RNS Number : 4337O Golden Prospect Precious Metals Ltd 29 July 2026

Golden Prospect Precious Metals Limited

Monthly Investor Report - June 2026

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

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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

Diana Racanelli and Craig Bethune.

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

The Company's NAV declined 19.93% in June, slightly lower than the VanEck Gold Miners and VanEck Junior Gold Miners ETFs, which declined 14.20% and 15.76%, respectively.

June marked a significant turning point for the precious metals. Gold entered June near $4,540/oz and exited near $4,008/oz, down roughly 10.63% on the month and nearly 7.48% year-to-date. Silver followed suit with sharp drawdowns, particularly in the back half of the month. The drivers were largely macro in nature: the volatile escalation and subsequent de-escalation of the US-Iran conflict continued to weigh on the metal, and trade-related tensions reduced demand for risk-off assets.

While geopolitical risk and trade uncertainty remained elevated, gold's response was often asymmetric. Market dynamics were increasingly influenced by interest rate expectations, real-yield volatility, and positioning, with intraday moves reflecting rapid changes in the macro sentiment. At the centre of monetary policy, U.S. Federal Reserve Chair Kevin Warsh's first FOMC meeting was notably hawkish, with a pledge to restore price stability contributing to higher yields and a stronger dollar. A stronger dollar directly pressures precious metals as they not only compete against dollar-denominated yielding assets but also become more expensive for non-USD buyers.

Still, gold continues to benefit from strong global central bank purchases and, despite the recent pullback, trades at elevated levels, supporting relatively healthy producer margins despite rising input and operating cost pressures. While oil price volatility continues to trend higher amid disruptions in the Middle East, the broader economic implications of elevated energy costs could prove supportive of precious metals over time. Nevertheless, gold's defensive characteristics have been overshadowed; the structural demand pillars underpinning gold's multi-year rally remain intact despite recent macro headwinds. Looking ahead, the de-dollarisation and debasement trades should keep demand resilient, with central banks continuing to add to reserves in June.

Silver experienced a sharper decline, falling 50% from its all-time high in the first quarter of 2026 when prices reached near US$122 in late January, and down 18% year-to-date. Like gold, silver prices suffered from a shift in U.S. Federal Reserve rate-cut expectations toward potential increases. Because approximately half of silver demand comes from industrial use, silver was more heavily impacted than gold by fears of a global growth slowdown.

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 | goldenprospect@tavistock.co.uk

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.

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