Title: Document Title URL Source: https://is.gd/HBxzvR Published Time: Wed, 12 Mar 2025 13:25:28 GMT Markdown Content: 1 # Investor # Report Golden Prospect Precious Metals Limited # (the “Company”) 31 January 202 5 ## Key Facts Portfolio Managers Keith Watson Robert Crayfourd Launch Date December 2006 Total Gross Assets £53 .89 m Reference Currency GBP Ordinary Shares Net Asset Value: 53.61 p Diluted Net Asset Value: 52.68 p (assuming all subscription rights are exercised) Mid -Market Price: 41 .50 Gearing 7.5 % Discount (22 .59 %) Ordinary Shares in Issue 93 ,248 ,499 Ongoing Charge Ratio 2. 20 % Annual Management Fee 1.25% on assets up to £20 million 1.00% on assets greater than £20 million Bloomberg GPM LN Sedol B1G9T99GB Year End 31 December Contact Information CQSClientServices@cqs m.com Company Broker Cavendish Capital Markets Limited 020 7220 0500 Annual Report and Accounts Published April Investor Report Monthly Factsheet Results Announced Finals: April Interims: September Commentary 2 Notwithstanding the tariffs imposed on goods imported from Mexico, Canada and China, President Trump’s use of geopolitics as a negotiating tool extended to talk of increasing US influence over Greenland and the Panama Canal. This added to broader market un certainty that benefitted the precious metal sector. “Safe haven” assets benefitted from the increased global uncertainty and, after retracing into the year -end, gold’s upward momentum returned with the price ending the month up 6.6% at $2,798/oz. The outlook for “stagflationary” pressures, with sluggish economic growth combining with stubbornly high inflation, has worsened as US trade tariffs are introduced. This comes against a backdrop of elevated and rising government indebtedness, all of which means gold remains well supported. The Company’s NAV rose 20.9% during the month. This compared to sterling returns of 14.0% registered by the GDXJ equity ETF and Arca Gold Bugs Index and 12.3% for the Philadelphia Gold and Silver Index. Notable performance contributions were made by Emeral d Resources, whose share price rose of over 33% following strong operational performance. Explorer TDG Resources also made a robust contribution with the share price more than quadrupling after a positive resource update, a strategic investment by gold pro ducer Skeena Resources and strong drill results reported by Amarc at the group’s adjacent deposit. With regards to physical trading, Swiss exports of gold to the US in December were ~20x higher year -on - year (rising from 3.3t to 64.2t). This represented the highest monthly gold flow from Switzerland to the US since March 2022 in the wake of the start of the Russian invasion of Ukraine. Elsewhere, demand for gold has seen the minimum waiting time to load gold out of the Bank of England rising from just a few days to up to four weeks according to Reuters. Meanwhile People's Bank of China data showed that th e country continued to expand gold reserves with the addition of 10t of gold in December. This was its second consecutive monthly purchase, lifting official gold holdings to 2,280t, representing 5.5% of its total foreign exchange reserves. The more volatile silver price ended January up over 10%. The Silver Institute’s most recent market update indicates that the global silver market is expected to remain in a sizeable deficit of 149 Moz in 2025. However, this represents a 19% decline from t he estimated prior year deficit of 200Moz. Demand is projected to hit a new record high of 1.20Bn ozs in 2025, with industrial production demand growth of +3% year -on -year. This is more than offsetting a weaker jewellery market which is projected to fall -6% over the year, with an expected sharp fall in Indian jewellery demand. On the supply side, total global silver availability for 2025 is forecast to grow by 3% to an 11 -year high of 1.05bn ozs, with recycling supply contributing 200 Moz to this figure. Elsewhere, Russian metal producer Nornickel, which produces around 40% of global palladium and a lesser 10% of global platinum, announced that its lower full -year nickel production was accompanied by a reduction in palladium output. Palladium Q4 output was down 10% year -on -year to 606koz, while platinum output fell 11% to 146koz. The Q4 trend compared to overall 2024 palladium/plat inum production of 2.76Moz/667koz respectively (+3%/+0.5% year -on -year). This contributed to a robust performance by platinum -group metals (PGMs) with palladium and platinum prices ending January up 11% and 8% respectively. ## Ordinary Share and NAV Performance 1 1 Month (%) 3 Month s (%) 1 Year (%) 3 Year s (%) 5 Year s (%) NAV 20.93 (1.16 ) 58.80 12.82 28.65 Share Price 16.90 (5.68 ) 53.70 2.47 32.17 ## Description The objective of the Golden Prospect Precious Metals Limited is to provide investors with capital growth from a group of companies in the precious metals sector . ## 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 Keith Watson and Robert Crayfourd Portfolio Managers Source: Manulife | CQS Investment Management and Apex Fund and Co rporate Services (Guernsey) Limited as at the last business day of the month indicated at the top of this report . 1 Performance is net of fees and expenses. New City Investment Managers took over the investment management function on 15 Septe mber 2008. 2 All market data is sourced from Bloomberg unless otherwise stated. The Company may have since exited some / all the positions detailed in this commentary. This document include s 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 .2 # Monthly Investor Report – CQS Golden Prospect Precious Metals Limited – January 2025 Producers 70.8% Explorers 8.4% Developers 20.7% ## AIFMD Leverage Limit Report (% of NAV) Gross Leverage (%) 3 Commitment Leverage (%) 4 Golden Prospect Precious Metals Limited 107 107 ## Portfolio Holdings Analysis 1,2 ## By Type Source: 1 Manulife | C QS Investment Management and Apex Fund and Co rporate Services (Guernsey) Limited as at the last business day of the month indicated at the top of this report . 2 Total may differ to sum of constituents due to rounding. 3 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 . 4 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. ## Top 10 Holdings (% of Gross Assets )1, 2 Name (% of Gross Assets) ORA BANDA MINING LTD 8.83 EMERALD RESOURCES NL 8.30 CALIBRE MINING CORP 8.21 WEST AFRICAN RESOURCES LT 7.01 GREATLAND GOLD PLC 4.30 TDG GOLD CORP 4.14 WESTGOLD RESOURCES LTD 4.11 MAG SILVER CORP 3.82 SOUTHERN CROSS GOLD CONS 3.72 G MINING VENTURES CORP 3.40 Top 10 Holdings Represent 55.84 The proposal to create a Subscription Right was approved by Shareholders on 7 December 2022. The second Subscription Right has no w expired and the Company has announced a third Subscription Right. The date is on 1 December 2025 and the Subscription Price i s 48 .00p for each new Share subscribed for. The Subscription period has now begun as the existing shares carry the right to subscribe (on the basis of 1 New Share for every 5 Shares held). We will write to all Shareholders in October 2025 to advise of the proc ess to exercise their Subscription Rights. ## By Metal Gold 85.7% Silver 9.8% PGM 2.3% Base Metals 2.3% 3 # Monthly Investor Report – CQS Golden Prospect Precious Metals Limited – January 2025 > Important Information Manulife | CQS Investment Management is a trading name of CQS (UK) LLP which is authorised and regulated by the Financial Conduct Authority. 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