Golden Pros Regulatory News (GPM)

Golden Prospect Precious Metals Limited

(the "Company")

Net Asset Value

Golden Prospect Precious Metals Limited (LSE: GPM) announces that as at the close of business on 24 November 2025 its unaudited net asset value ("NAV") per ordinary share ("Share") was as follows:

*Notes relating to the NAV dilution

The dilution is in relation to the effect of the Company's embedded annual Subscription Right. Shareholders should note that the dilution refers to the NAV per share dilution, not to the dilution of Shareholders' holdings in the Company. All Shareholders have the right to take up their subscription rights on 1 December in each year (the "Record Date") and those who do take them up in full don't have their percentage holding in the Company diluted. For those investors who don't take up their subscription rights, the Company endeavours to place in the market the shares that they were entitled to subscribe for, and then return the net sale proceeds to those investors as a way to deliver to them as much as possible of the value of their subscription rights, therefore reducing the dilution effect of not subscribing.

The Board is currently anticipating that the majority of the Company's Shareholders will exercise their Subscription Rights in full, given the Company's share price is trading significantly higher than the Subscription Exercise Price. As a full exercise will generate proceeds in excess of EUR 8 million at the current 1.15 GBP:EUR exchange rate, the Board is expecting to scale back all Shareholders pro rata to their Subscription Rights pursuant to the Proposals in the circular dated 4 November 2022. The scale back would be effected in order to limit the issuance to EUR 8 million, being the maximum level the Company would not be required to issue a prospectus, which the Board believes would be unduly expensive compared to the total new money raised.

To account for the probable scale back, the calculation for the fully diluted NAV per share has been amended to reduce the maximum number of shares the Company can issue by 22.29%, to 14,492,753. This amendment has reduced the dilutive effect of the issuance of new Ordinary Shares. Please note the scale back factor, the maximum shares that can be issued and the NAV dilution are only current estimates. Any further amendments to the dilution calculation will be communicated in subsequent NAV announcements.

About the annual Subscription Right

Shareholders have the right to subscribe for one new Ordinary Share for every five Ordinary Shares held in the Company on the Record Date, as outlined in the circular published on 4 November 2022. The exercise price is equal to the undiluted NAV per share on 30 November one year prior. The aim of the programme is to enable to Company to grow through share issuance and it is subject to shareholder review at the annual general meeting ("AGM") in 2027 and at every fifth subsequent AGM thereafter.

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.

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