue account and 75% to
the capital account of the Consolidated Statement of Comprehensive Income.
Subsidiary finance costs are charged 100% to the revenue account of the
Consolidated Statement of Comprehensive Income.

7. Dividends

Dividends paid on Record Payment 2025 2024
equity shares date date £’000 £’000
4th interim dividend 05 07 1,365 1,468
of 1.125p per share December January
for 2024 2025
the year ended 30
November 2024 (2024:
1.125p)
1st interim dividend 27 March 25 1,329 1,422
of 1.125p per share 2025 April
for 2025
the year ended 30
November 2025 (2024:
1.125p)
2nd interim dividend 12 June 14 July 1,307 1,396
of 1.125p per share 2025 2025
for
the year ended 30
November 2025 (2024:
1.125p)
3rd interim dividend 25 27 1,403 1,373
of 1.250p per share September October
for 2025 2025
the year ended 30
November 2025 (2024:
1.125p)
——— ———
—— ——
Accounted for in the 5,404 5,659
financial statements
========= =========

The total dividends payable in respect of the year ended 30 November 2025 which
form the basis of Section 1158 of the Corporation Tax Act 2010 and Section 833
of the Companies Act 2006, and the amounts declared, meet the relevant
requirements as set out in this legislation.

Dividends paid, proposed or declared on 2025 2024
equity shares £’000 £’000
1st interim dividend of 1.125p per share for 1,329 1,422
the year ended 30 November 2025 (2024:
1.125p)
2nd interim dividend of 1.125p per share for 1,307 1,396
the year ended 30 November 2025 (2024:
1.125p)
3rd interim dividend of 1.250p per share for 1,403 1,373
the year ended 30 November 2025 (2024:
1.125p)
4th interim dividend of 1.250p per share for 1,390 1,365
the year ended 30 November 2025 (2024:
1.125p)
——— —————
——
Total for the year 5,429 5,556
========= =========

8. Earnings and net asset value per ordinary share
Total revenue, capital earnings/(loss) and net asset value per ordinary share
are shown below and have been calculated using the following:

2025 2024
Net revenue profit attributable to ordinary 4,076 4,541
shareholders (£’000)
Net capital profit attributable to ordinary 29,295 17,371
shareholders (£’000)
————— —————
Total profit attributable to ordinary 33,371 21,912
shareholders (£’000)
========= =========
Total shareholders’ funds (£’000) 182,814 167,327
========= =========
The weighted average number of ordinary 116,342,818 125,204,148
shares in issue during the year on which the
earnings per ordinary share was calculated
was:
The actual number of ordinary shares in 111,269,497 121,552,497
issue at the end of the year on which the
net asset value per ordinary share was
calculated was:
Calculated on weighted average number of
ordinary shares
Revenue earnings per share (pence) – basic 3.50 3.63
and diluted
Capital earnings per share (pence) – basic 25.18 13.87
and diluted
————— —————
Total earnings per share (pence) – basic and 28.68 17.50
diluted
========= =========

As at As at
30 November 30 November
2025 2024
Net asset value per share (pence) 164.30 137.66
Ordinary share price (pence) 150.00 121.00
========= =========

There were no securities in issue at the year end that have any dilutive effect
on earnings per share.

9. Called up share capital

Ordinary Treasury Total Nominal
shares shares shares value
number number number £’000
Allotted, called up and fully
paid share capital comprised:
Ordinary shares of 1 pence
each:
At 30 November 2023 131,386,194 4,200,000 135,586,194 1,356
Ordinary shares repurchased (9,833,697) 9,833,697 – –
into treasury
At 30 November 2024 121,552,497 14,033,697 135,586,194 1,356
Ordinary shares repurchased (10,283,000) 10,283,000 – –
into treasury
———— ———- ———– ———
— —– —- ——
At 30 November 2025 111,269,497 24,316,697 135,586,194 1,356
========= ========= ========= =========

During the year ended 30 November 2025, 10,283,000 shares were repurchased into
treasury (2024: 9,833,697) for a net consideration after costs of £12,480,000
(2024: £11,288,000).

During the year ended 30 November 2025, the Company issued no shares (2024: nil)
for a net consideration after costs of £nil (2024: £nil).

Since the year end, and as at 2 February 2026 a further 9,071,500 ordinary
shares have been repurchased into treasury for a total consideration of
£15,939,000.

10. Reserves

Distributable
Reserves
Group Share Special Capital Capital Revenue
premium reserve reserve reserve reserve
account £’000 arising on arising on £’000
£’000 investments revaluation
sold of
£’000 investments
held
£’000
At 30 69,980 66,100 3,210 15,450 6,266
November 2023
Movement
during the
year:
Total
comprehensive
income:
Net profit – – 6,727 10,644 4,541
for the year
Transactions –
with owners
recorded
directly to
equity:
Ordinary – (11,208) – – –
shares
repurchased
into treasury
Share – (80) – – –
repurchase
costs
Dividends – – – – (5,659)
paid
——— ————- ———– ———– ———
—— — —- —- ——
At 30 69,980 54,812 9,937 26,094 5,148
November 2024
========= ========= ========= ========= =========
Net profit – – 10,809 18,486 4,076
for the year
Ordinary – (12,395) – – –
shares
repurchased
into treasury
Share – (85) – – –
repurchase
costs
Dividends – – – – (5,404)
paid
——— ————- ———– ———– ———
—— — —- —- ——
At 30 69,980 42,332 20,746 44,580 3,820
November 2025
========= ========= ========= ========= =========

Distributable
reserves
Company Share Special Capital Capital Revenue
premium reserve reserve reserve reserve
account £’000 arising on arising on £’000
£’000 investments revaluation
sold of
£’000 investments
held
£’000
At 30 69,980 66,100 2,392 17,902 4,632
November 2023
Movement
during the
year:
Total
comprehensive
income:
Net profit – – 7,548 9,144 5,220
for the year
Transactions
with owners
recorded
directly to
equity:
Ordinary – (11,208) – – –
shares
repurchased
into treasury
Share – (80) – – –
repurchase
costs
Dividends – – – – (5,659)
paid
——— ————- ———– ———– ———
—— — —- —- ——
At 30 69,980 54,812 9,940 27,046 4,193
November 2024
========= ========= ========= ========= =========
Net profit – – 10,809 17,531 5,031
for the year
Ordinary – (12,395) – – –
shares
repurchased
into treasury
Share – (85) – – –
repurchase
costs
Dividends – – – – (5,404)
paid
——— ————- ———– ———– ———
—— — —- —- ——
At 30 69,980 42,332 20,749 44,577 3,820
November 2025
========= ========= ========= ========= =========

Exchange gains of £821,000 arising in the subsidiary company in the year ended
30 November 2016 were incorrectly treated in the parent company accounts. This
has been corrected in the net revenue and net capital profit of the parent
company in the prior year. The revenue reserves of the parent company had been
overstated by £821,000 and the capital reserves of the parent company
understated by the same amount. The adjustment has no impact on the net assets,
net revenue and capital profit and revenue, capital and distributable reserves
of the Group.

The share premium account of £69,980,000 (2024: £69,980,000) is not a
distributable reserve under the Companies Act 2006. In accordance with ICAEW
Technical Release 02/17BL on Guidance on Realised and Distributable Profits
under the Companies Act 2006, the special reserve and capital reserves of the
Parent Company may be used as distributable reserves for all purposes and, in
particular, the repurchase by the Parent Company of its ordinary shares and for
payments such as dividends. In accordance with the Company’s Articles of
Association, the special reserve, capital reserves and the revenue reserve may
be distributed by way of dividend. The Parent Company’s capital gains of
£65,326,000 (2024: £36,986,000) comprise a gain on capital reserve arising on
investments sold of £20,749,000 (2024: £9,940,000), a gain on capital reserve
arising on revaluation of listed investments of £44,577,000 (2024: £26,091,000 )
and a revaluation gain on the investment in the subsidiary of £nil (2024:
£955,000). The capital reserve arising on the revaluation of listed investments
of £44,577,000 (2024: £26,091,000) is subject to fair value movements and may
not be readily realisable at short notice, as such it may not be entirely
distributable. The investments are subject to financial risks, as such capital
reserves (arising on investments sold) and the revenue reserve may not be
entirely distributable if a loss occurred during the realisation of these
investments. The reserves of the subsidiary company are not distributable until
distributed as a dividend to the Parent Company.

As at 30 November 2025, the Parent Company’s distributable reserves excluding
capital reserves on the revaluation of investments amounted to £66,901,000
(2024: £68,945,000).

11. Valuation of financial instruments
Financial assets and financial liabilities are either carried in the
Consolidated and Parent Company Statements of Financial Position at their fair
value (investments and derivatives) or at an amount which is a reasonable
approximation of fair value (due from brokers, dividends and interest
receivable, due to brokers, accruals, cash at bank and bank overdrafts). IFRS 13
requires the Group to classify fair value measurements using a fair value
hierarchy that reflects the significance of inputs used in making the
measurements. The valuation techniques used by the Group are explained in the
accounting policies note 2(h) to the Financial Statements above.

Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset.

The fair value hierarchy has the following levels:

Level 1 – Quoted market price for identical instruments in active markets
A financial instrument is regarded as quoted in an active market if quoted
prices are readily available from an exchange, dealer, broker, industry group,
pricing service or regulatory agency and those prices represent actual and
regularly occurring market transactions on an arm’s length basis. The Group does
not adjust the quoted price for these instruments.

Level 2 – Valuation techniques using observable inputs
This category includes instruments valued using quoted prices for similar
instruments in markets that are considered less than active, or other valuation
techniques where all significant inputs are directly or indirectly observable
from market data.

Valuation techniques used for non-standardised financial instruments such as
options, currency swaps and other over-the-counter derivatives include the use
of comparable recent arm’s length transactions, reference to other instruments
that are substantially the same, discounted cash flow analysis, option pricing
models and other valuation techniques commonly used by market participants
making the maximum use of market inputs and relying as little as possible on
entity specific inputs.

Over-the-counter derivative option contracts have been classified as Level 2
investments as their valuation has been based on market observable inputs
represented by the underlying quoted securities to which these contracts expose
the Group.

Level 3 – Valuation techniques using significant unobservable inputs
This category includes all instruments where the valuation technique includes
inputs not based on market data and these inputs could have a significant impact
on the instrument’s valuation.

This category includes instruments that are valued based on quoted prices for
similar instruments where significant entity determined adjustments or
assumptions are required to reflect differences between the instruments and
instruments for which there is no active market. The Investment Manager
considers observable data to be that market data that is readily available,
regularly distributed or updated, reliable and verifiable, not proprietary, and
provided by independent sources that are actively involved in the relevant
market.

The level in the fair value hierarchy within which the fair value measurement is
categorised in its entirety is determined on the basis of the lowest level input
that is significant to the fair value measurement. If a fair value measurement
uses observable inputs that require significant adjustment based on unobservable
inputs, that measurement is a Level 3 measurement.

Assessing the significance of a particular input to the fair value measurement
in its entirety requires judgement, considering factors specific to the asset or
liability including an assessment of the relevant risks including but not
limited to credit risk, market risk, liquidity risk, business risk and
sustainability risk. The determination of what constitutes `observable’ inputs
requires significant judgement by the Investment Manager and these risks are
adequately captured in the assumptions and inputs used in measurement of Level 3
assets or liabilities.

The investment in the subsidiary is classified within Level 3 since the
subsidiary is not a listed entity. The fair value of the investment in the
subsidiary is calculated based on the net asset value of the underlying balances
within the subsidiary. Therefore, no sensitivity analysis has been presented.

Fair values of financial assets and financial liabilities
The table below sets out fair value measurements using the IFRS 13 fair value
hierarchy.

Financial assets at fair Level 1 Level 2 Level 3 Total
value through profit or loss £’000 £’000 £’000 £’000
at
30 November 2025 – Group
Assets:
Equity investments 175,863 – 5 175,868
Fixed income investments – 4,495 9,754 14,249
——— ——— ——— —————
—— —— ——
Total 175,863 4,495 9,759 190,117
========= ========= ========= =========

Financial assets at fair Level 1 Level 2 Level 3 Level 4
value through profit or loss £’000 £’000 £’000 £’000
at
30 November 2025 – Company
Assets:
Equity investments 175,863 – 5 175,868
Fixed income investments – 4,495 9,754 14,249
——— ——— ——— —————
—— —— ——
Total 175,863 4,495 9,759 190,117
========= ========= ========= =========

Financial assets at fair Level 1 Level 2 Level 3 Total
value through profit or loss £’000 £’000 £’000 £’000
at
30 November 2024 – Group
Assets:
Equity investments 184,586 – – 184,586
Fixed income investments – 5,166 – 5,166
Liabilities:
Derivative financial (51) – – (51)
instruments – written
options
——— ——— ——— —————
—— —— ——
Total 184,535 5,166 – 189,701
========= ========= ========= =========

Financial assets at fair Level 1 Level 2 Level 3 Total
value through profit or loss £’000 £’000 £’000 £’000
at
30 November 2024 – Company
Assets:
Equity investments 184,586 – 955 185,541
Fixed income investments – 5,166 – 5,166
Liabilities:
Derivative financial (51) – – (51)
instruments – written
options
——— ——— ——— —————
—— —— ——
Total 184,535 5,166 955 190,656
========= ========= ========= =========

The investment in Vale debentures has been classified as Level 2 in the tables
above for all periods as these are priced using secondary market pricing
information provided by the Brazilian Financial and Capital Markets Association
(ANBIMA).

The investment in Allied Gold bonds have been classified as Level 2 in the
tables above for all periods as these are corporate bonds valued using
observable market inputs.

In addition to the investment in the subsidiary, the Company held three other
Level 3 securities as at 30 November 2025 (2024: one).

A reconciliation of fair value measurement in Level 3 is set out below.

Level 3 financial assets at fair value Year ended Year ended
through profit or loss – Group 30 November 30 November
2025 2024
£’000 £’000
Opening fair value – –
Additions at cost 2,213 –
Total profit or loss included in net 7,546 –
profit/(loss) on investments in the
Consolidated Statement of Comprehensive
Income – assets held at the end of the year
————— —————
Closing balance 9,759 –
========= =========

Level 3 financial assets at fair value Year ended Year ended
through profit or loss – Company 30 November 30 November
2025 2024
£’000 £’000
Opening fair value 955 2,455
Additions at cost 2,213 –
Total profit or loss included in net 6,591 (1,500)
profit/(loss) on investments in the
Consolidated Statement of Comprehensive
Income – assets held at the end of the year
————— —————
Closing balance 9,759 955
========= =========

The Level 3 valuation process and techniques used are explained in the
accounting policies in note 2(h) above.

The Level 3 investments as at 30 November 2025 in the table that follows relate
to Abaxx Technologies, LunR Royalties and Gazprom. In accordance with IFRS 13,
this investment is categorised as Level 3.

Quantitative information of significant unobservable inputs – Level 3 – Group
and Company
The significant unobservable inputs used in the fair value measurement
categorised within Level 3 of the fair value hierarchy, together with an
estimated quantitative sensitivity analysis, as at 30 November 2025 is as shown
below.

As at Valuation Unobservable Range of Reasonable Impact
30 technique input weighted possible on
November average shift1 +/- fair
2025 inputs value
£’000 £
Abaxx 9,754 Hybrid of Yield rate 16.08% – 0.50% 11,000
Technologies yield on bond 17.08%
convertible to equity stock
debentures maturity volatility
and
embedded
conversion
option
value
LunR 5 Market Market 45% – 5.00% 6,000
Royalties approach adjustment 55%
factor
Gazprom – Listing n/a n/a n/a n/a
equity suspended
shares –
valued at
nominal
RUB 0.01
———
——
Total 9,759
=========

A reconciliation of fair value measurement in Level 3 is set out below.

[]
As at Valuation Unobservable Range of Reasonable Impact on
30 technique input weighted possible fair
November average shift[1] value
2024 inputs +/-
£’000
Gazprom – Listing n/a n/a n/a n/a
equity suspended
shares –
valued at
nominal
RUB 0.01
——— ——— ———— ——— ———- ———
—— —— — —— —– ——
Total –
========= ========= ========= ========= ========= =========

1 The sensitivity analysis refers to a percentage amount added or deducted
from the input and the effect this has on the fair value. The sensitivity impact
on fair value is calculated based on the sensitivity estimates based on range of
weighted average inputs. Significant increases/(decreases) in unobservable
inputs in isolation would result in a significantly higher/(lower) fair value
measurement. Generally, a change in the assumption made for the estimated value
is accompanied by a directionally similar change in the unobservable inputs.

As at 30 November 2025, the investment in Gazprom has been valued at a nominal
value of RUB0.01 (2024: RUB 0.01) due to lack of access to the Moscow Stock
Exchange as a result of sanctions against Russia following the invasion of
Ukraine. Following the suspension of the secondary listings of depositary
receipts of Russian companies, the investment in Gazprom ADRs was transferred
from Level 1 to Level 3. As at the year-end, this investment is considered a
Level 3 financial asset.

For exchange listed equity investments, the quoted price is the bid price.
Substantially, all investments are valued based on unadjusted quoted market
prices. Where such quoted prices are readily available in an active market, such
prices are not required to be assessed or adjusted any price related risks,
including climate risk, in accordance with the fair value related requirements
of the Company’s financial reporting framework.

The Company may invest no more than 10% of its net asset value in investments
held through Stock Connect as set out within the Annual Report and Financial
Statements.

12. Related party disclosure
Directors’ emoluments
At the date of this report, the Board consists of four non-executive Directors,
all of whom are considered to be independent of the Manager by the Board.

Significant holdings
The following investors are:

a. funds managed by the BlackRock Group or are affiliates of BlackRock Inc.
(«Related BlackRock Funds»); or

b. investors (other than those listed in (a) above) who held more than 20%
of the voting shares in issue in the Company and are as a result, considered to
be related parties to the Company («Significant Investors»).

Total % of Total % of Number of Significant
shares held shares held by Investors who are not affiliates
by Significant of BlackRock Group or
Related Investors who BlackRock, Inc.
BlackRock are
Funds not affiliates
of BlackRock
Group or
BlackRock,
Inc.
As at 30 0.9 n/a n/a
November
2025
As at 30 0.7 n/a n/a
November
2024
========= ========= =========

13. Transactions with the Investment Manager and AIFM
BlackRock Fund Managers Limited (BFM) provides management and administrative
services to the Group under a contract which is terminable on six months’
notice. BFM has (with the Group’s consent) delegated certain portfolio and risk
management services, and other ancillary services to BlackRock Investment
Management (UK) Limited (BIM (UK)). Further details of the investment management
contract are disclosed in the Directors’ Report contained within the Annual
Report and Financial Statements.

Further details in respect of the management fee and rebate are given in note 4
above.

The ultimate holding company of the Manager and the Investment Manager is
BlackRock, Inc., a company incorporated in Delaware USA.

14. Contingent liabilities
There were no contingent liabilities at 30 November 2025 (2024: nil).

15. Publication of Non-Statutory Accounts

The financial information contained in this announcement does not constitute
statutory accounts as defined in the Companies Act 2006. The 2025 Annual Report
and Financial Statements will be filed with the Registrar of Companies shortly.

The report of the auditor for the year ended 30 November 2025 contains no
qualification or statement under Section 498(2) or (3) of the Companies Act
2006.

This announcement was approved by the Board of Directors on 5 February 2026.

16. Annual Report

Copies of the Annual Report will be sent to members shortly and will be
available from the registered office c/o The Company Secretary, BlackRock Energy
and Resources Income Trust plc, 12 Throgmorton Avenue, London EC2N 2DL.

17. Annual General Meeting

The Annual General Meeting of the Company will be held at 12 Throgmorton Avenue,
London EC2N 2DL on Wednesday, 25 March 2026 at 12.00 pm.

For further information, please contact:

Sarah Beynsberger, Director, Investment Companies, BlackRock Investment
Management (UK) Limited
Tel: 020 7743 3000

Press enquiries:

Lansons Communications
Email: [email protected]
Tel: 020 7490 8828

5 February 2026

12 Throgmorton Avenue
London EC2N 2DL

END

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0 responses to “BlackRock Energy and Resources Income Trust Plc – Final Results”

gon dice:
06/08/2007 a las 1:55 am
Escribe aquí tu comentario.
JUAN CARLOS dice:
25/02/2009 a las 11:38 pm
Estos de Caixa GERAL son unos delincuentes, tengo una Hipoteca con ellos y se niegan a aplicar sus propias clusulas cuando he solicitado acogerme a la de la revisión del tipo de interés….los caraduras me dicen que tengo toda la razón pero no les da la gana de aplicar la estipulación hipotecaria.
Acabaré con ellos ante el juez.

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