Have been following this one for a few months and hearing good things. Strong new management team and the company is certainly broadening its horizons and cementing good quality income streams. Very impressive interims announced last Sept, with Finals for 2005 due in the next 2/3 months which I understand are likely to really get the ball rolling as I am told that they will blitz city expectations.

Therefore nice to see the reaserch below, pulled today from our chums at T1ps:

Golden Prospect

With gold now trading at over $570 oz, silver at 20 year highs of $9.67 oz and uranium dubbed "the next hot metal" Golden Prospect finds itself in the right place at the right time. Its shares continue to make new highs and results for 2005, due within three months, could prompt a further re-rating if the company again delivers on its strategy for growth. We believe that it will. We initiated our coverage of AIM listed Golden Prospect in December 2004 when the shares traded at 33p and we advised buying.

The company used to be a pure investment company - backing a range of small explorers and producers, mainly in Australia and spread between gold and base metals.
Key Data
EPIC GOL
Share Price 59.875p
Spread 59.5 - 60.25p
NMS 5000
Market Cap. 67.1 million pounds
12 Month Range 31.5 - 60.25p
Market AIM
Website www.goldenprospectplc.com
Sector Mining Finance
Contact Malcolm Burne
020 7776 6400


The experienced duo of Malcolm Burne and Richard Lockwood who managed that portfolio have a proven record as stock pickers but have also shown an impressive knack of calling sub-sectors astutely.

Hence, well over a year ago they increased their exposure significantly to uranium, diamonds and also to oil well ahead of the herd.

However Golden Prospect has transformed itself over the past two years. Whilst it remains an investment company it also now generates a solid earnings stream from : its share trading portfolio, from the website www.minesite.com of which it owns 25% and most importantly from the corporate finance boutique Ambrian in which it now has a 100% stake. Some questioned the acquisition of Ambrian in that it had established its reputation in the mining world largely though a series of big ticket deals whereas Golden Prospect's contacts, experience and market leverage was among the small caps. However Ambrian has shown itself adapt at picking up a string of small cap mandates for IPO's and fund-raisings and it is now the London mining house which appears to have the greatest positive momentum. On 12th December Ambrian won approval to act as Nomad to AIM listed companies and this should increase its fee income generation.

Although there has been no formal announcement we understand that Golden is making good progress with plans to spin off its exploration acreage in Africa into a new vehicle. This should create at least 5p per share in value.

If one assumes a year end NAV of 40p per share for the quoted assets plus 5p for the spin-off, and then values the earnings stream on a modest PE of (say) 5, this still gives a sum-of the parts valuation of 71p per share. However, given he macro-economic picture we suspect that our estimates of both NAV and of earnings may be too low. We will be publishing a detailed note with full forecasts in the new year after the announcement of calendar 2005 numbers. Ahead of that note our stance is " very strong hold ."



Year to
31 Dec Sales
(million
pounds) PTP
(million
pounds) EPS (p) NAV (p) DPS (p) PE Ratio Yield (%)
2003A 6.1 2.2 1.42 43 - 42.1 -
2004A 10.1 4.5 3.32 35 - 18.0 -
2005E 18 8.0 5.2

I thought you were talking about ZBA!!!! Set to rocket this year from less than 2p to 1. They make fule from water via an oil dropplet process.

http://www.quadrisecanada.com/technical.html