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Golden Prospect PLC (AMBR)

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Friday 16 September, 2005

Golden Prospect PLC

Interim Results

Golden Prospect PLC
16 September 2005

                              GOLDEN PROSPECT PLC

                               INTERIM STATEMENT

                                     *****

Golden Prospect (AIM: GOL), the natural resources investment bank, today
announces its interim results for the six months ended 30 June 2005, the
highlights of which are:
     
•    Profit before tax: £5,071,532 up 766% (2004:  £585,415)
•    Basic EPS of 3.26p up 539% (2004: 0.51p)
•    Maiden interim dividend of 0.5p (2004: nil)
•    Net assets of £28.3 million up 65% (2004: £17.1 million). Market value of 
     listed investments of £35.1 million (2004: £27.7 million) including 
     unrealised gains of £12.6 million. Net cash position of £4.0 million (2004: 
     £2.1 million)
•    Gross profits: £6,449,815 (2004: £788,702) comprising £1,312,068 from 
     investment banking activities, £1,934,739 from trading activities and 
     £3,203,008 arising from the disposal of long-term investments


Commenting on the results, Malcolm Burne, Chairman of Golden Prospect plc, said:

'The Company has benefited very favourably during the period under review from
the robust climate for resource markets and the successful implementation of its
investment strategies. By far the most important aspect of the Company's
outstanding progress has been the swift integration of Ambrian Partners since
its acquisition 12 months ago which has transformed the Company into a leading
natural resources investment bank providing capital, corporate finance and stock
broking services to the resource sector.'



                                    - Ends -

Enquiries:

Malcolm Burne                                    Tel:  020 7395 1930
Chairman
Golden Prospect plc

Tom Gaffney                                      Tel:  020 7776 6400
Chief Executive
Golden Prospect plc



Further information on Golden Prospect plc:

Further information on Golden Prospect is available on the Company's website:
www.goldenprospectplc.com




                              GOLDEN PROSPECT PLC

                         INTERIM STATEMENT (Continued)

                                     *****

CHAIRMAN'S STATEMENT

Results

We are pleased to report that the Company's profit before tax for the six months
ended 30 June 2005 increased by more than eight times to a record £5,071,532.
Basic earnings per share improved over six times from 0.51p to 3.26p.

The Company grew gross profits to £6,449,815 from £788,702. Our new investment
banking activities accounted for approximately 20% of gross profits while
realised profits arising from our trading activities accounted for approximately
30%. Profits from the disposal of investments in the core portfolio accounted
for approximately half the Company's gross profits.

Dividend

The board declares payment of a maiden interim dividend of 0.5p per share (2004:
nil). The dividend will be payable on 21 October 2005 to all shareholders on the
register on 28 September 2005.

Investment Banking

Ambrian Partners Limited ('Ambrian') has significantly strengthened Golden
Prospect's competitive position by providing new investment opportunities and
new income streams. Ambrian is a member firm of the London Stock Exchange and
obtained Category 'A' authorisation from the FSA in April 2005.

Ambrian's corporate finance and corporate broking activities generate revenues
from financial advisory fees, new issue commissions, options granted and
corporate broking retainers. Ambrian has completed as broker, co-broker or
placing agent 11 capital raising transactions with a total value of over £60
million so far this year, including six Initial Public Offerings on AIM. Ambrian
currently has 13 retained corporate clients. In a short period of time Ambrian
has become recognised as one of the leading corporate brokers to the mining and
oil & gas sectors.

Ambrian's research, sales and trading activities generate brokerage commissions
and trading spreads. Ambrian has a highly qualified team of equity research
analysts with backgrounds in geology, mining and chemical engineering. This
expertise has earned the respect of Ambrian's institutional clients and wide
acclaim for its research product.

Ambrian has embarked on a robust expansion programme intended to widen its range
of activities. It has recruited a project financing specialist, begun coverage
of companies active in the range of soft commodities and is building its
presence in the rapidly growing area of environmental technologies which seek to
make better use of the world's natural resources. Ambrian is also examining
opportunities in investment management and commodities broking.  Such activities
will substantially augment future earnings power and complement Golden
Prospect's strategy that involves putting its significant capital to work
alongside the capital of investors in selected transactions that Ambrian lead
manages.  This approach will provide Golden Prospect with opportunities for
generating a greater return on its investment banking operations thereby
enhancing earnings for shareholders.



                              GOLDEN PROSPECT PLC

                         INTERIM STATEMENT (Continued)

                                     *****

Principal Investments

During the first six month period partial disposals were made within the core
portfolio while at the same time certain holdings in the trading portfolio were
realised as and when liquidity permitted. The Company continues to be firmly
committed to its core portfolio and is confident of securing further substantial
gains from its larger holdings in Jubilee Platinum, Mano River Resources,
Uruguay Minerals, Anglesey Mining, Samson Oil & Exploration, Nautical Petroleum,
Centamin Egypt and Central Asia Gold.

All these companies are performing strongly with excellent news on their various
drilling or development programmes. Each of these companies can be expected to
make important contributions to Golden Prospect's future growth.

To complement our listed equity investments we are seeking to build a portfolio
of income generating royalty streams and have recently acquired a 1% Net Smelter
Return Royalty over the Nixon Fork Gold Mine and Project Area in Alaska for
US$225,000. Nixon Fork is expected to commence production in 2006 and currently
has total reserves and resources of 115,000 ounces of gold.

Although the principal investment policy favours the highest portfolio weighting
in gold shares, management has diversified across the whole natural resources
sector by investing in energy (oil, gas, coal and uranium), precious metals
(silver, diamonds, platinum), base metals (copper, nickel, zinc and iron ore)
and agricultural commodities (softs and plantations).

As always, the investment policy has been to focus on companies that have
geographical spread and the capability of either going into production in the
medium term or being absorbed by a major competitor in an intensifying merger
and acquisitions market place.  This investment policy should cushion values in
periods of market corrections, while providing liquidity.

This rationalisation part of the cycle has begun and the next stage should be
the discovery phase of new deposits (reflecting considerable financing of
exploration) which will keep considerable focus on the sector in terms of
investor interest.

Most of the leading industry sources remain extremely optimistic about sustained
growth and opportunities in the natural resources sector. The US Commodity Price
Index adjusted for CPI still suggests commodity price levels are near to
historic lows in real terms.

Much depends on whether the rise in demand from China, India and other emerging
economies is sustainable over the medium to longer term.  Supply constraints
exist in most commodities and the argument that the world is witnessing the next
'secular change' in the commodity cycle certainly has merit.  If we include oil
and other related energies, we believe that commodities are an asset class that
is witnessing a genuine 'paradigm shift' and not a bubble.  There is unlikely to
be an economic collapse in China which has a balance of payments surplus and an
undervalued currency.

The Company's unquoted investments in exploration joint ventures, namely
licences in Sierra Leone and Ethiopia, are planned to be hived off into a new
listed vehicle.



                              GOLDEN PROSPECT PLC

                         INTERIM STATEMENT (Continued)

                                     *****

Principal Investments (Continued)

The Company's 25% investment in Interactive Resource Information Limited, which
owns Minesite.com (which also owns a 25% interest in Oilbarrel.com) has enabled
significant cross fertilisation of ideas at the junior end of the market and we
look forward to continued fruits from this relationship.  Minesite's unique
position and role within the industry remains unrivalled and its growth is
reflected in significantly increased profitability.

Outlook

Golden Prospect stands at the centre of financing the natural resource sector,
which includes extraction (metals, mining, oil and other energies): agricultural
products and environmental technologies. We have a sustainable competitive
advantage based on the strength of our team and sector focus. We anticipate
continued strength in commodity prices and see many opportunities for growth in
the resource sector for investment banking services and strategic investments.

The Company is being increasingly recognised for its abilities in the resource
sector which is reflected by the growing list of high quality institutional
shareholders on the Company's share register; these include Artemis, City of
London, Fidelity, Framlington, Gartmore, Generali and Invesco.  These seven
institutions own almost 50% of the outstanding shares of the Company.

Moreover, Golden Prospect is extremely encouraged by the recent appointment of
Collins Stewart Ltd as its Nominated Advisor and Corporate Broker.

The board has agreed to establish a new equity incentive plan for the benefit of
its staff, under which options will be granted to purchase Golden Prospect
shares. The share options will have certain vesting conditions.  Shares required
to meet option exercises will be purchased in the market and will accordingly
not dilute shareholders' interests; such share purchases will be hedged by the
Company. The purpose of these share options is to closely align the interests of
our staff with those of our shareholders.

In summary, and as anticipated in our last report to shareholders the value of
the Company is rapidly shifting from an emphasis on net asset value to an
earnings growth valuation so that an investment decision should be based on a
price earnings ratio and other relevant fundamental factors. In this respect
Golden Prospect stands significantly undervalued.


Malcolm Burne
Chairman

16 September 2005




                              GOLDEN PROSPECT PLC

                 UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
                         Six  Months ended 30 June 2005
                                                                                      Six              Six
                                                                                   Months           Months
                                                                                       To               To
                                                                                  30/6/05          30/6/04
                                                                                        £                £

Sales                                                                          14,030,636        2,471,796

Cost of sales                                                                 (7,580,821)      (1,683,094)

Gross profit                                                                    6,449,815          788,702

Other operating income - dividends received                                        40,184           42,583

Administrative expenses                                                       (1,416,379)        (260,131)

Operating profit - continuing operations                                        5,073,620          571,154

Interest receivable                                                                54,640           14,261
Interest payable and similar charges                                             (56,728)                -

Profit on ordinary activities before taxation                                   5,071,532          585,415

Tax on profit on ordinary activities                                          (1,571,121)        (126,817)
Profit on ordinary activities after taxation                                    3,500,411          458,598
Dividend                                                                        (536,306)                -

Profit for the financial period                                                 2,964,105          458,598

Profit per ordinary share - basic                                                   3.26p            0.51p






                              GOLDEN PROSPECT PLC

            UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2005

                                                              30/6/05                           30/6/04
                                             £                   £           £                 £

FIXED ASSETS
Tangible fixed assets                                      106,367                         3,129
Intangible assets                                        4,300,614                     2,234,986
Investments                                                465,560                     3,839,660
                                                         4,872,541                     6,077,775

CURRENT ASSETS

Investments                           22,525,028                         11,512,999
Debtors                                  676,947                             87,051
Cash at bank and in hand               6,267,222                            649,642
                                      29,469,197                         12,249,692
CREDITORS: Amounts falling due
within one year                        6,005,860                          1,218,609


NET CURRENT ASSETS                                      23,463,337                    11,031,083
TOTAL ASSETS LESS

CURRENT LIABILITIES                                     28,335,878                    17,108,858

CAPITAL AND RESERVES
Called up share capital                                 10,726,121                     9,038,493
Share premium account                                   12,048,639                     8,365,450
Profit and loss account                                  5,561,118                     (295,085)

EQUITY SHAREHOLDERS' FUNDS                              28,335,878                    17,108,858






                              GOLDEN PROSPECT PLC

                   UNAUDITED CONSOLIDATD CASH FLOW STATEMENT
     
                         Six months ended 30 June 2005

                                                                            Unaudited            Unaudited
                                                                        Six months to        Six months to
                                                                             30/06/05             30/06/04
                                                                                    £                    £

Net cash inflow/(outflow) from operating activities                         2,607,691            (157,160)

Interest receivable                                                            54,640               14,261
Interest payable                                                             (56,728)                    -

Net cash inflow/(outflow) from returns on investment and
servicing of finance                                                          (2,088)               14,261

Capital expenditure and financial investment
Payments to acquire intangible fixed assets                                  (98,983)             (34,986)
Payments to acquire tangible fixed assets                                    (81,855)                    -
Payments to acquire fixed asset investment                                          -            (453,837)

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                        (180,838)            (488,823)

Net cash inflow/(outflow) before financing                                  2,424,765            (631,722)
Issue of ordinary share capital                                                     -              349,989

Net cash inflow from financing                                                      -              349,989

Increase/(Decrease) in cash                                                 2,424,765            (281,733)




                              GOLDEN PROSPECT  PLC

                    NOTES TO THE UNAUDITED INTERIM ACCOUNTS
                         Six months ended 30 June 2005

     
1    The calculation of earnings per share is based on the profit after tax of 
     £3,500,411 (Period ended 30 June  2004 - £458,598) and on the number of 
     shares in issue being the adjusted weighted average number of shares in 
     issue during the period of 107,261,208 (Period ended 30 June 2004 - 
     90,045,211).

2    The interim statement for the six months ended 30 June 2005 is unaudited 
     and was approved by the Directors on  15 September  2005.  The financial 
     information set out above does not constitute statutory accounts within the 
     meaning of s.240 of the Companies Act 1985.

3    The accounting policies remain as stated in the Annual Report for the year 
     ended 31 December 2004.

4    Copies of the Interim Report are available to the public free of charge 
     from the company at Manfield House, 5th Floor, 1 Southampton Street, London 
     WC2R 0LR during normal office hours, Saturdays, Sundays and bank holidays 
     excepted, for 14 days from today .


                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                                                              

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