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

Golden Prospect Precious MetalsAnnouncement

23/07/2025 17:00

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RNS Number : 2963S  Golden Prospect Precious Metals Ltd  23 July 2025

 

 

Golden Prospect Precious Metals Limited

 

Monthly Investor Report - June 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:  £69.5m
 Reference Currency:  GBP
 Ordinary Shares:     93,248,499
 Net Asset Value:     68.71p
 Mid-Market Price:    58.20p
 Net gearing:         8.0%
 Discount:            (15.30%)

 

Ordinary Share and NAV Performance(2)

 

                One Month  Three Months  One Year  Three Years         Five Years
                (%)        (%)           (%)       (%)                 (%)
 NAV            (2.75)     9.15          63.44     63.67               9.74
 Share Price    14.12      16.40         77.71            59.45           12.36

 

Commentary(3)

 

The Company's NAV fell 2.8% over the month, lagging the 3.1% sterling gain in
the NYSE Gold Bugs Index and 1.6% sterling return of the GDXJ ETF. Gold was up
0.4% on the month, whilst Silver, Platinum and Palladium gained 9.5%, 28.5%
and 13.6% respectively.

 

This monthly underperformance was primarily driven by a pull-back in some of
the larger weighted Australian-listed gold miners including Ora Banda, Emerald
Resources and West African Resources. Equinox Gold, which recently acquired
Calibre Mining, also acted as a drag after we became a holder following
closure of their all-share acquisition. These have all been strong performers
for the Company over previous months and nothing has structurally changed with
the positions; most have anticipated positive catalysts over the next six
months in our opinion as new mines transition into production.

 

Central banks reported strong gold flows in May, but we believe unreported
flows remain key. Gold ETF holdings also increased through June, suggesting
financial players are now entering the market. The Official Monetary and
Financial Institutions Forum (OMFIF) published an industry survey of 75
central banks and 15 public pension and sovereign funds, with strong gold
purchasing expected in the coming months. The survey indicated that a third of
central banks expect to increase their gold holdings in the next 12-24 months
and the majority of respondents expect prices to remain above $3000/oz over
the next year.

 

Weighed down by tariff-related trade friction, together with increased US
government borrowing requirement implicit in the "Big Beautiful Bill", the US
dollar continued to weaken and is now around 10% softer versus sterling
year-to-date. While this has ramifications for global markets, especially
expected returns from investments made into the US, it remains a supportive
factor for gold going forward.

Physically-backed gold ETFs added over 2Moz during June taking total holdings
above 90Moz, although after recent gains the dollar price was little changed
at the end of the month.

 

Platinum and Palladium saw robust gains as sentiment shifted more positive
after the London Platinum Week conference. The World Platinum Investment
Council (WPIC) forecast continuing deficit for the platinum market of 966koz
in 2025, similar to the last few years. WPIC estimates that above ground
stocks will reach a low of only three months of demand by the end of this year
which helped lift platinum prices.

 

 

 

                                            Gross Leverage(5)  Commitment Leverage(6)

                                            (%)                (%)
 Golden Prospect Precious Metals Limited    109                109

 

 

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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