Portfolio Update

Performance at month end with net income reinvested

One

Three

One

Three

Five

Month

Months

Year

Years

Years

Net asset value

19.6%

4.3%

79.1%

102.3%

124.4%

Share price

20.0%

6.2%

94.2%

107.0%

141.4%

MSCI ACWI Metals & Mining 30% Buffer 10/40 Index (Net)*

16.4%

3.5%

61.2%

95.3%

102.0%

* (Total return)

Sources: BlackRock, MSCI ACWI Metals & Mining 30% Buffer 10/40 Index, Datastream

Net asset value (including income)1:

1,069.63p

Net asset value (capital only):

1,056.42p

Share price:

1,060.00p

Discount to NAV2:

-0.9%

Total assets:

£2,161.5m

Net yield3:

2.3%

Net gearing:

6.9%

Ordinary shares in issue:

186,909,036

Ordinary shares held in Treasury:

6,102,806

Ongoing charges4:

1.05%

Ongoing charges5:

0.95%

Country Analysis

TotalAsset (%)

Global

63.0

Canada

7.9

Australasia

7.6

Latin America

6.3

United States

6.1

South Africa

5.6

China

1.6

Other Africa

1.4

Mexico

0.9

North America

0.4

Indonesia

0.3

Romania

0.1

Net Current Liabilities

-1.2

-----

100.0

=====

Sector Analysis

TotalAssets (%)

Gold

33.8

Diversified

32.2

Copper

15.2

Steel

7.9

Platinum Group Metals

2.9

Industrial Minerals

2.5

Iron

1.5

Aluminium

1.3

Zinc

1.0

Mining

0.9

Silver

0.8

Uranium

0.8

Nickel

0.3

Industrial Materials

0.1

Net Current Liabilities

-1.2

-----

100.0

=====

Ten largest investments

Company

Total Assets %

Rio Tinto

8.9

Glencore

6.5

BHP

6.3

Vale:

Equity

3.2

Debenture

1.9

Agnico Eagle Mines

4.9

Anglo American

4.9

Newmont

4.5

Barrick Mining

4.1

Wheaton Precious Metals

4.0

AngloGold Ashanti Plc

3.5

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

Markets:

The mining sector outperformed broader equity markets in August, with the MSCI ACWI Index rising by 2.7%. The supportive backdrop extended across both precious and industrial metals.

Gold rose 9.6% in August, closing the month at approximately US$4,437/oz after trading in a range of US$4,050–US$4,670/oz. Bullion was supported by lower Treasury yields, weaker-than-expected U.S. employment data, continued central-bank demand and concerns around elevated U.S. government debt, while renewed Chinese investment demand also provided support. Gold reached its highest level since May before pulling back late in the month following more hawkish comments from the Federal Reserve at Jackson Hole.

The broader commodity complex was also generally strong. Within precious metals, silver rose by 21.7% over the month, while platinum and palladium gained 15.9% and 13.1%, respectively. Within industrial metals, copper increased by 4.4% to US$14,446/tonne, reaching a new all-time high amid tight physical market conditions. Chinese inventories continued to decline, while U.S. imports remained elevated as traders brought material into the country ahead of potential tariffs, with supply disruption in South America providing additional support. Aluminium prices were broadly flat, rising 0.5%, while iron ore (62% Fe) rose 4.8% over the month. In China, the Caixin Manufacturing PMI increased from 50.9 in July to 51.5 in August, remaining in expansionary territory.

Mining equities delivered strong returns against this supportive backdrop, helped by a generally better-than-expected reporting season. Company results suggested that concerns around higher diesel and other input costs had, in aggregate, been better managed than the market had feared, although management teams continued to highlight emerging labour and capital-project cost inflation. U.S. steel equities came under pressure on speculation that tariffs on Canadian steel and aluminium imports could be reduced, raising concerns over domestic steel pricing.

Outlook:

Our outlook for the mining sector remains constructive, particularly relative to broader equity markets. A more fragmented geopolitical world order increases the need for diversification and reinforces the strategic importance of mined commodities. Governments are increasingly weaponising commodities and prioritising supply security, particularly in critical minerals, which is driving greater investment across the value chain and encouraging the reshoring of refining and processing capacity.

At the same time, accelerating hyperscaler spending on AI infrastructure, alongside electrification, grid expansion and the broader energy transition, is driving demand for both power and materials. Copper sits at the centre of this theme, given its critical role in electrification and power intensive infrastructure. More broadly, the AI revolution supports the H.A.L.O. trade (Heavy Asset, Low Obsolescence) which involves capital rotating towards companies pairing long life heavy assets with limited obsolescence risk. We would expect the H.A.L.O. trade to re-emerge once the U.S.-Israel conflict with Iran stabilises.

Supply remains constrained across many mined commodities following years of underinvestment, permitting challenges, operational disruptions and long lead times for new projects. Mining companies generally remain focused on capital discipline, prioritising cost control, free cash flow generation and shareholder returns over aggressive production growth.

22 September 2026

Latest information is available by typing www.blackrock.com/uk/brwm on the internet. Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.