Title: Microsoft PowerPoint - BRWMT - May 2025.pptx URL Source: https://is.gd/dUfsFW Published Time: Tue, 24 Jun 2025 20:10:30 GMT Markdown Content: # BlackRock World Mining Trust plc # May 2025 # Company objective To provide a diversified investment in mining and metal assets worldwide, actively managed with the objective of maximising total returns. While the policy is to invest principally in quoted securities, the Company’s investment policy includes investing in unquoted investments, royalties derived from the production of metals and minerals as well as physical metals. Up to 10% of gross assets may be held in physical metals and up to 20% may be invested in unquoted investments. # Key risk factors Capital at risk The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. The Company can invest in economies and markets which may be less developed and this carries a greater risk of volatility and more uncertainty around how these markets operate, compared to more established economies. BlackRock World Mining Trust plc invests in mining shares which typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining securities. Overseas investments will be affected by currency exchange rate fluctuations. The Company may from time to time utilise gearing. A fuller definition of gearing is given in the glossary. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. > 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 23 August 2024, third interim dividend of 5.50p per share declared on 15 November 2024 and the final dividend of 6.50p per share declared on 6 March 2025 in respect of the year ended 31 December 2024, and a 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, in respect of the year ending 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 2024. A fuller definition of ongoing charges (which include the annual management fee) is given in the glossary. Details of the management fee are given in the key company details section overleaf. The Company does not have a performance fee. See glossary for further explanation of terms used. blackrock.com/uk/brwm Fund information (as at 31/05/25) 524.67p Net asset value including income: 1 520.24p Net asset value capital only: 501.00p Share price: 4.5% Discount to NAV: 2 £1,075.8m Total assets: 4.6% Net yield: 3 7.1% Net gearing: 187,383,036 Ordinary shares in issue: 5,628,806 Ordinary shares held in treasury: 0.95% Ongoing charges: 4 0.84% Ongoing charges: 5 The information contained in this release was correct as at 31 May 2025. Information on the Company’s up to date net asset values can be found on the London Stock Exchange website at: https://www.londonstockexchange.com/exchange/news/market-news/market- news-home.html Awards Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy . > RETH0625E/S-4592727-1/6 Annual performance to the last quarter end (as at 31 March 2025) % total assets Country allocations (as at 31/05/2025) 55.5 Global 12.5 Canada 9.2 Latin America 8.4 Australasia 5.3 United States 3.7 Other Africa 2.8 South Africa 0.4 Indonesia 2.2 Net Current Assets 100.0 Total Allocations in these tables are as at the date shown and do not necessarily represent current or future portfolio holdings. > 1 Reference index: MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net total return) Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index and Datastream. Cumulative performance (as at 31/05/2025) > 1 Reference index The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. The above Net Asset Value (NAV) performance statistics are based on a NAV including income, with any dividends reinvested on the ex-dividend date, net of ongoing charges and any applicable performance fee. Share price performance figures are calculated on a mid market basis in sterling terms with income reinvested on the ex-dividend date. The performance of the Company’s portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. The latest performance data can be found on our website: www.blackrock.com/uk/brwm A full disclosure of portfolio investments for the Company as at 31 December 2024 has been made available on the Company’s website at the link given below: https://www.blackrock.com/uk/individual/literature/policies/bwmt-portfolio-disclosure.pdf NMPI status The Company currently conducts its affairs so that its securities can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA) rules in relation to Non-Mainstream Pooled Investments (NMPI) and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA’s restrictions which apply to non-mainstream pooled investments because they are shares in an investment trust. 31/03/20 31/03/21 % 31/03/21 31/03/22 % 31/03/22 31/03/23 % 31/03/23 31/03/24 % 31/03/24 31/03/25 % Sterling 92.1 44.5 -8.4 -9.4 -3.7 Net asset value 122.1 38.4 -4.9 -17.8 -4.1 Share price 74.1 31.7 -6.6 -0.3 -2.7 Reference index 1 5Y% 3Y% 1Y% 3M% 1M% Sterling 71.5 -12.8 -10.4 2.2 2.8 Net asset value 92.3 -18.0 -11.1 7.4 9.4 Share price 62.1 -3.9 -9.0 1.1 1.2 MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net total return) 1 % total assets Asset allocation (as at 31/05/2025) 94.8 Equity 1.9 Bonds 0.7 Convertible Bond 0.5 Preferred Stock -0.1 Option 2.2 Net Current Assets 100.0 Total > RETH0625E/S-4592727-2/6 Comments from the portfolio managers Please note that the commentary below includes historic information in respect of performance data in respect of portfolio investments, index performance data and the Company’s NAV performance. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results . 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 in China. 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 the China 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. All data points are in USD terms unless stated otherwise. Unless otherwise stated all data is sourced from BlackRock as at 31 May 2025. Any opinions, forecasts represent an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results. This information should not be relied upon by the reader as research, investment advice or a recommendation. The latest performance data can be found on the BlackRock website at blackrock.com/uk/brwm. > RETH0625E/S-4592727-3/6 Key company details Fund characteristics: December 1993 Launch date Sterling Dealing currency Commodities and Natural Resources Association of Investment Companies sector (AIC) MSCI ACWI Metals and Mining 30% Buffer 10/40 Index Reference index London Stock Exchange Traded Management BlackRock Fund Managers Limited Alternative Investment Fund Manager (with effect from 2 July 2014) Evy Hambro & Olivia Markham Portfolio managers 0.80% of the Company’s gross assets (included in the ongoing charges ratio) Annual management fee Fund codes: GB0005774855 ISIN 0577485 Sedol BRWM:LN Bloomberg BRWM.L Reuters BRWM/LON Ticker Financial calendar: 31 December Year end August (half yearly) February (final) Results announced April/May Annual General Meeting May/June/September/ December (quarterly) Dividends paid % of total assets Company 7.4 Agnico Eagle Mines 7.3 Rio Tinto BHP: 4.5 Equity 1.9 Royalty Vale: 3.6 Equity 2.6 Debenture 5.4 Wheaton Precious Metals 4.5 Freeport-McMoRan 4.1 Anglo American 3.9 Kinross Gold 3.3 Glencore 3.0 Newmont % of total assets Sector allocation (as at 31/05/2025) 31.1 Gold 26.6 Diversified 23.7 Copper 5.8 Steel 2.3 Platinum Group Metals 2.1 Iron Ore 2.1 Industrial Minerals 1.5 Uranium 1.0 Aluminium 0.7 Nickel 0.7 Silver 0.2 Zinc 2.2 Net Current Assets 100.0 Total Risk: The specific companies identified and described above do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. Allocations are as at the date shown and do not necessarily represent current or future portfolio holdings. Ten largest investments (as at 31/05/2025) > RETH0625E/S-4592727-4/6 Glossary of Terms Actively managed The portfolio is managed with the aim of outperforming an index rather than replicating its returns. Discount/Premium Investment trust shares frequently trade at a discount or premium to NAV. This occurs when the share price is less than (a discount) or more than (a premium) to the NAV. The discount or premium is the difference between the share price (based on mid-market share prices) and the NAV, expressed as a percentage of the NAV. Discounts and premiums are mainly the consequence of supply and demand for the shares on the stock market. Diversified investment An investment in which risks are spread out and not overly concentrated. Gearing Investment companies can borrow to purchase additional investments. This is called ‘gearing’. It allows investment companies to take advantage of a long-term view on a sector or to take advantage of a favourable situation or a particularly attractive stock without having to sell existing investments. Gearing works by magnifying the company’s performance. If a company ‘gears up’ and then markets rise and the returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified. Net yield The net yield is calculated using total dividends declared in the last 12 months (as at date of this factsheet) as a percentage of month end share price. NAV (Net Asset Value) A company’s undiluted NAV is its available shareholders’ funds divided by the number of shares in issue (excluding treasury shares), before making any adjustment for any potentially dilutive securities which the Company may have in issue, such as subscription shares, convertible bonds or treasury shares. on a particular date. A diluted NAV is calculated on the assumption that holders of any convertibles have converted, subscription shares have been exercised and treasury shares are re- issued at the mid-market price, to the extent that the NAV per share is higher than the price of each of these shares or securities and that they are 'in the money'. The aim is to ensure that shareholders have a full understanding of the potential impact on the Company’s NAV if these instruments had been exercised. Ongoing charges ratio Ongoing charges (%) = Annualised ongoing charges Average undiluted net asset value in the period Ongoing charges are those expenses of a type which are likely to recur in the foreseeable future, whether charged to capital or revenue, and which relate to the operation of the investment company as a collective fund, excluding the costs of acquisition/disposal of investments, financing charges and gains/losses arising on investments. Ongoing charges are based on costs incurred in the year as being the best estimate of future costs and include the annual management fee. Physical metals Metals such as copper, zinc and nickel. Quoted securities Securities that trade on an exchange for which there is a publicly quoted price. Royalties Contracts that involve one party giving capital (funding) to a mining company in return for a percentage share of the revenues from one or more of the company’s assets. Total returns The total return is the sum of the capital appreciation return and the dividend return. Unquoted investments Financial securities that do not trade on an exchange for which there is not a publicly quoted price . # Want to know more? blackrock.com/uk/brwm | Tel: 0207 743 3000 | cosec@blackrock.com > RETH0625E/S-4592727-5/6 Risk Warnings Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. Trust Specific Risks Counterparty Risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. Derivative Risk general (derivatives, options, covered calls). The Fund uses derivatives as part of its investment strategy. Compared to a fund which only invests in traditional instruments such as stocks and bonds, derivatives are potentially subject to a higher level of risk. Emerging markets. Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore, the value of these investments may be unpredictable and subject to greater variation. Exchange rate risk. The return of your investment may increase or decrease as a result of currency fluctuations. Gearing risk. Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall. Gold / mining. Mining shares typically experience above average volatility when compared to other investments. Trends which occur within the general equity market may not be mirrored within mining securities. Important Information Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. This document is marketing material. The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL is a trademark of the London Stock Exchange plc and is used under licence. Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance. BlackRock World Mining Trust plc currently conducts its affairs so that its securities can be recommended by IFAs to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The securities are excluded from the Financial Conduct Authority’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in local language in registered jurisdictions. BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure you understand whether our product is suitable, please read the fund specific risks in the Key Investor Document (KID) which gives more information about the risk profile of the investment. The KID and other documentation are available on the relevant product pages at www.blackrock.co.uk/its. We recommend you seek independent professional advice prior to investing. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer. © 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates All other trademarks are those of their respective owners.