Global Resourc Investm Tr : Resources Investment Trust Interim Report and Accounts

Global Resources

Investment Trust plc

Interim Report & Accounts

for the six months ended 28 February 2015

Net Asset Value, Share Price and FTSE AiM Basic Resources Index

120

100

80

60

40

20

0

14 14 14

14 14

14 14 14

14 14

15 15

Global Resources Investment Trust plc share price

Global Resources Investment Trust plc net asset value

FTSE AiM Basic Resources Index

Sources: R&H Fund Services Limited and Bloomberg

Graph restated to 100

GLOBAL RESOURCES INVESTMENT TRUST PLC INTERIM REPORT 28 FEBRUARY 2015

Global Resources Investment Trust plc 1

Investment Objective

GRIT's investment objective is to generate medium and long-term capital growth through investing in a diverse portfolio of

primarily small and mid- capitalisation natural resources and mining companies, which are listed/quoted on a relevant exchange.

Contents

2 Financial Highlights

3 Chairman's Statement

4 Investment Manager's Review

5 Ten Ten Review

7 Classification of Investments

8 Investment Portfolio

9 Condensed Income Statement

9 Reconciliation of Movement in Shareholders' Funds

10 Condensed Balance Sheet

11 Condensed Cash Flow Statement

12 Notes to the Condensed Financial Statements

14 Directors' Statements

15 Corporate Information

Important information

Past performance is not necessarily a guide to future performance. The value of investments and income from them may go down as well as up and are not guaranteed. Changes in rates of exchange may cause the value of investments to fluctuate. Net asset value performance is not linked to share price performance, and shareholders may realise returns that are lower or higher in performance.

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take or about the contents of this document, you should immediately consult an independent financial adviser authorised under the Financial Services and Markets Act 2000 (or in the case of recipients outside the United Kingdom, a stockbroker, bank manager, solicitor, accountant or other independent financial adviser).

If you have sold or otherwise transferred all of your holdings in Global Resources Investment Trust plc, please forward this document as soon as possible to the purchaser or transferee, or to the stockholder, bank or other agent through whom the sale or transfer was, or is being, effected, for delivery to the purchaser or transferee.

INTERIM REPORT 28 FEBRUARY 2015 GLOBAL RESOURCES INVESTMENT TRUST PLC

Financial Highlights

2 Financial Highlights

Period's Highs/Lows	Period High	Period Low
Net asset value Ordinary share price (mid market) Discount	68.6p 34.0p 43.1%	47.7p 20.0p 63.7%
1 Assumes any dividends paid are reinvested.
2 Based on annualised average shareholders funds.

GLOBAL RESOURCES INVESTMENT TRUST PLC INTERIM REPORT 28 FEBRUARY 2015

Chairman's Statement

Chairman's Statement 3

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

INTERIM REPORT 28 FEBRUARY 2015 GLOBAL RESOURCES INVESTMENT TRUST PLC

Investment Manager's Review

4 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 $1,200. 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

GLOBAL RESOURCES INVESTMENT TRUST PLC INTERIM REPORT 28 FEBRUARY 2015

Top Ten Review

Top Ten Review 5

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.

INTERIM REPORT 28 FEBRUARY 2015 GLOBAL RESOURCES INVESTMENT TRUST PLC

Top Ten Review

6

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.

GLOBAL RESOURCES INVESTMENT TRUST PLC INTERIM REPORT 28 FEBRUARY 2015

Classification of Investments

Classification of Investment Portfolio by Sector 7

28 February 2015 31 August 2014

% of total % of total

As at 28 February 2015 investments investments

Gold 42.8 42.3

Coal 21.7 22.2

Bauxite 11.2 6.1

Copper 7.6 8.3

Oil 7.0 7.8

Lead / Nickel / Zinc 4.5 4.2

Silver 2.1 3.1

Uranium 1.8 2.9

Graphite 1.3 3.1

Total Investments 100.0 100.0

Classification of Investments by Stockmarket Quotation

28 February 2015 31 August 2014

% of total % of total

As at 28 February 2015 investments investments

Canada 39.8 55.5

Europe 14.9 9.3

UK 3.0 3.2

Australia 1.5 3.1

Unquoted 40.8 28.9

Total Investments 100.0 100.0

Classification of Investments by Principal Area of Operation

28 February 2015 31 August 2014

% of total % of total

As at 28 February 2015 investments investments

Africa 20.7 22.4

Krygystan 19.9 19.0

North America 16.8 21.1

Kazakhstan 11.8 10.3

Russia 9.5 7.3

South America 8.7 5.5

Europe 8.6 9.0

Australia 2.0 1.6

Mexico 1.1 1.7

Asia 0.9 2.1

Total Investments 100.0 100.0

INTERIM REPORT 28 FEBRUARY 2015 GLOBAL RESOURCES INVESTMENT TRUST PLC

Investment Portfolio

Investment Portfolio

8 as at 28 February 2015

Top Ten by Valuation
Company	Sector	Valuation £'000	Total Investments %
Arakan Resources (note 1)	Coal	4,940	19.9
Alhambra Resources (note 2)	Gold	2,925	11.8
Anglo African Minerals	Bauxite	2,778	11.2
Siberian Goldfields 15% CLN 26/02/2017 *	Gold	2,355	9.5
Tirex Resources	Copper	1,613	6.5
Inca One Resources	Gold	1,484	6.0
Merrex Gold	Gold	1,426	5.7
NuLegacy Gold	Gold	1,036	4.2
Saturn Minerals (note 3)	Oil	785	3.2
InCoR Holdings	Lead/Nickel	593	2.4
Top ten investments	19,935	80.4
Other investments	4,845	19.6
Total investments	24,780	100.0

Top Ten Movements

Company	Valuation 31 August 2014 £'000	Purchases £'000	Sales £'000	(Depreciation)/ appreciation £'000	Valuation 28 February 2015 £'000
Arakan Resources (note 1)	5,774	-	-	(834)	4,940
Alhambra Resources (note 2)	3,129	-	-	(204)	2,925
Anglo African Minerals	1,852	-	-	926	2,778
Siberian Goldfields 15% CLN 26/02/2017 *	2,190	-	-	165	2,355
Tirex Resources	2,102	-	-	(489)	1,613
Inca One Resources	897	-	(18)	605	1,484
Merrex Gold	2,859	-	(14)	(1,419)	1,426
NuLegacy Gold	1,551	-	-	(515)	1,036
Saturn Minerals (note 3)	1,080	-	(37)	(258)	785
InCoR Holdings	647	-	-	(54)	593
22,081	-	(69)	(2,077)	19,935

Notes

Note 1 - Includes unquoted convertible loan notes valued at £3,255,660, and equity shares valued at £1,684,320. Note 2 - Includes unquoted convertible loan notes valued at £2,924,961 and warrants valued at £nil.
Note 3 - Includes unquoted warrants valued at nil.
* - Denotes an unquoted convertible loan note.

GLOBAL RESOURCES INVESTMENT TRUST PLC INTERIM REPORT 28 FEBRUARY 2015

Condensed Income Statement

Condensed Income Statement 9

Notes	Six months ended 28 February 2015 (unaudited) Revenue Capital Total £'000 £'000 £'000	Year ended 31 August 2014 (audited) Revenue Capital Total £'000 £'000 £'000
Losses on investments 3 Income 2 Investment management fee Other expenses	- (5,227) (5,227) (141) - (141) (165) - (165) (266) - (266)	- (10,117) (10,117) 590 - 590 (204) - (204) (357) - (357)
Net return before finance costs and taxation Interest payable and similar charges	(572) (5,227) (5,799) (220) - (220)	29 (10,117) (10,088) (213) - (213)
Net return on ordinary activities before taxation Tax on ordinary activities	(792) (5,227) (6,019) - - -	(184) (10,117) (10,301) - - -
Net return attributable to equity shareholders	(792) (5,227) (6,019)	(184) (10,117) (10,301)
Loss per ordinary share 4	(2.00)p (13.21)p (15.21)p	(0.47)p (25.86)p (26.33)p

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 Movement in Shareholders' Funds

Six months ended 28 February 2015 (unaudited) £'000	Six months ended Year ended 28 February 2014 31 August 2014 (unaudited) (audited) £'000 £'000
Opening equity shareholders' funds Losses on investments Net return attributable to ordinary shareholders Issue of ordinary shares Expenses of issue	26,599 (5,227) (792) - -	50 50 - (10,117) - (184) - 39,520 - (2,670)
Closing equity shareholders' funds	20,580	50 26,599

INTERIM REPORT 28 FEBRUARY 2015 GLOBAL RESOURCES INVESTMENT TRUST PLC