Monthly Investor Report September 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

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 Facts¹ 

Ordinary Share and NAV Performance² 

Commentary³ 

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.

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

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.