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 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 1.4% -0.6% 74.4% 70.0% 87.0%
Index (Net)*
* (Total return)
Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index,
Datastream
At month end
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 inTreasury : 6,632,806 Ongoing charges 4 : 1.05% Ongoing charges 5 : 0.95%
1 Includes net revenue of 8.10p.
2 Discount to NAV including income.
3
Based on the first 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 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
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100.0
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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
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100.0
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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 3.3AngloGold Ashanti Plc 3.3
Asset Analysis Total Assets (%)
Equity 97.5
Preferred Stock 0.8
Net Current Assets 1.7
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100.0
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Commenting on the markets,Evy Hambro andOlivia 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 nearUS$4,750 /oz and traded in a wide range betweenUS$4,525 /oz andUS$4,870 /oz. Early weakness was driven by escalation in the U.S.–Iran conflict, before prices rebounded on renewed ceasefire developments. Softer than expectedU.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, theU.S. dollar strengthened, and theFederal Reserve kept rates unchanged. Meanwhile, copper rose by 5.3% toUS$12,911 per tonne, despite ongoing economic growth concerns from inflationary pressures. Prices were supported by inventory draws inChina and persistent supply tightness. Nickel also stood out, rising by 14.0% over the month following meaningful supply curtailments inIndonesia . 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% toUS$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 theU.S. -Israel conflict withIran 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.
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