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

-1.6%

-6.5%

63.5%

58.1%

80.3%

Share price

-2.0%

-4.0%

64.1%

61.5%

86.8%

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

0.5%

-5.7%

51.4%

58.1%

68.8%

* (Total return)  

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

Net asset value (including income) 1 :

894.64p

Net asset value (capital only):

887.55p

Share price:

883.00p

Discount to NAV 2 :

1.3%

Total assets:

£1,820.8m

Net yield 3 :

2.7%

Net gearing:

7.8%

Ordinary shares in issue:

186,909,036

Ordinary shares held in Treasury:

6,102,806

Ongoing charges 4 :

1.05%

Ongoing charges 5 :

0.95%

Country Analysis

Total
Assets (%)

Global

62.9

United States

7.9

Canada

7.0

Latin America

6.8

Australasia

5.6

South Africa

4.7

China

1.7

Other Africa

1.4

Mexico

0.7

Indonesia

0.3

Romania

0.2

Chile

0.1

Net Current Assets

0.7

-----

100.0

=====

Sector Analysis

Total
Assets (%)

Diversified

31.5

Gold

30.8

Copper

17.1

Steel

9.1

Industrial Minerals

2.7

Platinum Group Metals

2.4

Aluminium

1.8

Mining

1.1

Zinc

1.0

Uranium

0.8

Silver

0.7

Nickel

0.3

Net Current Assets

0.7

-----

100.0

=====

Ten largest investments

Company

Total Assets %

Rio Tinto

7.6

Glencore

7.3

BHP

5.9

Vale:

    Equity

3.6

    Debenture

2.3

Anglo American

4.3

Freeport-McMoRan

4.2

Agnico Eagle Mines

4.2

Nucor

4.1

Barrick Mining

4.0

Newmont

3.9

Asset Analysis

Total Assets (%)

Equity

98.9

Preferred Stock

0.5

Option

-0.1

Net Current Assets

0.7

-----

100.0

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

Markets

The mining sector outperformed broader equity markets in July, with the MSCI ACWI Index rising by just 0.1%. The month was characterised by a sharp reversal in momentum, as artificial intelligence-related technology stocks came under particular pressure. Against this backdrop, it was encouraging to see mining equities demonstrate the diversification benefits that investors look for.

Mined commodity prices were generally stronger than mining equity performance might suggest. This has reinforced our view that recent weakness in mining equities has been driven more by changing interest rate expectations than by deterioration in underlying commodity fundamentals.

Base metals led returns during the month. Copper, zinc and aluminium prices rose by 3.6%, 3.8% and 4.8%, respectively. It was notable that copper delivered positive performance despite weakness in many AI-related equities and its growing association with data-centre expansion and related power infrastructure. Its resilience appeared to reflect increasingly tight physical market fundamentals, with copper production continuing to undershoot expectations and supply outages remaining a key theme.

Aluminium also performed well, supported in part by deteriorating geopolitical conditions in the Middle East, a region that represents an important source of global smelting capacity. Elsewhere, precious metals stabilised following recent weakness, with gold rising by 0.3% and silver declining by 1.8%. In bulk commodities, the iron ore (62% Fe) price fell by 3.6% to finish the month at US$95 per tonne.

Turning to the equities, the steel sub-sector had a particularly strong month. In the United States, steel demand and pricing remain supportive, while in Europe new trade measures, including tighter import restrictions and the implementation of carbon-border policies, helped to support domestic producers.

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. 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.

25 August 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.