Grit Inv Tst Regulatory News (GRIT)

To: RNS and the Channel Islands Securities Exchange Authority Limited

From: Global Resources Investment Trust plc

Date: 29 April 2015

The Chairman, Lord St John stated,

Introduction

Against a backdrop of another challenging six months in the mining sector, while large cap resource companies have largely remained stable underpinned by their yield, the junior resource sector has remained vulnerable due to the lack of investor interest and an illiquid market marked by wide bid/offer spreads. I am pleased to report that your Company's net asset value ('NAV') has stabilised since I last wrote.

Investment and Share Price Performance

At 28 February 2015 your Company's NAV was 52.0p, down 22.6% since 31 August 2014, although flat since I wrote to you on 4 December 2014 when it stood at 51.1p.

The Company's ordinary share price underperformed declining 38.2% to 21.0p during this period. This decline has continued as investor sentiment has remained depressed. The share price is currently 16.0p.

Your Company's six months ended 28 February 2015 represented almost exactly one year since its launch on 7 March 2014. During that year the NAV fell by 48.0% and the share price by 79.0%. Your Company has a solid diversified portfolio of mining assets with limited exposure to iron ore and is well positioned for a recovery in the sector. The Company does not have a benchmark, but the AIM Basic Resources Index has declined by 31.5% since the Company's launch.

Gearing and 9% Cumulative Unsecured Loan Stock 2018 ('CULS')

The Company issued £5 million nominal of CULS to provide working capital. The CULS provide a degree of structural gearing and the Company was 20.4% geared at 28 February 2015.

Outlook

While your Company's NAV has found a measure of stability over recent months, its share price has not and the discount at which its shares trade to their underlying NAV currently stands at an extraordinary 67.4%.

Commodity markets appear to have stabilised with anticipation of more infrastructure development programs in China and speculation of consolidation in the sector. We are considering several options both to support our portfolio of companies and to pro-actively rationalise and consolidate the portfolio in anticipation of a return to a growth cycle.

Lord St John

Chairman

28 April 2015

Investment Manager's Review

There was little respite for the resource markets over the past six months, especially the bulk commodities, iron ore, coal and oil. Prices for these have more than halved from their 2014 peaks, with a price range of $50-60 per unit seemingly becoming the new normal. This has already resulted in a number of more recent iron ore and coal project companies being put into administration. Other mineral commodities have fared less badly, while gold has proved quite resilient in an uncertain financial world.

Prices of junior resource companies remained under pressure with the result that the Company's NAV declined 22.6% to 52.0p during the six months to 28 February 2015. The share price fell 38.2% to 21.0p over this period reflecting a widening of the discount to NAV to 59.6%. The AIM Basic Resources Index declined 22.6% although this index does not include as wide a range of companies as that to which the Company is exposed.

The sector has now entered into its fourth year of a bear market which is undoubtedly one of the severest over the past four decades. The worst affected have been the pre-production development companies, which are in the process of developing new projects, necessary to replace declining reserves that are steadily being mined out by the majors. In many cases quality projects are being developed, but the smaller companies are struggling to raise equity capital, putting undue pressure on their share prices. Market capitalisations are unduly depressed in relation to the value of resources in the ground for better quality companies.

Although the gold market has faced the headwind of a strong Dollar the price has proved resilient, with strong support evident below $1200. This masks the performance in most other currencies in which gold has provided protection. The severing of the Swiss Franc/Euro link caused a sharp drop in the Euro, but proved beneficial to the gold price in Euros. Russians fortunate enough to have some gold exposure were fully protected against the slump in the Rouble, again underlining one of gold's main functions as a currency hedge. The weakness in commodity related currencies such as the Australian and Canadian Dollars has provided some protection to the mining companies.

Most corporate merger and acquisition activity in the junior sector has taken place in the gold industry, where rationalisation and consolidation have gathered momentum. Over the past six months over seventeen acquisitions or mergers have taken place, all at reasonable premiums to the prevailing share prices. Larger producers are finding it more effective to acquire ounces in the ground through the market, rather than through lengthy and costly exploration programmes. In this respect the Company is well positioned with over 40% exposure to gold stocks. We have had stellar performance from our two largest gold holdings, Inca One and Merrex - more detailed comments are highlighted in the Top Ten holdings section.

The overall outlook for the world economy remains muted, but some stability appears to have returned to the resource sector, as commodity prices are finding support at levels which are close to the marginal cost of production. Apart from the few companies with robust project economics it remains difficult for most companies to raise equity capital, and many are struggling to survive. We continue to work with a number of our investee companies assisting with corporate activity in advancing projects and adding value where possible. There is likely to be further rationalisation of the portfolio with increasing focus on core holdings with sound growth prospects.

David Hutchins and Kjeld Thygesen

RDP Fund Management LLP

28 April 2015

Top Ten Review

Arakan Resources (19.9%)*

Through its subsidiary, Posit Coal, the company is developing and expanding the Kara-Keche thermal coal deposit in the Kyrgyz Republic. Arakan is forming a 50/50 joint venture with the government. The company is currently exploring financing options to allow the staged expansion of the Kara Keche resource holding approximately 120 million tonnes, from the current small scale production to 500,000 tonnes per annum. This remains a large scale project with strong economics and attractive payback. Arakan also has four signed copper/gold exploration leases in Myanmar.

Alhambra Resources (11.8%)*

Canadian listed gold exploration/development company operating in Kazakhstan, where it has a 100% working interest in the 2.4 million acre Uzboy Project, located in the prolific gold belt in north central Kazakhstan, which hosts numerous world class gold deposits. The company is currently trying to arrange finance to re-start a small scale heap leach project, while also reinstating its exploration program. The deposit was previously explored during the Soviet period and is reported to have a potential resource of over 12 million ounces based on the Soviet C1 and C2 resource categories.

Anglo African Minerals (11.2%)*

AAM is an Irish company that is currently listed on the GXG market. AAM is looking to be amongst the world's leaders in the bauxite industry, and currently owns the rights to 4 bauxite licences in Guinea and is focused on developing its assets to provide near, medium and long term production. The company recently announced a JORC compliant inferred mineral resource of 43 million tonnes for its FAR deposit and a favourable scoping study based on a 3 million tonne per annum bauxite export operation.

Siberian Goldfields (9.5%)*

Private company developing the Zhelezny Kryazh gold and iron ore deposit in the Chita region of Russia, where a significant high grade resource has already been outlined and a feasibility study commenced. The project has recently suffered some delays as a result of the Russian political situation.

Tirex Resources (6.5%)*

Having been formed to conduct mineral exploration and development activities in Albania, the company is now making the transition into production with the approval of 6 separate 25 year mining licenses within the Mirdita VMS District. The company is also targeting new discoveries through district scale exploration. The company is about to commence confirmation drilling within the Rehova licence area to update the historic resource into a compliant NI43-101 resource. The company continues to have the support and financial backing of the European Bank for Reconstruction and Development ('EBRD').

Inca One Resources (6.0%)*

A Canadian mineral resource and ore processing company with a gold milling facility in Peru, servicing government permitted small scale miners. The company's objective is to become the 'processor of choice' for the local miners, by offering long lasting and reliable relationships and superior service. The company has recently achieved commercial production and also completed a financing to expand the mill to 100 TPD.

Merrex Gold (5.7%)*

The company is in joint venture with IAMGOLD Corporation on the Siribaya Gold Project in Mali, West Africa, which is an advanced stage exploration project with an indicated NI43-101 resource of just over 300,000 ounces at 2.34 g/t. The Siribaya Project is on the same geological trend and only 20 kilometres from Papillion Resources project which has recently agreed a takeover by Canadian gold producer B2 Gold. Recent drill results have been positive and a significant on-going exploration program is scheduled for the balance of this year.

NuLegacy Gold (4.2%)*

A Canadian listed company that was formed with the objective of discovering Carlin-type gold deposits in Nevada, proving them up and selling to a major to bring into production. The company has a strong management team that is now working to complete the earn-in to a 70% working interest in the Iceberg gold deposit and further expand it to establish a threshold resource of 1.0+ million NI43-101 compliant ounces. The Iceberg deposit is located in the prolific Cortez gold trend in Nevada.

Saturn Minerals (3.2%)*

An oil and gas, exploration and development company focused in Saskatchewan, Canada. The Williston Basin, located in North Dakota, Montana and Saskatchewan hosts some of the largest reserves of oil and potash as well as significant reserves of coal and natural gas. Since mid-2000, exploration and development of the central parts of the basin has resulted in the basin becoming the second largest oil producing basin in North America. Saturn Minerals has a 95% interest in over 370,000 acres of oil and gas rights in the Northern Williston Basin, which are some of the largest oil and gas permits in Saskatchewan. The company has completed initial seismic programs on the permits and is currently planning the next stage of exploration, which will include drilling.

InCoR Holdings (2.4%)*

InCoR Holdings is a GXG listed venture capital and holding company in the natural resource sector looking to identify and acquire developing projects and distressed assets identified by its experienced management team.

* % of total investments as at 28 February 2015.

Enquiries:

RDP Fund Management LLP

David Hutchins

Tel +44 (0) 207 290 8541

Beaumont Cornish Limited

Roland Cornish

Tel: +44 (0) 207 628 3396

Felicity Geidt

Tel: +44 (0) 207 628 3396

R&H Fund Services Limited

Martin Cassels

Tel: +44 (0) 131 524 6140

Condensed Income Statement

Comparative figures for the six months ended 28 February 2014 are not included as the Company did not trade and received no income and incurred no expenditure and therefore did not make a profit or loss.

The 'total' column of this statement represents the Company's profit and loss account, prepared in accordance with IFRS.

All revenue and capital items in this statement derive from continuing operations. All of the loss for the period is attributable to the owners of the Company.

No operations were acquired or discontinued in the year.

A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above Income Statement.

Reconciliation of Movements in Shareholders' Funds

Condensed Balance Sheet

Condensed Cash Flow Statement

No comparatives are shown for six months ended 28 February 2014 as the Company was dormant throughout that period.

Notes to the Condensed Financial Statements

1. Interim results

The unaudited condensed financial statements have been prepared in accordance with International Accounting Standard 'IAS' 34 'Interim Financial Reporting' and the accounting policies set out in the statutory accounts of the Company for the year ended 31 August 2014. The condensed financial statements do not include all of the information required for a complete set of International Financial Reporting Standards ('IFRS') financial statements and should be read in conjunction with the financial statements of the Company for the year ended 31 August 2014, which were prepared under full IFRS requirements.

2. Income

Income for the six months ended 28 February 2015 was in a net negative position as a result of accrued interest income recognised in the year ended 31 August 2014 relating to Alhambra Resources, Arakan Resources, Siberian Goldfields and Archer Petroleum being receivable in the form of shares rather than cash as initially anticipated. The value of the shares to be received is expected to be at a lower level than the cash receivable and therefore a reduction to interest accrued on the securities was made to reflect this change. The level of income earned for the six months ended 28 February 2015 was £226,000 and the write back of income accrued in the year ended 31 August 2014 amounted to £(367,000).

3. Losses on investments

Included within losses on investments for the six months ended 28 February 2015 were realised losses of £335,000 and unrealised losses of £4,892,000.

4. Return per ordinary share

The revenue loss per ordinary share is based on a net loss after taxation of £792,000 (31 August 2014: £184,000) and on a weighted average of 39,570,012 (31 August 2014: 39,122,895) ordinary shares in issue during the period.

The capital loss per ordinary share is based on a net capital loss after taxation of £5,227,000 (31 August 2014: £10,117,000) and on a weighted average of 39,570,012 (31 August 2014: 39,122,895) ordinary shares in issue during the period.

5. 9% Convertible Unsecured Loan Stock 2017

On 7 March 2014, the Company issued £4,850,000 9% Convertible Unsecured Loan Stock 2017 ('CULS') and 4,850,000 warrants (for nil consideration on the basis of one warrant for every £1 of CULS subscribed). A further £150,000 CULS and 150,000 warrants were issued on 28 November 2014.

As at 28 February 2015, the Company had issued £5,000,000 CULS and 5,000,000 warrants.

On 30 October 2014, the Company's CULS were admitted to listing on the Channel Islands Securities Exchange Authority Limited.

The CULS are convertible in amounts of multiples of £50,000 nominal of loan notes into ordinary shares at the option of the holder of the CULS at the conversion price per ordinary share, which for the period from 7 March 2015 (the first anniversary) to the business day preceding the second anniversary is the higher of:

(i) the 15-day Volume Weighted Average Price ('V WAP') for the ordinary shares calculated on the first anniversary of the CULS capped at £1.00 per ordinary share and

(ii) the sum of £0.75, from the first anniversary of the CULS until the business day preceding the second anniversary of CULS.

The 15-day V WAP based on the mid-market share price calculated on the first anniversary was £0.2089. The conversion rate will therefore be £0.75 for the year to 6 March 2016.

From 7 March 2016 (the second anniversary) until the redemption of the CULS the conversion price per ordinary share will be the higher of:

(i) the 15-day V WAP for the ordinary shares calculated on the second anniversary of CULS capped at £1.00 per ordinary share and

(ii) the sum of £0.50.

V WAP is the volume weighted average price and is a measure of the average price within a time period.

Warrant instrument

The warrants are unlisted and are exercisable up to the fifth anniversary of admission in amounts or multiples of 50,000 warrants at £1.00 per ordinary share.

6. Reserves

7. Net Asset Value per ordinary share

The net asset value per ordinary share is based on net assets of £20,580,000 (28 February 2014: £50,000, 31 August 2014: £26,599,000) and on 39,570,012 (28 February 2014: 50,000, 31 August 2014: 39,570,012) ordinary shares, being the number of ordinary shares in issue at the period end.

8. Related Party Transactions and fees paid to RDP Fund Management LLP

The Board of Directors is considered to be a related party. No Director has an interest in any transactions which are, or were, unusual in their nature or significant to the nature of the Company.

Mr N Paris is an employee of LIM Advisors which is a manager of LIM Asia Multi-Strategy Fund ('LIM'). LIM is the largest holder of the Company's CULS and is authorised to appoint a director to the Board to represent its interest. Mr N Paris is the representative appointed on behalf of LIM.

The Directors of the Company received fees for their services. Total fees for the period were £36,000 (31 August 2014: £43,000) of which £16,000 (31 August 2014: £22,000) remained payable at the period end.

RDP Fund Management LLP ('RDP') received £165,000 (31 August 2014: £204,000) during the period of which £52,000 (31 August 2014: £50,000) remained payable at the period end.

9. Post Balance Sheet Events

Following the first anniversary of the CULS the Company has written to all CULS holders reminding them of the change to the conversion terms which are detailed in Note 5 above.

10. Accounts

The results for the six months ended 28 February 2015 and 28 February 2014, which have not been reviewed by the Company's auditors pursuant to the Auditing Practices Board guidance on 'Review of Interim Financial Information', constitute non-statutory accounts in terms of Section 434 of the Companies Act 2006. The latest published accounts which have been delivered to the Registrar of Companies are for the year ended 31 August 2014; the report of the auditors thereon was unqualified and did not contain a statement under Section 498 of the Companies Act 2006. The abridged financial statements shown above for the year ended 31 August 2014 are an extract from those accounts.

The interim report and accounts for the six months ended 28 February 2015 will be posted to shareholders and made available on the website www.grit.london. Copies may also be obtained from the Company Secretary, R&H Fund Services Limited, 15-19 York Place, Edinburgh, EH1 3EB.

Directors' Statement of Principal Risks and Uncertainties

The risks, and the way in which they are managed, are described in more detail in the Strategic report contained within the Annual Report and Financial Statements for the year ended 31 August 2014. In the opinion of the Director's the Company's principal risks and uncertainties have not changed materially since the date of the report and are not expected to change materially for the rest of the Company's financial year.

Statement of Directors' Responsibilities in respect of the Interim Report

We confirm that to the best of our knowledge:

• the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' and gives a true and fair view of the assets, liabilities, financial position and profit of the Company;

• the Chairman's Statement and Investment Manager's Review (together constituting the Interim Management Report) include a fair review of the information required by the Disclosure and Transparency Rules ('DTR') 4.2.7R, being an indication of important events that have occurred during the period and their impact on the financial statements;

• the Statement of Principal Risks and Uncertainties referred to above is a fair review of the information required by DTR 4.2.7R; and

• the condensed set of financial statements includes a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the period and that have materially affected the financial position or performance of the Company during the period.

On behalf of the Board

Lord St. John

Chairman 28 April 2015