Monthly Investor Report November 2025

Golden Prospect Precious Metals Ltd

23 December 2025

 

 

Golden Prospect Precious Metals Limited

Monthly Investor Report - November 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 

Total Gross Assets:	£112.3m
Reference Currency:	GBP
Ordinary Shares:	93,248,499
Net Asset Value:	111.85p
Mid-Market Price:	91.00p
Net gearing:	6.0%
Discount:	(18.64%)

Ordinary Share and NAV Performance² 

	One Month	Three Months	One Year	Three Years	Five Years
	(%)	(%)	(%)	(%)	(%)
NAV	8.70	40.11	128.69	191.96	90.97
Share Price	5.45	37.88	134.84	172.86	91.58

Commentary³ 

The trust benefited from stronger precious metal markets again in November. Gold rose 5.9% and silver 16.0%, lifting precious metal mining indices by 15% in sterling. Central Banks remained strong buyers, and financial players via physical ETFs returned. Gold was further supported by crypto stablecoin Tether buying 116t, or $15bn. China's official customs data shows that net imports of non-monetary gold declined to 35.6t in October (-54% y/y). However, UK gold exports to China tracked at comparable levels to last year, suggesting underreporting of Chinese imports.

Silver outperformed gold during the month. Previously, silver had only increased in line with gold over the last year, rather than showing its characteristic heightened price gains seen in prior cycles. It is encouraging to see this delivered in November. Silver is a smaller market than gold and has been in deficit for the last four years. Thus, it can see greater volatility driven by speculative retail flows, as silver's lower value per ounce means there is little interest from Central Banks.

Record cash generation for the sector will likely drive more M&A in 2026. This week saw Coeur Mining bid for New Gold; both were holdings in the fund, as they look to create a large North American-focused producer. The fund reduced New Gold and Coeur Mining, whilst adding to G-Mining and Eldorado Gold over the month, believing they offer more attractive valuations and catalysts through 2026.

Fund holding Predictive Discovery, a gold developer in Guinea, received a higher bid from Perseus than the prior bid from another fund holding, Robex Resources, which has a neighbouring mine. Robex is set to start production in December and, having lagged through construction, could rerate on beginning production. This could switch the bid back in its favour.

	Gross Leverage5 (%)	Commitment Leverage6 (%)
Golden Prospect Precious Metals Limited	108	108

Manulife | CQS Investment Management

4th Floor, One Strand, London WC2N 5HR, United Kingdom

T: [phone] | F: [phone]

Tavistock Communications

18 St. Swithin's Lane, London EC4N 8AD

T: [phone] | [e-mail]

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.

 

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