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 2.8% 2.2% -10.4% -12.8% 71.5%
Share price 9.4% 7.4% -11.1% -18.0% 92.3%
MSCI ACWI Metals & Mining 30% Buffer 10/40 1.2% 1.1% -9.0% -3.9% 62.1%
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: 524.67p Net asset value (capital only): 520.24p Share price: 501.00p Discount to NAV2: 4.5% Total assets: £1,075.8m Net yield3: 4.6% Net gearing: 7.1% 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 4.43p.
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 55.5
Canada 12.5
Latin America 9.2
Australasia 8.4
United States 5.3
Other Africa 3.7
South Africa 2.8
Indonesia 0.4
Net Current Assets 2.2
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100.0
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Sector Analysis Total
Assets (%)
Gold 31.1
Diversified 26.6
Copper 23.7
Steel 5.8
Platinum Group Metals 2.3
Iron Ore 2.1
Industrial Minerals 2.1
Uranium 1.5
Aluminium 1.0
Nickel 0.7
Silver 0.7
Zinc 0.2
Net Current Assets 2.2
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100.0
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Ten largest investments Company Total Assets % Agnico Eagle Mines 7.4Rio Tinto 7.3 BHP: Equity 4.5 Royalty 1.9 Vale: Equity 3.6 Debenture 2.6 Wheaton Precious Metals 5.4 Freeport-McMoRan 4.5 Anglo American 4.1 Kinross Gold 3.9 Glencore 3.3 Newmont 3.0
Asset Analysis Total Assets (%)
Equity 94.8
Bonds 1.9
Convertible Bond 0.7
Preferred Stock 0.5
Option -0.1
Net Current Assets 2.2
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100.0
Commenting on the markets,Evy Hambro andOlivia Markham , representing the Investment Manager noted: Performance Mining equities posted gains in May, albeit lagging broader equity markets, represented by the MSCI All Country World Index, which rose by 5.7%. Strong equity market performance reflected cautious optimism among investors on the back of progress in tariff negotiations and an improving economic outlook. Mined commodity performance was mixed: prices for iron ore (62% Fe) and nickel fell by 1.6% and 1.2% respectively, whereas the copper price increased by 4.7%. The copper market appears to have notably tightened, evidenced by a significant decline in inventories inChina . Within precious metals, the gold price decreased by 0.7%, whilst the silver and platinum prices rose by 1.0% and 10.2% respectively. Reduced geopolitical and economic uncertainty contributed to the gold price easing. However, increased hybrid vehicle penetration drove strong demand for platinum, where we have also seen supply-side constraints become apparent. Strategy and Outlook Near term, we expect performance to be driven by theChina stimulus situation, which is evolving, and we are watching closely to see if it translates into a pickup in demand. Longer term, we expect mined commodity demand growth to be driven by increased global infrastructure build out, particularly related to the low carbon transition and increased power demand. Meanwhile, the supply side of the equation is constrained. 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 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. Other issues restricting supply include cases of governments closing mines, permitting issues and a general lack of shovel-ready projects. Turning to the companies, balance sheets in the sector are very strong relative to history. Despite this, valuations are low relative to historic averages and relative to broader equity markets.17 June 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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