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

13.1%

33.9%

88.4%

50.0%

135.7%

Share price

13.8%

40.0%

91.8%

43.6%

126.2%

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

12.2%

26.2%

73.4%

54.8%

123.8%

* (Total return)  

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

Net asset value (including income) 1 :

968.04p

Net asset value (capital only):

959.83p

Share price:

915.00p

Discount to NAV 2 :

5.5%

Total assets:

£1,916.5m

Net yield 3 :

2.5%

Net gearing:

6.2%

Ordinary shares in issue:

186,683,036

Ordinary shares held in Treasury:

6,328,806

Ongoing charges 4 :

0.95%

Ongoing charges 5 :

0.84%

Country Analysis

Total
Assets (%)

Global

60.2

Canada

10.0

Latin America

8.0

United States

7.0

South Africa

6.2

Australasia

5.7

Other Africa

2.1

China

0.4

Indonesia

0.4

Net Current Assets

–

-----

100.0

=====

Sector Analysis

Total
Assets (%)

Gold

37.2

Diversified

26.6

Copper

17.5

Steel

5.2

Platinum Group Metals

4.0

Industrial Minerals

2.7

Aluminium

2.0

Uranium

1.1

Iron Ore

1.0

Mining

0.9

Silver

0.8

Nickel

0.5

Zinc

0.5

Net Current Assets

–

-----

100.0

=====

Ten largest investments

Company

Total Assets %

Vale:

    Equity

5.1

    Debenture

1.9

Glencore

6.9

Barrick Mining

5.5

Agnico Eagle Mines

5.4

Rio Tinto

5.3

Newmont

5.0

AngloGold Ashanti Plc

4.0

Kinross Gold

3.9

Anglo American

3.8

Wheaton Precious Metals

3.7

Asset Analysis

Total Assets (%)

Equity

99.3

Preferred Stock

0.7

Net Current Assets

–

-----

100.0

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

Markets

January was a strong yet volatile month for the mining sector, marked by record breaking price rallies followed by a sharp correction toward month end across gold, silver, and copper. Sentiment toward precious metals was supported by rising geopolitical tensions, the continuation of the debasement trade and increased retail participation, while copper reached unprecedented levels amid supply disruptions and strong demand linked to strategic stockpiling.

Gold rose 16.3% in January, climbing from US$4,325/oz to US$5,030/oz in a volatile month supported by safe haven demand amid geopolitical tensions, including U.S. tensions with Iran and its intervention in Venezuela, expectations of monetary easing, and a weaker U.S. dollar. Prices briefly softened mid month after U.S. CPI data met expectations, before renewed geopolitical tensions around Greenland pushed gold above US$5,000/oz. After peaking at US$5,595/oz on 29 January, gold eased on profit taking and the appointment of a new U.S. Federal Reserve Chair.

Similar to gold, significant moves were observed in the silver market. Prices broke through US$100/oz in the second half of the month, peaking at US$121.7/oz on 29 January, before falling 28% the following day, driven by the same factors that weighed on gold.

Copper prices rose by 4.9% over the month to US$13,068/tonne. Prices increased amid acute supply disruptions and a significant build up of inventories in the U.S., reaching an all time high of US$14,500/tonne on 29 January, before retreating on 30 January.

Bulk commodities posted modest losses, with iron ore (62% Fe) declining 2.6%, reflecting continued weakness in Chinese steel demand amid ongoing challenges in the property sector. Industrial activity in China expanded driven primarily by an increase in domestic orders ahead of the Lunar New Year, as the Caixin Manufacturing PMI rose from 50.1 in December to 50.3 in January.

Outlook

Our outlook for the mining sector remains constructive. Supply and demand dynamics look favourable for most mined commodities, with particular strength in gold and copper. Copper demand is set to accelerate, driven by electrification, rising power needs, the build-out of data centres tied to artificial intelligence adoption, and the broader energy transition. Supply constraints persist, as operational disruptions at existing mines and multi-decade lead times for new projects continue to underpin structural deficits in the base metal.

Falling U.S. interest rates contribute towards a positive outlook for metal demand.   Lower rates enhance the appeal of non-yielding metals like gold and silver and reduce financing costs for industrial and green energy projects. This dynamic is reinforced by a weaker U.S. dollar, which makes dollar-denominated commodities more affordable globally, further supporting demand and prices.

Resource nationalism and geopolitical tensions have become critical drivers of metal demand, shifting priorities from cost efficiency to strategic security. Governments and companies are focused on securing mineral supply, with many building strategic stockpiles of critical metals to mitigate future supply shocks and protectionist trade measures.

Mining companies remain committed to capital discipline, emphasizing cost control and operational efficiency, which supports free cash flow margins. Rather than investing aggressively in production growth, miners are prioritizing debt reduction, cost optimisation, and shareholder returns. This approach limits new supply and encourages a ‘buy versus build’ strategy to secure access to mining assets, creating opportunities for M&A activity that could benefit select players.

Lastly, we see an exciting outlook for gold producer earnings and it is our largest sub-sector exposure today. Our outlook for gold over the next 12 months is that it continues to trend higher, albeit at a more moderate pace relative to 2025. The structural drivers of gold for 2025 remain in place in 2026, including high government debt-to-GDP ratios and subsequent currency aversion trade, elevated geopolitical risks and strong central bank purchases. Looking ahead, share price performance among gold miners will be driven more by company-specific actions in our view, such as disciplined capital allocation, strategic growth, and cost control, rather than just gold price sensitivity, which shaped the story in 2025. We continue to position our portfolio to capture companies that demonstrate sustainable growth, extend mine life, and prioritize shareholder returns.

19 February 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.