Monthly Investor Report - October 2025

Golden Prospect Precious Metals Limited

Monthly Investor Report - October 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

----------------------------------------------------------------------- 

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 

Ordinary Share and NAV Performance2 

Commentary3 

After gold's impressive year-to-date rally to a peak of $4,381/oz on the 20th of October, the metal experienced a healthy correction, stabilising to end the month around 3% higher. Gold displayed unusually low volatility during its earlier gains, and this pull-back likely helped temper speculative excess

.

The retracement was driven by easing safe-haven demand amid tentative progress in US-China trade talks and a firmer US dollar. These factors outweighed the potential impact of the Fed's early completion of its $2 trillion quantitative tightening phase; a move that would typically spur speculative activity to address signs of market stress.

Gold closed October at $4,003/oz, still an attractive level for mining equities, which generally assume lower metal prices in their valuations. Precious metal equities saw a sharp correction, with the Fund's 20% NAV gain unwinding to finish the month flat, compared to a 3% decline in sterling terms for the GDXJ ETF. Despite this, underlying drivers for gold remain intact, and valuations continue to support the Fund's high weighting in precious metals.

The World Gold Council reported Q3 demand up 3% by weight to 1,313t and up 44% by value to $146bn. Investor demand was the main driver, with ETFs adding 222t and bar and coin demand at 316t. Central bank buying stayed elevated at 220t but below the three-year average of 1,000t annually. Jewellery demand softened in volume terms but rose 13% in dollar terms to $41bn.

During the month, the Fund exited Westgold Resources and reduced its holding in Ora Banda, reallocating proceeds to placements in Tolu Minerals and silver developer Dolly Vardon.

Manulife | CQS Investment Management

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

T: +44 (0) 20 7201 6900 | F: +44 (0) 20 7201 1200

Tavistock Communications

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

T: +44 20 7920 3150 | [email protected]

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.