REG - Golden Prospect Prec Golden Prospect-GPSS - Monthly Investor Report - March 2026

Golden Prospect Precious MetalsAnnouncement

23/04/2026 14:00

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RNS Number : 7105B  Golden Prospect Precious Metals Ltd  23 April 2026

 

 

Golden Prospect Precious Metals Limited

 

Monthly Investor Report - March 2026

 

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:  £130.3m
 Reference Currency:  GBP
 Ordinary Shares:     107,834,428
 Net Asset Value:     116.81p
 Mid-Market Price:    87.60p
 Net gearing:         0.83%
 Discount:            (25.01%)

 

Ordinary Share and NAV Performance(2)

 

                One Month  Three Months  One Year  Three Years        Five Years
                (%)        (%)           (%)       (%)                (%)
 NAV            (22.66)    0.18          85.56     208.69             123.60
 Share Price    (19.26)    (6.81)        75.20           165.45          94.88

 

Commentary(3)

 

The trust fell 22.7% over the month, compared with a 21.7% decline for the
VanEck Junior Gold Miners ETF in sterling terms. What may have appeared
counterintuitive was that, despite heightened geopolitical tensions in Iran,
gold and precious metals sold off sharply. This was driven primarily by rising
inflation concerns linked to higher energy prices, which lifted
interest‑rate expectations and weighed on gold. In addition, substantial
speculative positioning built earlier in the year left precious metals
vulnerable to a near‑term correction.

 

We continue to believe the longer‑term drivers for gold remain intact,
including sustained central‑bank demand and its role in protecting wealth
from inflation and currency debasement. While the current market focus is on
inflation and rates, this could shift toward concerns about slowing growth
alongside elevated inflation, a backdrop that has historically been supportive
of precious metals.

 

Gold declined 11.6% from $5,279 to $4,668/oz during the month. Despite this
pullback, pricing remains attractive for producers, with first‑quarter 2026
gold prices averaging $4,865/oz versus a fourth‑quarter 2025 average of
$4,148/oz, supporting continued margin expansion and strong earnings momentum.
Physical gold ETFs saw net outflows, with holdings declining by 3.0%, while
broader precious‑metal mining ETFs also experienced outflows, adding further
pressure to mining equities. This correction follows a period of exceptionally
strong performance across the sector.

 

A key near‑term consideration for the sector is the impact of higher oil
prices on operating costs, following recent disruption to energy supply
routes. Oil prices rose 43.8% over the month to $104.0/bbl, likely adding to
cost inflation pressures, particularly for larger, remote, lower‑grade
operations, partially offsetting the margin benefit from higher gold prices.
However, the sector's current margin profile remains robust, with higher gold
prices more than offsetting increased energy costs in most cases. Nonetheless,
given sensitivity around cost inflation following the post‑COVID period, the
portfolio has maintained relatively low gearing and remains focused on assets
less exposed to energy‑price volatility.

 

Whilst the US is claiming a military success in Iran, it is hard to see which
objectives have been achieved. The Iranian regime remains very much in place
despite the death of Ayatollah Khamenei, with the hardline IRGC military
faction appearing to have taken the lead. The removal of their enriched
uranium, which was a prior stated objective, remains buried deep in a mountain
at Isafhan, following prior US/Israeli attacks, and Iranian resistance has
proven very effective through its non-centralised use of drones and missile
launch sites. The key outcome for commodity markets is the closure of the
Strait of Hormuz and with it the loss of ~13M bbls per day of oil flow, a 20%
loss of global LNG and a loss of other key inputs into fertiliser or acid used
in the recovery of metals like copper. This will create inflationary impulses
over the coming months, reducing the likelihood of rate cuts, but may also
have negative implications for the global economy, which we believe should be
supportive of precious metals' defensive properties.

 

Higher inflation may not be the only consequence of war with Iran. Higher
energy prices are already impacting economic growth in regions reliant on
energy

imports while the Federal Reserve has admitted is difficult to quantify the
full impact on the US economy. This may require a more balanced approach to

central bank interest rate policy than the hawkish response currently
discounted by markets.

 

Toward the end of the month, following the sell off, the Company added to
Greatland Gold and Westgold Resources, both of which operate producing gold

assets in Australia

 

 

                                            Gross Leverage(5)  Commitment Leverage(6)

                                            (%)                (%)
 Golden Prospect Precious Metals Limited    105                105

 

 

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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