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Golden Prospect PLC (AMBR)

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Thursday 10 March, 2005

Golden Prospect PLC

Final Results

Golden Prospect PLC
10 March 2005

                              GOLDEN PROSPECT PLC

                          REGISTERED NUMBER: 3172986-


                             CHAIRMAN'S STATEMENT

Dear Shareholder

Your directors take much pleasure in reporting sustained progress for your
company having completed the most successful period in Golden Prospect's nine
year history as a Plc.

In 2004 we capitalised further on the strength of the equity environment for the
natural resources sector as a whole.  Group pre-tax profits for the year to 31st
December 2004 more than doubled from £2.17 to £4.49 million.

Gross profit in 2004 rose to £4.86 million, of which approximately 60% was
attributable to realisations within the strategic portfolio and 40% to our
trading and investment banking activities.

Diluted earnings per share rose from 1.42p to 3.32p, a rise of 134%.

Unrealised gains on our portfolio stood at £14.90 million at the year end and
management intends to take advantage of a good liquidity climate to convert a
substantial portion of these gains into realised profits during the current
financial year.

Our strategic objective is to produce superior returns through economic cycles.
To this end, during the year we strengthened the breadth of our business and
acquired Ambrian Partners Limited, an FSA authorised corporate advisory and
broking firm and acquired a 25% stake in Minesite (and, indirectly)
two website and conference businesses dedicated to the resources sector.  We
continue to explore opportunities to further strengthen the balance and quality
of Golden Prospect's earnings.

Our core holdings in Jubilee Platinum and Mano River (companies of which I am a
non-executive director) have made outstanding progress in their respective
development programmes in Africa.  Central Asia Gold has recently achieved a
successful dual listing on the main Toronto Stock Exchange and the stock has
received additional support reflecting the company's exciting growth prospects.

During last year, significant reductions were made in our larger holdings
including Uruguay Minerals, Equigold and Perilya.

Since the calendar year-end reductions have been made in Centamin Egypt and
Titan Resources, while a takeover by Consolidated Minerals for Reliance Mining
will produce additional liquidity for redeployment.

A full operational review will be incorporated in the company's annual report in
the near future.

Base Metals

Global expansion, supply deficits and a weakening dollar have boosted metal and
other commodity prices to new highs.  With lags before new mining projects come
on-stream, many metals are facing low inventories as industry wrestles to keep
up with the robust demand.  Strong demand from the BRICS (Brazil, Russia, India
and China) and supply constraints after years of under investment have helped
underpin higher prices.  The argument for a superior level of growth is credible
but predictions of a 'super cycle' over the next few years ring warning bells to
those who have lived through 30 years of market cycles.

Extensive fund buying is pushing share prices well into over-bought territory,
and a pullback is looking likely in the near term after which much liquidity
will be pumped into the markets from major corporate activity and share
buybacks.  This should get stocks moving higher again.

Gold and Precious Metals

The gold market opened the new-year reacting to a bear market rally in the
dollar and Central Bank selling.  Fears also persist that any IMF revaluation of
their gold could lead to a large overhang in the market.  Gold shares reacted
with significant price drops during this early new-year period of negative
sentiment but bullion's strong rally in recent weeks leaves gold shares looking
over-sold and there are plenty of buying opportunities on a selective basis.
Focus will be on stocks that show significant leverage to the gold price through
ounces in the ground or production.

The annual 2,700 tonne gold market still requires over 1,000 tonnes per year of
above ground supplies to meet demand and producers continue to de-hedge.

Increased levels of investment by professionals and institutions are also now
very evident as they increase their weighting in bullion, and other commodities,
while consumer demand continues to climb steadily against a backdrop of tight

Elsewhere, diamonds, silver and platinum continue to attract solid investment
support backed by strong fundamentals for demand driven price rises over the
next few years, while uranium also attracts very strong support.


In the oils, crude demand in China (which has barely 10 years of oil reserves),
India and the US remains insatiable yet the world producers are pumping at near
capacity.  Investment fund involvement is also increasing in the energy sector.
Most of this investment is from passive sources such as pension funds interested
as much in portfolio diversification as short term movements.

The secular US dollar bear market (gathering pace again as Asian banks diversify
their reserves from US dollar assets) will continue to support commodity prices
as it encourages money to flow into hard assets like gold and silver, while
soaring liquidity due to low global interest rates feeds the bull market
further.  Moreover, although interest rates might rise in 2005, the increase
will not be enough to significantly affect the upward trend of commodity prices.

Healthy corrections will occur from time to time but are perfectly normal in
strong bull markets.

The Board is happy to appoint director, Tom Gaffney, as Group Chief Executive
Officer.    Tom's skill set and investment banking experience as founder and
head of Ambrian Partners will greatly assist the further development of the
Group in the current opportune climate of robust conditions in the resources
market. As a result of this appointment Tom will be granted 2,660,550 options.

Tom has previously been a director of JP Morgan's Metals & Mining Team and from
1995 was a Director and member of the Management Committee in the Corporate
Finance Department of Robert Fleming.    He has worked in investment banking for
20 years and has specialised in the mining and metals sector.  He has advised
many of the major mining and metals companies on acquisitions, divestitures and
capital markets transactions, including Anglo American, BHP Billiton, Glencore
and Rio Tinto.  Tom also previously worked in senior executive positions at
Nesbitt Burns (the investment bank of the Bank of Montreal) and Lehman Brothers
in London, New York and Toronto.

As Executive Chairman I welcome Tom's input and I look forward to working with
him in his new capacity.

M A Burne, Chairman

Tel:  020 7395 1930

Year ended 31 December 2004
                                                                                     2004             2003
                                                                                        £                £

Turnover                                                                       10,117,214        6,008,857

Cost of sales                                                                 (5,256,974)      (2,716,967)

Gross profit                                                                    4,860,240        3,291,890

Other operating income - dividends receivable                                     101,444          119,396

Administrative expenses                                                       (1,182,774)        (419,475)
Provision for impairment of exploration assets                                          -        (842,763)
Provision for impairment written back                                             759,560                -

Operating profit - continuing operations                                        4,538,470        2,149,048
Interest receivable                                                                34,427           25,365
Interest payable and similar charges                                             (82,233)                -

Profit on ordinary activities before taxation                                   4,490,664        2,174,413

Tax on profit on ordinary activities                                          (1,139,968)        (905,830)
Profit for the financial period                                                 3,350,696        1,268,583

Profit per ordinary share - basic                                                   3.59p            1.42p
                          - diluted                                                 3.32p            1.42p

as at 31 December 2004

                                                                2004                                 2003
                                              £                    £                £                   £

Intangible fixed assets                                    4,201,631                            2,200,000
Tangible fixed assets                                         24,512                                3,578
Investments                                                  465,560                            3,385,823
                                                           4,691,703                            5,589,401

Debtors: Amounts falling due
within one year                         539,506                                26,775

Investments                          20,059,578                            10,281,729
Cash at bank and in hand              3,639,452                               967,402
                                     24,238,536                            11,815,906
CREDITORS: Amounts falling due
within one year                     (3,558,466)                           (1,105,036)

NET CURRENT ASSETS                                        20,680,070                           10,710,870

CURRENT LIABILITIES                                       25,371,773                           16,300,271

Called up share capital                                   10,726,121                            8,938,496
Share premium account                                     10,803,383                            8,115,458
Merger reserve                                             1,245,256                                    -
Profit and loss account                                    2,597,013                            (753,683)

EQUITY SHAREHOLDERS' FUNDS                                25,371,773                           16,300,271

Year ended 31 December 2004

                                                                 2004                               2003
                                              £                     £              £                   £

Net cash inflow/outflow
from operating activities                                   (861,284)                            420,390

Return on investments and
servicing of finance
Interest receivable                      34,427                               25,365
Interest payable                       (46,233)                                    -
Net cash inflow from returns on 
investment and servicing of finance                          (11,806)                             25,365

Taxation                                                    (901,862)                           (66,665)

Capital expenditure and financial 
Payments to acquire intangible         (66,839)                             (70,781)
fixed assets
Payments to acquire tangible           (21,731)                              (2,174)
fixed assets
Payments to acquire fixed asset       (115,572)                            (229,595)
Sale of fixed asset investments           1,157                               11,862
Net cash inflow (outflow) from capital
expenditure and financial investment                        (202,985)                          (290,688)
Payments to acquire                   (394,374)                                    -
Bank and cash balances acquired          13,486                                    -
with subsidiary
                                                            (335,888)                                  -
Net cash inflow/(outflow) before financing                (2,313,825)                             88,402

Issue of ordinary share capital       3,612,500                                    -
Expenses of share issues              (109,567)                                    -
Bank loan                             1,500,000                                    -
Net cash inflow from financing                              5,002,933                                  -
Increase in cash                                            2,689,108                             88,402

The financial information set out above does not constitute statutory accounts
within the meaning of s.240 of the Companies Act 1985.

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

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