Exercise of outstanding Subscription Share Rights

3 December 2020

GOLDEN PROSPECT PRECIOUS METALS LIMITED

(the "Company" or "GPM")

(a non-cellular company limited by shares incorporated in Guernsey with registration number 45676)

Exercise of outstanding Subscription Share Rights

Golden Prospect Precious Metals Limited announces that further to the announcement on 2 December 2020, the Subscription Trustee has exercised all of the 10,336,782 outstanding Subscription Share Rights (the "Rump").  The ordinary shares of 0.01p each in the capital of the Company ("Ordinary Shares") that arose from the exercise of the Rump have been sold by finnCap Limited by way of a secondary market placing, raising total net proceeds for the Company of £4.77 million.  After deduction of the cost of exercising the Subscription Shares Rights of the Rump and all the costs and expenses of the Subscription Trustee, the Registrar and the secondary market placing, any resultant net proceeds will be distributed by the Registrar to the holders of the Rump in proportion to their Subscription Shareholding by 31 December 2020.

Following the exercise of all Subscription Share Rights, the Company has raised a total of £13.14 million resulting in the net assets of the Company now exceeding £50 million.  The funds raised will be invested in a manner consistent with the stated investment objectives of the Company.

Accordingly, the Company announces that it will be issuing and allotting a further 10,336,782 Ordinary Shares, pertaining to the outstanding Subscription Share Rights exercised by the Subscription Trustee, subject to admission to trading.  Application will be made for the new Ordinary Shares to be admitted to trading on TISE and dealings on LSE SETSqx.  It is expected that dealings in the new Ordinary Shares will commence at 8.00 a.m. on 9 December 2020.

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission the issued ordinary share capital of the Company will consist of 85,503,021 Ordinary Shares with voting rights attached.  The Company does not hold any shares in treasury.  This figure of 85,503,021 Ordinary Shares may be used by the Company's shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the DTRs.

The information contained within this RNS is considered to be inside information prior to its release.

All definitions contained in the announcement of 2 December 2020 apply to this announcement

For more information please contact:

CQS (UK) LLP

Craig Cleland                                                                                                                                    020 7201 5368

finnCap Limited

Corporate Finance:

William Marle / Giles Rolls                                                                                                            020 7220 0500

Sales:

Mark Whitfeld / Pauline Tribe                                                                                                       020 7220 0500

Maitland Administration (Guernsey) Limited

Elaine Smeja                                                                                                                                      01481 749364