BlackRock World Mining Trust Plc - Portfolio Update

                
                          BLACKROCK WORLD MINING TRUST PLC (LEI) - LNFFPBEUZJBOSR6PW155

All information is at 30 April 2026 and unaudited.

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  1.4%   -0.6%   74.4%   70.0%  87.0%
30% Buffer 10/40 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 NAV2:                     3.8%
Total assets:                         £1,940.0m
Net yield3:                           2.6%
Net gearing:                          5.1%
Ordinary shares in issue:             186,379,036
Ordinary shares held in Treasury:     6,632,806
Ongoing charges4:                     1.05%
Ongoing charges5:                     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 21 May 2025
with ex date 29 May 2025 and pay date 27 June 2025, second interim dividend of
5.50p per share declared on 3 September 2025 with ex date 11 September 2025 and
pay date 3 October 2025, third interim dividend of 5.50p per share declared on
19 November 2025 with ex date 27 November 2025 and pay date 19 December 2025 and
final dividend of 7.50p per share declared on 17 March 2026 with ex date 26
March and pay date 29 May 2026, in respect of the year ended 31 December 2025.

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
31 December 2024.

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
31 December 2025.

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
                    -----

100.0
=====

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
                       -----
                       100.0
=====

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                    3.3
AngloGold Ashanti Plc    3.3

Asset Analysis      Total Assets (%)
Equity              97.5
Preferred Stock     0.8
Net Current Assets  1.7
                    -----
                    100.0

                    =====

Commenting on the markets, Evy Hambro and Olivia 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 near US$4,750/oz and traded in a wide range between US$4,525/oz
and US$4,870/oz. Early weakness was driven by escalation in the U.S.-Iran
conflict, before prices rebounded on renewed ceasefire developments. Softer
than expected U.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, the U.S.
dollar strengthened, and the Federal Reserve kept rates unchanged.

Meanwhile, copper rose by 5.3% to US$12,911 per tonne, despite ongoing
economic growth concerns from inflationary pressures. Prices were supported by
inventory draws in China and persistent supply tightness. Nickel also stood
out, rising by 14.0% over the month following meaningful supply curtailments
in Indonesia. 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% to
US$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 the U.S.-Israel conflict with Iran 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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