REG-BlackRock World Mining Trust Plc: Portfolio Update

BlackRock World Mining TrustAnnouncement

19/02/2026 12:30

BLACKROCK WORLD MINING TRUST PLC (LEI) – LNFFPBEUZJBOSR6PW155

All information is at                                  31 January 2026        
                       and unaudited.          
                      

 Performance at month end with net income reinvested                                           
                                                                                               
                                                          One    Three   One    Three  Five    
                                                          Month  Months  Year   Years  Years   
 Net asset value                                          13.1%  33.9%   88.4%  50.0%  135.7%  
 Share price                                              13.8%  40.0%   91.8%  43.6%  126.2%  
 MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*  12.2%  26.2%   73.4%  54.8%  123.8%  
                                                                                               
 * (Total return)   Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream 
                                                                                               

At month end

 Net asset value (including income) 1 :  968.04p      
 Net asset value (capital only):         959.83p      
 Share price:                            915.00p      
 Discount to NAV 2 :                     5.5%         
 Total assets:                           £1,916.5m    
 Net yield 3 :                           2.5%         
 Net gearing:                            6.2%         
 Ordinary shares in issue:               186,683,036  
 Ordinary shares held in Treasury:       6,328,806    
 Ongoing charges 4 :                     0.95%        
 Ongoing charges 5 :                     0.84%        
                                                      

 

1           Includes net revenue of 8.21p.

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              60.2           
 Canada              10.0           
 Latin America       8.0            
 United States       7.0            
 South Africa        6.2            
 Australasia         5.7            
 Other Africa        2.1            
 China               0.4            
 Indonesia           0.4            
 Net Current Assets  –              
                     -----          
                                    
 100.0                              
 =====                              

 

 

 

 Sector Analysis        Total          
                          Assets (%)   
                                       
 Gold                   37.2           
 Diversified            26.6           
 Copper                 17.5           
 Steel                  5.2            
 Platinum Group Metals  4.0            
 Industrial Minerals    2.7            
 Aluminium              2.0            
 Uranium                1.1            
 Iron Ore               1.0            
 Mining                 0.9            
 Silver                 0.8            
 Nickel                 0.5            
 Zinc                   0.5            
 Net Current Assets     –              
                        -----          
 100.0                                 
 =====                                 

 

 

 

 

 

 

 Ten largest investments                  
                                          
 Company                  Total Assets %  
                                          
 Vale:                                    
 Equity                   5.1             
 Debenture                1.9             
 Glencore                 6.9             
 Barrick Mining           5.5             
 Agnico Eagle Mines       5.4             
 Rio Tinto                5.3             
 Newmont                  5.0             
 AngloGold Ashanti Plc    4.0             
 Kinross Gold             3.9             
 Anglo American           3.8             
 Wheaton Precious Metals  3.7             
                                          

 

 Asset Analysis      Total Assets (%)  
 Equity              99.3              
 Preferred Stock     0.7               
 Net Current Assets  –                 
                     -----             
                     100.0             
                                       

 

 

 Commenting on the markets, Evy Hambro and Olivia Markham, representing the Investment Manager noted:                                                                                                                                                                                                                                                                                                                                                                                                                            
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Markets     January was a strong yet volatile month for the mining sector, marked by record breaking price rallies followed by a sharp correction toward month end across gold, silver, and copper. Sentiment toward precious metals was supported by rising geopolitical tensions, the continuation of the debasement trade and increased retail participation, while copper reached unprecedented levels amid supply disruptions and strong demand linked to strategic stockpiling.    Gold rose 16.3% in January, climbing   
 from US$4,325/oz to US$5,030/oz in a volatile month supported by safe haven demand amid geopolitical tensions, including U.S. tensions with Iran and its intervention in Venezuela, expectations of monetary easing, and a weaker U.S. dollar. Prices briefly softened mid month after U.S. CPI data met expectations, before renewed geopolitical tensions around Greenland pushed gold above US$5,000/oz. After peaking at US$5,595/oz on 29 January, gold eased on profit taking and the appointment of a new U.S. Federal   
 Reserve Chair.    Similar to gold, significant moves were observed in the silver market. Prices broke through US$100/oz in the second half of the month, peaking at US$121.7/oz on 29 January, before falling 28% the following day, driven by the same factors that weighed on gold.    Copper prices rose by 4.9% over the month to US$13,068/tonne. Prices increased amid acute supply disruptions and a significant build up of inventories in the U.S., reaching an all time high of US$14,500/tonne on 29 January, before 
 retreating on 30 January.    Bulk commodities posted modest losses, with iron ore (62% Fe) declining 2.6%, 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 domestic orders ahead of the Lunar New Year, as the Caixin Manufacturing PMI rose from 50.1 in December to 50.3 in January.       Outlook     Our outlook for the mining sector remains constructive. Supply and demand dynamics look 
 favourable for most mined commodities, with particular strength in gold and copper. Copper demand is set to accelerate, driven by electrification, rising power needs, the build-out of data centres tied to artificial intelligence adoption, and the broader energy transition. Supply constraints persist, as operational disruptions at existing mines and multi-decade lead times for new projects continue to underpin structural deficits in the base metal.    Falling U.S. interest rates contribute towards a positive 
 outlook for metal demand.  Lower rates enhance the appeal of non-yielding metals like gold and silver and reduce financing costs for industrial and green energy projects. This dynamic is reinforced by a weaker U.S. dollar, which makes dollar-denominated commodities more affordable globally, further supporting demand and prices.    Resource nationalism and geopolitical tensions have become critical drivers of metal demand, shifting priorities from cost efficiency to strategic security. Governments and       
 companies are focused on securing mineral supply, with many building strategic stockpiles of critical metals to mitigate future supply shocks and protectionist trade measures.    Mining companies remain committed to capital discipline, emphasizing cost control and operational efficiency, which supports free cash flow margins. Rather than investing aggressively in production growth, miners are prioritizing 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 prioritize shareholder      
 returns.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 19 February 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.                                                                                                                                                                                                    

 

 Release  (https://mb.cision.com/Main/22397/4310197/3943001.pdf)  



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