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

Golden Prospect Precious MetalsAnnouncement

23/12/2025 09:45

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RNS Number : 6698M  Golden Prospect Precious Metals Ltd  23 December 2025

 

 

Golden Prospect Precious Metals Limited

 

Monthly Investor Report - November 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:  £112.3m
 Reference Currency:  GBP
 Ordinary Shares:     93,248,499
 Net Asset Value:     111.85p
 Mid-Market Price:    91.00p
 Net gearing:         6.0%
 Discount:            (18.64%)

 

Ordinary Share and NAV Performance(2)

 

                One Month  Three Months  One Year  Three Years        Five Years
                (%)        (%)           (%)       (%)                (%)
 NAV            8.70       40.11         128.69    191.96             90.97
 Share Price    5.45       37.88         134.84          172.86          91.58

 

Commentary(3)

 

The trust benefited from stronger precious metal markets again in November.
Gold rose 5.9% and silver 16.0%, lifting precious metal mining indices by 15%
in sterling. Central Banks remained strong buyers, and financial players via
physical ETFs returned. Gold was further supported by crypto stablecoin Tether
buying 116t, or $15bn. China's official customs data shows that net imports of
non-monetary gold declined to 35.6t in October (-54% y/y). However, UK gold
exports to China tracked at comparable levels to last year, suggesting
underreporting of Chinese imports.

 

Silver outperformed gold during the month. Previously, silver had only
increased in line with gold over the last year, rather than showing its
characteristic heightened price gains seen in prior cycles. It is encouraging
to see this delivered in November. Silver is a smaller market than gold and
has been in deficit for the last four years. Thus, it can see greater
volatility driven by speculative retail flows, as silver's lower value per
ounce means there is little interest from Central Banks.

 

Record cash generation for the sector will likely drive more M&A in 2026.
This week saw Coeur Mining bid for New Gold; both were holdings in the fund,
as they look to create a large North American-focused producer. The fund
reduced New Gold and Coeur Mining, whilst adding to G-Mining and Eldorado Gold
over the month, believing they offer more attractive valuations and catalysts
through 2026.

 

Fund holding Predictive Discovery, a gold developer in Guinea, received a
higher bid from Perseus than the prior bid from another fund holding, Robex
Resources, which has a neighbouring mine. Robex is set to start production in
December and, having lagged through construction, could rerate on beginning
production. This could switch the bid back in its favour.

 

 

                                            Gross Leverage(5)  Commitment Leverage(6)

                                            (%)                (%)
 Golden Prospect Precious Metals Limited    108                108

 

 

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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