**Summary**
BlackRock World Mining Trust plc (the "Company") released its final results for the year ended 31 December 2025, highlighting a strong performance driven by positive demand trends from AI infrastructure build-out, energy transition, and precious metals demand. The Company reported a net asset value (NAV) total return of 74.2%, outperforming the reference index and FTSE All-Share Index. The share price total return was 74.1%.
**Key Highlights**
**Performance** The Companys NAV total return was 74.2%, compared to 64.2% for the reference index and 24.0% for the FTSE All-Share Index. The share price total return was 74.1%.
**Dividends** A proposed final dividend of 7.50p per share, making a total of 24.00p per share for the year, representing a 4.3% increase from 2024.
**Portfolio** The Companys portfolio manager effectively managed exposure to commodities, precious metals, and unquoted assets, contributing to the strong performance.
**Gearing** The Company operated with a flexible gearing policy, with a maximum gearing of 13.6% and an average gearing of 8.8% during the year.
**Share Buybacks** The Company repurchased 4,335,000 shares at an average discount of 8.7% to NAV, with further buybacks post-year end.
**Chairmans Statement**
The Chairman, Chip Goodyear, attributed the Companys success to its nimble "virtual mining company" approach, allowing it to adapt to market conditions and capitalize on opportunities. The Companys performance was driven by strong demand for critical minerals, precious metals, and its ability to manage exposure to various commodities.
**Investment Managers Report**
The Investment Manager highlighted the Companys stellar performance, driven by positive demand trends, supply-side disruptions, and the critical minerals agenda. The Companys NAV total return was 74.2%, and the share price total return was 74.1%. Key contributors to performance included positions in Hycroft Mining, Kinross Gold, and the sale of the BHP Brazil Royalty.
**Outlook**
The Company expects commodity markets to remain strong, driven by continued demand for critical minerals and precious metals. However, key risks include geopolitical fluctuations, slow growth in China, and concentration of capital spending related to technology and AI.
**Financials**
**Net Asset Value (NAV):** £1598428000 (2024: £975199000)
**Revenue Profit:** £45867000 (2024: £44127000)
**Total Comprehensive Income:** £688590000 (2024: Loss of £119941000)
**Dividends Paid:** £43260000 (2024: £64037000)
**Conclusion**
BlackRock World Mining Trust plc delivered a strong performance in 2025, driven by its ability to adapt to market conditions and capitalize on opportunities in the mining sector. The Companys focus on critical minerals, precious metals, and its nimble approach contributed to its success. Despite potential risks, the Company is well-positioned to continue delivering strong returns in the future.
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Net Assets (£'000) | 1,598,428 | 975,199 | +63.9% |
| Net Asset Value per Share (pence) | 856.23 | 510.53 | +67.7% |
| Ordinary Share Price (pence) | 804.00 | 481.00 | +67.2% |
| Net Revenue Profit after Taxation (£'000) | 45,867 | 44,127 | +3.9% |
| Total Dividends per Share (pence) | 24.00 | 23.00 | +4.3% |
| Bank Loans (£'000) | 96,651 | 135,739 | -28.8% |