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Golden Prospect PLC (AMBR)

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Thursday 19 June, 2003

Golden Prospect PLC

Final Results

Golden Prospect PLC
19 June 2003


                              GOLDEN PROSPECT PLC

                           REGISTERED NUMBER: 3172986

                  RESULTS FOR THE YEAR ENDED 31 DECEMBER 2002


                              CHAIRMAN'S STATEMENT


As with previous annual reports, I open with thankfully the same message.  It
has been another very eventful period with progress on a number of fronts, which
I will address further into my statement.

Another year of increasing activity in the mining and resources sector of the
market has helped to consolidate our growth where our core holdings are
concerned and rationalise our portfolio in terms of swapping laggard stocks for
potentially more rewarding investments.  Our anchor or core holdings in Perilya,
Equigold and Centamin Egypt are all in good shape, while previously
underperforming assets such as Geographe Resources (now Reliance Mining) and
Sapphire Mines (now Central Asia Gold) have been transformed by their respective
injection of ambitious new projects as discussed elsewhere in this report.
Samson Exploration and its investments in both AGR and Kestrel are next in line
for corporate action and hopefully a rerating.  Option agreements were also
entered into with Mano River Resources Inc.  and Jubilee Platinum plc for joint
exploration activities on our exploration properties in Africa.

Since the last annual report, we have added Jubilee Platinum plc (25 per cent
owned) to our main portfolio and this arose via a £505,000 investment in
Resource Development Corporation.  I am pleased to say that the market value of
this investment in Jubilee is now circa £1,550,000.  As always with a
significant number of key investee holdings (fourteen at the present time),
there must inevitably be a disappointment or casualty.  In this instance it
turned out to be the most unlikely of all investee candidates in the shape of
Bullion Resources plc.  This Initial Public Offering (IPO) was heavily
oversubscribed reflecting the attractions of the Business Plan, but less than a
year later, problems have bedevilled this entity.  The shares which were floated
at 40p were suspended in April at 7p.   While a thorough review of the company's
operation is currently being undertaken and a statement pending we have, using
our prudent accounting policy, made provision of £989,270 on this investment to
its suspension price.

This loss on Bullion Resources plc is naturally a big disappointment to all
concerned and unfortunately has impacted negatively on the company's hitherto
good interim financial results.  Restoration of the share quote is pending
clarification of the current affairs of this company.

Results

Notwithstanding this, the Directors' report that for the year ended 31 December
2002, the company returned operating profits of £219,234  up from £176,298 on
the previous year.

Profits before tax were £239,701 compared to £274,152 mainly reflecting reduced
interest received. Despite this shareholders will be pleased to note that as at
31 December 2002 unrealised gains on our quoted investments amounted to circa
£3.5 million.

We are also encouraged by the unaudited management accounts which show that at
31 May 2003 the market value of the company's quoted investment portfolio and
cash resources was circa £17 million (excluding mineral exploration assets)
equivalent to circa 19 pence per share.  The company, therefore, remains in a
healthy position as it moves into a robust period for the mining and resource
sector of the market.

The total running costs amount to 1.5% (approx.) of assets under management.
Operating overheads increased due mainly to a substantial rise in turnover and
additional corporate promotional/development expenses.  There were also
corporate finance charges on material transactions and first time fees for the
non-executive directors.    The enhanced investor awareness programme resulted
in a substantial increase in the liquidity of the company's shares and the
addition of several hundred new shareholders to the Register of Members.

Strategy

Management's objective remains the same.  Its policy is to maximise capital
growth through investing primarily in gold mining and mineral exploration shares
throughout the world, concentrating on thoroughly researched emerging producers.
The management team is experienced but is also supported by networking and
quality equity analysis.  The decision process is team based and the investment
philosophy driven by intrinsic value.

Currently, the company has 14 core holdings and a significant trading portfolio.
Assets are geographically allocated and based on a bottom-up approach focusing
on specific stock selection.  In the case of the larger holdings, management
prefers a proactive stance and therefore has director representation on a number
of investee company boards.

The investment selection criteria also involves seeking companies with highly
experienced or proven management showing a strong track record required to
produce success from exploration and mining projects.  The focus, is on quality
assets and on valuable tenements which are likely to produce long-term growth.

Gold

For several years running we have been preaching gold's great recovery as an
asset class and have attempted in past reports to convey the merits of holding
both physical bullion as a value play and a selection of stocks in well managed
emerging gold producers offering significant leverage in a rising market.   A
shake-up in  volatile global stock markets and other asset classes has caused a
reluctance to remain totally in paper financial assets and hence the return of
hard assets. The US Dollar slide is widely expected to continue and as we live
in an uncertain period both geopolitically and economically, gold is an
insurance against bad times.  It is, as always, the ultimate safe haven and
currently provides an anchor in a sea of low returns, high risk, financial
distress  and global instability.

For the benefit of those who are genuinely interested in all the reasons behind
golds resurgence in price, I have included a separate section at the end of this
statement.  From this you will see how strongly we favour gold mining shares in
a maturing bull market for physical bullion.

Other Metals

In respect of base metals, the short-term outlook for demand remains poor.
Evidence for an upturn in consumer led demand is uninspiring, so not
surprisingly net non-commercial open interest on commodity exchanges is
currently on the short side.

For most metals, supply growth has been restricted as a result of the weak
market price situation over the past couple of years.  Significant price
recovery will ultimately depend on a significant upturn in demand, but the view
does not support a meaningful rise until well into the second half of 2004.  In
our opinion, investment exposure is justified in the case of nickel and copper
but possibly not in zinc and aluminium, although the robust Chinese economy
could stimulate these metals also sooner rather than later.

Precious Metals

Silver should ride the coat-tails of gold although it has its own bullish supply
/demand fundamentals, while platinum continues to attract increasing demand for
all the reasoned arguments that are so regularly put forward.

Exploration - Gold

Since my last report your company entered into an agreement with the Mano River
Resources plc (a company in which we also hold a near 7 per cent equity interest
and of which I am a director) to jointly explore the contiguous licences at Lake
Sonfon within the Sula mountains greenstone belt in Sierra Leone.   Previous
work on the licence areas covering 256 sq km yielded exciting gold occurrences
relating to major shear structures.    Moreover, in February the partners
reported highly encouraging results as follows:-

•  3km long by 0.3 km wide anomaly discovered, with peak value of 1,100 pp b.

•  High grade gold-bearing stockwork vein system beneath anomaly, with
   trench intersect of 7.3m @ 7.4 g/t.

•  Potential bulk tonnage gold deposit identified for drill testing.

•  Highly encouraging gold grades from grab samples confirm historical
   work, which included a previous grab sample of 77 oz/t.

Thanks to British political influence there has been a resurgence of interest by
foreign investors in Sierra Leone.  Confidence has returned reflected by the
number of mining companies who have recommenced mining activities on their
properties.  The UN and the World Bank have also played a positive role.

Joint Ventures - Platinum

In respect of the platinum licence at York Peninsula in Freetown, Sierra Leone,
evaluation continues to be made by Jubilee Platinum plc.   It is expected that
Jubilee will be taking up its option to advance the York project.  However, in
respect of the Ethiopian project at Yubdo, Jubilee will not be exercising that
option, believing the project to be, as we understand, too ambitious for a small
company.  A larger partner will therefore be procured in the near future.   The
company's other exploration assets in Ethiopia are currently being re-assessed
by our consultant Dr John Bowles.

Personnel

I would like to express my thanks to all my colleagues who have assisted in the
company's progress in the past year.  In particular, the appointment of Richard
Lockwood as a director has had a major impact on the performance of the
portfolio.  Richard teamed up with me on the investment selection committee and
has brought a wealth of investment management experienced to Golden Prospect.
Richard also represents Golden Prospect on the Board of Perilya, our largest
single holding in Australia.

As always, Nathan Steinberg's invaluable assistance on all financial,
administrative, regulatory and compliance matters has been of increasing
importance to the company's financial controls.

Neil MacLachlan is thanked for his stewardship with me of our significant
Australian investee companies prior to their change of direction, namely
Geographe, Sapphire and Samson.  Neil is currently monitoring our other large
investments chiefly in Kestrel Energy and Titan Resources both of which he is a
director.

Finally, a thank-you to all our friends and contacts who bring us investment
opportunities from the world over and to those of our shareholders who
contribute with their vision from time to time.


Malcolm Burne
Chairman

19 June 2003





                              GOLDEN PROSPECT PLC

                      CONSOLIDATED PROFIT AND LOSS ACCOUNT
                          Year ended 31 December 2002

                                                                                     2002             2001
                                                                                        £                £

Turnover                                                                        4,520,416        1,912,861

Cost of sales                                                                 (4,134,271)      (1,615,729)

Gross profit                                                                      386,145          297,132

Other operating income - dividends receivable                                     130,266           77,011

Administrative expenses                                                         (297,177)        (197,845)

Operating profit                                                                  219,234          176,298

Interest receivable                                                                20,467           97,854

Profit on ordinary activities before taxation                                     239,701          274,152

Tax on profit on ordinary activities                                             (75,000)         (30,000)

Profit for the financial period                                                   164,701          244,152

Profit per ordinary share - basic                                                   0.19p            0.28p
                          - diluted                                                 0.18p            0.27p






                              GOLDEN PROSPECT PLC

               CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2002


                                                              2002                               2001
                                             £                     £             £                   £

FIXED ASSETS                                               2,971,982                         2,751,711
Tangible fixed assets                                          2,597                             2,138
Investments                                                4,323,605                         3,716,270
                                                           7,298,184                         6,470,119
CURRENT ASSETS

Debtors: Amounts falling due            30,477                              25,263
within one year
Investments                          7,108,453                           6,271,940
Cash at bank and in hand               752,330                           1,799,284
                                     7,891,260                           8,096,487
CREDITORS: Amounts falling due
within one year                      (157,756)                             59,619)

NET CURRENT ASSETS                                         7,733,504                         8,036,868

TOTAL ASSETS LESS
CURRENT LIABILITIES                                       15,031,688                        14,506,987

CAPITAL AND RESERVES
Called up share capital                                    8,938,496                         8,698,496
Share premium account                                      8,115,458                         7,995,458
Profit and loss account                                  (2,022,266)                       (2,186,967)

EQUITY SHAREHOLDERS'                                      15,031,688                        14,506,987
FUNDS






                              GOLDEN PROSPECT PLC

                        CONSOLIDATED CASH FLOW STATEMENT

                          Year ended  31 December 2002

                                                              2002                               2001
                                              £                     £              £                   £

Net cash outflow
from operating activities                                   (137,614)                          (119,742)

Return on investments and
servicing of finance
Interest receivable                      20,467                               97,854
Net cash inflow from returns                                  20,467                             97,854
on investment and servicing 
of finance

Taxation                                                     (30,000)         25,263


Capital expenditure and
financial investment

Payments to acquire intangible        (220,271)                            (263,290)
fixed assets

Payments to acquire tangible            (1,324)                              (2,850)
fixed assets

Payments to acquire fixed asset       (607,335)                             (81,932)
investments

Purchase of current asset           (4,954,079)                          (2,777,459)
investments

Sale of current asset                 4,520,416                            1,912,860
investments

Net cash (outflow) from capital expenditure               (1,262,593)                        (1,212,671)

Net cash (outflow) before financing                       (1,409,740)                        (1,234,559)

Financing
Issue of ordinary share capital         360,000                                    -
Net cash inflow from financing                                360,000              -
(Decrease) in cash resources                              (1,049,740)                        (1,234,559)




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            The company news service from the London Stock Exchange                                

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