BLACKROCK WORLD MINING TRUST PLC (LEI - LNFFPBEUZJBOSR6PW155

All information is at 30 September 2024 and unaudited.

Performance at month end
with net income reinvested

                           One    Three   One    Three    Five
                           Month  Months  Year   Years    Years
Net asset value            6.9%   2.6%    2.4%   25.7%    86.2%
Share price                5.7%   -2.3%   -0.9%    26.6%  108.0%
MSCI ACWI Metals & Mining  6.9%   2.3%    9.3%   25.4%    72.3%
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:  580.66p
Net asset value (capital only):       571.76p
Share price:                          550.00p
Discount to NAV2:                     5.3%
Total assets:                         £1,236.9m
Net yield3:                           6.1%
Net gearing:                          11.9%
Ordinary shares in issue:             191,183,036
Ordinary shares held in Treasury:     1,828,806
Ongoing charges4:                     0.91%
Ongoing charges5:                     0.81%

1 Includes net revenue of 8.90p.

2 Discount to NAV including income.

3 Based on a third interim dividend of 5.50p per share declared on 11 October
2023 with ex-date 23 November 2023 and pay date of 18 December 2023, and a final
dividend of 17.00p per share declared on 7 March 2024 with ex date 21 March 2024
and pay date 14 May 2024 in respect of the year ended 31 December 2023, and a
first interim dividend of 5.50p per share declared on 10 May 2024 with ex date
30 May 2024 and pay date 24 June 2024, and second interim dividend of 5.50p per
share declared on 23 August 2024 with ex date 5 September 2024 and pay date 30
September 2024 in respect of the year ending 31 December 2024.

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 2023.

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 2023.

Country Analysis    Total
                    Assets (%)

Global              62.4
Canada              11.9
Latin America       7.4
Australasia         6.5
United States       5.9
Other Africa        3.9
South Africa        0.7
Indonesia           0.6
Net Current Assets  0.7
                    -----
                    100.0
                    =====

Sector Analysis        Total
                       Assets (%)

Diversified            36.2
Copper                 23.3
Gold                   22.1
Steel                  4.9
Iron Ore               3.3
Industrial Minerals    3.2
Uranium                2.6
Aluminium              1.3
Platinum Group Metals  1.3
Nickel                 1.0
Zinc                   0.1
Net Current Assets     0.7
                       -----
                       100.0
                       =====

Ten largest investments

Company                  Total Assets %

BHP:
    Equity               9.4
    Royalty              1.4
Rio Tinto                7.0
Glencore                 6.6
Anglo American           5.3
Newmont                  5.2
Freeport-McMoRan         4.7
Agnico Eagle Mines       4.5
Vale:
    Debenture            2.3
    Equity               1.9
Teck Resources           3.7
Wheaton Precious Metals  3.5
5

Asset Analysis      Total Assets (%)
Equity              96.9
Bonds               1.4
Preferred Stock     0.7
Convertible Bond    0.6
Option              -0.3
Net Current Assets  0.7
                    -----
                    100.0
                    =====

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

Performance

The Company's NAV rose by 6.9% in September 2024, performing in line with its
reference index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net
return) which increased by 6.9% (performance figures in GBP).

The mining sector performed strongly in September as mined commodity prices
rose across the board. For reference, global equity markets, as measured by
the MSCI ACWI TR Index, returned +2.3%.

The main news for mining was China announcing a range of stimulus measures.
This was welcome news following a ~18-month period in which weak economic data
(particularly property-related data) has been the main drag on the sector. The
People's Bank of China said it would cut the reserve requirement ratio (the
amount of cash banks need to hold in reserve), reduce interest rates for
existing mortgages and lower the minimum down payment on home purchases. These
monetary measures were then followed by a report that China also plans to
issue ~2 trillion yuan of special sovereign bonds as part of a fresh fiscal
stimulus package.

In the commodities space, iron ore (62% fe), copper and gold prices rose by
8.4%, 6.3% and 5.1% respectively. Meanwhile, energy costs came down during the
month with the Brent oil price falling by 9.8%, suggesting a positive outlook
for the miners' margins.

Elsewhere, the uranium price rose by 3.0% as excitement built around nuclear.
During the month, Microsoft signed a deal with Constellation Energy to restart
its Three Mile Island nuclear plant in Pennsylvania to help power Microsoft's
data centres.

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 mergers and acquisitions 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.

17 October 2024

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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