BlackRock World Mining Trust Plc - Portfolio Update
All information is at
Performance at month end with net income reinvested
One Three One Three Five
Month Months Year Years Years
Net asset value 3.8% 4.9% -0.7% 9.4% 65.3%
Share price 5.4% 12.5% -2.8% 8.9% 84.3%
MSCI ACWI Metals & Mining 30% Buffer 10/40 Index 3.0% 1.9% -2.0% 17.7% 57.6%
(Net)*
* (Total return)
Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index,
Datastream
At month end
Net asset value (including income)1: 544.57p Net asset value (capital only): 539.18p Share price: 528.00p Discount to NAV2: 3.0% Total assets: £1,111.7m Net yield3: 4.4% Net gearing: 6.8% Ordinary shares in issue: 187,383,036 Ordinary shares held inTreasury : 5,628,806 Ongoing charges4: 0.95% Ongoing charges5: 0.84%
1 Includes net revenue of 5.39p.
2 Discount to NAV including income.
3
Based on the second interim dividend of 5.50p per share declared on
4
The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended
5
The Company’s ongoing charges are calculated as a percentage of average daily gross assets and using the management fee and all other operating expenses, excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended
Country Analysis Total
Assets (%)
Global 56.6
Canada 11.6
Latin America 9.7
Australasia 7.9
United States 6.6
South Africa 3.1
Other Africa 2.2
Indonesia 0.4
Net Current Assets 1.9
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100.0
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Sector Analysis Total
Assets (%)
Gold 30.3
Diversified 26.5
Copper 23.8
Steel 6.3
Platinum Group Metals 2.9
Industrial Minerals 2.2
Iron Ore 2.0
Uranium 1.6
Aluminium 1.0
Nickel 0.7
Silver 0.6
Zinc 0.2
Net Current Assets 1.9
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100.0
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Ten largest investments Company Total Assets % Vale: Equity 4.8 Debenture 2.5 Agnico Eagle Mines 6.4 BHP: Equity 4.2 Royalty 1.8Rio Tinto 5.9 Wheaton Precious Metals 5.3 Freeport-McMoRan 5.3 Kinross Gold 3.9 Anglo American 3.9 Glencore 3.9 Newmont 3.6
Asset Analysis Total Assets (%)
Equity 95.2
Bonds 1.8
Convertible Bond 0.7
Preferred Stock 0.5
Option -0.1
Net Current Assets 1.9
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100.0
Commenting on the markets,Evy Hambro andOlivia Markham , representing the Investment Manager noted: Performance The mining sector slightly outperformed broader equity markets during the month, with the MSCI ACWI TR Index rising by 4.5%. This came in spite of mixed performance from mined commodities, with prices for iron ore (62% Fe) and nickel falling by 2.1% and 0.1% respectively, whilst the copper price increased by 5.3%. The iron ore price was weighed down by continued soft economic data fromChina , maintaining uncertainty around the sustainability of a demand recovery. Meanwhile, seismic activity in the DRC in June led to severe flooding at the Kakula copper mine, which disrupted operations and put upward pressure on the copper price. This has the potential to remove up to 275,000 tonnes from global copper supply between now and the end of the year, nearly erasing the year’s projected surplus. In the precious metals space, the gold price remained flat atUS$3,284 /oz., whilst silver and platinum prices rose by 8.8% and 26.1% respectively. Escalating military action betweenIsrael andIran initially pushed the gold price higher but ceasefire talks in the second half of the month saw it trend lower. Strategy and Outlook Near term, the mining sector faces a headwind of uncertainty surrounding China’s economy but, importantly, expectations being priced in today are very low. Historically, adding to Mining at times of peakChina concern has been an effective strategy. Meanwhile, the sector has a long-term demand story in the form of increased global infrastructure spending. Higher geopolitical risk appears to have accelerated action here such as in the case of Germany’s recent announcement of aEUR500bn infrastructure package. A key component of this is also the low carbon transition and the build out of renewables capacity, which provides a multi-decade demand driver for the materials required. On the supply side, mining companies have focused on capital discipline in recent years, meaning they have opted to pay down debt, reduce costs and return capital to shareholders, rather than investing in production growth. This is limiting new supply coming online and supporting commodity prices and there is unlikely to be a quick fix, given the time lags involved in investing in new mining projects. The cost of new projects has also risen significantly and recent M&A activity in the sector suggests that, like us, strategic buyers see an opportunity in existing assets in the listed market, currently trading well below replacement costs. Lastly, we see an exciting outlook for gold producer earnings and margin expansion and it is our largest sub-sector exposure today. The gold price has risen substantially and looks well-supported by structural drivers: inflation eroding the purchasing power of fiat currency, high government debt necessitating lower yields and rising geopolitical risk. We have also seen a step-change in gold demand from central banks which we expect to remain net buyers. Meanwhile, the substantial cost inflation that held back the sub-sector from 2020-2024 appears to be over and given our expectation for subdued energy prices, we could start to see these costs declining. Despite recent strong performance from gold equities, they still appear unloved amongst generalists and look attractive in our view relative to gold and their historic valuations.21 July 2025 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.
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