BlackRock World Mining Trust plc Regulatory News (BRWM)

Performance at month end with net income reinvested

One

Three

One

Three

Five

Month

Months

Year

Years

Years

Net asset value

8.0%

28.9%

44.5%

30.8%

110.4%

Share price

7.5%

27.0%

43.9%

19.9%

103.3%

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

5.3%

23.2%

41.3%

39.8%

99.0%

* (Total return)  

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

Net asset value (including income) 1 :

780.59p

Net asset value (capital only):

776.72p

Share price:

703.00p

Discount to NAV 2 :

9.9%

Total assets:

£1,570.4m

Net yield 3 :

3.3%

Net gearing:

9.4%

Ordinary shares in issue:

186,683,036

Ordinary shares held in Treasury:

6,328,806

Ongoing charges 4 :

0.95%

Ongoing charges 5 :

0.84%

Country Analysis

Total Assets (%)

Global

56.1

Canada

10.8

Latin America

9.7

United States

7.9

South Africa

6.6

Australasia

6.0

Other Africa

2.9

China

0.4

Indonesia

0.3

Net Current Liabilities

-0.7

-----

100.0

=====

Sector Analysis

Total Assets (%)

Gold

38.7

Diversified

24.5

Copper

19.0

Steel

5.7

Platinum Group Metals

3.8

Industrial Minerals

3.1

Aluminium

1.9

Iron Ore

1.2

Uranium

1.0

Silver

0.8

Nickel

0.5

Zinc

0.5

Net Current Liabilities

-0.7

-----

100.0

=====

Ten largest investments

Company

Total Assets %

Vale:

Equity

5.2

Debenture

2.4

Barrick Mining

6.2

Agnico Eagle Mines

6.2

Rio Tinto

5.1

BHP:

Equity

3.5

Royalty

1.6

Newmont

5.0

AngloGold Ashanti Plc

4.6

Kinross Gold

4.4

Anglo American

4.0

Wheaton Precious Metals

3.9

Asset Analysis

Total Assets (%)

Equity

97.8

Bonds

1.6

Preferred Stock

0.7

Convertible Bond

0.6

Net Current Liabilities

-0.7

-----

100.0

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

Markets

November was a strong month for the mining sector, driven by robust performance from gold and other precious metals, copper and lithium. Positive sentiment was further supported by the temporary trade truces between the U.S. and China.

Gold prices rose by 5.6% in November, closing at US$4,150/oz. Gold equities contributed meaningfully to sector gains, as miners rallied following a solid third-quarter earnings season. Many gold producers demonstrated strong free cash flow generation on the back of higher prices, with several announcing dividend increases and share buyback programs.

Copper prices rose by 3.3% over the month to US$11,823/tonne, underpinned by sustained demand from electrification, renewable energy projects and AI data centre buildouts, coupled with supply constraints from declining ore grades and operational disruptions. For example, Anglo American lowered its production guidance for next year due to lower-grade processing of materials from the Collahuasi mine.

Bulk commodities posted modest losses, with iron ore (62% Fe) down 0.8%, reflecting continued weakness in Chinese steel demand amid property sector challenges. Industrial activity in China remained subdued, as the Caixin Manufacturing PMI slipped from 50.6 in October to 49.9 in November, signalling contraction.

Outlook

Near term, the mining sector faces a headwind of uncertainty surrounding China’s economy. That said, the country’s anti-involution measures could be a cause for optimism, and we are seeing green shoots of improvement in economic data. Trade relations with the US remains a risk.

Longer-term, we are excited by mined commodity demand coming from infrastructure build out related to multi-decade structural trends: rising power demand, artificial intelligence adoption and the low carbon transition. Increased geopolitical risk appears to have accelerated government action in these areas.

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. High-profile operational disruption, most notably in copper, has exacerbated these issues. Recent action from governments suggest they are increasingly focused on securing metals and minerals supply but we believe this is still being underappreciated by markets.

Lastly, we see an exciting outlook for gold producer earnings 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 and elevated geopolitical risk. 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.

2 January 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.