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

Golden Prospect Precious MetalsAnnouncement

22/10/2025 16:00

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RNS Number : 4431E  Golden Prospect Precious Metals Ltd  22 October 2025

 

 

Golden Prospect Precious Metals Limited

 

Monthly Investor Report - September 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:  £103.2m
 Reference Currency:  GBP
 Ordinary Shares:     93,248,499
 Net Asset Value:     104.66p
 Mid-Market Price:    86.10p
 Net gearing:         6.3%
 Discount:            (17.73%)

 

Ordinary Share and NAV Performance(2)

 

                One Month  Three Months  One Year  Three Years        Five Years
                (%)        (%)           (%)       (%)                (%)
 NAV            31.10      52.32         119.00    169.95             50.98
 Share Price    30.45      47.94         116.60          166.98          50.26

 

Commentary(3)

 

The Fund NAV gained 31.1% over the month supported by strong performance in
the precious metal miners. This compared to sterling returns of 24.2%, 19.2%
and 19.4% for the GDXJ, Gold Bugs and Philadelphia Gold and Silver Indices
respectively.

 

Precious metals gained strongly, as the US shutdown and debasement concerns
continue to drive flows in to haven assets, with gold an obvious beneficiary.
Debasement refers to the declining purchasing power of currencies and is
generally supportive for all real assets, including commodities more generally
but particularly gold and precious metals.

 

Gold is benefitting from positive physical ETF flows which registered a 3.6Moz
(3.8%) increase in holdings over the month, while central bank demand remains
healthy despite the World Gold Council data suggesting some softening relative
to the past few years. We believe there remains a strong incentive for central
banks to diversify reserves away from US Treasuries, though some softening in
demand is not unexpected given recent precious metal price strength that can
act to hold back purchasing in the near-term.

 

Share prices of precious metal miners have encouragingly shown some catch-up
with the move in gold price. We have repeatedly flagged over the previous year
that the prior 1 to 1 relationship of the miners relative to the gold price
didn't evidence the operational leverage they provide. Thus, even with the
catch up over the last month, the sector mining equities still trade at very
attractive valuations versus historic earnings multiple or NAV (Net Asset
Value) calculations. During the month the trust rotated out of some of the
more fully priced names in to discounted laggards. Junior mining equities
continue to trade at material discount to their NAVs

 

Given the large and divergent moves across the portfolio trading was far more
active than normal. Among the fund's precious metal holding profits were taken
in Osisko Development, Equinox, Collective Mining and Wheaton Precious Metals
with some proceeds reinvested into names that had lagged such as Robex
Resources, Emerald Resources, Goliath Resources and Wesdome. The fund also
participated in a number of placements over the month, including First Nordic
Metals, Asante Gold corp and Larvotto Resources as the equity placements are
in themselves derisking events.

 

 

 

                                            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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