Blackrock World Mining Trust: Portfolio Update

Performance at month end with net income reinvested

One

Three

One

Three

Five

Month

Months

Year

Years

Years

Net asset value

-9.2%

6.9%

41.7%

82.3%

123.8%

Share price

-8.6%

7.6%

45.7%

86.6%

138.4%

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

-7.5%

8.2%

31.0%

78.1%

104.3%

* (Total return)

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

Net asset value (including income)1:

966.48p

Net asset value (capital only):

954.36p

Share price:

964.00p

Discount to NAV2:

-0.3%

Total assets:

£1,957.0m

Net yield3:

2.5%

Net gearing:

8.05%

Ordinary shares in issue:

186,909,036

Ordinary shares held in Treasury:

6,102,806

Ongoing charges4:

1.05%

Ongoing charges5:

0.95%

Country Analysis

Total
Asset (%)

Global

61.8

Canada

8.3

Latin America

6.9

United States

6.4

Australasia

5.9

South Africa

5.3

China

1.5

Other Africa

1.5

Mexico

0.9

North America

0.8

Indonesia

0.3

Romania

0.1

Net Current Assets

0.3

-----

100.0

=====

Sector Analysis

Total
Assets (%)

Gold

33.5

Diversified

31.0

Copper

16.2

Steel

8.2

Platinum Group Metals

2.8

Industrial Minerals

2.4

Aluminium

1.2

Zinc

1.0

Mining

0.9

Silver

0.9

Uranium

0.8

Materials

0.4

Nickel

0.3

Industrial Materials

0.1

Net Current Assets

0.3

-----

100.0

=====

Ten largest investments

Company

Total Assets %

BHP

7.3

Glencore

6.7

Rio Tinto

6.5

Anglo American

5.1

Agnico Eagle Mines

4.9

Vale:

    Equity

2.6

    Debenture

2.2

Newmont

4.6

Barrick Mining

4.2

Wheaton Precious Metals

4.0

Freeport-McMoRan

3.6

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

Markets

The mining sector underperformed broader equity markets in September. The weaker backdrop extended across both precious and industrial metals.

The gold price declined by 6.2% in September to US$4,164/oz, as changing expectations for U.S. monetary policy drove significant volatility during the month. Gold initially strengthened as softer U.S. labour market data pushed Treasury yields and the U.S. dollar lower, before reversing as firmer economic and inflation data, a 25-basis-point Federal Reserve rate increase and more hawkish policy commentary drove yields sharply higher. The U.S. 10-year Treasury yield increased from 4.75% to 5.29%, while the 10-year real yield rose from 2.43% to 2.92% and the U.S. dollar strengthened by 2%, weighing on bullion into month-end. Despite the decline, investor positioning remained relatively resilient, with physically backed gold ETF holdings and net length in Comex futures both increasing.

The broader commodity complex was also generally weak. Copper was broadly unchanged over the month, rising 0.1% to US$14,453/t, but experienced periods of volatility as investors assessed the implications of potential U.S. measures on imported copper and the possible inflationary consequences of higher domestic prices. Elsewhere, iron ore (62% Fe) declined 5.9%, despite the China Caixin Manufacturing PMI rising to 52.1 from 51.5 in August, signalling manufacturing expansion. Elsewhere, nickel, zinc and aluminium fell by 5.8%, 4.1% and 2.3%, respectively, whilst lithium was comparatively resilient, declining 1.1%. Weakness across precious metals extended beyond gold, with silver, platinum and palladium falling 13.6%, 9.0% and 15.4%, respectively.

In the energy complex, WTI oil rose 11.7%, adding to inflation concerns. For mining companies, higher energy prices are beginning to feed through into operating costs, particularly among open-pit producers with significant diesel consumption, creating renewed pressure on margins. Against this backdrop, mining equities faced a combination of higher rates and emerging cost inflation, although longer-term supply constraints and increasing difficulty in developing new mines continued to encourage M&A activity in 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. 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 reemerge 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.

15 October 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.