Change of investment manager and custodian

Golden Prospect Precious Metals Ltd

19 October 2026

 

Golden Prospect Precious Metals Limited (the "Company")

Completion of appointment of Baker Steel Capital Managers LLP as Investment Manager and AIFM; change of Custodian; change to Credit Facility

The Board of the Company wish to announce the following changes of service providers:

Change of Investment Manager and AIFM

Further to its announcements of 10 July 2026 and 30 September 2026, the Board of the Company is pleased to confirm that the appointment of Baker Steel Capital Managers LLP ("Baker Steel") as the Company's Investment Manager and Alternative Investment Fund Manager ("AIFM") has completed, with effect from Monday, 19 October 2026 (the "Effective Date").

On the Effective Date, a new investment management agreement between the Company and Baker Steel became effective and, by agreement between the Company and CQS (UK) LLP (“CQS”), the Company’s previous investment management agreement with CQS (the “Previous IMA”) terminated, ahead of the expiry of the remaining notice period under that agreement.

The Previous IMA provided for 12 months’ notice and will expire on 2 March 2027. Until this date, CQS continues to be entitled to management fees. Baker Steel has agreed to waive its entitlement to management fees during this period, to ensure that the Company does not bear two layers of management fees. The current and new management fee arrangements are shown below:

Annual management fee	New arrangements (waived until 2 March 2027)	Current arrangements (until 2 March 2027)
Charged on	The average of market capitalisation and net assets, capped at net assets	Net assets
Rate	0.9% up to £250 million 0.8% over £250 million	1.25% up to £20 million 1.00% over £20 million

Based on net asset values and market capitalisations over the twelve months to 30 September 2026, the new management fee arrangement would have been equivalent to 0.83% of net assets per annum (vs 1.05% under the current arrangement) representing a 0.22% of NAV p.a. saving and equivalent to a 20.6% reduction in management fees.

Baker Steel has also agreed to contribute towards the costs incurred by the Company in connection with the change of Investment Manager and preparations for the proposed move of the Company's listing to the Main Market of the London Stock Exchange, which the Company expects to take place before 31 October 2026. The contribution will be in the form of further fee waivers.

The appointment of Baker Steel is subject to a notice period of six months (compared to 12 months under the Previous IMA) and will have an initial minimum term equal to the period in respect of which Baker Steel’s fees are waived, plus an additional 18 months.

About Baker Steel

Baker Steel is an independently owned metals and mining specialist fund manager investing globally in public and private markets. Established in 2001, it had approx. £1.85bn in assets under management as of 30 September 2026. The firm is well resourced with a 10-strong investment team based in London and Perth, Western Australia, and has a long track record of strong outperformance investing in gold and precious metals mining listed equities.

The portfolio managers

Mark Burridge and Trevor Steel will lead the Company’s portfolio management. They are both geologists by training, with multi-cycle investment experience in the mining sector. They are supported by a team of analysts with backgrounds ranging from geology and engineering to economics and social sciences.

Mark Burridge, Managing Partner, CEO and Fund Manager

Mark has over 30 years’ experience in the international metals and mining industry, including geological, financial and executive roles. He spent his early career as a geologist and geological engineer, predominantly with Barrick Gold Corporation. He then spent five years at Merrill Lynch Investment Managers (“MLIM”) covering Metals and Mining Equities, where he became a ranked analyst. He then held executive, advisory and Board roles at mining companies before joining Baker Steel in 2017. He holds a degree in Mining Geology from Imperial College, London, and is a CFA Charterholder.

Trevor Steel, Managing Partner, CIO and Fund Manager

Trevor co-founded Baker Steel in 2001. Prior to this he was a senior portfolio manager at Merrill Lynch Investment Managers (“MLIM”) where he specialised in the Natural Resources sector and worked alongside David Baker within MLIM’s award-winning Natural Resources team. Prior to joining the Natural Resources team, Trevor worked within various teams at MLIM, having joined in 1991 as a graduate trainee. He holds a degree in Geology from the Royal School of Mines, Imperial College, London, and is a CFA Member.

Gold and precious metals strategy track record

Baker Steel have a strong long-term track record managing gold and precious metals listed equities – the c.£1bn Baker Steel Gold and Precious Metals strategy, has strongly outperformed its benchmark over 1, 3, 5 and 10 years, as shown below.

Baker Steel Precious Metals Strategy track record vs its benchmark, GBP %

	SVS Baker Steel Gold & Precious Metals Fund B Class	MSCI ACWI Select Gold Miners Index
1 year	+27.0%	+20.1%
3 year	+295.9%	+237.6%
5 year	+280.4%	+225.2%
10 year*	+363.7%	+242.1%

Source: Bloomberg. Data as of 30 September 2026.

*Based on D GBP Class of Baker Steel Global Funds SICAV Precious Metals Fund as the B Share Class inception is shorter than 10 years.

Changes to portfolio

The appointment of Baker Steel as Investment Manager will not result in any material change to the Company’s investment objective, strategy or risk profile. The Company will focus on identifying mining companies with the potential to create significant value through exploration and development, alongside opportunities arising from companies trading at substantial valuation discounts. These opportunities are often found among smaller and mid-capitalisation companies, where the closed-ended company structure is particularly well suited to managing the associated liquidity considerations. Shareholders can therefore expect continuity in the Company’s mandate, supported by Baker Steel’s extensive sector expertise and specialist research capabilities.

While maintaining the Company’s existing investment approach, Baker Steel sees opportunities to enhance portfolio management through its disciplined, value-driven investment process, which combines proprietary research tools and bottom-up stock selection with a robust risk management framework. Having undertaken a comprehensive review of the portfolio, Baker Steel anticipates that approximately 75% of the portfolio will remain broadly as it is, albeit the weightings may change, and the balance will be changed in an orderly manner over time. Naturally, the Investment Manager will continue to evolve the portfolio in reaction to market and company developments in order to meet the investment objectives.

Change of Custodian

With effect from the close of business on 16 October 2026, Liberum Wealth Limited will be appointed as Custodian of the Company (the “Custodian”) pursuant to a custody agreement dated 16 October 2026 between the Company, the Custodian and Baker Steel.

The Board would like to thank BNP Paribas, London Branch, for its services as Custodian and lender over the past years.

Change to Credit Facility

With effect from the close of business on 16 October 2026, the Company will no longer have access to the overdraft credit facility provided by BNP Paribas, London Branch. No amounts are currently outstanding under this facility. The Company is actively considering alternative arrangements to replace it.

The Board’s policy is for the Investment Manager to use gearing tactically (with a cap of 20% of NAV) to enhance portfolio returns. The new Investment Manager’s investment approach is not reliant on gearing; its track record of strong outperformance having been delivered without the use of gearing. However, when available, gearing will be used selectively and opportunistically to enhance the portfolio returns.

Baker Steel Investor Presentation

An online presentation from the new managers will take place in November 2026 and will be open to both existing and prospective institutional and retail investors. A separate announcement will be made in due course.

Mark Burridge and Trevor Steel, Managing Partners and Fund Managers at Baker Steel said:
 

“We are honoured to have been appointed as Investment Manager of Golden Prospect Precious Metals Ltd. Having worked closely with the Board in preparation for the transition, we look forward to applying our investment approach with the aim of generating long-term value for shareholders.

We see a compelling opportunity in the precious metals mining sector. Gold continues to attract demand as a strategic asset underpinned by structurally constrained supply, while mining equities remain attractively valued relative to broader equity markets and are under-owned by investors. This fund now gives us the opportunity to express our investment convictions across a broader range of companies with a complementary product.”

Monica Tepes, Chair of GPM said:

“We are delighted to welcome Baker Steel as the Company’s new investment manager and thank CQS for its support over the years. The Company will benefit from Baker Steel’s well-resourced investment team, deep multi-cycle sector knowledge and proprietary research tools, as well as its strong in-house marketing and distribution capabilities. The Board looks forward to working with Baker Steel in pursuit of the continued success of the Company.”

For further information, please contact:

Golden Prospect Precious Metals Limited

Monica Tepes, Chair	Via Company Secretary, [e-mail]
Fund Manager Baker Steel Capital Managers LLP Cosmo Sturge	Tel: [phone]
Broker and Financial Adviser Cavendish Capital Markets Limited Robert Peel (Corporate Finance) Daniel Balabanoff / Pauline Tribe (Sales)	Tel: [phone] Tel: [phone]
PR Tavistock Jos Simson / Gareth Tredway / Eliza Logan	Tel: [phone]
Company Secretary NSM Funds Limited	Tel: [phone] [e-mail]

About the Company

Golden Prospect Precious Metals Limited is a closed-ended investment company incorporated with limited liability in Guernsey on 16 October 2006. The Company's investment objective is to provide Shareholders with capital growth from a portfolio of small- and mid-cap companies involved in the gold and precious metals mining sector. For website click here.

About Baker Steel Capital Managers LLP

Baker Steel Capital Managers LLP is an independently owned specialist investment manager founded in 2001, focused on natural resources, mining, gold and precious metals equities. The firm employs a value-driven, actively managed investment approach combining bottom-up stock selection, technical sector expertise and rigorous risk management. Baker Steel manages assets on behalf of professional investors, wealth managers and financial institutions from offices in London and Perth, Western Australia. The firm is authorised and regulated by the UK Financial Conduct Authority. For website click here.

Important information

The information in this announcement is for background purposes only and does not purport to be full or complete. The material contained in this announcement is given as at the date of its publication (unless otherwise marked) and is subject to updating, revision and amendment.

Nothing in this announcement shall form the basis of or constitute any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor.  None of the Company's shareholders or prospective investors should base any financial decision on this announcement. 

Nothing contained herein constitutes or should be construed as (i) investment, tax, financial, accounting or legal advice (ii) a representation that any investment or strategy is suitable or appropriate to individual circumstances or (iii) a personal recommendation.

The distribution of this announcement in or from certain jurisdictions may be restricted or prohibited by the laws of certain jurisdictions. Recipients of this announcement are required to inform themselves of, and comply with, all restrictions or prohibitions in such jurisdictions. Any failure to comply with applicable requirements may constitute a violation of the laws and/or regulations of such jurisdictions.

The information contained in this announcement contains certain 'forward-looking statement' with respect to the Company's expectations relating to the future financial condition, performance, results, strategy and objectives of the Company. For example, statements containing words such as 'may', 'will', 'should', 'continue', 'aims', 'estimates', 'projects', 'believes', 'intends', 'expects', 'plans', 'pursues', 'seeks', 'targets' and 'anticipates', and words of similar meaning or the negative thereof, may be forward-looking. By their nature, all forward-looking statements involve risk and uncertainty because they are based on information available at the time they are made, including current expectations and assumptions, and relate to future events and circumstances which may be or are beyond the Company's control, including among other things statements regarding the expected benefits of the Appointment and the Admission.

The Company's actual future financial condition, performance and results may differ materially from the plans, goals, strategy and expectations set forth in the forward-looking statements and undue reliance should not be placed on forward-looking statements. Except to the extent otherwise required by applicable law, neither the Company nor Baker Steel is under any obligation to update any of the forward-looking statements contained in this announcement or any other forward-looking statements they may respectively make. Past performance is not an indicator of future results and unless expressly stated otherwise, no statement contained or referred to in this announcement is intended to be a profit forecast, estimate or projection of the Company's future results.

END OF ANNOUNCEMENT

 

END