BlackRock World Mining Trust Plc – Portfolio Update

Performance at month end with net income reinvested

One

Three

One

Three

Five

Month

Months

Year

Years

Years

Net asset value

1.0%

0.2%

93.0%

71.9%

101.2%

Share price

5.0%

2.0%

107.2%

63.2%

90.7%

MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*

1.4%

-0.6%

74.4%

70.0%

87.0%

* (Total return)
 

Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream

Net asset value (including income)
1
:

961.90p

Net asset value (capital only):

953.80p

Share price:

925.00p

Discount to NAV
2
:

3.8%

Total assets:

£1,940.0m

Net yield
3
:

2.6%

Net gearing:

5.1%

Ordinary shares in issue:

186,379,036

Ordinary shares held in Treasury:

6,632,806

Ongoing charges
4
:

1.05%

Ongoing charges
5
:

0.95%

Country Analysis

Total





Assets (%)

Global

61.5

United States

8.1

Canada

7.6

Latin America

6.7

Australasia

5.7

South Africa

5.0

China

1.7

Other Africa

1.5

Indonesia

0.4

Romania

0.1

Net Current Assets

1.7

—–

100.0

=====

Sector Analysis

Total





Assets (%)

Gold

34.6

Diversified

29.5

Copper

14.1

Steel

7.4

Aluminium

3.0

Industrial Minerals

2.9

Platinum Group Metals

2.9

Uranium

1.1

Mining

0.9

Zinc

0.8

Silver

0.7

Nickel

0.4

Net Current Assets

1.7

—–

100.0

=====

Ten largest investments

Company

Total Assets %

Rio Tinto

7.3

Glencore

7.2

Vale:

   
Equity

4.1

   
Debenture

2.3

Agnico Eagle Mines

5.0

BHP

5.0

Barrick Mining

4.4

Newmont

4.4

Wheaton Precious Metals

3.7

Nucor

3.3

AngloGold Ashanti Plc

3.3

Asset Analysis

Total Assets (%)

Equity

97.5

Preferred Stock

0.8

Net Current Assets

1.7

—–

100.0

Commenting on the markets, Evy Hambro and Olivia Markham, representing the Investment Manager noted:

Markets:

Mining equities lagged broader equity markets in April, as weaker precious metals performance and shifting macro sentiment offset support from still resilient fundamentals in other parts of the commodities complex.

Gold was volatile over the month, but finished fairly flat overall. Bullion began April near US$4,750/oz and traded in a wide range between US$4,525/oz and US$4,870/oz. Early weakness was driven by escalation in the U.S.–Iran conflict, before prices rebounded on renewed ceasefire developments. Softer than expected U.S. inflation data also provided mid month support by reinforcing expectations for potential rate cuts. However, sentiment weakened again into month end as higher oil prices raised inflation concerns, the U.S. dollar strengthened, and the Federal Reserve kept rates unchanged.

Meanwhile, copper rose by 5.3% to US$12,911 per tonne, despite ongoing economic growth concerns from inflationary pressures. Prices were supported by inventory draws in China and persistent supply tightness. Nickel also stood out, rising by 14.0% over the month following meaningful supply curtailments in Indonesia. Exposure remains limited, however, given the smaller scale and lower quality of many available pure-play companies. Lithium, uranium and coal also performed strongly, as tight energy markets continued to underpin sentiment.

Bulk commodities posted modest gains, with iron ore (62% Fe) rising by 1.2% to US$107 per tonne. The move was supported by improving sentiment around China’s steel sector, as industrial activity expanded and the Caixin Manufacturing PMI rose from 50.8 in March to 52.2 in April.

Turning to companies, April also saw the release of first quarter earnings results, which highlighted growing cost pressures across the sector.

Outlook:

Our outlook for the mining sector remains constructive, particularly relative to broader equity markets. A more fragmented geopolitical world order increases the need for diversification and reinforces the strategic importance of mined commodities. Governments are increasingly weaponising commodities and prioritising supply security, particularly in critical minerals, which is driving greater investment across the value chain and encouraging the reshoring of refining and processing capacity.

At the same time, accelerating hyperscaler spending on AI infrastructure, alongside electrification, grid expansion and the broader energy transition, is driving demand for both power and materials. Copper sits at the centre of this theme, given its critical role in electrification and power intensive infrastructure. We are also positive on aluminium, where recent conflict related disruptions and export restrictions have further tightened supply. More broadly, the AI revolution supports the H.A.L.O. trade (Heavy Asset, Low Obsolescence) which involves capital rotating towards companies pairing long life heavy assets with limited obsolescence risk. We would expect the H.A.L.O. trade to re-emerge once the U.S.-Israel conflict with Iran stabilises.

Supply remains constrained across many mined commodities following years of underinvestment, permitting challenges, operational disruptions and long lead times for new projects. Mining companies generally remain focused on capital discipline, prioritising cost control, free cash flow generation and shareholder returns over aggressive production growth.

20 May 2026

Latest information is available by typing www.blackrock.com/uk/brwm on the internet. Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.