BlackRock World Mining Trust Plc – Portfolio Update

BLACKROCK WORLD MINING TRUST PLC (LEI) – LNFFPBEUZJBOSR6PW155

All information is at 28 February 2026 and unaudited.

Performance at month end
with net income reinvested

One Three One Three Five
Month Months Year Years Years
Net asset value 16.5% 44.5% 123.2% 89.2% 157.2%
Share price 12.6% 46.5% 124.5% 74.3% 129.9%
MSCI ACWI Metals & Mining 14.9% 37.7% 101.3% 93.5% 143.5%
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: 1127.82p
Net asset value (capital only): 1118.67p
Share price: 1030.00p
Discount to NAV2: 8.7%
Total assets: £2,254.2m
Net yield3: 2.2%
Net gearing: 5.6%
Ordinary shares in issue: 186,683,036
Ordinary shares held in Treasury: 6,328,806
Ongoing charges4: 0.95%
Ongoing charges5: 0.84%

1 Includes net revenue of 9.15p.

2 Discount to NAV including income.

3 Based on the final dividend of 6.50p per share declared on 6 March 2025 with
ex date 20 March and pay date 27 May 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 and 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 and 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.

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.

Country Analysis Total
Assets (%)

Global 57.7
Canada 10.8
Latin America 7.3
South Africa 6.9
Australasia 6.6
United States 6.4
Other Africa 2.1
China 2.0
Indonesia 0.4
Romania 0.1
Net Current Liabilities -0.3
—–

100.0
=====

Sector Analysis Total
Assets (%)

Gold 40.6
Diversified 24.8
Copper 16.2
Steel 4.9
Platinum Group Metals 4.0
Industrial Minerals 2.6
Iron Ore 1.8
Aluminium 1.8
Uranium 0.9
Mining 0.8
Silver 0.8
Zinc 0.7
Nickel 0.4
Net Current Liabilities -0.3
—–
100.0
=====

Ten largest investments

Company Total Assets %

Vale:
    Equity 4.7
    Debenture 1.7
Glencore 6.3
Agnico Eagle Mines 6.2
Barrick Mining 5.3
Newmont 5.0
Rio Tinto 4.8
AngloGold Ashanti Plc 4.7
Wheaton Precious Metals 4.0
Kinross Gold 4.0
Anglo American 3.5

Asset Analysis Total Assets (%)
Equity 99.7
Preferred Stock 0.6
Net Current Liabilities -0.3
—–
100.0

=====

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

Markets

February was a strong month for the mining sector, supported by a combination
of improving sentiment towards real assets amidst the broadening of the AI
trade and renewed geopolitical tensions, whilst commodity performance was
generally mixed.

The gold price rose by 4.4% in February, closing the month at US$5,254/oz.
After rebounding from the late January 2026 sell off, gold came under pressure
in the first half of the month amid the U.S. dollar strengthening, stronger
than expected U.S. labour market data and expectations of delayed interest
rate cuts. Later in the month, renewed global trade tensions revived safe
haven demand, pushing gold higher before prices stabilised in the
US$5,150-US$5,200/oz range toward month end.

Copper prices rose by 1.7% over the month to US$13,294 per tonne, while
aluminium was broadly flat, posting a modest gain of 0.3%. Lithium prices
increased by 8.8%, driven by reports that Zimbabwe plans to impose a ban on
exports of raw minerals, including lithium, which accounts for around 10% of
global supply.

Bulk commodities posted modest losses, with iron ore (62% Fe) declining 5.2%
to US$98, reflecting continued weakness in Chinese steel demand amid ongoing
challenges in the property sector. Industrial activity in China expanded
driven primarily by an increase in export new orders, as the Caixin
Manufacturing PMI rose from 50.3 in January to 52.1 in February.

February was marked by the Q4 2025 reporting season, during which the majority
of companies reported strong annual results. Mining companies’ performance was
supported by strong balance sheets and continued capital discipline, with many
companies announcing dividend increases and share buyback programmes. There
was also renewed focus on M&A activity, with selected announced and attempted
deals underscoring the industry consolidation that is taking place.

Outlook

Our outlook for the mining sector remains constructive. Supply and demand
dynamics look favourable for most mined commodities. Copper demand is expected
to accelerate, driven by electrification, rising power requirements, the build
out of data centres linked to artificial intelligence and the broader energy
transition, while supply constraints persist due to operational disruptions
and long lead times for new projects.

Falling U.S. interest rates further support the outlook, enhancing the appeal
of non-yielding metals such as gold and silver, lowering financing costs for
industrial and green energy projects and reinforcing demand through a weaker
U.S. dollar. At the same time, resource nationalism and geopolitical tensions
are shifting priorities toward supply security, with governments and companies
increasingly focused on securing access to critical minerals.

Mining companies remain committed to capital discipline, emphasising cost
control and operational efficiency, which supports free cash flow margins.
Rather than investing aggressively in production growth, miners are
prioritising debt reduction, cost optimisation and shareholder returns. This
approach limits new supply and encourages a `buy versus build’ strategy to
secure access to mining assets, creating opportunities for M&A activity that
could benefit select players.

Lastly, we see an exciting outlook for gold producer earnings, and it is our
largest sub-sector exposure today. Our outlook for gold over the next 12
months is that it continues to trend higher, albeit at a more moderate pace
relative to 2025. The structural drivers of gold for 2025 remain in place in
2026, including high government debt-to-GDP ratios and subsequent currency
aversion trade, elevated geopolitical risks and strong central bank purchases.
Looking ahead, share price performance among gold miners will be driven more
by company-specific actions in our view, such as disciplined capital
allocation, strategic growth and cost control, rather than just gold price
sensitivity, which shaped the story in 2025. We continue to position our
portfolio to capture companies that demonstrate sustainable growth, extend
mine life and prioritise shareholder returns.

19 March 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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