olivLaw · European equity research
BlackRock World Mining Trust plc BRWM.L
United Kingdom · London Stock Exchange · Vertical: Listed companies from United Kingdom
BlackRock World Mining Trust plc is a closed-end fund giving diversified exposure to the mining sector without the constraints of an operating mining company, managed by BlackRock's Thematics and Sectors team. Its NAV per share returned 74.2% in the year to 31 December 2025, a result supported by strong demand for critical minerals and precious metals.
At the close of 05 Nov 2026, BlackRock World Mining Trust plc (BRWM.L) stock was 8.78 GBP (+1.04% on the day), with market capitalisation 1.7 bn GBP, P/E 2.4 on diluted EPS of 3.66 GBP over the last 12 months, dividend yield 2.62%, beta 1.14, 52-week range 6.40–10.60 GBP.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 44.8
- weak (30–45)
- Bollinger (20, 2)
- 8.28 – 9.49
- in the lower half of the band · %B 0.41 · band width 13.6%
- SMA 50 / 200
- 9.47 / 9.47
- mixed trend
- MACD (12, 26, 9)
- -0.23 / -0.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.2% | −0.6% | −6.5 pp | — |
| 3 months | −7.8% | −4.2% | −3.6 pp | — |
| 6 months | −10.8% | +4.3% | −15.1 pp | — |
| Year to date | +9.2% | +7.5% | +1.7 pp | — |
| 1 year | +35.1% | +9.9% | +25.2 pp | +5.8% |
| 3 years | +60.8% | +49.8% | +11.0 pp | +26.3% |
| 5 years | +56.8% | +42.8% | +14.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 1-quarter history (min 2.2, median 2.2, max 2.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 75.8 m | 55.1 m | 57.4 m |
| Revenue YoY | unavailable | −27.2% | +4.1% |
| Net income | -79.0 m | -119.9 m | 688.6 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.63 | 3.66 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -104.2% | -217.5% | 1,200.3% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.7 m GBP
- Financial debt
- 96.7 m GBP
- Net debt
- 82.9 m GBP
- Equity
- 1.6 bn GBP
- Total assets
- 1.7 bn GBP
- Debt / equity
- 0.06x
- Current ratio
- 0.28x
- ROE
- 53.5%
- ROA
- 48.7%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (GBP)
Margins
Income statement · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 75.8 m | 55.1 m | 57.4 m | esef· 07 Apr 2026verified |
| Operating income | -66.8 m | -107.6 m | 698.5 m | esef· 07 Apr 2026verified |
| Interest expense | 9.5 m | 8.8 m | 6.1 m | esef· 07 Apr 2026verified |
| Pre-tax income | -76.3 m | -116.4 m | 692.4 m | esef· 07 Apr 2026verified |
| Income tax | 2.7 m | 3.5 m | 3.8 m | esef· 07 Apr 2026verified |
| Net income | -79.0 m | -119.9 m | 688.6 m | esef· 07 Apr 2026verified |
| Diluted EPS | — | -0.63 | 3.66 | esef· 07 Apr 2026verified |
| Dividend per share | — | 0.34 | 0.23 | esef· 07 Apr 2026derived |
Balance sheet · GBP
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.6 m | 21.4 m | 13.7 m | esef· 07 Apr 2026verified |
| Receivables | — | 2.9 m | 9.1 m | esef· 07 Apr 2026verified |
| Current assets | 21.7 m | 30.5 m | 29.7 m | esef· 07 Apr 2026verified |
| Total assets | 1.3 bn | 1.1 bn | 1.7 bn | esef· 07 Apr 2026verified |
| Short-term debt | — | 135.7 m | 96.7 m | esef· 07 Apr 2026verified |
| Current liabilities | 159.6 m | 147.5 m | 105.0 m | esef· 07 Apr 2026verified |
| Equity | 1.2 bn | 975.2 m | 1.6 bn | esef· 07 Apr 2026verified |
| Shares outstanding at year end | — | 191.1 m | 188.2 m | esef· 07 Apr 2026derived |
Cash flow · GBP
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn GBP
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 50.1% | 92 (vs peers) | 24% |
| Net margin · Quality | 1,200.3% | 100 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 114.5x | 100 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 0.3x | 0 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 2.4x | 94 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.0% | 57 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet60/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality95/100 · 2/3 factors with a value
- Returns· partial57/100 · 1/2 factors with a value
- Valuation· partial94/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BLACKROCK WORLD MINING TRUST PLC (BRWM.L). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 57.4 m GBP in 2025; YoY growth 4.1%; net margin 1,200.3%; ROE 53.5%.
The estimated value range is 41.30–63.70 GBP per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 52.78 GBP, the price of 8.78 GBP leaves a potential of 501.1% (value / price − 1) and a margin of safety of 83.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 50.1%
- Net margin: 1,200.3%
- Interest coverage: 114.5x
- P/E (TTM): 2.4x
- The price is below the estimated value range
What contradicts it
- Current ratio: 0.3x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from United Kingdom · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BATS.LBritish American Tobacco P.L.C. | 104.3 bn | 13.5 | 16.5% | 30.3% | −1.0% | +7% / +88% |
| ABF.LAssociated British Foods PLC | 14.7 bn | 14.3 | 9.2% | 5.3% | −3.1% | −5% / −15% |
| 0EV1.LCarnival PLC | 5.5 bn | 4.1 | 46.7% | 13.4% | +6.4% | unavailable / unavailable |
| BAB.LBabcock International Group PLC | 5.1 bn | 24.7 | 34.7% | 4.1% | +7.2% | −10% / +158% |
| AUTO.LAutotrader Group PLC | 4.8 bn | 16.4 | 60.2% | 47.1% | +3.9% | −13% / −23% |
| BBY.LBalfour Beatty PLC | 4.2 bn | 16.3 | 23.2% | 2.8% | +15.2% | +20% / +160% |
| ABDN.LAberdeen Group PLC | 4.1 bn | 10.8 | 8.0% | 28.9% | −2.1% | +11% / +41% |
| BKG.LThe Berkeley Group Holdings PLC | 3.6 bn | 11.3 | 8.8% | 13.4% | −4.2% | −0% / −22% |
| BME.LB&M European Value Retail PLC | 2.9 bn | 17.4 | 21.2% | 2.8% | +3.7% | +68% / −51% |
| AJB.LAj Bell PLC | 2.4 bn | 22.8 | 49.9% | 33.1% | +18.0% | +8% / +128% |
| BRWM.LBlackrock World Mining Trust PLC | 1.7 bn | 2.4 | 53.5% | 1,200.3% | +4.1% | +25% / +60% |
| ASHM.LAshmore Group PLC | 1.4 bn | 13.9 | 13.1% | 71.6% | −0.1% | +28% / +18% |
| BCG.LBaltic Classifieds Group PLC | 1.2 bn | 23.2 | 15.8% | 57.6% | +6.9% | −99% / −99% |
| APN.LApplied Nutrition PLC | 763.6 m | 36.2 | 41.2% | 19.7% | +24.2% | +71% / unavailable |
| BAG.LA.G. Barr P.L.C. | 671.9 m | 14.4 | 14.4% | 10.8% | +4.0% | −7% / +26% |
| ASC.LAsos PLC | 494.5 m | — | -81.3% | -12.0% | −14.7% | +71% / +8% |
| ALFA.LAlfa Financial Software Holdings PLC | 486.8 m | 16.3 | 61.5% | 23.8% | +15.3% | −28% / +10% |
| AML.LAston Martin Lagonda Global Holdings PLC | 344.3 m | — | -93.4% | -39.2% | −20.6% | −45% / −85% |
| APTD.LAptitude Software Group PLC | 111.3 m | 28.5 | 7.2% | 6.2% | −7.3% | −30% / −23% |
| AMGO.LAmigo Holdings PLC | 9.9 m | — | — | — | −81.9% | +325% / +844% |
| ASBE.LAssociated British Engineering PLC | 605.3 k | — | -19.1% | — | unavailable | unavailable / unavailable |
| AMIF.LAmicorp Fs (uk) PLC | 221.6 k | 0.1 | 27.5% | 9.1% | +8.1% | unavailable / unavailable |
| AAF.LAirtel Africa PLC | — | — | 24.1% | 10.6% | +29.5% | −7% / +164% |
| AAL.LAnglo American PLC | — | — | -19.3% | -20.2% | +4.5% | +30% / +76% |
| ACG.LAcg Metals Limited | — | — | -80.3% | -32.0% | +134.8% | +60% / +63% |
1- and 3-year price returns: for BRWM.L from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (GBP)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.17 Total return -39% · Per year -39% | 9.14 Total return 7% · Per year 7% | 13.76 Total return 60% · Per year 60% |
| 3 years | 4.97 Total return -37% · Per year -14% | 9.89 Total return 21% · Per year 7% | 16.37 Total return 97% · Per year 25% |
| 5 years | 4.78 Total return -36% · Per year -8% | 10.71 Total return 37% · Per year 6% | 19.47 Total return 141% · Per year 19% |
- Exit P/E± 2.47
- Net margin± 1.73
- Annual revenue growth± 1.43
- Annual dilution± 0.15
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
BlackRock World Mining Trust plc is a closed-end fund giving diversified exposure to the mining sector without the constraints of an operating mining company, managed by BlackRock's Thematics and Sectors team. Its NAV per share returned 74.2% in the year to 31 December 2025 1, a result supported by strong demand for critical minerals and precious metals 1.
SWOT
Strengths
- The management team belongs to one of the largest natural resources investment organisations globally and carries out extensive proprietary research 1.
- The closed-end structure allows less liquid holdings to be kept over the long term without selling the portfolio to meet redemptions 1.
- The portfolio can include unlisted investments and varied instruments, giving access to opportunities that ordinary investors cannot pursue 1.
Weaknesses
- Performance depends heavily on metal prices and on portfolio companies, which makes returns vulnerable to sector downturns 1.
- The Company has no employees and relies on external providers for management, custody and accounting, creating dependence on their controls 1.
- Shares have generally traded at a discount to net asset value, which can limit shareholder returns in some periods 1.
Opportunities
- If demand for critical minerals and precious metals stays high, portfolio companies could generate larger dividends and capital gains 1.
- Investment in technology, energy and defence across several major economies could open new opportunities for portfolio mining companies 1.
- Growing royalty income and option premiums could support dividends if commodity prices remain sustainable 1.
Threats
- Geopolitical tensions, tariffs, sanctions and resource nationalism could affect companies' access to markets and the value of investments 1.
- Volatile energy and metal prices could quickly reduce net asset value and the share price 1.
- Climate-related risks and environmental regulation could affect valuations of companies in the sector 1.
Risks
- Commodity price volatilityhigh
Portfolio value depends on metal and energy prices, which can fluctuate sharply and affect both net asset value and share price 1.
- Geopolitical and trade riskhigh
Conflicts, tariffs, trade restrictions and resource nationalism could affect portfolio companies' operations and global financial markets 1.
- Reliance on third-party service providersmedium
With no employees, the Company depends on the internal controls of its manager, depositary and other providers, and a failure or disaster could affect reporting and assets 1.
- Risk of losing investment trust statusmedium
A breach of eligibility conditions could lead to loss of tax status and taxation of capital gains, which could reduce investor returns 1.
- Discount to net asset valuelow
The share price can trade below net asset value, and this gap can vary, affecting the gains shareholders realise on sale 1.
Investment thesis
What would need to be true (bull case)
- Returns in 2025 were strong, and if the mining sector continues to benefit from structural demand for critical minerals, dividends and net asset value could keep growing 1.
- The flexibility to allocate capital across companies, commodities and unlisted investments, without the constraints of an operating company, could let managers capture opportunities other investors cannot reach 1.
- The closed-end structure protects the portfolio from forced redemption sales and allows long-term holdings through volatile periods, which could support performance if markets stabilise 1.
What would break the thesis
- The strong 2025 return followed a weak 2024, and if metal prices correct, performance could be much weaker 1.
- Geopolitical tensions, tariffs and sanctions could affect portfolio companies and the value of investments in ways that are hard to anticipate 1.
- Dependence on external providers and management methods could expose the fund to operational errors or control failures that affect performance 1.
What to watch
- Gold, silver, copper and platinum price trends and their effect on net asset value2026
- Payment of the 7.50 pence final dividend and approval of the dividend policy at the AGM29 May 2026
- Level of the discount to net asset value and the share buyback programme2026
- Appointment of a new independent director after a board member retires at the AGM2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The Company offers diversified exposure to the mining sector through a total return approach, aiming to build an optimal synthetic diversified mining company that dynamically allocates investments across companies and commodity exposures 1. Managed by BlackRock's Thematics and Sectors team, one of the largest investors in natural resources globally by assets under management, it relies on proprietary on-the-ground research and assessment of management quality 1. Its closed-end structure means it does not have to sell assets to meet redemptions, making it suited to less liquid assets and longer investment periods, and it can use gearing 1.
The portfolio is unconstrained by market cap, sub-sector or region, allowing managers to identify unique opportunities, including in unlisted companies that most investors cannot access 1. For income, the Company invests mainly in equities but also uses fixed income, unquoted instruments and option writing 1. An independent board with specialist experience protects shareholder interests 1.
Segments
Listed mining equities and diversified exposure
The core of the portfolio is shares in mining companies with a global remit, not limited by market cap or region 1. Managers increased the holding in South African company Valterra Platinum, the world's largest primary producer of platinum 1.
Fixed income and unquoted instruments
To enhance income, the Company uses fixed income and unquoted instruments, and in 2025 the sale of an unquoted royalty investment in the BHP Brazil contract produced a large gain 1.
Option writing
The use of options contributed to 2025 performance and forms part of the income strategy alongside royalty income from commodities 1.
Market context
Trends
- Demand for critical mineralstailwind
Electrification, renewable energy and the growing AI and data centre ecosystem support demand for copper, lithium and rare earth elements, and this could continue if investment in technology and infrastructure stays high 1.
- Precious metals as safe havenstailwind
Persistent inflation, elevated government debt and geopolitical tensions keep demand strong for safe haven assets, which supported gold and silver 1.
- Geopolitical and energy price volatilitymixed
The escalation of Middle East conflicts at the end of February 2026 added uncertainty and sharp oil price moves, which could affect costs and supply chains for mining companies 1.
- Rearmament and industrial policymixed
Major economies are raising investment in technology, energy infrastructure and defence, supporting commodity demand, while tariffs and trade restrictions add fragmentation 1.
Competitive position
The Company competes with other investment vehicles and thematic funds giving exposure to mining, as well as open-ended funds and ETFs tracking metals and mining indices. Its stated advantages are the closed-end structure, access to unlisted investments and the flexibility to allocate capital across companies and commodities without being an operating company 1.
Performance is measured against the MSCI ACWI Metals & Mining 30% Buffer 10/40 index, so the comparison shows how far managers' use of options, gearing and unlisted investments adds to passive exposure 1.
- Metals and mining funds and ETFs
Passive or active vehicles tracking mining indices that offer diversified exposure, but usually without access to unlisted investments or the closed-end structure 1.
- Diversified mining companies
Large operating companies competing for sector investor attention, but carrying fixed assets and operating risks that the Company avoids 1.
- Thematic natural resources funds
Open-ended or closed-end funds with similar mandates that may have different geographic or sub-sector concentrations 1.
- Precious metals producers
Companies specialising in gold, silver or platinum, offering concentrated exposure to those metals rather than the broad diversification the Company pursues 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202507 Apr 2026
- Annual report 202417 Apr 2025
- Annual report 202417 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / BlackRock World Mining Trust plc · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.