Adjustment of Subscription Rights Price

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION

FOR IMMEDIATE RELEASE

22 October 2026

Golden Prospect Precious Metals Limited(the "Company" or "GPM")

Adjustment of Subscription Rights Price

Shareholders are reminded that they have the right to subscribe for one new Ordinary Share for every five Ordinary Shares held in the Company on 30 November each year, as outlined in the circular published and sent to shareholders on 4 November 2022.

The Company announces an adjustment to the fourth Subscription Rights Price to reflect the dividend of 1.77 pence per share payable to shareholders on the register at the close of business tomorrow.

The new Subscription Rights Price for the exercise date of 1 December 2026 is 101.35 pence (previously 103.12 pence). The new Subscription Rights Price will be used in the calculation of diluted net asset value per share.

Going forward, the Company expects to reduce the Subscription Rights Price by an amount equal to each dividend payable, with effect from the date on which the Ordinary Shares are marked ex dividend. This announcement constitutes the final adjustment for the Subscription Rights exercise date of 1 December 2026.

The Subscription Rights Price is included in the daily net asset value publication.

 Notes to editors

 About Golden Prospect Precious Metals (website here)

Golden Prospect Precious Metals Limited is a closed-ended investment company incorporated with limited liability in Guernsey on 16 October 2006.

The investment objective of the Company is to deliver attractive returns to Shareholders, both in the form of capital growth and attractive regular dividends, with any dividends to be funded in whole or in part by income and/or capital reserves.

The Company seeks to achieve its objective by investing in a portfolio of listed small and mid-cap companies involved in the gold, silver and other precious metals mining sector, diversified across explorers, developers and producers.

The Company’s current dividend policy, announced on 10 July 2026, is to target an annual dividend of c. 6% to be paid quarterly at a rate of 1.5% of the NAV per ordinary share at the end of the preceding quarter.

About Baker Steel Capital Managers LLP (website here)

Baker Steel Capital Managers LLP (“Baker Steel”) was appointed Investment Manager to Golden Prospect Precious Metals on 19 October 2026.

Baker Steel 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.