Portfolio Update

BlackRock World Mining Trust PLC's (LEI: LNFFPBEUZJBOSR6PW155) month-end net asset value (NAV) as of July 31, 2025, was 563.60p, including a net revenue of 5.98p, with a share price of 555.00p, resulting in a 1.5% discount to NAV. Total assets amounted to £1,150.5 million, exhibiting a net yield of 4.1% and net gearing of 7.2%. There were 187,383,036 ordinary shares in issue, with 5,628,806 held in treasury. Ongoing charges were 0.95% of average daily net assets and 0.84% of average daily gross assets. Performance over various periods (with net income reinvested) showed a one-month NAV increase of 3.5% and share price increase of 5.1%; three-month increases of 10.4% and 21.2% respectively; one-year increases of 3.6% and 3.2% respectively; and three-year and five-year increases of 12.6% and 62.0% (NAV) and 9.7% and 80.3% (share price), respectively. The MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total return) showed corresponding increases of 4.3%, 8.6%, 3.3%, 22.2%, and 54.9%. Asset allocation showed that 95.5% of assets are in equities, 1.7% are in bonds, 0.7% in convertible bonds, 0.6% in preferred stock, and -0.1% in options with net current assets representing 1.6%. Country allocation shows Global (56.6%), Canada (11.1%), Latin America (9.9%), United States (7.6%), Australasia (7.2%), South Africa (3.3%), Other Africa (2.2%), Indonesia (0.5%), and net current assets (1.6%). Sector allocation included Gold (32.4%), Diversified (25.1%), Copper (22.2%), Steel (7.3%), Platinum Group Metals (3.0%), Industrial Minerals (2.5%), Iron Ore (2.0%), Uranium (1.1%), Aluminium (1.0%), Nickel (0.7%), Silver (0.7%), and Zinc (0.4%), and Net current assets (1.6%). The ten largest investments comprised Agnico Eagle Mines (6.8%), Vale (equity 3.5%, debenture 2.6%), BHP (equity 4.4%, royalty 1.8%), Wheaton Precious Metals (5.4%), Rio Tinto (5.1%), Freeport-McMoRan (4.9%), Newmont (4.9%), Glencore (4.4%), Anglo American (4.1%), and Kinross Gold (4.0%). The Investment Manager noted a relatively flat mining sector performance for the month, with mixed commodity performance; strong bulk commodity performance (e.g., iron ore up 6.5% due to improved Chinese economic data); volatile US copper prices due to tariff announcements; easing cost inflation across the sector; production downgrades in copper; and strong free cash flow generation in gold. The long-term outlook for the mining sector is viewed positively due to high infrastructure spending, a low carbon transition, and limited new supply due to capital discipline among mining companies. The gold sub-sector is highlighted as particularly exciting due to gold price increases, structural drivers (inflation, government debt, geopolitical risk), increased central bank demand, and the end of cost inflation.

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