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 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 6.1% -8.1% 82.9% 96.9% 89.9%
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 : 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 inTreasury : 6,632,806 Ongoing charges 4 : 1.05% Ongoing charges 5 : 0.95%
1 Includes net revenue of 9.50p.
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 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
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100.0
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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
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100.0
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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
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100.0
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Commenting on the markets,Evy Hambro andOlivia 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 toUS$4,591 /oz and trading in a wideUS$4,370 /oz toUS$4,700 /oz range as sentiment shifted with theU.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 strongerU.S . economic data, firmer inflation and a more hawkish policy backdrop, before partially recovering later in the month as yields eased, theU.S . dollar weakened and hopes for a resolution to theIran conflict improved. Copper rose by 4.6% toUS$13,503 per tonne, supported by ongoing supply concerns, withMiddle 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 inChina , 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 aroundUS$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 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.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.
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