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

7.2%

-7.8%

101.3%

100.1%

105.6%

Share price

8.5%

-1.7%

105.6%

95.6%

100.5%

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

6.1%

-8.1%

82.9%

96.9%

89.9%

* (Total return)  

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

Net asset value (including income) 1 :

1,031.20p

Net asset value (capital only):

1,021.70p

Share price:

1,004.00p

Discount to NAV 2 :

2.6%

Total assets:

£2,070.3m

Net yield 3 :

2.4%

Net gearing:

7.3%

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

64.0

Latin America

7.4

Canada

7.3

United States

7.3

Australasia

5.8

South Africa

4.8

China

1.5

Other Africa

1.5

Indonesia

0.4

Romania

0.1

Net Current Liabilities

-0.1

-----

100.0

=====

Sector Analysis

Total
Assets (%)

Gold

33.1

Diversified

30.3

Copper

16.3

Steel

7.9

Aluminium

3.4

Industrial Minerals

2.7

Platinum Group Metals

2.6

Zinc

1.0

Mining

0.9

Uranium

0.9

Silver

0.6

Nickel

0.4

Net Current Liabilities

-0.1

-----

100.0

=====

Ten largest investments

Company

Total Assets %

Rio Tinto

7.4

Glencore

6.8

Vale:

    Equity

3.8

    Debenture

2.1

BHP

5.4

Agnico Eagle Mines

4.6

Barrick Mining

4.1

Newmont

4.1

Anglo American

4.0

Freeport-McMoRan

3.9

Wheaton Precious Metals

3.7

Asset Analysis

Total Assets (%)

Equity

99.4

Preferred Stock

0.7

Net Current Liabilities

-0.1

-----

100.0

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

Markets

The mining sector slightly outperformed broader equity markets in May, despite continued softness in the gold sub-sector. The broader mining complex was supported by supply tightness in parts of the market, including aluminium, alongside continued demand for materials linked to electrification, energy security and power infrastructure investment tied to growing hyperscalers’ CAPEX.

The gold price fell by 0.6% in May to US$4,591/oz and trading in a wide US$4,370/oz to US$4,700/oz range as sentiment shifted with the U.S. dollar, Treasury yields and geopolitical developments. After initially holding firm following the Federal Reserve’s decision to leave rates unchanged, bullion came under pressure from stronger U.S. economic data, firmer inflation and a more hawkish policy backdrop, before partially recovering later in the month as yields eased, the U.S. dollar weakened and hopes for a resolution to the Iran conflict improved.

Copper rose by 4.6% to US$13,503 per tonne, supported by ongoing supply concerns, with Middle East disruption and China’s sulfuric acid export restrictions tightening conditions for acid-leach copper production. Lithium also stood out, rising by 5.2% over the month as demand expectations were supported by growth in energy storage systems, particularly in China, where power market liberalisation has improved the economics of battery storage deployment.

Bulk commodities posted modest losses, with iron ore (62% Fe) falling by 1.7% to around US$106 per tonne. The move reflected softer expectations for Chinese steel demand heading into off-season. Chinese manufacturing momentum slowed, with the Caixin Manufacturing PMI easing to 51.8 in May from 52.2 in April.

Turning to companies, May marked the end of the first-quarter reporting season, with results broadly highlighting resilient fundamentals but also continued 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.

16 June 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.