BlackRock World Mining Trust Plc – Final Results

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 As at
31 31 December
December 2024

2025
Net assets (£’000)¹ 1,598,428 975,199
Net asset value per 856.23 510.53
ordinary share (NAV)
(pence)
Ordinary share price 804.00 481.00
(pence)
Reference index2 – net 8,885.32 5,411.07
total return
Discount to net asset 6.1% 5.8%
value3
========= =========

Performance (with For the For the
dividends reinvested) year year ended
ended
31 December
31
December 2024

2025
Net asset value per +74.2% -10.7%
share2,3
Ordinary share price2,3 +74.1% -12.7%
Reference index2 +64.2% -9.9%
========= =========

Performance (with For the For the Since Since inception
dividends reinvested) five five inception
years years to 31 December
ended ended to 31
December 2024
31 31
December December 2025
2025 2024
Net asset value per +107.2% +56.7% +2,107.8% +1,167.4%
share2,3
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 For the Change
year ended year ended %

31 December 31 December

2025 2024
Revenue
Net revenue profit 45,867 44,127 +3.9
after taxation
(£’000)
Revenue return per 24.37 23.09 +5.5
ordinary share
(pence)4
————— ————— —————
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 24.00 23.00 +4.3
and payable
========= ========= =========

1The change in net assets reflects portfolio movements, dividends paid and the
repurchase of ordinary shares into treasury during the year.

2MSCI 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.

3Alternative Performance Measures, see Glossary in the Company’s Annual Report
for the year ended 31 December 2025.

4Further 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

Investment Manager’s Report

Market overview

We are delighted to report a stellar year of performance for the Company. At the
half year point this outcome was not expected given the mixed returns earlier in
the year despite foundations in place to achieve this strong result. A
combination of renewed focus on the sector, positive demand trends, supply side
disruption, critical minerals agenda and ongoing macro tailwinds drove the
subsequent NAV total return outcome. 2025 produced the largest one-year gain in
Company’s assets since inception and the fourth largest gain in the NAV per
share. It was also pleasing to see the share price keep up with the move in the
underlying portfolio despite the UK budget uncertainty. By the year end, the
Company’s NAV return and share price return since inception reached 2,107.8% and
2,129.4%, or a return of 10.1% and 10.2% per annum, respectively (all returns in
Sterling terms with dividends reinvested).

Performance in 2025 was further enhanced by the use of options, while commodity
prices improved royalty income and allowed us to unlock value from selling our
unquoted royalty investment in the BHP Brazil contract for a large gain. All of
these added together helped deliver returns in excess of the broader mining
sector.

2025 proved to be a tale of two halves. The portfolio reached a low point in
April 2025, having been impacted by a number of adverse developments, including
mine flooding at Ivanhoe Mines (1.2% of the portfolio) in the Democratic
Republic of Congo (DRC), production delays at Sigma Lithium, and delays to
growth plans at Foran Mining (1.4% of the portfolio). We are pleased to report
that these setbacks were more than offset during the second half of the year,
which turned out to be one of the strongest six-month periods in the Company’s
30-year history.

Several supportive trends boosted commodity markets. In the US, President Trump
was vocal on the need to rebuild the domestic economy, boost the military and
add resilience to the supply of critical materials. In addition, his policies to
support the roll out of data centres and artificial intelligence (AI) resulted
in a large increase in domestic materials-intensive spending. In China,
commodity demand continues to move away from the property sector towards
industry and technology. And Europe is attempting to keep up by boosting defence
and technology investment. Investors eventually began to take note and recognise
the critical nature of commodities to the changing world economy.

For the year as a whole, the NAV total return of the Company was 74.2% and the
share price total return was 74.1%. This compares to the return on FTSE 100
Index of 25.8%, Consumer Price Inflation (CPI) of 3.4% and the return on the
reference index (MSCI Metals and Mining Index 30% Buffer Net TR) of 64.2% (all
percentages in Sterling terms with dividends reinvested).

Commodity price trends

Key commodity performers included the precious metals, led by silver (up 149.1%)
and gold (up 64.7% – all commodity price performance is in US Dollar terms). The
Platinum Group Metals (PGM) suite, despite not performing for most of the year,
surged in the latter months to gain 121.8%. The base metals were led by copper
and tin, up 43.9% and 40.9% respectively. Most of these gains happened during
the second half of the year and some of the prices only moved in the final
quarter. This has meant that the gains in average year-on-year prices are a
fraction of the average 12-month moves. For example, the 43.9% gain in copper
compares to an 8.8% gain in the year-on-year average price. This means that
earnings and cash-flow growth will accrue in 2026. Should commodity price
strength be sustained, growth in dividends/capital returns should occur in the
second half of 2026.

31 % Change % Change average
December in 2025 prices 2025 vs
2025 2024
Commodity
Gold US$/ounce (oz) 4,325.0 64.7% 44.2%
Silver US$/oz 72.0 149.1% 42.0%
Platinum US$/oz 2,027.0 121.8% 34.2%
Palladium US$/oz 1,567.0 72.4% 17.1%
Copper US$/pound 5.65 43.9% 8.8%
(lb)
Nickel US$/lb 7.48 9.2% -9.8%
Aluminium US$/lb 1.35 17.5% 8.7%
Zinc US$/lb 1.40 4.3% 3.2%
Lead US$/lb 0.89 2.2% -5.2%
Tin US$/lb 18.43 40.9% 13.3%
WTI Cushing 57.26 -21.0% -14.5%
US$/barrel
Iron Ore (China 62% 105.70 6.2% -8.8%
fines) US$/tonne (t)
========= ========= =========

Source: LSEG Datastream and Bloomberg, December 2025.

Bulk commodity prices were generally resilient versus consensus estimates at the
start of the year. Iron ore prices once again defied predictions of a
significant decline. Prices failed to retreat sustainably below US$100/t,
preserving the high margins and cash flows enjoyed by producers for yet another
year. Coal producers were less fortunate with margins falling on the back of
lower prices. There was some respite into the year end as energy demand growth
expectations rallied on the back of looming shortages due to the growth in AI
investment.

The oil price fell to under US$60/barrel for the first time in four years. The
lower oil price is a tailwind for mining companies given their extensive use of
oil in resource production.

Top contributors and detractors

In 2025, many commodity prices and equities moved up together. The decision to
increase exposure to gold equities in early 2024 paid off as the gold price
rallied throughout the year. In addition, the multi-year overweight position in
copper miners saw the Company benefit from a breakout in copper prices to levels
not seen before. The Company could be seen as a «virtual mining company» – with
the ability to move commodity exposure around more rapidly and at a lower cost
than a listed mining company. This is evident comparing the performance of the
Company against the large diversified miners during 2025.

Key contributors to performance in 2025 were positions in Hycroft Mining (1.7%
of the portfolio), Kinross Gold (4.1% of the portfolio), Discovery Silver (0.8%
of the portfolio) and the sale of the BHP Brazil Royalty. Offsetting these were
detractors including Jetti Resources (0.7% of the portfolio) and Ivanhoe Mines
(1.2% of the portfolio) and not owning enough of Gold Fields.

Description Sector Portfolio Reference Portfolio Contribution
average Index active to
weight average weight relative
weight return-total
effect
Top
Contributors
Cash and N/A -8.57% +0.00% -8.57% +8.42%
cash
equivalents
Hycroft Gold +0.32% +0.00% +0.32% +2.60%
Mining
BHP Brazil Gold/Copper +1.75% +0.00% +1.75% +2.40%
Royalty
Kinross Gold Gold +4.09% +1.90% +2.19% +1.82%
Discovery Silver +0.62% +0.00% +0.62% +1.51%
Silver
Nippon Steel Steel +0.00% +1.70% -1.70% +1.42%
Agnico Eagle Gold +7.35% +5.10% +2.25% +1.26%
Mines
Saudi Diversified +0.00% +1.70% -1.70% +1.00%
Arabian
Mining
Company
Bravo Mining PGM +1.13% +0.00% +1.13% +0.84%
Reliance Diversified +0.16% +1.40% -1.24% +0.82%
Inc.
Lundin Copper +1.75% +0.70% +1.05% +0.81%
Mining
Titan Mining Zinc +0.32% +0.00% +0.32% +0.81%
Endeavour Gold +1.05% +0.10% +0.95% +0.75%
Mining
Valterra PGM +1.37% +0.80% +0.57% +0.65%
Platinum
Minerals 260 Gold +0.33% +0.30% +0.03% +0.65%
========= ========= ========= ========= =========

Description Sector Portfolio Reference Portfolio Contribution
average Index active to
weight average weight relative
weight return-total
effect
Top
Detractors
Jetti Copper +1.47% +0.00% +1.47% -2.52%
Resources
Gold Fields Gold +0.05% +2.20% -2.15% -2.17%
Ivanhoe Copper +1.48% +0.60% +0.88% -1.75%
Mines
Zijin Gold +0.09% +1.80% -1.71% -1.11%
Mining
Group
Vale Diversified +7.49% +3.20% +4.29% -1.08%
Sociedad Copper +1.87% +0.00% +1.87% -1.07%
Minera
Cerro Verde
Anglo Diversified +4.86% +2.90% +1.96% -1.06%
American
MCC Mining Copper +1.51% +0.00% +1.51% -0.76%
Glencore Diversified +4.22% +3.50% +0.72% -0.71%
Labrador Iron Ore +0.93% +0.00% +0.93% -0.67%
Iron
Ore Royalty
Corp
CMOC Group Copper +0.00% +0.50% -0.50% -0.66%
Pan Silver +0.00% +1.00% -1.00% -0.66%
American
Silver
Newmont Gold +4.59% +5.50% -0.91% -0.64%
Mining
Industrias Silver +0.00% +0.50% -0.50% -0.62%
Penoles Sab
Sigma Lithium +0.26% +0.00% +0.26% -0.60%
Lithium
========= ========= ========= =========

As can be seen in the graphs on page 13 in the Company’s Annual Report for the
year ended 31 December 2025, the mix of commodity exposures adjusted by the look
through EBITDA contributions gives the Company greater absolute exposure to
copper. Doing this work allows us to have greater insight into the true
commodity risks within the portfolio. Another finding from this work is the
reduced absolute exposure to iron ore which was one of the weaker areas of
performance during the year with average prices down 8.8%.

A number of mergers and acquisitions (M&A) were either attempted or completed in
2025. In copper, BHP (3.6% of the portfolio) tried to buy Anglo American (4.1%
of the portfolio) after their failed move in 2024. The bid was deemed inadequate
and rejected by the Anglo American Board. Anglo American itself made a move to
merge with Teck Resources which shareholders voted through as the year drew to a
close. In the precious metals sector, Gold Fields completed a deal to buy Gold
Road and Harmony used gains from higher gold prices to diversify into copper
with the purchase of MAC in Australia. The market was also surprised by the
departure of Mark Bristow as Chief Executive Officer (CEO) of Barrick Mining
(6.1% of the portfolio) leading to speculation as to what is next for one of the
world’s largest gold mining companies.

Income

The Company had another good year for income despite the year-on-year cuts in
dividend payments by many companies. Importantly, the diversification of income
sources meant receipts were sufficient, and more than met our expectations of a
flat income level versus last year.

Shareholders should note that the disposal of the BHP Brazil Royalty to Gold
Royalty Corp at year end will reduce income in 2026. However, we remain
confident of being able to recycle funds raised from the sale of this royalty
into new investments.

Source of dividends and other income for last ten years

Shareholders should note that the disposal of the BHP Brazil royalty to Gold
Royalty Corp at year end will reduce income in 2026. However, we remain
confident of being able to recycle funds raised from the sale of this royalty
into new investments.

Base metals

The base metals suite, led by copper, finished the year higher due to a
culmination of macro factors (US growth, Federal Reserve (Fed) interest rate
expectations), geopolitics (trade tariffs and sanctions), AI build-out and
associated power requirements as well as a host of supply-side issues.

Copper, our preferred base metal, rallied as the investment narrative shifted
toward energy transition, AI build-out, and defence-led reshoring demand. With
AI data centre capital expenditure accelerating, the market has become aware of
the supply chain bottlenecks such as power, water and the electricity grid.
During the year, the US classified copper as a critical metal and in a world
that is increasingly electrified, we agree. Roughly two-thirds of copper demand
is linked to the distribution of electricity which continues to increase with
power intensive AI data centre growth, rising electric vehicle (EV) demand,
solar and wind infrastructure, investment into the electricity grid and defence
spending.

The supply challenges facing the copper industry intensified, with three of the
world’s major copper projects offline – driving prices higher. Mine supply
disruptions are estimated to have exceeded 6% of global supply in 2025,
meaningfully above historical levels. The challenges to bring on additional
future supplies – such as permitting and low availability of higher grade ore –
remain, motivating companies to «buy versus build.» This drove a series of
copper related M&A events during the year, including Anglo American’s bid for
Teck Resources.

The Company’s holding in Lundin Mining (2.1% of the portfolio) gained 135% as it
delivered strong operational performance and increased production guidance. In
addition, a range of smaller copper companies including Ivanhoe Electric (1.1%
of the portfolio), Solaris Resources (0.5% of the portfolio) and NGEx Minerals
(0.8% of the portfolio) performed well as the market bid-up these pre-production
companies amid higher copper prices.

The aluminium market continued to tighten with China maintaining its 45 million
tonnes per year production cap. China has moved from a net exporter to a net
importer of aluminium metal in recent years. Aluminium inventories remain low as
the US imposed a 50% import tariff, and prices rose as aluminium flowed into the
US ahead of the tariff deadline. A key question now is where new supply will
come from and the cost of that supply. Aluminium is the most «power-priced»
metal with energy representing two-thirds of its cost base. Historically,
aluminium has been produced in countries with low-cost energy and low capital
costs, such as China. However, with China no longer looking to increase domestic
production, new production will need to be built in higher-cost countries, where
aluminium smelters will have to compete against AI data centres for power. The
Company has exposure to Alcoa (1.2% of the portfolio) which increased by 33% in
2025 and Hydro (0.9% of the portfolio) which increased by 36%.

The nickel price was stable until a year-end price rally triggered by the
potential for Indonesia to restrict mining output. Indonesia has structurally
changed the market, with nickel pig iron producers rapidly growing production
and adapting their facilities to allow the production of nickel matte and other
intermediary products. The Company has limited nickel exposure with the material
representing just 0.6% of the portfolio.

Bulks and steel

It was a more challenging period for the bulk commodities with iron ore prices
in range-bound trading and coal prices soft. The metallurgical and thermal coal
market was over supplied in China, although government measures to address
overcapacity helped restore prices towards the year end. This remains a focus in
2026.

China’s steel production declined by around two percent in 2025, with weak
domestic demand offset by increased steel exports. China continues to rely on
export markets which face challenges related to increased trade tariffs and
protectionist measures.

The iron ore market has benefited from limited growth capital expenditure,
supply shocks and resilient Chinese steel demand over the last five years
resulting in a «stronger for longer» pricing environment. Investors have been
focused on whether the iron ore market moves into oversupply with the arrival of
the Simandou project in Guinea. Simandou is a high grade, Chinese-controlled
source of iron ore supply, which came into production at the end of the year and
is expected to ramp-up over the next three years to produce 120 million tonnes
per annum, which represents 7.5% of global seaborne iron ore supply.

An interesting debate is whether production from Simandou will only offset the
ongoing depletion of existing deposits. We have seen an increase in spending by
major producers as they look to maintain their existing production levels.
Although the iron ore price has remained stable, margins and free cash flow
generation have declined.

The Company’s largest exposure to iron ore is through Vale (7.1% of the
portfolio), the best performing diversified mining group in 2025 with a total
return of 54.9% in Sterling terms. The company hit the upper end of production
guidance in 2025 and also beat market expectations for dividends and share
buybacks.

Following a 10% decline in the first half of the year, coking coal prices moved
above US$200/t for the first time since 2024 as China’s campaign against
industrial overcapacity reduced domestic production. Metallurgical coal prices
fell after a period of benign weather and higher -than-expected Mongolian
volumes into China resulted in an over supplied market. The Company’s main
coking coal exposure is via Glencore (3.4% of the portfolio), which acquired
Teck’s coking coal business in 2023.

For most of 2025, thermal coal prices were pressured by strong Chinese
production. With lower margins for thermal coal producers and the market well
balanced, we see reduced free cash flow generation for these companies. The
Company’s thermal coal exposure is also via Glencore, which trades on an
attractive free cash flow yield despite depressed coal prices. At their Capital
Markets Day in December 2025 they outlined a series of options they have in
copper to grow the business over time.

Precious metals

Gold, silver, platinum and palladium all set records in 2025. The Company has
made meaningful increases to its precious metals exposure over the last few
years, and it was at nearly 45% of the portfolio at year end.

Many factors drove the precious metals rally including elevated geopolitical
risks, tariff uncertainty, expected interest rate cuts, central bank buying and
exchange traded fund (ETF) inflows. The worsening fiscal deficit in the US and
rising government debts across the world bring into question the purchasing
power of paper currencies, with investors looking to alternatives such as gold
(and real assets more broadly) for protection.

Central banks remained strong buyers of gold, and additional demand came from
new players such as Tether, a stablecoin company, who held 116 tonnes of gold as
at 30 September 2025. Physically backed gold ETFs saw continued inflows in the
second half of the year, with full year additions of 801 tonnes and total gold
ETF holdings ending at 129 million ounces versus 126 million ounces at the
previous peak in 2020. We remain positive on gold over the longer-term, as
growing government debt balances necessitate low real rates and ongoing
pressures on currencies.

Gold versus gold ETF

Gold equities performed strongly, with the FTSE Gold Mines Index up 163%. The
gold mining companies have done a good job capturing higher gold prices and
converting it into improved cash flows. This has supported debt reduction as
well as increased dividends and buybacks. Lower oil prices and moderate cost
inflation has resulted in record margins, albeit reduced by higher government
royalty and taxes, and it has been encouraging to see the companies maintain
capital cost discipline.

Platinum Group Metals

Kinross Gold was a key contributor to performance, as the company bolstered its
organic growth pipeline and maintained a disciplined approach to capital
allocation. The Company increased its exposure to Barrick Mining during the
second half as momentum built around the potential break-up of the business.
Spectacular performance came from some of our smaller holdings, including
Endeavour Mining (1.1% of the portfolio) that rose 171.7% and Minerals 260 (0.6%
of the portfolio), which listed in April 2025 and finished the year up 230%. And
our small silver holdings deserve special mention. Discovery Silver gained 784%
since we invested in the company, and Hycroft Mining, which was acquired towards
the end of 2025, rose 212% thanks to positive high-grade silver drilling at its
Vortex deposit in Nevada.

After a multi-year period of destocking, PGM prices bottomed and markets
tightened which saw platinum and palladium prices leap higher. The PGM industry
has been cautious in investing in new supply, so producers are unable to
increase production as demand rises. We have previously talked about how the
growth of EVs that don’t use PGMs might be bad for demand. However, over the
past two years we have seen greater demand for hybrid EVs that do contain these
metals.

The Company increased its exposure to Valterra Platinum (2.0% of the portfolio)
and to Northam Platinum (0.9% of the portfolio), which also provides exposure to
rhodium. Our other key PGM exposure is held through Bravo Mining (1.1% of the
portfolio), which provided positive updates on its Luanga project in Brazil.

Energy transition metals

Global battery EV and hybrid sales continued to increase in 2025, with volumes
expected to reach 22 million units, up from 17 million units in 2024. Growth was
supported by improvements in battery performance, declining production costs and
a broader model range, particularly in China. In addition, demand for Energy
Storage Systems (ESS) surpassed expectations and drove lithium prices higher in
the second half of the year.

Improved economics for ESS, combined with growing renewable energy generation to
power the growth of AI, has seen ESS demand accelerate, and today it accounts
for around one-third of lithium demand. Despite weak pricing, supply growth
remains strong from projects committed to during a period of higher lithium
prices. The Company has limited exposure to lithium through a convertible bond
in Albemarle (0.7% of the portfolio), the world’s largest lithium producer. The
Company also has exposure to lithium via Rio Tinto (5.4% of the portfolio)
following their acquisition of Arcadium Lithium in 2024.

The role of nuclear energy in delivering net-zero objectives gained further
momentum through 2025, supported by governments and technology companies seeking
reliable, low-carbon power for data centres. The Company’s holding in Cameco
(1.0% of the portfolio) rose 78% in 2025, benefitting from its 49% ownership
stake in Westinghouse – which announced a partnership with the US government to
invest at least US$80 billion to build new nuclear reactors in the US.

Rare earth elements (REEs) remain strategically important, particularly for EV
motors that use neodymium-praseodymium (NdPr) magnets. With supply chains
heavily concentrated in China, western governments continued to prioritise
alternative sources. In July 2025, MP Materials received an investment from the
US Department of War and secured a 10-year offtake agreement with a favorable
price floor, underscoring growing geopolitical support for non-Chinese supply.
The share price of Lynas Rare Earths (0.8% of the portfolio), the key producer
of non-Chinese NdPr from its Mount Weld mine in Australia, gained 100%.

Royalty and unquoted investments

As at year end, the unquoted investments were 4.0% of the portfolio and consist
of the Vale Debentures, Jetti Resources and MCC Mining. The BHP Brazil Royalty
contract was sold to Gold Royalty Corp. These unquoted investments, and any
future investments, will be managed in line with the guidelines set by the Board
as outlined to shareholders in the Strategic Report.

BHP Brazil Royalty Contract

In 2014 the Company invested US$12 million in return for a royalty comprising 2%
on copper, 25% on gold and 2% on all other metals produced from mines built on
Avanco Resources’s Antas North and Pedra Branca licences.

Since our investment, the operator of the asset has evolved with Avanco acquired
by OZ Minerals and BHP acquiring OZ Minerals in 2023. In 2025, BHP announced
that it had signed an agreement to sell the asset to CoreX Holdings, a private
Turkish industrial conglomerate.

The Company sold the BHP Brazil Royalty to Gold Royalty Corp, a listed precious
metals royalty company for US$70 million in cash. Since our initial investment
of US$12 million, total royalty income amounted to US$43 million which, when
added to the sale price, amounts to total proceeds of US$113 million. This
represents a 40% pre-tax initial rate of return, with a cumulative return of
842%. For reference the return on the reference index over the same time period
was 212%.

The portfolio managers continue to evaluate new royalty and unquoted
opportunities following a series of successful exits in recent years.

Vale Debentures (2.1% of the portfolio)

At the beginning of 2019, the Company increased its holding in Vale Debentures,
which consist of a 1.8% net revenue royalty over Vale’s Northern System and
Southeastern System iron ore assets in Brazil, as well as a 1.25% royalty over
the Sossego copper mine.

Since we acquired the debentures for R$23 per debenture, we have received
R$29.77 per debenture in shareholder payments, meaning payback of the initial
investment in six years. The Southeastern System assets started making payments
under the debentures in the first half of 2025. In October 2025, Vale made an
offer to holders to acquire the debentures for R$42/debenture. The Company chose
not to sell given the attractive yield of the debentures.

Distribution on Vale Shareholders’ debenture payments.

Whilst the Vale Debentures are a royalty and are a listed security on the
Brazilian National Debentures System. Historically there has been a low level of
liquidity in these debentures and price volatility is to be expected.

Jetti Resources (0.7% of the portfolio)

In 2022, the Company made an investment in a mining technology company, Jetti
Resources (Jetti), which has developed a new catalyst that improves copper
recovery from primary copper sulphides (specifically copper contained in
chalcopyrite, which is often uneconomic) under conventional leach conditions.
Jetti is currently trialling their technology across a number of mines where
they will look to improve recoveries at a low capital cost. The technology is
being used at Capstone’s Pinto Valley copper mine and trialled at others,
including Escondida, the world’s largest copper mine.

During the year, the Company reduced the fair value of Jetti by 39% to reflect
the longer contract negotiation process and subsequent delays to revenue
expectations. This resulted in a 0.7% impact on performance of the Company.
Jetti is now valued modestly higher than our initial cost when the investment
was made in the company in 2022.

MCC Mining (1.2% of the portfolio)

MCC Mining (MCC) is a private company exploring for copper in Colombia. It is
undertaking early-stage greenfield exploration and has strong geological
potential to host multiple world class porphyry deposits. Shareholders include
other mid to large-cap copper miners, which is an indication of the strategic
value of the company.

MCC continues to deliver encouraging exploration results as it advances its
Pantanos and Comita projects, successfully raising US$75 million during the year
which sees them fully funded for 2026. MCC is due to commence drilling on its La
Rica deposit in 2026 and we continue to monitor the outcome of the upcoming
Colombian elections where a more supportive government would enable them to
commence permitting on their projects. The investment is currently held at a
valuation based on the last funding round completed in September 2025.

Derivatives activity

As usual, the company from time to time enters into derivatives contracts,
mostly involving the sale of «puts» and «calls» for income generation. These are
taken to revenue and are subject to strict Board guidelines that limit their
magnitude to an aggregate of 10% of the portfolio. In 2025 income generated from
options was £8.3 million which is slightly below prior year but above average
relative to the prior decade. In 2024 there were a number of stock specific
events that allowed unique gains to be locked in which drove the higher number.
This year there were fewer events but none of the scale or opportunity to repeat
the 2024 income. In addition, volatility was lower for most of the year making
writing options less attractive. At the end of the year, the Company had 0.02%
of the net assets exposed to derivatives and the average exposure to derivatives
during the year was less than 5%.

Gearing

At year end, the Company had £96.7 million of net debt, with a gearing level of
4.7%. The debt is held principally in US Dollar rolling short term loans and
managed against the value of the debt securities and the high yielding royalty
positions in the Company. The debt was generally held against the breadth of the
portfolio and for use in derivative transactions. Sale proceeds during the year
were used to fund new investments but also to reduce overall debt levels to
maintain capacity for future opportunities.

Outlook

In 2024 we wrote about the frustrations of seeing strong fundamentals but
falling share prices. It is a delight to write that in 2025 share prices rose
significantly to reflect the strong fundamentals. It is important to understand
why markets did so well in 2025 to estimate what will happen in 2026. We don’t
expect the drivers of last year’s gains to change unless we see a global
economic shock. In fact, commodity markets look set to be even stronger as
demand continues to outgrow supply. It will be up to investors to decide what
price to put on this, and that will determine total return for 2026, but the
year has started well.

Key risks remain, including geopolitical fluctuations, slow growth in the
Chinese economy and the concentration of capital spending related to technology
and AI. Should there be a wobble on the latter, both the sector as well as
broader markets would be challenged.

In summary, 2025 was a tremendous year for shareholder share price total return
with a gain of 74.1%. Within this, income remained healthy and looks set to
stabilise around current levels – or higher if companies decide to share more
with their investors. Management teams look set to remain disciplined on capital
spending, but there is a risk that M&A could accelerate given listed producers
remain cheaper than the cost of building new capacity. The Company continues to
look for interesting new opportunities, especially in the unquoted space to
replace the BHP Brazil Royalty. We look forward to completing additional
unquoted transactions this year.

Evy Hambro and Olivia Markham

BlackRock Investment Management (UK) Limited

16 March 2026

Ten largest investments

Together, the Company’s ten largest investments represented 49.4% of the
Company’s portfolio as at 31 December 2025 (2024: 52.7%).

1 Vale1,2,3 (2024: 6th)

Diversified mining group

Market value: £119,363,000

Share of investments: 7.1% comprising equity of 5.0% and debentures of 2.1%
(2024: 4.5%)

Vale is the world’s largest producer of iron ore, iron ore pellets and nickel.
The group also produces copper and cobalt as part of its base metals division.

2 Barrick Mining (2024: 10th)

Gold producer

Market value: £102,307,000

Share of investments: 6.1% (2024: 3.1%)

A senior gold producer and the third-largest in the world by market
capitalisation. The company has operations and projects in North America, South
America and Africa.

3 Agnico Eagle Mines (2024: 5th)

Gold producer

Market value: £94,256,000

Share of investments: 5.6% (2024: 5.2%)

A senior gold producer and one of the largest in the world by market
capitalisation. The company has operations and projects in North America, South
America and Africa.

4 Rio Tinto (2024: 2nd)

Diversified mining group

Market value: £89,648,000

Share of investments: 5.4% (2024: 7.2%)

One of the world’s leading mining groups. The British-Australian group’s primary
product is iron ore, but it also produces aluminium, copper, diamonds and
industrial minerals.

5 Newmont Corporation (2024: 12th)

Gold producer

Market value: £86,632,000

Share of investments: 5.2% (2024: 2.8%)

The world’s largest gold producer by market capitalisation. The group has gold
and copper operations on five continents, with active gold mines in Nevada,
Australia, Ghana, Peru and Suriname.

6 AngloGold Ashanti (2024: 43rd)

Gold producer

Market value: £71,615,000

Share of investments: 4.3% (2024: 0.6)

A major global gold mining company, formed in 2004 by the merger of AngloGold
and Ashanti Goldfields Corporation. It operates a diverse portfolio of mining
operations across four continents making it one of the world’s largest gold
producers.

7 Anglo American (2024: 4th)

Diversified mining group

Market value: £69,307,000

Share of investments: 4.1% (2024: 5.9%)

A globally diversified group with exposure to copper, premium iron ore, crop
nutrients and other commodities. The company is currently undertaking a
restructuring to simplify the business and has announced a business combination
with Teck Resources.

8 Kinross Gold (2024: 27th)

Gold producer

Market value: £68,170,000

Share of investments: 4.1% (2024: 1.2%)

A mining company conducting extraction and processing of gold and silver ore. It
operates a portfolio of gold mines in Canada, the US, Brazil, Chile and
Mauritania.

9 Wheaton Precious Metals (2024: 8th)

Precious metals royalty

Market value: £65,063,000

Share of investments: 3.9% (2024: 3.9%)

One of the world’s largest precious metals streaming companies. The company
provides financing to traditional mining companies in exchange for a percentage
of the metals produced by one or more of those companies’ mines.

10 BHP3 (2024: 1st)

Diversified mining group

Market value: £59,583,000

Share of investments: 3.6% (2024: 9.1%)

The world’s largest diversified mining group by market capitalisation. The group
is an important global player in a number of commodities including iron ore,
copper, metallurgical coal and potash.

1Includes investments held at Directors’ valuation.

2Includes fixed income securities.

3Includes options.

All percentages reflect the value of the holding as a percentage of total
investments. For this purpose, where more than one class of securities is held,
these have been aggregated.

Percentages in brackets represent the value of the holding as at 31 December
2024.

Investments

as at 31 December 2025

Main Market % of

geographical value investments

exposure £’000
Gold
Barrick Mining Global 102,307 6.1
Agnico Eagle Mines Canada 94,256 5.6
Newmont Global 86,632 5.2
Corporation
AngloGold Ashanti South Africa 71,615 4.3
Kinross Gold Global 68,170 4.1
Wheaton Precious Global 65,063 3.9
Metals
Hycroft Mining United States 29,201 1.7
Franco-Nevada Global 20,975 1.3
Northern Star Australasia 18,980 1.1
Resources
Endeavour Mining Other Africa 18,803 1.1
Gold Royalty Global 15,018 0.9
Capricorn Metals Australasia 14,821 0.9
Firefly Metals Canada 11,340 0.7
Allied Gold1 Other Africa 10,798 0.6
Rio2 Latin America 10,546 0.6
Minerals 260 Australasia 10,456 0.6
Bellevue Gold Australasia 7,673 0.5
Zijin Mining Group China 7,217 0.4
Polyus2 Russia – –
————— —————
663,871 39.6
========= =========
Diversified
Vale Global 83,963 } 7.1
Vale Global 35,749
Debentures1,3,4
Vale Put Option Global (349)
16/01/2026
US$13.00
Rio Tinto Global 89,648 5.4
Anglo American Global 69,307 4.1
BHP Global 59,593 } 3.6
BHP Put Option Global (10)
15/01/2026
AUD$41.261
Glencore Global 56,115 3.4
Vox Royalty Canada 10,691 0.6
Teck Resources Global 9,052 0.5
————— —————
413,759 24.7
========= =========
Copper
Lundin Mining Global 34,929 2.1
Freeport-McMoran Global 34,605 2.1
Southern Copper Latin America 30,090 1.8
Corporation
Sociedad Minera Latin America 25,620 1.5
Cerro Verde
Foran Mining Canada 24,043 1.4
Develop Global Australasia 20,443 1.2
MCC Mining4 Latin America 20,355 1.2
Ivanhoe Mines Other Africa 19,690 1.2
Ivanhoe Electric United States 18,879 1.1
First Quantum Global 18,545 1.1
Minerals
NGEx Minerals Latin America 12,859 0.8
Jetti Resources4 Global 12,436 0.7
Solaris Resources Latin America 8,121 0.5
Ero Copper Latin America 4,146 0.2
LunR Royalties Latin America 2,946 0.2
————— —————
287,707 17.1
========= =========
Steel
Steel Dynamics United States 32,018 1.9
Nucor United States 31,826 1.9
ArcelorMittal Global 28,165 1.7
————— —————
92,009 5.5
========= =========
Platinum Group
Metals
Valterra Platinum South Africa 33,659 2.0
Bravo Mining Latin America 18,991 1.1
Northam Platinum Global 14,527 0.9
Impala Platinum South Africa 4,649 0.3
————— —————
71,826 4.3
========= =========
Industrial
Minerals
Lynas Rare Earths Australasia 13,547 0.8
Martin Marietta United States 13,141 0.8
Materials
Albemarle Global 11,376 0.7
Iluka Resources Australasia 5,179 0.3
Chalice Mining Australasia 2,053 0.1
Sheffield Resource Australasia 704 –
————— —————
46,000 2.7
========= =========
Aluminium
Alcoa Global 19,743 1.2
Hydro Global 14,791 0.9
————— —————
34,534 2.1
========= =========
Iron Ore
Labrador Iron Canada 10,874 0.6
Fortescue Australasia 4,341 0.3
Champion Iron Canada 4,153 0.3
Equatorial Other Africa 253 –
Resources
————— —————
19,621 1.2
========= =========
Uranium
Cameco Canada 15,918 1.0
————— —————
15,918 1.0
========= =========
Silver
Discovery Silver Latin America 13,013 0.8
————— —————
13,013 0.8
========= =========
Nickel
Nickel Industries Indonesia 6,300 0.4
Lifezone Metals Global 2,959 0.2
————— —————
9,259 0.6
========= =========
Zinc
Titan Mining United States 7,181 0.4
————— —————
7,181 0.4
========= =========
Energy Minerals
Gippsland Energy Australasia – –
Latrobe Australasia – –
Fertilisers
————— —————
1,674,698 100.0
========= =========
Comprising:
– Investments 1,675,057 100.0
– Options (359) –
————— —————
1,674,698 100.0
========= =========

1Includes fixed income securities.

2This position is fair valued to nil due to sanctions on Russia. The underlying
local value of the position on the Moscow Stock Exchange at 31 December 2025 was
£25.2 million.

3The investment in the Vale debentures is illiquid and has been valued using
secondary market pricing information provided by the Brazilian Financial and
Capital Markets Association (ANBIMA).

4Includes investments held at Directors’ valuation.

All investments are in equity shares unless otherwise stated.

The total number of investments as at 31 December 2025 (including options
classified as liabilities on the balance sheet) was 70 (2024: 70).

As at 31 December 2025 the Company did not hold any equity interests in
companies comprising more than 3% of a company’s share capital.

Portfolio analysis

as at 31 December 2025

Commodity Exposure1

2025 2024 2025 reference index3
portfolio portfolio2
Gold 39.6% 22.0% 36.3%
Diversified 24.7% 33.9% 26.8%
Copper 17.1% 24.8% 11.8%
Steel 5.5% 4.7% 11.3%
Platinum Group Metals 4.3% 1.7% 3.2%
Industrial Minerals 2.7% 2.8% 1.0%
Aluminium 2.1% 2.3% 3.0%
Iron Ore 1.2% 3.2% 2.2%
Uranium 1.0% 3.4% 0.0%
Silver 0.8% 0.0% 2.5%
Nickel 0.6% 1.1% 0.0%
Zinc 0.4% 0.1% 1.1%
Other4 0.0% 0.0% 0.8%

1 Based on index classifications.

2 Represents exposure at 31 December 2024.

3 MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (net total return).

4 Represents a very small exposure.

Geographic Exposure1

2025
Global 57.2%
Canada 10.2%
Latin America 8.7%
Other2 8.6%
South Africa 6.6%
Australasia 5.8%
Other Africa (ex South Africa) 2.9%

2024
Global 61.3%
Canada 12.5%
Latin America 8.9%
Australasia 6.5%
Other3 6.2%
Other Africa (ex South Africa) 3.9%
South Africa 0.7%

1 Based on the principal commodity exposure and place of operation of each
investment.

2 Consists of China, Indonesia and United States.

3 Consists of Indonesia and United States.

Strategic Report

The Directors present the Strategic Report of BlackRock World Mining Trust plc
for the year ended 31 December 2025. The aim of the Strategic Report is to
provide shareholders with the information to assess how the Directors have
performed their duty to promote the success of the Company for the collective
benefit of shareholders.

The Chairman’s Statement together with the Investment Manager’s Report form part
of this Strategic Report. The Strategic Report was approved by the Board at its
meeting on 16 March 2026.

Principal activities

The Company carries on business as an investment trust with a listing on the
London Stock Exchange. Its principal activity is portfolio investment and that
of its subsidiary, BlackRock World Mining Investment Company Limited (together
the Group), is investment dealing. The Company was incorporated in England on 28
October 1993 and this is the thirty-second Annual Report.

Investment trusts are pooled investment vehicles which allow exposure to a
diversified range of assets through a single investment, thus spreading
investment risk.

Objective

The Company’s objective is to maximise total returns to shareholders through the
cycle using a worldwide portfolio of mining and metal investments.

The Board recognises the importance of dividends to shareholders in achieving
that objective, in addition to capital returns.

Strategy, business model and investment policy

Strategy

The Company invests in accordance with the objective given above. The Board is
collectively responsible to shareholders for the long-term success of the
Company and is its governing body. There is a clear division of responsibility
between the Board and BlackRock Fund Managers Limited (the Manager). Matters
reserved for the Board include setting the Company’s strategy, including its
investment objective and policy, setting limits on gearing (both bank borrowings
and the effect of derivatives), capital structure, governance and appointing and
monitoring of the performance of service providers, including the Manager.

Business model

The Company’s business model follows that of an externally managed investment
trust. Therefore, the Company does not have any employees and outsources its
activities to third-party service providers including the Manager who is the
principal service provider. In accordance with the Alternative Investment Fund
Managers’ Directive (AIFMD), as implemented, retained and onshored in the UK,
the Company is an Alternative Investment Fund (AIF). BlackRock Fund Managers
Limited is the Company’s Alternative Investment Fund Manager.

The management of the investment portfolio and the administration of the Company
have been contractually delegated to the Manager who in turn (with the
permission of the Company) has delegated certain investment management and other
ancillary services to BlackRock Investment Management (UK) Limited (the
Investment Manager). The Manager, operating under guidelines determined by the
Board, has direct responsibility for the decisions relating to the day-to-day
running of the Company and is accountable to the Board for the investment,
financial and operating performance of the Company.

The Company delegates fund accounting services to the Manager, which in turn sub
-delegates these services to The Bank of New York Mellon (International) Limited
(BNY). Other service providers include the Depositary (also BNY) and the
Registrar, Computershare Investor Services PLC. Details of the contractual terms
with the Manager and the Depositary and more details of the arrangements in
place governing custody services are set out in the Directors’ Report.

Investment policy

The Company’s investment policy is to provide a diversified investment in mining
and metal securities worldwide actively managed with the objective of maximising
total returns. While the policy is to invest principally in quoted securities,
the Company’s investment policy includes investing in royalties derived from the
production of metals and minerals as well as physical metals. Up to 10% of gross
assets may be held in physical metals.

In order to achieve its objective, it is intended that the Group will normally
be fully invested, which means at least 90% of the gross assets of the Company
and its subsidiary will be invested in stocks, shares, debt securities,
royalties and physical metals. However, if such investments are deemed to be
overvalued, or if the Manager finds it difficult to identify attractively priced
opportunities for investment, then up to 25% of the Group’s assets may be held
in cash or cash equivalents. Risk is spread by investing in a number of
holdings, many of which themselves are diversified businesses.

The Group may occasionally utilise derivative instruments such as options,
futures and contracts for difference, if it is deemed that these will, at a
particular time or for a particular period, enhance the performance of the Group
in the pursuit of its objectives. The Company is also permitted to enter into
stock lending arrangements.

The Group may invest in any single holding of quoted or unquoted investments
that would represent up to 20% of gross assets at the time of acquisition.
Although investments are principally in companies listed on recognised stock
exchanges, the Company may invest up to 20% of the Group’s gross assets in
investments other than quoted securities. Such investments include unquoted
royalties, equities or bonds. In order to afford the Company the flexibility of
obtaining exposure to metal and mining-related royalties, it is possible that,
in order to diversify risk, all or part of such exposure may be obtained
directly or indirectly through a holding company, a fund or another investment
or special purpose vehicle, which may be quoted or unquoted. The Board will seek
the prior approval of shareholders for any unquoted investment in a single
company, fund or special purpose vehicle or any single royalty which represents
more than 10% of the Group’s assets at the time of acquisition.

The Company’s royalty strategy permits a 20% maximum exposure to royalties but
the royalty/unquoted portfolio should itself deliver diversification across
operator, country and commodity. To this end, new investments into individual
royalties/unquoted investments will not exceed circa 3% of gross assets at the
time of investment. Total exposure to any single operator, including other
issued securities such as debt and/or equity, where greater than 30% of that
operator’s revenues come from the mine over which the royalty lies, must also
not be greater than 3% at the time of investment. In addition, the guidelines
require that the Investment Manager must, at the time of investment, manage
total exposure to a single operator, via reducing exposure to listed securities
if they are also held in the portfolio, in a timely manner where
royalties/unquoted investments are revalued upwards. In the jurisdictions where
statutory royalties are possible (in countries where mineral rights are
privately owned) these will be preferred and in respect of contractual royalties
(a contractual obligation entered into by the operator and typically unsecured)
the valuation must take into account the higher credit risk involved. Board
approval will continue to be required for all royalty/unquoted investments.

While the Company may hold shares in other listed investment companies
(including investment trusts), the Board has agreed that the Company will not
invest more than 15% of the Group’s gross assets in other UK listed investment
companies. In order to comply with the current Listing Rules, the Company will
also not invest more than 10% of its gross asset value in other listed closed
-ended investment funds which themselves may invest more than 15% of their gross
assets in other listed closed-ended investment funds. This restriction does not
form part of the Company’s investment policy.

The Group’s financial statements are maintained in Sterling. Although many
investments are denominated and quoted in currencies other than Sterling, the
Board does not intend to employ a hedging strategy against fluctuations in
exchange rates.

No material change will be made to the investment policy without shareholder
approval.

Gearing

The Company may borrow up to 25% of the Group’s net assets. The Board believes
that tactical use of gearing can add value from time to time. This gearing is
typically in the form of an overdraft or short-term loan facility, which can be
repaid at any time or matched by cash. The level and benefit of gearing is
discussed and agreed with the Board regularly. The maximum level of gearing used
during the year was 13.6% and, at the financial reporting date, net gearing
(calculated as borrowings less cash and cash equivalents as a percentage of net
assets) stood at 4.7% of shareholders’ funds (2024: 12.0%). For further details
on borrowings refer to note 14 in the Financial Statements and the Alternative
Performance Measure in the Glossary.

Portfolio analysis

Information regarding the Company’s investment exposures is contained within
Section 2 (Portfolio), with information on the ten largest investments below,
the investments listed and portfolio analysis below. Further information
regarding investment risk and activity throughout the year can be found in the
Investment Manager’s Report.

At 31 December 2025, the Level 3 unquoted investments (see note 17 in the
Financial Statements) in the preferred shares and equity shares of Jetti
Resources and MCC Mining were held at Directors’ valuation, representing a total
of £32,792,000 (2024: £58,267,000). Unquoted investments can prove to be more
risky than listed investments.

Continuation vote

As agreed by shareholders in 1998, an ordinary resolution for the continuation
of the Company is proposed at each Annual General Meeting. The Directors remain
confident in the value available in the mining sector and therefore recommend
that shareholders vote in support of the Company’s continuation.

Performance

Details of the Company’s performance for the year are given in the Chairman’s
Statement. The Investment Manager’s Report includes a review of the main
developments during the year, together with information on investment activity
within the Company’s portfolio.

Results and dividends

The results for the Company are set out in the Consolidated Statement of
Comprehensive Income. The total profit for the year, after taxation, was
£688,590,000 (2024: loss of £119,941,000) of which £45,867,000 (2024:
£44,127,000) is revenue profit.

It is the Board’s intention to distribute substantially all of the Company’s
available income. The Directors recommend the payment of a final dividend as set
out in the Chairman’s Statement. Dividend payments/payable for the year ended
31December 2025 amounted to £44,869,000 (2024: £43,942,000).

Future prospects

The Board’s main focus is to maximise total returns over the longer term through
investment in mining and metal assets. The future of the Company is dependent
upon the success of the investment strategy. The outlook for the Company is
discussed in both the Chairman’s Statement and the Investment Manager’s Report.

Social, community and human rights issues

As an investment trust, the Company has no direct social or community
responsibilities or impact on the environment and the Company has not adopted an
ESG investment strategy or exclusionary screens. However, the Directors believe
that it is important and in shareholders’ interests to consider human rights
issues and environmental, social and governance factors when selecting and
retaining investments. Details of the Company’s approach to ESG are set out in
the Company’s Annual Report for the year ended 31 December 2025 and details of
the Manager’s approach to ESG integration are also set out in the Company’s
Annual Report for the year ended 31 December 2025.

Modern Slavery Act

As an investment vehicle, the Company does not provide goods or services in the
normal course of business and does not have customers. The Investment Manager
considers modern slavery as part of supply chains and labour management within
the investment process. Accordingly, the Directors consider that the Company is
not required to make any slavery or human trafficking statement under the Modern
Slavery Act 2015. In any event, the Board considers the Company’s supply chains,
dealing predominantly with professional advisers and service providers in the
financial services industry, to be low risk in relation to this matter.

Directors, gender representation and employees

The Directors of the Company on 31 December 2025 are set out in the Directors’
Biographies in the Company’s Annual Report for the year ended 31 December 2025.
The Board currently consists of two male Directors and three female Directors.
The Company’s policy on diversity is set out in the Company’s Annual Report for
the year ended 31 December 2025. The Company does not have any executive
employees.

Key performance indicators

At each Board meeting, the Directors consider a number of performance measures
to assess the Company’s success in achieving its objectives. The key performance
indicators (KPIs) used to measure the progress and performance of the Company
over time and which are comparable to other investment trusts, are set out
overleaf. As indicated in the footnote to the table, some of these KPIs fall
within the definition of `Alternative Performance Measures’ under guidance
issued by the European Securities and Markets Authority (ESMA) and additional
information explaining how these are calculated is set out in the Glossary in
the Company’s Annual Report for the year ended 31 December 2025. Additionally,
the Board regularly reviews the performance of the portfolio, as well as the net
asset value and share price of the Company and compares this against various
companies and indices. Information on the Company’s performance is given in the
Chairman’s Statement.

Year ended Year ended

31 December 31 December

2025 2024
Net asset value total return1,2 74.2% -10.7%
Share price total return1,2 74.1% -12.7%
Discount to net asset value2 6.1% 5.8%
Revenue earnings per share 24.37p 23.09p
Total dividends per share 24.00p 23.00p
Ongoing charges on net assets2,3 1.05% 0.95%
Ongoing charges on gross assets2,4 0.95% 0.84%
========= =========

1This measures the Company’s net asset value (NAV) and share price total return,
which assumes dividends paid by the Company have been reinvested.

2Alternative Performance Measures, see Glossary in the Company’s Annual Report
for the year ended 31 December 2025.

3Ongoing charges based on net assets represent the management fee and all other
operating expenses, excluding finance costs, direct transaction costs, custody
transaction charges, VAT recovered, taxation, prior year expenses written back
and certain non-recurring items, as a percentage of average daily net assets.

4Ongoing charges based on gross assets represent the management fee and all
other operating expenses, excluding finance costs, direct transaction costs,
custody transaction charges, VAT recovered, taxation, prior year expenses
written back and certain non-recurring items, as a percentage of average daily
gross assets. Gross assets are calculated based on net assets during the year
before the deduction of the bank overdraft and loans. Ongoing charges based on
gross assets are considered to be an appropriate performance measure as
management fees are payable on gross assets (subject to certain adjustments and
deductions).

Principal risks

The Company is exposed to a variety of risks and uncertainties. As required by
the 2024 UK Corporate Governance Code (the UK Code), the Board has put in place
a robust ongoing process to identify, assess and monitor the principal risks and
emerging risks facing the Company including those that would threaten its
business model. A core element of this process is the Company’s risk register
which identifies the risks facing the Company and assesses the likelihood and
potential impact of each risk and the quality of controls operating to mitigate
it. A residual risk rating is then calculated for each risk based on the outcome
of the assessment.

The risk register, its method of preparation and the operation of key controls
in BlackRock’s and third-party service providers’ systems of internal control,
are reviewed on a regular basis by the Audit and Risk Committee. In order to
gain a more comprehensive understanding of BlackRock’s and other third-party
service providers’ risk management processes and how these apply to the
Company’s business, BlackRock’s internal audit department provides an annual
presentation to the Audit and Risk Committee chairs of the BlackRock investment
trusts setting out the results of testing performed in relation to BlackRock’s
internal control processes. The Audit and Risk Committee also periodically
receives and reviews internal control reports from BlackRock and the Company’s
service providers.

The Board has undertaken a robust assessment of both the principal and emerging
risks facing the Company, including those that would threaten its business
model, future performance, solvency or liquidity. For instance, the risk that
unforeseen or unprecedented events including (but not limited to) heightened
geopolitical tensions such as those in Ukraine, the Middle East, the US and
China have had a significant impact on global markets. The Board has taken into
consideration the risks posed to the Company by these events and incorporated
these into the Company’s risk register. The threat of climate change has also
reinforced the importance of more sustainable practices and environmental
responsibility for investee companies.

Emerging risks

Emerging risks are considered by the Board as they come into view and are
incorporated into the existing review of the Company’s risk register. They were
also considered as part of the annual evaluation process. Additionally, the
Manager considers emerging risks in numerous forums and the BlackRock Risk and
Quantitative Analysis team produces an annual risk survey. Any material risks of
relevance to the Company through the annual risk survey will be communicated to
the Board.

Emerging risks that have been considered by the Board over the year include the
impact of climate change, escalating geopolitical conflict and technological
advances. The key emerging risks identified are as follows:

Climate change: Investors can no longer ignore the impact that the world’s
changing climate will have on their portfolios, with the impact of climate
change on returns, including climate-related natural disasters, now potentially
significant and with the potential to escalate more swiftly than one is able to
predict. The Board receives ESG reports from the Manager on the portfolio and
the way ESG considerations are integrated into the investment decision making,
so as to mitigate risk at the level of stock selection and portfolio
construction.

Geopolitical risk: Escalating geopolitical tensions, including but not limited
to those relating to Ukraine, the Middle East, strategic competition between the
United States and China, and shifting policy priorities within major global
economies, may have a significant adverse impact on global financial markets.
The increasing use of tariffs, trade restrictions, sanctions, export controls
and domestic industrial policies is contributing to greater complexity in global
trade and a trend towards economic fragmentation. Within this category the
continuing rise of resource nationalism is presented and assessed.

Artificial Intelligence (AI): Advances in computing power means that AI has
become a powerful tool that will impact a huge range of areas and with a wide
range of applications that have the potential to dislocate established business
models and disrupt labour markets, creating uncertainty in corporate valuations.
The significant energy required to power this technological revolution will
create further pressure on environmental resources and carbon emissions.

The Board will continue to assess these risks on an ongoing basis. In relation
to the UK Code, the Board is confident that the procedures that the Company has
put in place are sufficient to ensure that the necessary monitoring of risks and
controls has been carried out throughout the reporting period.

The principal risks and uncertainties faced by the Company during the financial
year, together with the potential effects, controls and mitigating factors, are
set out in the following table.

Arrows indicate movements in the relative risk assessment compared with the
position reported in the previous financial year.

Operational

In common with most other investment trust companies, the Company has no
employees. The Company therefore relies on the services provided by third
parties and is dependent on the control systems of the Manager, the Depositary,
Custodian and Fund Accountant and other key service providers which maintain the
Company’s assets, dealing procedures and accounting records.

The security of the Company’s assets, dealing procedures, accounting records and
adherence to regulatory and legal requirements depend on the effective operation
of the systems of these third-party service providers. There is a risk that a
major disaster, such as floods, fire, a global pandemic, or terrorist activity,
renders the Company’s service providers unable to conduct business at normal
operating effectiveness.

Failure by any service provider to carry out its obligations to the Company
could have a material adverse effect on the Company’s performance. Disruption to
the accounting, payment systems or custody records (including cyber security
risk) could prevent the accurate reporting and monitoring of the Company’s
financial position.

Mitigation/Control

Due diligence is undertaken before contracts are entered into with third-party
service providers. Thereafter, the performance of the provider is subject to
regular review and reported to the Board. This includes consideration of the
financial resilience, operational capability and ownership structure of key
providers.

The Board reviews on a regular basis an assessment of the fraud risks that the
Company could potentially be exposed to and also a summary of the controls put
in place by the Manager, Depositary, Custodian, Fund Accountant and Registrar
specifically to mitigate these risks.

Most third-party service providers produce Service Organisation Control (SOC 1)
reports to provide assurance regarding the effective operation of internal
controls as reported on by their reporting accountants. These reports are
provided to the Audit and Risk Committee for review. The Committee would seek
further representations from service providers if not satisfied with the
effectiveness of their control environment.

The Company’s financial instruments held in custody are subject to a strict
liability regime and, in the event of a loss of such financial instruments, the
Depositary must return financial assets of an identical type or the
corresponding amount, unless able to demonstrate the loss was a result of an
event beyond its reasonable control.

The Board reviews the overall performance of the Manager, Investment Manager and
all other third-party service providers on a regular basis and compliance with
the Investment Management Agreement annually.

The Board also considers the business continuity arrangements of the Company’s
key service providers on an ongoing basis and reviews these as part of its
review of the Company’s risk register.

Investment performance

The returns achieved are reliant primarily upon the performance of the
portfolio.

The Board is responsible for:

-deciding the investment strategy to fulfil the Company’s objective; and

-monitoring the performance of the Investment Manager and the implementation of
the investment strategy.

An inappropriate investment strategy may lead to:

-underperformance compared to the reference index;

-a reduction or permanent loss of capital; and

-dissatisfied shareholders and reputational damage.

The Board is also cognisant of the long-term risk to performance from inadequate
attention to ESG issues and in particular the impact of climate change.

Mitigation/Control

To manage this risk the Board:

-regularly reviews the Company’s investment mandate and long-term strategy;

-has set investment restrictions and guidelines which the Investment Manager
monitors and regularly reports on;

-receives from the Investment Manager a regular explanation of stock selection
decisions, portfolio exposure, gearing and any changes in gearing, and the
rationale for the composition of the investment portfolio;

-oversees the maintenance of an adequate spread of investments in order to
minimise the risks associated with particular countries or factors specific to
particular sectors, based on the diversification requirements inherent in the
investment policy; and

-receives and reviews regular reports showing an analysis of the Company’s
performance against other indices, including the performance of major companies
in the sector.

ESG analysis is integrated into the Investment Manager’s investment process and
is monitored by the Board. As the world works toward a transition to a low
-carbon economy, the Investment Manager is interested in hearing from companies
about their strategies and plans for responding to the challenges and capturing
the opportunities that this transition creates. When companies consider climate
-related risks, it is likely they will also assess their impact and dependence
on natural capital.

Legal and regulatory compliance

The Company has been approved by HM Revenue & Customs as an investment trust,
subject to continuing to meet the relevant eligibility conditions, and operates
as an investment trust in accordance with Chapter 4 of Part 24 of the
Corporation Tax Act 2010. As such, the Company is exempt from corporation tax on
capital gains tax on the profits realised from the sale of its investments.

Any breach of the relevant eligibility conditions could lead to the Company
losing investment trust status and being subject to corporation tax on capital
gains realised within the Company’s portfolio. In such event, the investment
returns of the Company may be adversely affected.

A serious breach could result in the Company and/or the Directors being fined or
the subject of criminal proceedings or the suspension of the Company’s shares
which would in turn lead to a breach of the Corporation Tax Act 2010.

Amongst other relevant laws, the Company is required to comply with the
provisions of the Companies Act 2006, the Alternative Investment Fund Managers’
Directive as implemented, retained and onshored in the UK (AIFMD), the UK
Listing Rules, Disclosure Guidance and Transparency Rules and the Market Abuse
Regulation (as retained and onshored in the UK).

Mitigation/Control

The Investment Manager monitors investment movements, the level and type of
forecast income and expenditure and the amount of proposed dividends to ensure
that the provisions of Chapter 4 of Part 24 of the Corporation Tax Act 2010 are
not breached. The results are reported to the Board at each meeting.

Compliance with the accounting rules affecting investment trusts is also
carefully and regularly monitored.

The Company Secretary, Manager and the Company’s professional advisers provide
regular reports to the Board in respect of compliance with all applicable rules
and regulations. The Board and the Manager also monitor changes in government
policy and legislation which may have an impact on the Company.

The Company’s Investment Manager at all times complies with the sanctions
administered by the UK Office of Financial Sanctions Implementation, the United
States Treasury’s Office of Foreign Assets Control, the United Nations, European
Union member states and any other applicable regimes.

Market

Market risk arises from volatility in the prices of the Company’s investments.
The price of shares in the mining sector can be volatile and this may be
reflected in the NAV and market price of the Company’s shares.

Changes in general economic and market conditions, such as currency exchange
rates, interest rates, rates of inflation, industry conditions, tax laws,
political events, liquidity conditions, legal and regulatory developments and
trends, can also substantially and adversely affect the securities and, as a
consequence, the Company’s prospects and share price.

Market risk includes the potential impact of events which are outside the
Company’s control, including (but not limited to) heightened geopolitical
tensions and military conflict, a global pandemic and high inflation.

Companies operating in the sectors in which the Company invests may be impacted
by new legislation governing climate change and environmental issues, which may
have a negative impact on their valuation and share price.

Mitigation/Control

The Board considers the diversification of the portfolio, asset allocation,
stock selection and levels of gearing on a regular basis and has set investment
restrictions and guidelines which are monitored and reported on by the
Investment Manager.

The Board monitors the implementation and results of the investment process with
the Investment Manager.

The Board also recognises the benefits of a closed-end fund structure in
extremely volatile markets such as those affected by the current environment of
heightened geopolitical tensions and uncertainty. Unlike open-ended
counterparts, closed-end funds are not obliged to sell-down portfolio holdings
at low valuations to meet liquidity requirements for redemptions. During times
of elevated volatility and market stress, the ability of a closed-end fund
structure to remain invested for the long term enables the Investment Manager to
adhere to disciplined fundamental analysis from a bottom-up perspective and be
ready to respond to dislocations in the market as opportunities present
themselves.

The Investment Manager seeks to understand the ESG risks and opportunities
facing companies and industries in the portfolio. The Company has not adopted an
ESG focused investment strategy and does not exclude investment in stocks based
on ESG criteria, but the Investment Manager considers ESG information when
conducting research and due diligence on new investments and again when
monitoring investments in the portfolio.

Financial

The Company’s investment activities expose it to a variety of financial risks
which include market risk, counterparty credit risk, liquidity risk and the
valuation of financial instruments.

Mitigation/Control

Details of these risks are disclosed in note 17 to the Financial Statements,
together with a summary of the policies for managing these risks.

In the view of the Board, there have not been any changes to the fundamental
nature of these risks and these principal risks and uncertainties are equally
applicable for the current financial year.

Viability statement

In accordance with provision 30 of the 2024 UK Corporate Governance Code, the
Directors have assessed the prospects of the Company over a longer period than
the twelve months referred to in the going concern assessment. The Company is an
investment trust with the objective of providing an attractive level of income
return together with capital appreciation over the long term.

The Directors expect the Company to continue for the foreseeable future and have
therefore conducted this review for a period up to the Annual General Meeting in
2029. The Directors assess viability over a rolling three-year period as they
believe it best balances the Company’s long-term objective, its financial
flexibility and scope, with the difficulty in forecasting economic conditions
which could affect both the Company and its shareholders. The Company also
undertakes a continuation vote every year with the next one taking place at the
forthcoming Annual General Meeting.

In making an assessment on the viability of the Company, the Board has
considered the following:

-the impact of a significant fall in commodity markets on the value of the
Company’s investment portfolio;

-the ongoing relevance of the Company’s investment objective, business model and
investment policy in the prevailing market;

-the principal and emerging risks and uncertainties, as set out above, and their
potential impact;

-the level of ongoing demand for the Company’s shares;

-the Company’s share price discount/premium to NAV;

-the liquidity of the Company’s portfolio; and

-the level of income generated by the Company and future income and expenditure
forecasts.

The Directors have concluded that there is a reasonable expectation that the
Company will continue in operation and meet its liabilities as they fall due
over the period of their assessment based on the following considerations:

-the Investment Manager’s compliance with the investment objective and policy,
its investment strategy and asset allocation;

-the portfolio is liquid and mainly comprises readily realisable assets which
continue to offer a range of investment opportunities for shareholders as part
of a balanced investment portfolio;

-the operational resilience of the Company and its key service providers and
their ability to continue to provide a good level of service for the foreseeable
future;

-the effectiveness of business continuity plans in place for the Company and its
key service providers;

-the ongoing processes for monitoring operating costs and income which are
considered to be reasonable in comparison to the Company’s total assets;

-the Board’s discount management policy; and

-the Company is a closed-end investment company and therefore does not suffer
from the liquidity issues arising from unexpected redemptions.

In addition, the Board’s assessment of the Company’s ability to operate in the
foreseeable future is included in the Going Concern Statement which can be found
in the Directors’ Report in the Company’s Annual Report for the year ended 31
December 2025.

Section 172 statement: Promoting the success of the Company

The Companies (Miscellaneous Reporting) Regulations 2018 require directors of
large companies to explain more fully how they have discharged their duties
under Section 172(1) of the Companies Act 2006 in promoting the success of their
companies for the benefit of members as a whole. This includes the likely
consequences of their decisions in the longer term and how they have taken wider
stakeholders’ needs into account.

The disclosure that follows covers how the Board has engaged with and
understands the views of stakeholders and how stakeholders’ needs have been
taken into account, the outcome of this engagement and the impact that it has
had on the Board’s decisions. The Board considers the main stakeholders in the
Company to be the Manager, Investment Manager and the shareholders. In addition
to this, the Board considers investee companies and key service providers of the
Company to be stakeholders; the latter comprise the Company’s Depositary,
Registrar, Fund Accountants and Brokers.

Stakeholders

Shareholders

Continued shareholder support and engagement are critical to the continued
existence of the Company and the successful delivery of its long-term strategy.
The Board is focused on fostering good working relationships with shareholders
and on understanding the views of shareholders in order to incorporate them into
the Board’s strategy and objective in maximising total returns to shareholders
through a worldwide portfolio of mining and metal securities.

Manager and Investment Manager

The Board’s main working relationship is with the Manager, who is responsible
for the Company’s portfolio management (including asset allocation, stock and
sector selection) and risk management, as well as ancillary functions such as
administration, secretarial, accounting and marketing services. The Manager has
sub-delegated portfolio management to the Investment Manager. Successful
management of shareholders’ assets by the Investment Manager is critical for the
Company to deliver successfully its investment strategy and meet its objective.
The Company is also reliant on the Manager as AIFM to provide support in meeting
relevant regulatory obligations under the AIFMD and other relevant legislation.

Other key service providers

In order for the Company to function as an investment trust on the London Stock
Exchange’s (LSE) main market for listed securities and generally function as an
investment trust with a listing on the official list of the FCA, the Board
relies on a diverse range of advisers for support in meeting relevant
obligations and safeguarding the Company’s assets. For this reason, the Board
considers the Company’s Depositary, Registrar, Fund Accountant and Brokers to be
stakeholders. The Board maintains regular contact with its key external service
providers and receives regular reporting from them through the Board and
Committee meetings, as well as outside of the regular meeting cycle.

Investee companies

Portfolio holdings are ultimately shareholders’ assets and the Board recognises
the importance of good stewardship and communication with investee companies in
meeting the Company’s investment objective and strategy. The Board monitors the
Manager’s stewardship activities and receives regular feedback from the Manager
in respect of meetings with the management of investee companies.

A summary of the key areas of engagement undertaken by the Board with its key
stakeholders in the year under review and how Directors have acted upon this to
promote the long-term success of the Company are set out in the table below.

Area of Engagement

Investment mandate and objective

Issue

The Board is committed to promoting the role and success of the Company in
delivering on its investment mandate to shareholders over the long term.

The Board also has responsibility to shareholders to ensure that the Company’s
portfolio of assets is invested in line with the stated investment objective and
in a way that ensures an appropriate balance between spread of risk and
portfolio returns.

Engagement

The Board worked closely with the Investment Manager throughout the year in
further developing investment strategy and underlying policies, not simply for
the purpose of achieving the Company’s investment objective but in the interests
of shareholders and future investors. In addition, the Company continues to seek
out new unquoted investments which could add long-term value.

Impact

The portfolio activities undertaken by the Investment Manager can be found in
their Report. The Investment Manager continues to actively look for
opportunities to grow royalty exposure given it is a key differentiator of the
Company and an effective mechanism to lock-in long-term income which further
diversifies the Company’s revenues.

Details regarding the Company’s NAV and share price performance can be found in
the Chairman’s Statement and in this Strategic Report.

Responsible investing

Issue

The governance and consideration of ESG risks are key factors in making
investment decisions. The mining industries in which the Company’s investment
universe operate are facing ethical and ESG issues that cannot be ignored by
asset managers and investment companies alike.

Engagement

The Board works closely with the Investment Manager to review regularly and
challenge the Company’s performance, investment policy and strategy to seek to
ensure that the Company’s investment objective continues to be met in an
effective and responsible way in the interests of shareholders and future
investors. The Company has not adopted an ESG focused investment strategy and
does not exclude investment in stocks based on ESG criteria, but the Board
believes that responsible investment is integral to the longer-term delivery of
the Company’s success.

The Investment Manager’s approach to the consideration of ESG factors in respect
of the Company’s portfolio, as well as the Investment Manager’s engagement with
investee companies to encourage sound corporate governance practices, are kept
under review by the Board. The Board also expects to be informed by the
Investment Manager of any sensitive voting issues involving the Company’s
investments.

The Investment Manager reports to the Board in respect of its approach to ESG
integration; a summary of BlackRock’s approach to ESG integration is set out in
the Company’s Annual Report for the year ended 31 December 2025. The Investment
Manager’s approach to engagement with investee companies and voting guidelines
is summarised in the Company’s Annual Report for the year ended 31 December 2025
and further detail is available on the BlackRock website.

Impact

The Board and the Investment Manager believe there is likely to be a positive
correlation between strong ESG practices and investment performance over time.
This is especially important in mining given the long investment cycle and the
impact of ESG practices on the ability of a mining company to maintain its
social license to operate. ESG is one of the many factors that we look at and
site visits to companies’ operations provide valuable insights into their ESG
practices. The Investment Manager has continued to engage with investee
companies.

Within the parameters of the Company’s existing investment policy, the
Investment Manager is continuing to look for opportunities to deploy capital in
growth investments that should benefit from the energy transition. It is likely
that this area will become a more significant part of the portfolio.

Shareholders

Issue

Continued shareholder support and engagement are critical to the continued
existence of the Company and the successful delivery of its long-term strategy.

Engagement

The Board is committed to maintaining open channels of communication and to
engage with shareholders. The Company welcomes and encourages attendance and
participation from shareholders at its Annual General Meetings. Shareholders
have the opportunity to meet the Directors and Investment Manager and to address
questions to them directly. The Investment Manager also provides a presentation
on the Company’s performance and the outlook for the mining sector. The Chairman
and Senior Independent Director offer meetings to all major shareholders and
also meet directly with shareholders providing a forum for canvassing their
views and enabling the Board to be aware of any issues of concern.

The Annual Report and Half Yearly Financial Report are available on the
BlackRock website and are also circulated to shareholders either in printed copy
or via electronic communications. In addition, regular updates on performance,
monthly factsheets, the daily NAV and other information are also published on
the website at www.blackrock.com/uk/brwm. The Company’s website and marketing
initiatives are geared to providing a breadth and depth of informative and
engaging content.

The Board also works closely with the Manager to develop the Company’s marketing
strategy with the aim of ensuring effective communication with shareholders.

Unlike trading companies, one-to-one shareholder meetings normally take the form
of a meeting with the Investment Manager as opposed to members of the Board. The
Company’s willingness to enter into discussions with institutional shareholders
is also demonstrated by the programmes of institutional presentations by the
Investment Manager. Additionally, the Investment Manager regularly presents at
professional and private investor events to help explain and promote the
Company’s strategy.

If shareholders wish to raise issues or concerns with the Board, they are
welcome to do so at any time. The Chairman is available to meet directly with
shareholders periodically to understand their views on governance and the
Company’s performance where they wish to do so. He may be contacted via the
Company Secretary whose details are given in the Company’s Annual Report for the
year ended 31 December 2025.

Impact

The Board values any feedback and questions from shareholders ahead of and
during Annual General Meetings in order to gain an understanding of their views
and will take action when and as appropriate. Feedback and questions will also
help the Company evolve its reporting, aiming to make reports more transparent
and understandable.

During the year the Chairman and Senior Independent Director offered meetings to
major shareholders and met with some of them, without any members of the
management group present. Feedback from all substantive meetings between the
Investment Manager and shareholders is also shared with the Board. The Directors
also receive updates from the Company’s Brokers and Kepler, marketing
consultants, on any feedback from shareholders, as well as share trading
activity, share price performance and an update from the Investment Manager.

The portfolio management team attended a number of professional investor
meetings (many by video conference) and held discussions with a number of wealth
management desks and offices in respect of the Company during the year under
review.

Portfolio holdings are ultimately shareholders’ assets and the Board recognises
the importance of good stewardship and communication with investee companies in
meeting the Company’s investment objective and strategy. The Board monitors the
Manager’s stewardship activities and receives regular feedback from the
Investment Manager in respect of meetings with the management of portfolio
companies.

Management of share rating

Issue

The Board recognises the importance to shareholders that the market price of the
Company’s shares should not trade at either a significant discount or premium to
their prevailing NAV. The Board believes this may be achieved by the use of
share buyback powers and the issuance of shares.

Engagement

The Board monitors the Company’s share rating on an ongoing basis and receives
regular updates from the Manager and the Company’s Brokers regarding the level
of discount/premium. The Board believes that the best way of maintaining the
share rating at an optimal level over the long term is to create demand for the
shares in the secondary market. To this end, the Investment Manager is devoting
considerable effort to broadening the awareness of the Company, particularly to
wealth managers and to the wider retail market.

In addition, the Board has worked closely with the Manager to develop the
Company’s marketing strategy, with the aim of ensuring effective communication
with existing shareholders and to attract new shareholders to the Company in
order to improve liquidity in the Company’s shares and to sustain the share
rating of the Company.

Impact

The Board continues to monitor the Company’s premium/discount to NAV and will
look to issue or buy back shares if it is deemed to be in the interests of
shareholders as a whole. The Company participates in a focused investment trust
sales and marketing initiative operated by the Manager on behalf of the
investment trusts under its management. Further details are set in the Company’s
Annual Report for the year ended 31 December 2025.

During the financial year and up to the date of this report the Company
repurchased 4,491,000 shares which were placed in treasury. The Company did not
reissue any shares. As at 12 March 2026, the Company’s shares were trading at a
discount of 7.3% to the cum income NAV.

Service levels of third-party providers

Issue

The Board acknowledges the importance of ensuring that the Company’s principal
suppliers are providing a suitable level of service, including the Investment
Manager in respect of investment performance and delivering on the Company’s
investment mandate; the Custodian and Depositary in respect of their duties
towards safeguarding the Company’s assets; the Registrar in its maintenance of
the Company’s share register and dealing with investor queries; and the
Company’s Brokers in respect of the provision of advice and acting as a market
maker for the Company’s shares.

Engagement

The Manager reports to the Board on the Company’s performance on a regular
basis. The Board carries out a robust annual evaluation of the Manager’s
performance, their commitment and available resources.

The Board performs an annual review of the service levels of all third-party
service providers and concludes on their suitability to continue in their role.
The Board receives regular updates from the AIFM, Depositary, Registrar and
Brokers on an ongoing basis.

The Board has also worked closely with the Manager to gain comfort that relevant
business continuity plans are operating effectively for all of the Company’s key
service providers.

Impact

All performance evaluations were performed on a timely basis and the Board
concluded that all third-partyservice providers, including the Manager and
Investment Manager, were operating effectively and providing a good level of
service.

The Board has received updates in respect of business continuity planning from
the Company’s Manager, Custodian, Depositary, Fund Accountant, Registrar and
Printer and is confident that arrangements are in place to ensure a good level
of service will continue to be provided.

Board composition

Issue

The Board is committed to ensuring that its own composition brings an
appropriate balance of knowledge, experience and skills, and that it is
compliant with best corporate governance practice under the UK Code, including
guidance on tenure and the composition of the Board’s committees.

Engagement

During the year, the Nomination Committee appointed a new Director. The Board
agreed the selection criteria and the method of selection, recruitment and
appointment. The services of an external search consultant, Cornforth Consulting
Ltd, were used to identify potential candidates.

All Directors are subject to a formal evaluation process on an annual basis
(more details and the conclusions of the 2025 evaluation process are given in
the Company’s Annual Report for the year ended 31 December 2025). All Directors
stand for re-election by shareholders annually.

Shareholders may attend the Annual General Meeting and raise any queries in
respect of Board composition or individual Directors in person or may contact
the Company Secretary or the Chairman using the details provided in the
Company’s Annual Report for the year ended 31 December 2025 with any issues.

Impact

As a result of the recruitment process, Ms Marion Sears was appointed as a
Director of the Company with effect from 27 August 2025.

Details of each Director’s contribution to the success and promotion of the
Company are set out in the Directors’ Report in the Company’s Annual Report for
the year ended 31 December 2025 and details of the Directors’ biographies can be
found in the Company’s Annual Report for the year ended 31 December 2025.

The Directors are not aware of any issues that have been raised directly by
shareholders in respect of Board composition in the year under review. Details
of the proxy voting results in favour and against individual Directors’
election/re-election at the 2026 Annual General Meeting are given on the
Manager’s website at www.blackrock.com/uk/brwm.

By order of the Board

KEVIN MAYGER

For and on behalf of

BlackRock Investment Management (UK) Limited

Company Secretary

16 March 2026

Related Party Transactions

At the date of this report, the Board consists of five non-executive Directors,
all of whom are considered to be independent of the Manager by the Board.
Following the conclusion of the Annual General Meeting on 22 May 2026, the Board
will consist of four non-executive Directors. Disclosures of the Directors’
interests in the ordinary shares of the Company and fees and expenses payable to
the Directors are set out in the Directors’ Remuneration Report in the Company’s
Annual Report for the year ended 31 December 2025. As at 31 December 2025,
£18,000 (2024: £18,000) was outstanding in respect of Directors’ fees.

Statement of Directors’ Responsibilities in respect of the Annual Report and
Financial Statements

The Directors are responsible for preparing the Annual Report and Financial
Statements in accordance with applicable law and regulations. Company law
requires the Directors to prepare financial statements for each financial year.
Under that law, the Directors are required to prepare the financial statements
in accordance with UK-adopted International Accounting Standards IASss.

Under Company law, the Directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of the state of
affairs of the Group and Company and of the profit or loss of the Group for that
period. In preparing those financial statements, the Directors are required to:

·present fairly the financial position, financial performance and cash flows of
the Group and Company;

·select suitable accounting policies in accordance with IAS 8: Accounting
Policies, Changes in Accounting Estimates and Errors and then apply them
consistently;

·present information, including accounting policies, in a manner that provides
relevant, reliable, comparable and understandable information;

·make judgements and estimates that are reasonable and prudent;

·state whether the financial statements have been prepared in accordance with UK
-adopted IAS, subject to any material departures disclosed and explained in the
financial statements;

·provide additional disclosures when compliance with the specific requirements
in accordance with UK-adopted IAS is insufficient to enable users to understand
the impact of particular transactions, other events and conditions on the
Group’s and Company’s financial position and financial performance; and

·prepare the financial statements on the going concern basis unless it is
inappropriate to presume that the Group and Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Group’s and Company’s transactions and
disclose with reasonable accuracy at any time the financial position of the
Group and Company and enable them to ensure that the financial statements comply
with the Companies Act 2006.

They are also responsible for safeguarding the assets of the Company and hence
for taking reasonable steps for the prevention and detection of fraud and other
irregularities.

The Directors are also responsible for preparing the Strategic Report,
Directors’ Report, the Directors’ Remuneration Report, the Corporate Governance
Statement and the Report of the Audit and Risk Committee in accordance with the
Companies Act 2006 and applicable regulations, including the requirements of the
Listing Rules and the Disclosure Guidance and Transparency Rules. The Directors
have delegated responsibility to the Manager for the maintenance and integrity
of the Company’s corporate and financial information included on the BlackRock
website. Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other
jurisdictions.

Each of the Directors, whose names are listed in the Company’s Annual Report for
the year ended 31 December 2025, confirm to the best of their knowledge that:

·the financial statements, which have been prepared in accordance with UK
-adopted IAS, give a true and fair view of the assets, liabilities, financial
position and net return of the Group and Company; and

·the Strategic Report contained in the Annual Report and Financial Statements
includes a fair review of the development and performance of the business and
the position of the Group and Company, together with a description of the
principal risks and uncertainties that it faces.

The 2024 UK Corporate Governance Code also requires Directors to ensure that the
Annual Report and Financial Statements are fair, balanced and understandable. In
order to reach a conclusion on this matter, the Board has requested that the
Audit and Risk Committee advise on whether it considers that the Annual Report
and Financial Statements fulfil these requirements. The process by which the
Committee has reached these conclusions is set out in the Audit and Risk
Committee’s Report in the Company’s Annual Report for the year ended 31 December
2025. As a result, the Board has concluded that the Annual Report and Financial
Statements for the year ended 31 December 2025, taken as a whole, are fair,
balanced and understandable and provide the information necessary for
shareholders to assess the Group’s and Company’s position, performance, business
model and strategy.

For and on behalf of the Board

CHARLES GOODYEAR

Chairman

16 March 2026

Consolidated Statement of Comprehensive Income

for the year ended 31 December 2025

2025 2024
Notes Revenue Capital Total Revenue Capital
Total
£’000 £’000 £’000 £’000 £’000
£’000
Income from 3 48,248 – 48,248 43,879 –
43,879
investments
held at
fair value
through
profit or
loss
Other 3 9,121 – 9,121 11,255 –
11,255
income
Total 57,369 – 57,369 55,134 –
55,134
revenue
——— ——— ——— ——— ——— —-
—–
—— —— —— —— —— —-
—
Net – 639,784 639,784 – (151,792)
(151,792)
profit/(loss

) on
investments
and
options
held at
fair
value
through
profit
or loss
Net – 13,299 13,299 – (672)
(672)
gains/(losse

s) on
foreign
exchange
Total 57,369 653,083 710,452 55,134 (152,464)
(97,330)
——— ——— ——— ——— ——— —-
—–
—— —— —— —— —— —-
—
Expenses
Investment 4 (2,590) (7,963) (10,553) (2,188) (6,764)
(8,952)
management
fee
Other 5 (1,401) (8) (1,409) (1,269) (12)
(1,281)
operating
expenses
Total (3,991) (7,971) (11,962) (3,457) (6,776)
(10,233)
operating
expenses
——— ——— ——— ——— ——— —-
—–
—— —— —— —— —— —-
—
Net 53,378 645,112 698,490 51,677 (159,240)
(107,563)
profit/(loss

)
before
finance
costs
and
taxation
Finance 6 (1,525) (4,573) (6,098) (2,212) (6,630)
(8,842)
costs
Net 51,853 640,539 692,392 49,465 (165,870)
(116,405)
profit/(loss

)
before
taxation
——— ——— ——— ——— ——— —-
—–
—— —— —— —— —— —-
—
Taxation (5,986) 2,184 (3,802) (5,338) 1,802
(3,536)
(charge)/cre

dit
Net 45,867 642,723 688,590 44,127 (164,068)
(119,941)
profit/(loss

)
after
taxation
——— ——— ——— ——— ——— —-
—–
—— —— —— —— —— —-
—
Earnings/(lo 8 24.37 341.49 365.86 23.09 (85.84)
(62.75)

ss) per
ordinary
share
(pence)
– basic and
diluted
========= ========= ========= ========= =========
=========

The total columns of this statement represent the Group’s Statement of
Comprehensive Income, prepared in accordance with UK-adopted International
Accounting Standards IASs. The supplementary revenue and capital accounts are
both prepared under guidance published by the Association of Investment
Companies (AIC). All items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the year. All
income is attributable to the equity holders of the Group.

The Group does not have any other comprehensive income/(loss) (2024: £nil). The
net profit/(loss) for the year disclosed above represents the Group’s total
comprehensive income/(loss).

Consolidated Statement of Changes in Equity

for the year ended 31 December 2025

Group Notes Called up Share Capital Special Capital
Revenue Total
share premium redemption reserve reserves
reserve
capital account reserve
For the year £’000 £’000 £’000 £’000 £’000
£’000 £’000
ended 31
December 2025
At 31 9,651 151,493 22,779 192,134 561,093
38,049 975,199
December 2024
Total
comprehensive
income:
Net profit – – – – 642,723
45,867 688,590
after
taxation
Transactions
with owners,
recorded
directly to
equity:
Ordinary 9,10 – – – (21,947) – –
(21,947)
shares
repurchased
into treasury
Share 9,10 – – – (154) – –
(154)
repurchase
costs
Dividends 7 – – – – –
(43,260) (43,260)
paid1
——— ——— ———- ——— ——— –
——– ———
— – — —— —— –
—– ——
—- —– —
At 31 9,651 151,493 22,779 170,033 1,203,816
40,656 1,598,428
December 2025
========= ========= ========= ========= =========
========= =========

For the year
ended 31
December 2024
At 31 9,651 151,493 22,779 193,008 725,161
57,959 1,160,051
December 2023
Total
comprehensive
(loss)/income:

  – – – – (164,068)
44,127 (119,941)
Net
(loss)/profit
after
taxation
Transactions
with owners,
recorded
directly to
equity:
 Ordinary 9,10 – – – (868) – –
(868)
shares
repurchased
into treasury
 Share 9,10 – – – (6) – –
(6)
repurchase
costs
 Dividends 7 – – – – –
(64,037) (64,037)
paid2
——— ——— ———- ——— ——— –
——– ———
— – — —— —— –
—– ——
—- —– —
At 31 9,651 151,493 22,779 192,134 561,093
38,049 975,199
December 2024
========= ========= ========= ========= =========
========= =========

1The final dividend of 6.50p per share for the year ended 31 December 2024,
declared on 4 March 2025 and paid on 27 May 2025; 1st interim dividend of 5.50p
per share for the year ended 31 December 2025, declared on 21 May 2025 and paid
on 27 June 2025; 2nd interim dividend of 5.50p per share for the year ended 31
December 2025, declared on 3 September 2025 and paid on 26 September 2025 and
3rd interim dividend of 5.50p per share for the year ended 31 December 2025,
declared on 19 November 2025 and paid on 19 December 2025.

2The final dividend of 17.00p per share for the year ended 31 December 2023,
declared on 7 March 2024 and paid on 14 May 2024; 1st interim dividend of 5.50p
per share for the year ended 31 December 2024, declared on 9 May 2024 and paid
on 28 June 2024; 2nd interim dividend of 5.50p per share for the year ended 31
December 2024, declared on 23 August 2024 and paid on 30 September 2024 and 3rd
interim dividend of 5.50p per share for the year ended 31 December 2024,
declared on 14 November 2024 and paid on 20 December 2024.

Parent Company Statement of Changes in Equity

for the year ended 31 December 2025

Company Notes Called up Share Capital Special Capital
Revenue Total
share premium redemption reserve reserves
reserve
capital account reserve
For the year £’000 £’000 £’000 £’000 £’000
£’000 £’000
ended 31
December 2025
At 31 9,651 151,493 22,779 192,134 567,116
32,026 975,199
December 2024
Total
comprehensive
income:
  – – – – 642,820
45,770 688,590
Net profit
after
taxation
Transactions
with owners,
recorded
directly to
equity:
 Ordinary 9,10 – – – (21,947) – –
(21,947)
shares
repurchased
into treasury
 Share 9,10 – – – (154) – –
(154)
repurchase
costs
 Dividends 7 – – – – –
(43,260) (43,260)
paid1
——— ——— ———- ——— ——— –
——– ———
— – — —— —— –
—– ——
—- —– —
At 31 9,651 151,493 22,779 170,033 1,209,936
34,536 1,598,428
December 2025
========= ========= ========= ========= =========
========= =========

For the year
ended 31
December 2024
At 31 9,651 151,493 22,779 193,008 731,067
52,053 1,160,051
December 2023
Total
comprehensive
(loss)/income:

  – – – – (163,951)
44,010 (119,941)
Net
(loss)/profit
after
taxation
Transactions
with owners,
recorded
directly to
equity:
 Ordinary 9,10 – – – (868) – –
(868)
shares
repurchased
into treasury
 Share 9,10 – – – (6) – –
(6)
repurchase
costs
 Dividends 7 – – – – –
(64,037) (64,037)
paid2
——— ——— ———- ——— ——— –
——– ———
— – — —— —— –
—– ——
—- —– —
At 31 9,651 151,493 22,779 192,134 567,116
32,026 975,199
December 2024
========= ========= ========= ========= =========
========= =========

1The final dividend of 6.50p per share for the year ended 31 December 2024,
declared on 4 March 2025 and paid on 27 May 2025; 1st interim dividend of 5.50p
per share for the year ended 31 December 2025, declared on 21 May 2025 and paid
on 27 June 2025; 2nd interim dividend of 5.50p per share for the year ended 31
December 2025, declared on 3 September 2025 and paid on 26 September 2025 and
3rd interim dividend of 5.50p per share for the year ended 31 December 2025,
declared on 19 November 2025 and paid on 19 December 2025.

2The final dividend of 17.00p per share for the year ended 31 December 2023,
declared on 7 March 2024 and paid on 14 May 2024; 1st interim dividend of 5.50p
per share for the year ended 31 December 2024, declared on 9 May 2024 and paid
on 28 June 2024; 2nd interim dividend of 5.50p per share for the year ended 31
December 2024, declared on 23 August 2024 and paid on 30 September 2024 and 3rd
interim dividend of 5.50p per share for the year ended 31 December 2024,
declared on 14 November 2024 and paid on 20 December 2024.

For information on the Company’s distributable reserves please refer to note 16
in the Company’s Annual Report for the year ended 31 December 2025.

Consolidated and Parent Company Statements of Financial Position

as at 31 December 2025

31 31
December December
2025 2024
Notes Group Company Group Company
£’000 £’000 £’000 £’000
Non current assets
Investments held 1,675,057 1,682,678 1,093,198 1,100,722
at fair value
through profit or
loss
Current assets
Current taxation 2,418 2,418 1,317 1,317
asset
Other receivables 9,092 9,092 2,861 2,861
Cash collateral 4,415 4,415 4,882 4,882
held with brokers
Cash and cash 13,800 7,161 21,396 14,834
equivalents – cash
at
bank
Total current 29,725 23,086 30,456 23,894
assets
——— ——— ——— ———
—— —— —— ——
Total assets 1,704,782 1,705,764 1,123,654 1,124,616
——— ——— ——— ———
—— —— —— ——
Current
liabilities
Current taxation (399) (366) (877) (824)
liability
Other payables (7,531) (8,546) (10,270) (11,285)
Derivative (359) (359) (622) (622)
financial
liabilities held
at fair value
through profit or
loss
Bank loans (96,651) (96,651) (135,739) (135,739)
Cash and cash (57) (57) (4) (4)
equivalents – bank
overdraft
Total current (104,997) (105,979) (147,512) (148,474)
liabilities
Total assets less 1,599,785 1,599,785 976,142 976,142
current
liabilities
——— ——— ——— ———
—— —— —— ——
Non current
liabilities
Deferred taxation (1,357) (1,357) (943) (943)
liability
Net assets 1,598,428 1,598,428 975,199 975,199
——— ——— ——— ———
—— —— —— ——
Equity
attributable to
equity holders
Called up share 9 9,651 9,651 9,651 9,651
capital
Share premium 10 151,493 151,493 151,493 151,493
account
Capital redemption 10 22,779 22,779 22,779 22,779
reserve
Special reserve 10 170,033 170,033 192,134 192,134
Capital reserves:
 At 1 January 561,093 567,116 725,161 731,067
  642,723 642,820 (164,068) (163,951)
Net profit/(loss)
after taxation
——— ——— ——— ———
—— —— —— ——
At 31 December 10 1,203,816 1,209,936 561,093 567,116
Revenue reserve:
 At 1 January 38,049 32,026 57,959 52,053
  45,867 45,770 44,127 44,010
Net profit after
taxation
 Dividends paid (43,260) (43,260) (64,037) (64,037)
At 31 December 10 40,656 34,536 38,049 32,026
Total equity 1,598,428 1,598,428 975,199 975,199
——— ——— ——— ———
—— —— —— ——
Net asset value 8 856.23 856.23 510.53 510.53
per ordinary share
(pence)
========= ========= ========= =========

Consolidated and Parent Company Cash Flow Statements

for the year ended 31 December 2025

31 31
December December
2025 2024
Group Company Group Company
£’000 £’000 £’000 £’000
Operating activities
Net profit/(loss) before 692,392 692,392 (116,405) (116,405)
taxation1
Changes in working capital
items:
(Increase)/decrease in other (6,052) (6,052) 321 321
receivables
(Decrease)/increase in other (2,241) (2,241) 2,554 2,501
payables
(Increase)/decrease in (179) (179) 410 410
amounts due from brokers
Increase in amounts due to 67 67 – –
brokers

Other adjustments:
Finance costs 6,098 6,098 8,842 8,842
Net (profit)/loss on (639,784) (639,881) 151,792 151,675
investments and options held
at
fair value through profit or
loss
Net (gains)/losses on (13,299) (13,299) 672 672
foreign exchange
Sale of investments held at 773,242 773,242 637,750 637,750
fair value through profit
or loss
Purchase of investments held (716,063) (716,063) (585,496) (585,496)
at fair value through
profit or loss
Contractual rights – return 483 483 397 397
of capital
Net movement in cash 467 467 1,387 1,387
collateral held with brokers
——— ——— ——— ———
—— —— —— ——
Net cash inflow from 95,131 95,034 102,224 102,054
operating activities before
taxation
——— ——— ——— ———
—— —— —— ——
Taxation paid (5,381) (5,361) (3,052) (3,093)
——— ——— ——— ———
—— —— —— ——
Net cash inflow from 89,750 89,673 99,172 98,961
operating activities
——— ——— ——— ———
—— —— —— ——
Financing activities
Repayment of loan (25,362) (25,362) (14,599) (14,599)
Interest paid (6,249) (6,249) (8,721) (8,721)
Ordinary shares repurchased (22,101) (22,101) (874) (874)
into treasury
Dividends paid (43,260) (43,260) (64,037) (64,037)
——— ——— ——— ———
—— —— —— ——
Net cash outflow from (96,972) (96,972) (88,231) (88,231)
financing activities
——— ——— ——— ———
—— —— —— ——
(Decrease)/increase in cash (7,222) (7,299) 10,941 10,730
and cash equivalents
Effect of foreign exchange (427) (427) (161) (161)
rate changes
——— ——— ——— ———
—— —— —— ——
Change in cash and cash (7,649) (7,726) 10,780 10,569
equivalents
Cash and cash equivalents at 21,392 14,830 10,612 4,261
start of year
——— ——— ——— ———
—— —— —— ——
Cash and cash equivalents at 13,743 7,104 21,392 14,830
end of year
——— ——— ——— ———
—— —— —— ——
Comprised of:
Cash at bank 13,800 7,161 21,396 14,834
Bank overdraft (57) (57) (4) (4)
——— ——— ——— ———
—— —— —— ——
13,743 7,104 21,392 14,830
========= ========= ========= =========

1 Dividends and interest received in cash during the year amounted to
£30,122,000 and £3,898,000 (2024: £36,895,000 and £4,584,000).

Notes to the financial statements

for the year ended 31 December 2025

1. Principal activity

The principal activity of the Company is that of an investment trust company
within the meaning of Section 1158 of the Corporation Tax Act 2010. The Company
was incorporated in England on 28 October 1993 and this is the thirty-second
Annual Report.

The principal activity of the subsidiary, BlackRock World Mining Investment
Company Limited, is investment dealing.

2. Material accounting policies

The material accounting policies adopted by the Group and Company have been
applied consistently, other than where new policies have been adopted and are
set out below.

(a) Basis of preparation

The Group and Company financial statements have been prepared under the historic
cost convention modified by the revaluation of certain financial assets and
financial liabilities held at fair value through profit or loss and in
accordance with UK-adopted International Accounting Standards IASs, with future
changes being subject to endorsement by the UK Endorsement Board and with the
requirements of the Companies Act 2006 as applicable to companies reporting
under those standards. The Company has taken advantage of the exemption provided
under Section 408 of the Companies Act 2006 not to publish its individual
Statement of Comprehensive Income and related notes. All of the Group’s
operations are of a continuing nature.

Insofar as the Statement of Recommended Practice (SORP) for investment trust
companies and venture capital trusts, issued by the Association of Investment
Companies (AIC) in October 2019 and updated in July 2022, is compatible with UK
-adopted IASs, the financial statements have been prepared in accordance with
guidance set out in the SORP.

Substantially all of the assets of the Group consist of securities that are
readily realisable and, accordingly, the Directors believe that the Group has
adequate resources to continue in operational existence for the foreseeable
future for the period to 31 March 2027, being a period of at least twelve months
from the date of approval of the financial statements and therefore consider the
going concern assumption to be appropriate. The Directors have reviewed
compliance with the covenants associated with the bank overdraft facility, loan
facility, annual continuation vote, income and expense projections and the
liquidity of the investment portfolio in making their assessment.

The Directors have considered the impact of climate change on the value of the
investments included in the financial statements and have concluded that there
was no further impact of climate change to be considered as the investments are
valued based on market pricing as required by IFRS 13.

None of the Group’s other assets and liabilities were considered to be
potentially impacted by climate change.

The Group’s financial statements are presented in Sterling, which is the
currency of the primary economic environment in which the Group operates. All
values are rounded to the nearest thousand pounds (£’000) except where otherwise
indicated.

Adoption of new and amended International Accounting Standards and
interpretations:

IAS 21 – Lack of exchangeability (effective 1 January 2025). The IASB issued
amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates to specify
how an entity should assess whether a currency is exchangeable and how it should
determine a spot exchange rate when exchangeability is lacking. The amendments
also require disclosure of information that enables users of its financial
statements to understand how the currency not being exchangeable into the other
currency affects, or is expected to affect, the entity’s financial performance,
financial position and cash flows.

The amendment of this standard did not have a significant impact on the Group’s
operations as IAS 21 better reflects the practical considerations of
establishing fair values for the Group’s foreign currency assets.

Relevant International Accounting Standards that have yet to be adopted:

IFRS 18 – Presentation and disclosure in financial statements (effective 1
January 2027). The IASB issued IFRS 18, which replaces IAS 1 Presentation of
Financial Statements. IFRS 18 introduces new requirements for presentation
within the statement of profit or loss, including specified totals and
subtotals. Furthermore, entities are required to classify all income and
expenses within the statement of profit or loss into one of five categories:
operating, investing, financing, income taxes and discontinued operations,
whereof the first three are new. It also requires disclosure of newly defined
management defined performance measures, subtotals of income and expenses, and
includes new requirements for aggregation and disaggregation of financial
information based on the identified `roles’ of the primary financial statements
and the notes.

The amendment of this standard is expected to have an impact on the disclosure
and presentation of the Statement of Comprehensive Income but will not have any
impact on the accounting or financial results.

(b) Basis of consolidation

The Group’s financial statements are made up to 31 December each year and
consolidate the financial statements of the Company and its wholly owned
subsidiary, which is registered and operates in England and Wales, BlackRock
World Mining Investment Company Limited (together `the Group’). The subsidiary
company is not considered an investment entity. In the financial statements of
the Parent Company, the investment in the subsidiary company is held at fair
value.

Subsidiaries are consolidated from the date of their acquisition, being the date
on which the Company obtains control, and continue to be consolidated until the
date that such control ceases. The financial statements of subsidiaries used in
the preparation of the consolidated financial statements are based on consistent
accounting policies. All intra-group balances and transactions, including
unrealised profits arising therefrom, are eliminated.

(c) Presentation of the Statement of Comprehensive Income

In order to better reflect the activities of an investment trust company and in
accordance with guidance issued by the AIC, supplementary information which
analyses the Consolidated Statement of Comprehensive Income between items of a
revenue and a capital nature has been presented alongside the Consolidated
Statement of Comprehensive Income.

(d) Segmental reporting

The Directors are of the opinion that the Group is engaged in a single segment
of business being investment business.

(e) Income

Dividends receivable on equity shares are recognised as revenue for the year on
an ex-dividend basis. Where no ex-dividend date is available, dividends
receivable on or before the year end are treated as revenue for the year.
Provision is made for any dividends and interest income not expected to be
received. Special dividends, if any, are treated as a capital or a revenue
receipt depending on the facts or circumstances of each particular case. The
return on a debt security is recognised on a time apportionment basis so as to
reflect the effective yield on the debt security. Interest income and deposit
interest is accounted for on an accruals basis.

Options may be purchased or written over securities held in the portfolio for
generating or protecting capital returns, or for generating or maintaining
revenue returns. Where the purpose of the option is the generation of income,
the premium is treated as a revenue item. Where the purpose of the option is the
maintenance of capital, the premium is treated as a capital item.

Option premium income is recognised as revenue evenly over the life of the
option contract and included in the revenue account of the Consolidated
Statement of Comprehensive Income unless the option has been written for the
maintenance and enhancement of the Group’s investment portfolio and represents
an incidental part of a larger capital transaction, in which case any premia
arising are allocated to the capital account of the Consolidated Statement of
Comprehensive Income.

Royalty income from contractual rights is measured at the fair value of the
consideration received or receivable where the Investment Manager can reliably
estimate the amount, pursuant to the terms of the agreement. Royalty income from
contractual rights received comprises of a return of income and a return of
capital based on the underlying cost of the contract and, accordingly, the
return of income element is taken to the revenue account and the return of
capital element is taken to the capital account. These amounts are disclosed in
the Consolidated Statement of Comprehensive Income within income from
investments and net profit on investments held at fair value through profit or
loss, respectively.

The useful life of the contractual rights will be determined by reference to the
contractual arrangements, the planned mine life on commencement of mining and
the underlying cost of the contractual rights will be revalued on a systematic
basis using the units of production method over the life of the contractual
rights which is estimated using available estimated proved and probable reserves
specifically associated with the mine. The Investment Manager relies on public
disclosures for information on proven and probable reserves from the operators
of the mine. Amortisation rates are adjusted on a prospective basis for all
changes to estimates of the life of contractual rights and iron ore reserves.
These are disclosed in the Consolidated Statement of Comprehensive Income within
net profit on investments held at fair value through profit or loss.

Where the Group has elected to receive its dividends in the form of additional
shares rather than in cash, the cash equivalent of the dividend is recognised as
income. Any excess in the value of the shares received over the amount of the
cash dividend is recognised in capital.

Underwriting commission receivable is taken into account on an accruals basis.

(f) Expenses

All expenses, including finance costs, are accounted for on an accruals basis.
Expenses have been charged wholly to the revenue account of the Consolidated
Statement of Comprehensive Income, except as follows:

-expenses which are incidental to the acquisition or sale of an investment are
charged to the capital account of the Consolidated Statement of Comprehensive
Income. Details of transaction costs on the purchases and sales of investments
are disclosed within note 10 to the financial statements in the Company’s Annual
Report for the year ended 31 December 2025;

-expenses are treated as capital where a connection with the maintenance or
enhancement of the value of the investments can be demonstrated; and

-the investment management fee and finance costs have been allocated 75% to the
capital account and 25% to the revenue account of the Consolidated Statement of
Comprehensive Income in line with the Board’s expectations of the long-term
split of returns, in the form of capital gains and income, respectively, from
the investment portfolio.

(g) Taxation

The tax expense represents the sum of the tax currently payable and deferred
tax. The tax currently payable is based on the taxable profit for the year.
Taxable profit differs from net profit as reported in the Consolidated Statement
of Comprehensive Income because it excludes items of income or expenses that are
taxable or deductible in other years and it further excludes items that are
never taxable or deductible. The Group’s liability for current tax is calculated
using tax rates that were applicable at the balance sheet date.

Where expenses are allocated between capital and revenue accounts, any tax
relief in respect of the expenses is allocated between capital and revenue
returns on the marginal basis using the Company’s effective rate of corporation
tax for the accounting period.

Deferred taxation is recognised in respect of all temporary differences that
have originated but not reversed at the financial reporting date, where
transactions or events that result in an obligation to pay more taxation in the
future or right to pay less taxation in the future have occurred at the
financial reporting date. This is subject to deferred taxation assets only being
recognised if it is considered more likely than not that there will be suitable
profits from which the future reversal of the temporary differences can be
deducted. Deferred taxation assets and liabilities are measured at the rates
applicable to the legal jurisdictions in which they arise.

(h) Investments held at fair value through profit or loss

In accordance with IFRS 9, the Group classifies its investments at initial
recognition as held at fair value through profit or loss and are managed and
evaluated on a fair value basis in accordance with its investment strategy and
business model.

All investments, including contractual rights, are measured initially and
subsequently at fair value through profit or loss. Purchases of investments are
recognised on a trade date basis. Contractual rights are recognised on the
completion date, where a purchase of the rights is under a contract, and are
initially measured at fair value excluding transaction costs. Sales of
investments are recognised at the trade date of the disposal.

The fair value of the financial investments is based on their quoted bid price
at the financial reporting date, without deduction for the estimated future
selling costs. This policy applies to all current and non-current asset
investments held by the Group.

The gains and losses from changes in fair value of contractual rights are taken
to the Consolidated Statement of Comprehensive Income and arise as a result of
the revaluation of the underlying cost of the contractual rights, changes in
commodity prices and changes in estimates of proven and probable reserves
specifically associated with the mine.

Under IAS, the investment in the subsidiary in the Company’s Statement of
Financial Position is fair valued which is deemed to be the net asset value of
the subsidiary.

Changes in the value of investments held at fair value through profit or loss
and gains and losses on disposal are recognised in the Consolidated Statement of
Comprehensive Income as `Net profit on investments held at fair value through
profit or loss’. Also included within the heading are transaction costs in
relation to the purchase or sale of investments.

For all financial instruments not traded in an active market, the fair value is
determined by using various valuation techniques. Valuation techniques include
market approach (i.e., using recent arm’s length market transactions adjusted as
necessary and reference to the current market value of another instrument that
is substantially the same) and the income approach (i.e., discounted cash flow
analysis and option pricing models making as much use of available and
supportable market data where possible). See note 2(q) below.

(i) Options

Options are held at fair value through profit or loss based on the bid/offer
prices of the options written to which the Group is exposed. The value of the
option is subsequently marked-to-market to reflect the fair value through profit
or loss of the option based on traded prices. Where the premium is taken to the
revenue account, an appropriate amount is shown as capital return such that the
total return reflects the overall change in the fair value of the option. When
an option is exercised, the gain or loss is accounted for as a capital gain or
loss. Any cost on closing out an option is transferred to the revenue account
along with any remaining unamortised premium.

(j) Other receivables and other payables

Other receivables and other payables do not carry any interest and are short
-term in nature and are accordingly stated on an amortised cost basis.

(k) Dividends payable

Under IAS, final dividends should not be accrued in the financial statements
unless they have been approved by shareholders before the financial reporting
date. Interim dividends should not be recognised in the financial statements
unless they have been paid.

Dividends payable to equity shareholders are recognised in the Consolidated and
Parent Company Statements of Changes in Equity.

(l) Foreign currency translation

Transactions involving foreign currencies are converted at the rate ruling at
the date of the transaction. Foreign currency monetary assets and liabilities
and non-monetary assets held at fair value are translated into Sterling at the
rate ruling on the financial reporting date. Foreign exchange differences
arising on translation are recognised in the Consolidated Statement of
Comprehensive Income as a revenue or capital item depending on the income or
expense to which they relate. For investment transactions and investments held
at the year end, denominated in a foreign currency, the resulting gains or
losses are included in the profit/(loss) on investments held at fair value
through profit or loss in the Consolidated Statement of Comprehensive Income.

(m) Cash and cash equivalents

Cash comprises cash in hand, bank overdrafts and on demand deposits. Cash
equivalents are short-term, highly liquid investments that are readily
convertible to known amounts of cash and that are subject to an insignificant
risk of changes in value. Bank overdrafts are shown separately on the
Consolidated and Parent Company Statements of Financial Position.

(n) Bank borrowings

Bank overdrafts and loans are recorded at the net proceeds received. Finance
charges, including any premium payable on settlement or redemption and direct
issue costs, are accounted for on an accruals basis in the Consolidated
Statement of Comprehensive Income using the effective interest rate method and
are added to the carrying amount of the instrument to the extent that they are
not settled in the period in which they arise.

(o) Offsetting

Financial assets and financial liabilities are offset and the net amount
reported in the Consolidated and Parent Company Statements of Financial Position
if there is a currently enforceable legal right to offset the recognised amounts
and there is an intention to settle on a net basis, or to realise the asset and
settle the liability simultaneously.

(p) Share repurchases and share reissues

Shares repurchased and subsequently cancelled – share capital is reduced by the
nominal value of the shares repurchased and the capital redemption reserve is
correspondingly increased in accordance with Section 733 of the Companies Act
2006. The full cost of the repurchase is charged to the special reserve.

Shares repurchased and held in treasury – the full cost of the repurchase is
charged to the special reserve.

Where treasury shares are subsequently reissued:

-amounts received to the extent of the repurchase price are credited to the
special reserve and capital reserves based on a weighted average basis of
amounts utilised from these reserves on repurchases; and

-any surplus received in excess of the repurchase price is taken to the share
premium account.

Costs on share reissues are charged to the special reserve and capital reserves.

(q) Critical accounting estimates and judgements

The Group makes estimates and assumptions concerning the future. The resulting
accounting estimates and assumptions will, by definition, seldom equal the
related actual results. Estimates and judgements are regularly evaluated and are
based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances. The
estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next
financial year are addressed below.

Fair value of unquoted financial instruments

When the fair values of financial assets and financial liabilities recorded in
the Consolidated and Parent Company Statements of Financial Position cannot be
derived from active markets, their fair value is determined using a variety of
valuation techniques that include the use of valuation models.

(a)The fair value of the investment in equity shares of Jetti Resources and MCC
Mining were assessed by an independent valuer with a recognised and relevant
professional qualification.

The valuation is carried out based on market approach using earnings multiple
and price of recent transactions. Changes in assumptions about these factors
could affect the reported fair value of financial instruments in the
Consolidated and Parent Company Statements of Financial Position and the level
where the instruments are disclosed in the fair value hierarchy. To assess the
significance of a particular input to the entire measurement, the external
valuer performs sensitivity analysis.

(b)The investment in the subsidiary company was valued based on the net assets
of the subsidiary company, which is considered appropriate based on the nature
and volume of transactions in the subsidiary company.

The key assumptions used to determine the fair value of the unquoted financial
instruments and sensitivity analyses are provided in note 17(d).

3. Income

2025 2024
£’000 £’000
Investment income:
UK dividends 9,007 10,223
Overseas dividends 26,506 24,602
Overseas special 765 2,558
dividends
Overseas stock dividends 680 440
Income from contractual 7,366 2,431
rights (BHP Brazil
Royalty)
Income from Vale 3,272 2,815
debentures
Income from fixed income 652 810
investments
————— —————
Total investment income 48,248 43,879
————— —————
Other income:
Option premium income 8,317 10,227
Deposit interest 563 719
Interest received on cash 140 189
collateral with brokers
Stock lending income 101 120
————— —————
Total other income 9,121 11,255
————— —————
Total 57,369 55,134
========= =========

During the year, the Group received option premium income in cash totalling
£8,310,000 (2024: £10,909,000) for writing put and covered call options for the
purposes of revenue generation.

Option premium income is amortised evenly over the life of the option contract
and, accordingly, during the year, option premiums of £8,317,000 (2024:
£10,227,000) were amortised to revenue.

At 31 December 2025, there were two open positions (2024: three) with an
associated liability of £359,000 (2024: £622,000).

Dividends and interest received in cash during the year amounted to £30,122,000
and £3,898,000 (2024: £36,895,000 and £4,584,000).

No special dividends have been recognised in capital during the year (2024:
none).

4. Investment management fee

2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000
£’000 £’000
Investment 2,590 7,963 10,553 2,188 6,764 8,952
management
fee
Total 2,590 7,963 10,553 2,188 6,764 8,952
========= ========= ========= ========= ========= =========

The investment management fee (which includes all services provided by
BlackRock) is 0.80% of the Company’s gross assets (subject to certain
adjustments). During the year, £9,800,000 (2024: £8,471,000) of the investment
management fee was generated from net assets and £753,000 (2024: £481,000) from
the gearing effect on gross assets due to the quarter-on-quarter increase in the
NAV per share for the year as set out below:

Quarter end Cum income Quarterly Gearing effect

NAV per share (pence) increase/ on management

(decrease) % fees (£’000)
31 December 2023 606.78 – –
31 March 2024 568.07 -6.4 –
30 June 2024 572.21 +0.7 259
30 September 2024 580.66 +1.5 222
31 December 2024 510.53 -12.1 –
31 March 2025 524.77 +2.8 235
30 June 2025 540.48 +3.0 121
30 September 2025 700.52 +29.6 186
31 December 2025 856.23 +22.2 211
========= ========= =========

The daily average of the net assets under management during the year ended 31
December 2025 was £1,142,715,000 (2024: £1,082,468,000).

The fee is allocated 25% to the revenue account and 75% to the capital account
of the Consolidated Statement of Comprehensive Income.

There is no additional fee for company secretarial and administration services.

5. Other operating expenses

2025 2024
£’000 £’000
Allocated to revenue:
Custody fee 108 98
Auditors’ remuneration – audit services1 56 65
Registrar’s fee 89 88
Directors’ emoluments2 161 166
AIC fees 29 21
Broker fees 35 30
Depositary fees 96 104
FCA fee 53 49
Directors’ insurance 19 21
Marketing fees 161 169
Stock exchange listing fees 59 52
Legal and professional fees 76 126
Bank facility fees3 92 92
Printing and postage fees 65 46
Directors’ search fees 27 –
Write back of prior year expenses4 – (19)
Other administrative costs 275 161
————— —————
Total revenue expenses 1,401 1,269
————— —————
Allocated to capital:
Transaction charges5 8 12
————— —————
Total capital expenses 8 12
Total 1,409 1,281
========= =========

2025 2024
Ongoing charges (as a percentage 1.05% 0.95%
of average daily net assets)6
Ongoing charges (as a percentage 0.95% 0.84%
of average daily gross assets)6
========= =========

¹Fees paid to the auditors for non-audit services were £nil excluding VAT (2024:
£nil).

2Details of the Directors’ emoluments can be found in the Directors’
Remuneration Report in the Company’s Annual Report for the year ended 31
December 2025. The Company has no employees.

3There is a 4 basis point facility fee chargeable on the full loan facility
whether drawn or undrawn.

4No expenses were written back during the year (2024: legal and professional
fees and Directors’ expenses).

5Expenses of £8,000 (2024: £12,000) were charged to the capital account of the
Consolidated Statement of Comprehensive Income. These include transaction costs
charged by the custodian on sale and purchase trades.

6The Company’s ongoing charges, calculated as a percentage of average daily net
assets and as a percentage of average daily gross assets, and using the
management fee and all other operating expenses, excluding finance costs, direct
transaction costs, transaction charges, VAT recovered, taxation, prior year
expenses written back and certain non-recurring items. Alternative Performance
Measure, see Glossary in the Company’s Annual Report for the year ended 31
December 2025.

6. Finance costs

2025 2024
Revenue Capital Total Revenue Capital Total
£’000 £’000 £’000 £’000 £’000 £’000
Interest paid 1,477 4,430 5,907 2,196 6,581 8,777
on bank loans
Interest paid 48 143 191 16 49 65
on bank
overdraft
——— ——— ——— ——— ——— ———
—— —— —— —— —— ——
Total 1,525 4,573 6,098 2,212 6,630 8,842
========= ========= ========= ========= ========= =========

7. Dividends

Dividends paid on Record Payment 2025 2024
equity shares: date date
£’000 £’000
Final dividend of 21 March 27 May 12,381 32,501
6.50p per share for 2025 2025
the
year ended 31
December 2024 (2023:
17.00p)
1st interim dividend 30 May 27 June 10,306 10,515
of 5.50p per share 2025 2025
for
the year ended 31
December 2025 (2024:
5.50p)
2nd interim dividend 12 26 10,305 10,515
of 5.50p per share September September
for 2025 2025
the year ended 31
December 2025 (2024:
5.50p)
3rd interim dividend 28 19 10,268 10,506
of 5.50p per share November December
for 2025 2025
the year ended 31
December 2025 (2024:
5.50p)
——— ———
—— ——
Accounted for in the 43,260 64,037
financial statements
========= =========

The total dividends payable in respect of the year ended 31 December 2025 which
form the basis of Section 1158 of the Corporation Tax Act 2010 and Section 833
of the Companies Act 2006, and the amounts declared, meet the relevant
requirements as set out in this legislation.

2025 2024
Dividends paid or declared on equity £’000 £’000
shares:
1st quarterly interim dividend of 5.50p 10,306 10,515
per share for the year ended 31 December
2025
(2024: 5.50p)
2nd quarterly interim dividend of 5.50p 10,305 10,515
per share for the year ended 31 December
2025
(2024: 5.50p)
3rd quarterly interim dividend of 5.50p 10,268 10,506
per share for the year ended 31 December
2025
(2024: 5.50p)
Final dividend of 7.50p per share for the 13,990 12,406
year ended 31 December 2025
(2024: 6.50p)
————— —————
Total for the year 44,869 43,942
========= =========

1 Based on 186,527,036 ordinary shares in issue on 12 March 2026.

8. Consolidated earnings and net asset value per ordinary share

Total revenue, capital profit/(loss) and net asset value per ordinary share are
shown below and have been calculated using thefollowing:

2025 2024
Net revenue profit attributable to ordinary 45,867 44,127
shareholders (£’000)
Net capital profit/(loss) attributable to 642,723 (164,068)
ordinary shareholders (£’000)
————— —————
Total profit/(loss) attributable to ordinary 688,590 (119,941)
shareholders (£’000)
————— —————
Equity shareholders’ funds (£’000) 1,598,428 975,199
————— —————
The weighted average number of ordinary 188,213,496 191,149,163
shares in issue during the year on which the
earnings per ordinary share was calculated
was:
The actual number of ordinary shares in 186,683,036 191,018,036
issue at the year end on which the net asset
value per ordinary share was calculated was:
Earnings per ordinary share
Revenue earnings per share (pence) – basic 24.37 23.09
and diluted
Capital earnings/(loss) per share (pence) – 341.49 (85.84)
basic and diluted
————— —————
Total earnings/(loss) per share (pence) – 365.86 (62.75)
basic and diluted
========= =========

As at As at
31 December 31 December
2025 2024
Net asset value per ordinary share (pence) 856.23 510.53
Ordinary share price (pence) 804.00 481.00
========= =========

There were no dilutive securities at the year end.

9. Share capital

Ordinary Treasury Total shares Nominal
shares shares number value
in issue number £’000
number
Allotted, called up and fully
paid share capital comprised:
Ordinary shares of 5p each
At 31 December 2023 191,183,036 1,828,806 193,011,842 9,651
Ordinary shares repurchased (165,000) 165,000 – –
into treasury
At 31 December 2024 191,018,036 1,993,806 193,011,842 9,651
Ordinary shares repurchased (4,335,000) 4,335,000 – –
into treasury
At 31 December 2025 186,683,036 6,328,806 193,011,842 9,651
========= ========= ========= =========

During the year ended 31 December 2025 the Company repurchased 4,335,000 shares
into treasury (2024: 165,000) for a total consideration including costs of
£22,101,000 (2024:  £874,000).

Since the year end and up to 12 March 2026, the Company has repurchased 156,000
shares into treasury for a total consideration including costs of £1,451,000 .
No shares were reissued.

10. Reserves

Share Capital Special Capital Capital
Revenue
premium redemption reserve reserve reserve
reserve
account reserve arising on arising on
investments revaluation
sold of
investments
held
Group £’000 £’000 £’000 £’000 £’000
£’000
At 31 151,493 22,779 193,008 510,400 214,761
57,959
December 2023
Movement
during the
year:
Total
comprehensive
(loss)/income:

 Net – – – (13,425) (150,643)
44,127
(loss)/profit
for the
year
Transactions
with owners,
recorded
directly to
equity:
  – – (868) – – –
Ordinary
shares
repurchased
into treasury
 Share – – (6) – – –
repurchase
costs
 Dividends – – – – –
(64,037)
paid
At 31 151,493 22,779 192,134 496,975 64,118
38,049
December 2024
——— ———- ——— ———– ———– —-
—–
—— —– —— —- — —-
—
—
Movement
during the
year:
Total
comprehensive
income:
 Net profit – – – 77,298 565,425
45,867
for the year
Transactions
with owners,
recorded
directly to
equity:
  – – (21,947) – – –
Ordinary
shares
repurchased
into treasury
 Share – – (154) – – –
repurchase
costs
 Dividends – – – – –
(43,260)
paid
——— ———- ——— ———– ———– —-
—–
—— —– —— —- — —-
—
—
At 31 151,493 22,779 170,033 574,273 629,543
40,656
December 2025
========= ========= ========= ========= =========
=========

Distributable
reserves
Share Capital Special Capital Capital
Revenue
premium redemption reserve reserve reserve
reserve
account reserve arising on arising on
investments revaluation
sold of
investments
held
Company £’000 £’000 £’000 £’000 £’000
£’000
At 31 151,493 22,779 193,008 508,899 222,168
52,053
December 2023
Movement
during the
year:
Total
comprehensive
(loss)/income:

 Net – – – (13,425) (150,526)
44,010
(loss)/profit
for the
year
Transactions
with owners,
recorded
directly to
equity:
  – – (868) – –
–
Ordinary
shares
repurchased
into
treasury
 Share – – (6) – –
–
repurchase
costs
 Dividends – – – – –
(64,037)
paid
At 31 151,493 22,779 192,134 495,474 71,642
32,026
December 2024
——— ———- ————- ———– ———–
———
—— —– — —- —
——
—
Movement
during the
year:
Total
comprehensive
income:
 Net profit – – – 77,298 565,522
45,770
for the year
Transactions
with owners,
recorded
directly to
equity:
  – – (21,947) – –
–
Ordinary
shares
repurchased
into
treasury
 Share – – (154) – –
–
repurchase
costs
 Dividends – – – – –
(43,260)
paid
——— ———- ————- ———– ———–
———
—— —– — —- —
——
—
At 31 151,493 22,779 170,033 572,772 637,164
34,536
December 2025
========= ========= ========= ========= =========
=========

Pursuant to a resolution of the Company passed at an Extraordinary General
Meeting on 13 January 1998 and following the Company’s application to the Court
for cancellation of its share premium account, the Court approval was received
on 27January 1999 and £157,633,000 was transferred from the share premium
account to a special reserve which is a distributable reserve.

The share premium account and capital redemption reserve of £151,493,000 and
£22,779,000 (2024: £151,493,000 and £22,779,000) are not distributable reserves
under the Companies Act 2006. In accordance with ICAEW Technical Release 02/17BL
on Guidance on Realised and Distributable Profits under the Companies Act 2006,
the special reserve and capital reserves of the Parent Company may be used as
distributable reserves for all purposes and, in particular, the repurchase by
the Parent Company of its ordinary shares and for payment as dividends. In
accordance with the Company’s Articles of Association, the special reserve of
£170,033,000 (2024: £192,134,000), capital reserves of £1,209,936,000 (2024:
£567,116,000) and the revenue reserve of £34,536,000 (2024: £32,026,000) may be
distributed by way of dividend. The Parent Company’s capital gains of
£1,209,936,000 (2024: £567,116,000) comprise a gain on the capital reserve
arising on investments sold of £572,772,000 (2024: £495,474,000), a gain on the
capital reserve arising on revaluation of listed investments of £632,821,000
(2024: £56,862,000), revaluation losses on unquoted investments of £3,278,000
(2024: gains of £7,256,000) and a revaluation gain on the investment in the
subsidiary of £7,621,000 (2024: £7,524,000). The capital reserve arising on the
revaluation of listed investments of £632,821,000 (2024: £56,862,000) is subject
to fair value movements and may not be readily realisable at short notice; as
such it may not be entirely distributable. The investments are subject to
financial risks, as such capital reserves (arising on investments sold) and the
revenue reserve may not be entirely distributable if a loss occurred during the
realisation of these investments. The reserves of the subsidiary company are not
distributable until distributed as a dividend to the Parent Company.

As at 31 December 2025, the Parent Company’s distributable reserves (excluding
capital reserves on the revaluation of investments) amounted to £777,341,000
(2024: £719,634,000).

11. Valuation of financial instruments

Financial assets and financial liabilities are either carried in the
Consolidated and Parent Company Statements of Financial Position at their fair
value (investment and derivatives) or at amortised cost (due from brokers,
dividends and interest receivable, due to brokers, accruals, cash at bank and
bank overdrafts). IFRS 13 requires the Group to classify fair value measurements
using a fair value hierarchy that reflects the significance of inputs used in
making the measurements. The valuation techniques used by the Group are
explained in the accounting policies note 2(h) to the Financial Statements
above.

Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset.

The fair value hierarchy has the following levels:

Level 1 – Quoted market price for identical instruments in active markets

A financial instrument is regarded as quoted in an active market if quoted
prices are readily available from an exchange, dealer, broker, industry group,
pricing service or regulatory agency and those prices represent actual and
regularly occurring market transactions on an arm’s length basis. The Group does
not adjust the quoted price for these instruments.

Level 2 – Valuation techniques using observable inputs

This category includes instruments valued using quoted prices for similar
instruments in markets that are considered less than active, or other valuation
techniques where all significant inputs are directly or indirectly observable
from market data.

Valuation techniques used for non-standardised financial instruments such as
options, currency swaps and other over-the-counter derivatives include the use
of comparable recent arm’s length transactions, reference to other instruments
that are substantially the same, discounted cash flow analysis, option pricing
models and other valuation techniques commonly used by market participants
making the maximum use of market inputs and relying as little as possible on
entity specific inputs.

Over-the-counter derivative option contracts have been classified as Level 2
investments as their valuation has been based on market observable inputs
represented by the underlying quoted securities to which these contracts expose
the Group.

Level 3 – Valuation techniques using significant unobservable inputs

This category includes all instruments where the valuation technique includes
inputs not based on market data and these inputs could have a significant impact
on the instrument’s valuation.

This category also includes instruments that are valued based on quoted prices
for similar instruments where significant entity determined adjustments or
assumptions are required to reflect differences between the instruments and
instruments for which there is no active market. The Investment Manager
considers observable data to be that market data that is readily available,
regularly distributed or updated, reliable and verifiable, not proprietary, and
provided by independent sources that are actively involved in the relevant
market.

The level in the fair value hierarchy within which the fair value measurement is
categorised in its entirety is determined on the basis of the lowest level input
that is significant to the fair value measurement. If a fair value measurement
uses observable inputs that require significant adjustment based on unobservable
inputs, that measurement is a Level 3 measurement.

Assessing the significance of a particular input to the fair value measurement
requires judgement, considering factors specific to the asset or liability
including an assessment of the relevant risks including but not limited to
credit risk, market risk, liquidity risk, business risk and sustainability risk.
The determination of what constitutes `observable’ inputs requires significant
judgement by the Investment Manager and these risks are adequately captured in
the assumptions and inputs used in measurement of Level 3 assets or liabilities.

Valuation process and techniques for Level 3 valuations

Jetti Resources and MCC Mining equity shares

The fair value of the investment equity shares of Jetti Resources and MCC Mining
were assessed by an independent valuer with a recognised and relevant
professional qualification. The valuation is carried out based on market
approach using earnings multiple and price of recent transactions. Changes in
assumptions about these factors could affect the reported fair value of
financial instruments in the Consolidated and Parent Company Statements of
Financial Position and the level where the instruments are disclosed in the fair
value hierarchy. To assess the significance of a particular input to the entire
measurement, the external valuer performs a sensitivity analysis.

Fair values of financial assets and financial liabilities

The table below sets out fair value measurements using the IFRS 13 fair value
hierarchy.

Financial assets/(liabilities) at Level 1 Level 2 Level 3 Total
fair value through profit or loss £’000 £’000 £’000 £’000
at 31 December 2025 – Group
Assets:
Equity investments 1,595,718 – 32,792 1,628,510
Fixed income securities – 46,547 – 46,547
Total assets 1,595,718 46,547 32,792 1,675,057
Liabilities:
Derivative financial instruments (349) (10) – (359)
– written options
——— ——— ——— ———
—— —— —— ——
Total 1,595,369 46,537 32,792 1,674,698
========= ========= ========= =========

Financial assets/(liabilities) at Level 1 Level 2 Level 3 Total
fair value through profit or loss £’000 £’000 £’000 £’000
at 31 December 2024 – Group
Assets:
Equity investments 987,723 10,555 36,070 1,034,348
Fixed income securities –   36,653 –   36,653
Investment in contractual rights –   –   22,197 22,197
Total assets 987,723 47,208 58,267 1,093,198
Liabilities:
Derivative financial instruments –   (622) –   (622)
– written options
——— ——— ——— ———
—— —— —— ——
Total 987,723 46,586 58,267 1,092,576
========= ========= ========= =========

Financial assets/(liabilities) at Level 1 Level 2 Level 3 Total
fair value through profit or loss £’000 £’000 £’000 £’000
at 31 December 2025 – Company
Assets:
Equity investments 1,595,718 – 40,413 1,636,131
Fixed income investments – 46,547 – 46,547
Total assets 1,595,718 46,547 40,413 1,682,678
Liabilities:
Derivative financial instruments (349) (10) – (359)
– written options
——— ——— ——— ———
—— —— —— ——
Total 1,595,369 46,537 40,413 1,682,319
========= ========= ========= =========

Financial assets/(liabilities) at Level 1 Level 2 Level 3 Total
fair value through profit or loss £’000 £’000 £’000 £’000
at 31 December 2024 – Company
Assets:
Equity investments 987,723 10,555 43,594 1,041,872
Fixed income securities –   36,653 –   36,653
Investment in contractual rights –   –   22,197 22,197
Total assets 987,723 47,208 65,791 1,100,722
Liabilities:
Derivative financial instruments –   (622) –   (622)
– written options
——— ——— ——— ———
—— —— —— ——
Total 987,723 46,586 65,791 1,100,100
========= ========= ========= =========

A reconciliation of fair value measurement in Level 3 is set out below.

Group Company
2025 2024 2025 2024
Level 3 £’000 £’000 £’000 £’000
Financial
assets at
fair value
through
profit or
loss
at 31
December
Opening fair 58,267 51,011 65,791 58,418
value
Return of (483) (397) (483) (397)
capital –
royalty
Additions at 2,847 5,626 2,847 5,626
cost
Sale of (52,582) – (52,582) –
investments
Total profit
or loss
included in
net
profit/(loss)
on
investments
in the
Consolidated
Statement of
Comprehensive
Income
– realised 30,868 – 30,868 –
gain on
investments
sold
– unrealised (6,125) 2,027 (6,028) 2,144
(losses)/gains
on assets
held at the
end of the
year
——— ————— ————— —————
——
Closing 32,792 58,267 40,413 65,791
balance
========= ========= ========= =========

The BHP Brazil Royalty was sold on 8 December 2025 for US$70.0 million at a
premium of 105% to the fair value of US$34.1 million as of 8 December 2025.

The Level 3 valuation process and techniques used are explained in the
accounting policies in notes 2(h) and 2(q). A more detailed description of the
techniques is found in the Company’s Annual Report for the year ended 31
December 2025 under `Valuation process and techniques for Level 3 valuations’.

The Level 3 investments as at 31 December 2025 in the table that follows relate
to equity shares of Jetti Resources and MCC Mining. In accordance with IFRS 13,
these investments were categorised as Level 3.

In arriving at the fair value of Jetti Resources and MCC Mining, the key inputs
are shown in the Company’s Annual Report for the year ended 31 December 2025.

Quantitative information of significant unobservable inputs – Level 3 – Group
and Company

The significant unobservable inputs used in the fair value measurement
categorised within Level 3 of the fair value hierarchy,together with an
estimated quantitative sensitivity analysis, as at 31 December 2025 and 31
December 2024 are asshown below.

Description As at Valuation Unobservable Range of Reasonable Impact
weighted on
31 technique input possible
December average shift¹ +/- fair
inputs value
2025

£’000
MCC Mining 20,356 Market Price of 10.0% £2.0m
approach recent
transaction
Jetti 12,436 Market Earnings 17.50x 10.0% £1.2m
Resources approach multiple
———
——
Total 32,792
=========

Description As at Valuation Unobservable Range of Reasonable Impact
weighted on
31 technique input possible
December average shift¹ +/- fair
inputs value
2024

£’000
BHP Brazil 22,197 Discounted Discount 5.0% – 1.0% £1.2m
Royalty cash flows rate- 8.0%
weighted
average cost
of capital
Average US$2,270 10.0% £2.1m
gold prices –

US$2,376

per
ounce
Average US$9,025 10.0% £1.0m
copper –
prices
US$9,325

per
tonne
Jetti 21,973 Market Earnings 4.75x 10.0% £2.3m
Resources approach multiple
MCC Mining 14,097 Market Price of 10.0% £1.4m
approach recent
transaction
———
——
Total 58,267
=========

1The sensitivity analysis refers to a percentage amount added or deducted from
the input and the effect this has on the fair value.

The sensitivity impact on fair value is calculated based on the sensitivity
estimates set out by the independent valuer in its report on the valuation of
contractual rights. Significant increases/(decreases) in estimated commodity
prices and discount rates in isolation would result in a significantly
higher/(lower) fair value measurement. Generally, a change in the assumption
made for the estimated value is accompanied by a directionally similar change in
the commodity prices and discount rates.

For exchange listed equity investments, the quoted price is the bid price.
Substantially, all investments are valued based on unadjusted quoted market
prices. Where such quoted prices are readily available in an active market, such
prices are not required to be assessed or adjusted for any price related risks,
including climate risk, in accordance with the fair value related requirements
of the Company’s financial reporting framework.

12. Transactions with the Investment Manager and AIFM

BlackRock Fund Managers Limited (BFM) provides management and administration
services to the Company under a contract which is terminable on six months’
notice. BFM has (with the Group’s consent) delegated certain portfolio and risk
management services, and other ancillary services to BlackRock Investment
Management (UK) Limited (BIM (UK)). Further details of the investment management
contract are disclosed in the Directors’ Report in the Company’s Annual Report
for the year ended 31 December 2025.

The investment management fee due for the year ended 31 December 2025 amounted
to £10,553,000 (2024: £8,952,000). Atthe year end, £6,266,000 was outstanding in
respect of the management fee (2024: £9,018,000).

In addition to the above services, BIM (UK) has provided the Group with
marketing services. The total fees paid or payable for these services for the
year ended 31 December 2025 amounted to £161,000 excluding VAT (2024: £169,000).
Marketing fees of £216,000 were outstanding as at 31 December 2025 (2024:
£64,000).

The ultimate holding company of the Manager and the Investment Manager is
BlackRock, Inc., a company incorporated in Delaware, USA.

13. Related party disclosure

Directors’ emoluments

At the date of this report, the Board consists of five non-executive Directors,
all of whom are considered to be independent of the Manager by the Board.
Following the conclusion of the Annual General Meeting on 22 May 2026, the Board
will consist of four non-executive Directors.

Disclosures of the Directors’ interests in the ordinary shares of the Company
and fees and expenses payable to the Directors are set out in the Directors’
Remuneration Report in the Company’s Annual Report for the year ended 31
December 2025. As at 31 December 2025, £18,000 (2024: £18,000) was outstanding
in respect of Directors’ fees.

Significant holdings

The following investors are:

a.funds managed by the BlackRock Group or are affiliates of BlackRock Inc.
(Related BlackRock Funds); or

b.investors (other than those listed in (a) above) who held more than 20% of the
voting shares in issue in the Company and are, as a result, considered to be
related parties to the Company (Significant Investors).

Total % of Total % of Number of Significant
shares held shares held Investors who are not affiliates of
by Related by BlackRock Group or BlackRock, Inc.
BlackRock Significant
Funds Investors
who are not
affiliates
of
BlackRock
Group or
BlackRock,
Inc.
As at 31 1.18 n/a n/a
December
2025
As at 31 1.19 n/a n/a
December
2024
========= ========= =========

14. Contingent liabilities

There were no contingent liabilities at 31 December 2025 (2024: nil).

15. Publication of non statutory accounts

The financial information contained in this announcement does not constitute
statutory accounts as defined in the Companies Act 2006. The Annual Report and
Financial Statements for the year ended 31 December 2025 will be filed with the
Registrar of Companies after the Annual General Meeting.

The figures set out above have been reported upon by the auditor, whose report
for the year ended 31 December 2025 contains no qualification or statement under
Section 498(2) or (3) of the Companies Act 2006.

The comparative figures are extracts from the audited financial statements of
BlackRock World Mining Trust plc and its subsidiary for the year ended 31
December 2024, which have been filed with the Registrar of Companies. The report
of the auditor on those financial statements contained no qualification or
statement under Section 498 of the Companies Act 2006.

16. Annual Report and Financial Statements

Copies of the Annual Report and Financial Statements will be published shortly
and will be available from the registered office, c/o The Secretary, BlackRock
World Mining Trust plc, 12 Throgmorton Avenue, London EC2N 2DL.

17. Annual General Meeting

The Annual General Meeting of the Company will be held at 12 Throgmorton Avenue,
London EC2N 2DL on Friday, 22 May 2026 at 11.30 a.m.

The Annual Report and Financial Statements will also be available on the
BlackRock website at www.blackrock.com/uk/brwm. Neither the contents of the
website nor the contents of any website accessible from hyperlinks on the
website (or any other website) is incorporated into, or forms part of, this
announcement.

For further information, please contact:

Charles Kilner, Director, Closed End Funds, BlackRock Investment Management (UK)
Limited – Tel:  020 7743 3000

Evy Hambro, Fund Manager, BlackRock Investment Management (UK) Limited – Tel:
020 7743 3000

Bart Nash, Media & Communications, BlackRock Investment Management (UK) Limited
– Tel:  020 7743 3000

Press enquires:

Ed Hooper, Lansons Communications

Tel:  020 7294 3616

E-mail:  [email protected] or [email protected]

16 March 2026

12 Throgmorton Avenue

London EC2N 2DL

ENDS

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