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

Golden Prospect Precious MetalsAnnouncement

26/11/2025 11:15

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RNS Number : 0911J  Golden Prospect Precious Metals Ltd  26 November 2025

 

 

Golden Prospect Precious Metals Limited

 

Monthly Investor Report - October 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:  £106.1m
 Reference Currency:  GBP
 Ordinary Shares:     93,248,499
 Net Asset Value:     102.90p
 Mid-Market Price:    86.30p
 Net gearing:         8.2%
 Discount:            (16.13%)

 

Ordinary Share and NAV Performance(2)

 

                One Month  Three Months  One Year  Three Years        Five Years
                (%)        (%)           (%)       (%)                (%)
 NAV            (1.68)     58.94         89.71     200.79             51.15
 Share Price    0.23       60.41         96.14           187.67          58.35

 

Commentary(3)

 

After gold's impressive year-to-date rally to a peak of $4,381/oz on the 20th
of October, the metal experienced a healthy correction, stabilising to end the
month around 3% higher. Gold displayed unusually low volatility during its
earlier gains, and this pull-back likely helped temper speculative excess

.

The retracement was driven by easing safe-haven demand amid tentative progress
in US-China trade talks and a firmer US dollar. These factors outweighed the
potential impact of the Fed's early completion of its $2 trillion quantitative
tightening phase; a move that would typically spur speculative activity to
address signs of market stress.

 

Gold closed October at $4,003/oz, still an attractive level for mining
equities, which generally assume lower metal prices in their valuations.
Precious metal equities saw a sharp correction, with the Fund's 20% NAV gain
unwinding to finish the month flat, compared to a 3% decline in sterling terms
for the GDXJ ETF. Despite this, underlying drivers for gold remain intact, and
valuations continue to support the Fund's high weighting in precious metals.

 

The World Gold Council reported Q3 demand up 3% by weight to 1,313t and up 44%
by value to $146bn. Investor demand was the main driver, with ETFs adding 222t
and bar and coin demand at 316t. Central bank buying stayed elevated at 220t
but below the three-year average of 1,000t annually. Jewellery demand softened
in volume terms but rose 13% in dollar terms to $41bn.

 

During the month, the Fund exited Westgold Resources and reduced its holding
in Ora Banda, reallocating proceeds to placements in Tolu Minerals and silver
developer Dolly Vardon.

 

 

                                            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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