BlackRock World Mining Trust plc
LEI: LNFFPBEUZJBOSR6PW155
Annual Report and Financial Statements 31 December 2025
Key highlights
- Very strong year driven by positive demand trends from AI infrastructure build out and energy transition, supply side disruption, and exceptional demand for precious metals.
- Net asset value per share (NAV) total return for the year was +74.2%, compared to a total return of the reference index of +64.2% and the FTSE All-Share Index total return of 24.0%. The share price total return for the same period was +74.1%. (All performance returns in sterling terms with dividends reinvested).
- Proposed final dividend of 7.50p per share. This, together with three quarterly interim dividends, makes a total of 24.00p per share (2024: 23.00p per share) representing a 4.3% increase on dividend payments in 2024.
Chip Goodyear, the Chairman of the Company said:
“The Company’s performance through 2025 is a clear illustration of our value as a nimble “virtual mining company”, without the constraints that come with the development of fixed mining assets, and the excellent use of the investment trust structure. Our portfolio manager’s ability to flex exposure to the appropriate commodities and precious metals, their effective use of gearing to enhance returns, options strategy to boost income, and our exposure to unquoted assets all offers a unique investment opportunity for investors.”
Performance record
| As at 31 December 2025 | As at 31 December 2024 | |||
| Net assets (£’000)¹ | 1,598,428 | 975,199 | ||
| Net asset value per ordinary share (NAV) (pence) | 856.23 | 510.53 | ||
| Ordinary share price (pence) | 804.00 | 481.00 | ||
| Reference index2 – net total return | 8,885.32 | 5,411.07 | ||
| Discount to net asset value3 | 6.1% | 5.8% |
| Performance (with dividends reinvested) | For the year ended 31 December 2025 | For the year ended 31 December 2024 | ||
| Net asset value per share2,3 | +74.2% | -10.7% | ||
| Ordinary share price2,3 | +74.1% | -12.7% | ||
| Reference index2 | +64.2% | -9.9% |
| Performance (with dividends reinvested) | For the five years ended 31 December 2025 | For the five years ended 31 December 2024 | Since inception to 31 December 2025 | Since inception to 31 December 2024 |
| Net asset value per share2,3 | +107.2% | +56.7% | +2,107.8% | +1,167.4% |
| Ordinary share price2,3 | +101.8% | +69.9% | +2,129.4% | +1,180.2% |
| Reference index2 | +94.6% | +42.9% | +1,536.0% | +896.3% |
| For the year ended 31 December 2025 | For the year ended 31 December 2024 | Change % | ||
| Revenue | ||||
| Net revenue profit after taxation (£’000) | 45,867 | 44,127 | +3.9 | |
| Revenue return per ordinary share (pence)4 | 24.37 | 23.09 | +5.5 |
| Dividends per ordinary share (pence) | ||||
| – 1st interim | 5.50 | 5.50 | – | |
| – 2nd interim | 5.50 | 5.50 | – | |
| – 3rd interim | 5.50 | 5.50 | – | |
| – Final | 7.50 | 6.50 | +15.4 |
| Total dividends paid and payable | 24.00 | 23.00 | +4.3 |
1 The change in net assets reflects portfolio movements, dividends paid and the repurchase of ordinary shares into treasury during the year.
2 MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total return). With effect from 31 December 2019, the reference index changed to the MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total return). Prior to 31 December 2019, the reference index was the EMIX Global Mining Index (net total return). The performance returns of the reference index since inception have been blended to reflect this change.
3 Alternative Performance Measures, see Glossary in the Company’s Annual Report for the year ended 31 December 2025.
4 Further details are given in the Glossary in the Company’s Annual Report for the year ended 31 December 2025.
Chairman’s Statement
Highlights
- NAV per share 74.2% 1 (with dividends reinvested)
- Share price 74.1% 1 (with dividends reinvested)
- Total dividends of 24.00p per share
Overview
The financial year to 31 December 2025 saw global markets successfully navigate a challenging environment. Despite persistent geopolitical tensions in Eastern Europe and the Middle East, as well as the market volatility triggered by the Liberation Day tariffs, most equity markets delivered positive returns over the year.
For the mining industry, 2025 was similarly constructive. Performance was supported by consumer demand anticipated as a result of enduring structural themes: rapid digitalisation, the acceleration of the energy transition, increased investment in Artificial Intelligence (AI) related infrastructure, and strong demand for critical minerals essential to new technologies. Precious metals were a standout. Gold and silver experienced exceptional demand-driven in part by continued central bank accumulation of gold reserves-which helped propel the sector to market leading returns in the second half of the year. It is against this favourable backdrop that we are pleased to report a very strong year for the Company.
Performance
Over the twelve months to 31 December 2025, the Company’s net asset value per share (NAV) returned 74.2% 1 and the share price returned 74.1% 1 . Over the same period, the Company’s reference index, the MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total return), returned 64.2%, the FTSE All-Share Index returned 24.0% and the UK Consumer Price Index (CPI) increased by 3.4%.
Our portfolio managers provide a more detailed explanation of the Company’s performance during the year in their report below. They also provide additional insight into the positioning of the portfolio and their views on the outlook for the coming year.
Revenue return and dividends
The Company’s revenue per share for the year to 31 December 2025 was 24.37p, a 5.5% increase compared to the prior year revenue per share of 23.09p. The increase was driven by higher dividend payments from a number of key mining companies.
During the year, three quarterly interim dividends of 5.50p per share were paid. The Board is proposing a final dividend payment of 7.50p per share for the year ended 31 December 2025. This, together with the quarterly interim dividends, makes a total of 24.00p per share (2024: 23.00p per share) representing a increase of 4.3% on payments in 2024.
As in past years, all dividends are fully covered by income. In accordance with the Board’s stated policy, the total dividends represent substantially all of the year’s available income.
Subject to approval at the Annual General Meeting, the final dividend will be paid on 29 May 2026 to shareholders on the Company’s register on 27 March 2026, the ex-dividend date being 26 March 2026.
Gearing
The Company operates a flexible gearing policy which depends on prevailing market conditions. It may borrow up to 25% of the Group’s net assets. The maximum level of gearing used during the year was 13.6% and the level of gearing at 31 December 2025 was 4.7%. Average gearing over the year to 31 December 2025 was 8.8%.
Management of premium/discount
The Directors recognise the importance to investors of the market price of the Company’s shares relative to the underlying NAV. Accordingly, in normal market conditions, the Company may repurchase shares (at a discount to NAV) or reissue shares from treasury or issue new shares (at a premium to NAV) to manage the premium or discount at which the Company’s shares trade, where it is deemed to be in shareholders’ interests.
Over the Company’s financial year ending in December, the Company’s shares have traded at an average discount of 6.6%. During the year, the Company purchased 4,335,000 shares at an average price of 509.83p per share at an average discount of 8.7% for a total cost of £22,101,000. Since the year end and up to 12 March 2026, a further 156,000 shares have been bought back at an average price of 930.40p per share for a total cost of £1,451,000. All shares have been placed in treasury. No shares were issued in 2025 or in 2026 up to the date of this report.
Resolutions to renew the authorities to issue and buy back shares will be put to shareholders at the forthcoming Annual General Meeting.
Board composition
We are pleased to welcome Marion Sears who joined the Board in August 2025. Marion brings a wealth of experience gained in both her executive and non-executive career. Judith Mosley, who having served over nine years, will not be seeking re-election at the forthcoming Annual General Meeting (AGM) and will retire from the Board with effect from the conclusion of the meeting. The Board wishes to thank Judith for her wise counsel and valuable contribution to the Company over her tenure as a Director.
The Board has initiated a search process to identify a new Director with the skills the Board has identified it requires. We will announce the appointment of a new Director later in the year.
Shareholder communication and engagement
We appreciate how important access to regular information is to our shareholders. To supplement our Company website, we offer shareholders the ability to sign up to the Trust Matters newsletter which includes information on the Company as well as news, views and insights on the investment trust market. Information on how to sign up is included on the inside front cover of the Annual Report.
The Board encourages all shareholders to either attend the AGM or exercise your right to vote by proxy. The Board has sought to engage with shareholders who hold their shares through an intermediary or platform via the provisions of Section 793 of the Companies Act 2006. In addition, the Board is aware that certain execution only investment platforms are now providing shareholders with the ability to vote electronically. The Board encourages shareholders to take advantage of this functionality where it is available to you. For those of you who hold shares via platforms, information on how to vote can be found here: www.theaic.co.uk/availability-on-platforms.
Julian Baring Scholarship Fund
At our AGM in 2025, we provided a short presentation on the Julian Baring Scholarship Fund and the annual donation made by the Company. The fund plays an important role in supporting the education and training of the next generation of mining industry professionals. The Company is an enthusiastic supporter of this important initiative. A detailed update on the Fund is provided by the Founder and co-Trustee, Justin Baring, in the Company’s Annual Report for the year ended 31 December 2025.
Annual General Meeting arrangements
The Company’s AGM will be held at the offices of BlackRock at 12 Throgmorton Avenue, London EC2N 2DL on Friday, 22 May 2026 at 11.30 a.m. Details of the business of the meeting are set out in the Notice of Meeting in the Company’s Annual Report for the year ended 31 December 2025.
The Board very much looks forward to meeting shareholders and we encourage you to attend this year’s AGM. In the meantime, if shareholders would like to contact me, please write to BlackRock World Mining Trust plc, 12 Throgmorton Avenue, London EC2N 2DL, marked for the attention of the Chairman.
Outlook
The start of 2026 has been marked by volatility, with gold and silver prices touching new highs before pulling back. Persistent inflation, elevated government debt, ongoing geopolitical tensions and increased volatility are keeping demand strong for safe haven assets. The escalation of conflicts in the Middle East at the end of February 2026 has contributed to renewed uncertainty across global markets, particularly in energy markets, where oil prices have experienced sharp moves reflecting concerns around supply security and transport routes. Higher and more volatile oil prices have reinforced the strategic focus on energy security, domestic resource development and supply chain resilience, further underpinning long-term demand for critical minerals. At the same time, major economies are stepping up investment in technology, energy infrastructure and defence. These initiatives continue to drive structural demand for many mined commodities, such as copper, lithium and rare earth elements that are essential to electrification, renewable energy and the growing AI and data centre ecosystem. With supply growth limited and producers currently signalling maintaining capital discipline and strong balance sheets, the backdrop for the sector remains supportive.
Mined materials continue to play a crucial role in modern society, underpinning economic growth and enabling advances in living standards and technology. Your Company seeks to provide shareholders with diversified exposure to these long term themes, aiming to maximise total returns over time. The Board has confidence in the portfolio managers’ ability to construct an “optimal virtual mining company” — offering access to diverse opportunities across the sector that would be difficult for most investors to replicate.
Charles Goodyear
Chairman
16 March 2026