26 March 2026

Golden Prospect Precious Metals Limited

Update Following Resignation of Portfolio Managers

On 9 March 2026, Golden Prospect Precious Metals Limited (the "Company" or "GPM") announced that the Company's portfolio co-managers, Keith Watson and Robert Crayfourd, resigned on three months' notice from Manulife CQS Investment Management ("CQS"), the Company's Investment Manager, and that 12 months' protective notice would be served on CQS forthwith.

Today the Company notes yesterday's press release from Tufton Investment Management ("Tufton") (http://www.rns-pdf.londonstockexchange.com/rns/1571Y_1-2026-3-25.pdf) announcing that Keith and Robert will join Tufton.

Since the resignation of the portfolio managers the Board has been exploring options for the future management of the portfolio and can confirm that it has already received a number of proposals, including from CQS, the incumbent investment manager, and Tufton, Keith and Robert's new employer.

The Board does not expect the investment strategy to change and will consider all proposals received from interested parties. All enquiries should initially be made to the Board via the Company Secretary, Apex Fund and Corporate Services (Guernsey) Limited.

Toby Birch, Chairman of GPM, said:

"In 2025 GPM was the best performing investment trust, delivering total returns of 166% and 165% in NAV and price terms respectively, in the context of the gold price rising 56% in sterling. Similarly, GPM was among the top performing trusts in 2019 and 2020 also with price returns of 77% and 70% respectively.

The Company, which in October this year will reach its 20^th anniversary, stands out in the investment trust sector as the only trust with the characteristics of a leveraged play on the gold price by investing in gold and precious metals mining equities - therefore it can act as a portfolio hedge and has the potential to deliver outsized returns, like it did in three of the last seven years. Furthermore, GPM makes full use of its closed-end structure by investing exclusively in small and mid-cap stocks.

We therefore see a clear place in the market for its investment strategy and return characteristics and look forward updating shareholders in due course with regards to future portfolio management arrangements."

About Golden Prospect Precious Metals 

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 companies involved in the precious metals sector. For the latest factsheet and other information, click here.