REG - Golden Prospect Prec Golden Prospect-GPSS - Monthly Investor Report December 2025

Golden Prospect Precious MetalsAnnouncement

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RNS Number : 0137Q  Golden Prospect Precious Metals Ltd  22 January 2026

 

 

Golden Prospect Precious Metals Limited

 

Monthly Investor Report - December 2025

 

The full monthly factsheet is now available on the Company's website and a
summary can be found below.

 

NCIM - Golden Prospect Precious Metals Ltd - Fund Page
(https://ncim.co.uk/golden-prospect-precious-metals-ltd/)

 

Enquiries:

 

For the Investment Manager

Manulife | CQS Investment Management

Craig Cleland

0207 201 5368

 

For the Company Secretary and Administrator

Apex Fund and Corporate Services (Guernsey) Limited

James Taylor

0203 530 3600

 

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Fund Description

 

The objective of the Golden Prospect Precious Metals Fund is to provide
investors with capital growth from a group of companies in the precious metals
sector.

 

Portfolio Managers

 

Keith Watson and Robert Crayfourd.

 

 

Key Advantages for the Investor

·    Access to under-researched mid and smaller companies in the precious
metals sector

·    Potential inflation protection from precious metals assets

·    Low correlation to major asset classes

 

 

 

 

 

 

 

 

Key Fund Facts(1)

 

 Total Gross Assets:  £127.5m
 Reference Currency:  GBP
 Ordinary Shares:     107,834,428
 Net Asset Value:     116.60p
 Mid-Market Price:    94.00p
 Net gearing:         5.0%
 Discount:            (19.38%)

 

Ordinary Share and NAV Performance(2)

 

                One Month  Three Months  One Year  Three Years        Five Years
                (%)        (%)           (%)       (%)                (%)
 NAV            4.25       11.41         163.03    206.76             77.34
 Share Price    3.30       9.18          164.79          173.26          75.70

 

Commentary(3)

 

Precious metals and related mining equities remained leading performers
supported by ongoing geopolitical risks, concerns over the burden from further
increases in government indebtedness against a backdrop of muted underlying
economic growth trends and the Company NAV rose 4.2% during December, post the
6.7% dilution from the sub-share rights issue, hence the NAV return of the
underlying holdings and for investors was 11.0% for the month. Gold rose 2.5%
over the month to end the year up 64%, while silver, despite some significant
volatility, ended the month up 26%, closing the year with a 148% gain. Silver
prices displayed very high volatility in December, with exchanges increasing
margin requirements over the Christmas break, typically a less liquid period.

 

International geopolitics returned to the forefront in the year-end. Of note,
the US sought to exert more influence over Venezuela, sanctioning shippers
involved in the Venezuelan crude oil trade. Ongoing Russian-Ukrainian
ceasefire talks increased the likelihood of a deal in 2026, though the path to
such an outcome remains uncertain. Tensions with Iran also rose as more
protests against the governing regime, which is struggling to manage the
economic crisis resulting from Western sanctions, became more widespread, and
the Trump Administration threatened to intervene in affairs if government
forces attacked activists in the country. Elsewhere, following comments from
the new Japanese Premier on the threat posed by China's potential use of force
against Taiwan, the Chinese military undertook extensive drills around the
island.

 

On the economic front, US employment trends continued to cool, with the
November unemployment rate rising to around 4.6%. However, with
post-government-shutdown data remaining patchy, Federal Reserve members'
commentary remained cautious about the pace of future rate reductions.
Meanwhile, investor caution about the broader market outlook, in part due to
concerns about the sustainability of AIled momentum, may have led to increased
investment in tangible assets, especially precious metals, as a means of
portfolio diversification.

 

During the month, the Company increased its silver weighting by purchasing
shares in Americas Gold & Silver, Vizsla Silver, and Polymetals.

 

                                            Gross Leverage(5)  Commitment Leverage(6)

                                            (%)                (%)
 Golden Prospect Precious Metals Limited    106                106

 

 

Manulife | CQS Investment Management

4th Floor, One Strand, London WC2N 5HR, United Kingdom

T: +44 (0) 20 7201 6900 | F: +44 (0) 20 7201 1200

 

Tavistock Communications

18 St. Swithin's Lane, London EC4N 8AD

T: +44 20 7920 3150 | goldenprospect@tavistock.co.uk
(mailto:goldenprospect@tavistock.co.uk)

 

Sources: (1,2) CQS as at the last business day of the month indicated at the
top of this report. Performance is net of fees and expenses. New City
Investment Managers took over the investment management function on 15
September 2008. These include historic returns and past performance is not a
reliable indicator of future results. The value of investments can go down as
well as up. Please read the Important Information section at the end of this
document. (3) All market data is sourced from Bloomberg unless otherwise
stated. The Fund may since have exited some / all the positions detailed in
the commentary. (5) For methodology details see Article 4(3) of Directive
2011/61/EU (AIFMD) and Articles 6, 7, 9 and 10 of Delegated Regulation
231/2013. (6) For methodology details see Article 4(3) of Directive 2011/61/EU
(AIFMD) and Articles 6, 8, 9, 10 and 11 of Delegated Regulation 231/2013.

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