BLACKROCK WORLD MINING TRUST PLC (LEI - LNFFPBEUZJBOSR6PW155

All information is at 30 November 2024 and unaudited.

Performance at month end
with net income reinvested

                           One    Three   One    Three    Five
                           Month  Months  Year   Years    Years
Net asset value            -1.2%  4.3%    3.7%   15.5%    84.5%
Share price                -3.5%  -1.1%   -1.0%    15.1%  97.3%
MSCI ACWI Metals & Mining  -2.5%  1.8%    4.5%   17.0%    65.1%
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:  561.14p
Net asset value (capital only):       555.18p
Share price:                          509.00p
Discount to NAV2:                     9.3%
Total assets:                         £1,205.6m
Net yield3:                           6.6%
Net gearing:                          11.1%
Ordinary shares in issue:             191,018,036
Ordinary shares held in Treasury:     1,993,806
Ongoing charges4:                     0.91%
Ongoing charges5:                     0.81%

1 Includes net revenue of 5.96p.

2 Discount to NAV including income.

3 Based on the final dividend of 17.00p per share declared on 7 March 2024 with
ex date 21 March 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 05 September
2024 and pay date 30 September 2024 and third interim dividend of 5.50p per
share declared on 15 November 2024 with ex date 28 November 2024 and pay date 20
December 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              60.3
Canada              12.2
Latin America       7.6
Australasia         6.5
United States       6.3
Other Africa        3.8
South Africa        1.4
Indonesia           0.7
Net Current Assets  1.2
                    -----
                    100.0
                    =====

Sector Analysis        Total
                       Assets (%)

Diversified            33.6
Copper                 23.9
Gold                   21.9
Steel                  4.8
Uranium                3.4
Iron Ore               3.0
Industrial Minerals    2.9
Aluminium              2.4
Platinum Group Metals  1.7
Nickel                 1.1
Zinc                   0.1
Net Current Assets     1.2
                       -----
                       100.0
                       =====

Ten largest investments

Company                  Total Assets %

BHP:
    Equity               6.8
    Royalty              1.5
Rio Tinto                6.8
Glencore                 5.9
Anglo American           5.7
Vale:
    Equity               2.7
    Debenture            2.4
Agnico Eagle Mines       5.0
Freeport-McMoRan         4.6
Wheaton Precious Metals  3.9
Cameco Corp              3.5
Teck Resources           3.1

Asset Analysis      Total Assets (%)
Equity              96.0
Bonds               1.5
Preferred Stock     0.8
Convertible Bond    0.6
Option              -0.1
Net Current Assets  1.2
                    -----
                    100.0
                    =====

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

Performance

The Company's NAV fell by 1.2% in November 2024, outperforming its reference
index, the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index (net return)
which declined by 2.5% (performance figures in GBP).

November 2024 was a challenging month for the mining sector, which
underperformed broader equity markets represented by the MSCI All Country
World Index, which returned 3.7%. The mining sector experienced volatility as
Donald Trump's US election victory increased uncertainty around future trade
tensions with China. The election result also led to outperformance from US
stocks, including US mining companies. Meanwhile, stimulus measures announced
by China had an underwhelming effect on commodity demand expectations.

Performance in the commodities space was mixed, with iron ore (62% Fe) and
nickel prices rising by 1.0% and 1.4% respectively, whilst copper fell by
5.1%.

In the precious metals space, gold and silver prices fell by 3.0% and 8.0%
respectively, as the US dollar strengthened significantly following Trump's
election, creating a headwind.

Uranium supply-side risk increased as Russia announced temporary restrictions
on the export of enriched uranium to the US. Additionally, technology
hyperscalers have expressed a preference for nuclear energy to power their
artificial intelligence (AI) data centers, boosting sentiment for uranium and
uranium mining companies. Increasing global demand for nuclear energy and
significant supply constraints could lead to a tighter market in the coming
years.

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.

24 December 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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