Earnings release
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 1 ASX Announcement 24 October 2025 QUARTERLY ACTIVITIES REPORT SEPTEMBER 2025 Golden Horse Minerals Limited (ASX: GHM) (Golden Horse or Company) is pleased to provide the quarterly activities report for the period ending 30 September 2025. The Company continued to deliver broad, high-grade intercepts at depth from its flagship Southern Cross Gold Project in Western Australia and completed the acquisition of the Sorrel Copper Project in the Northern Territory. Highlights SOUTHERN CROSS GOLD PROJECT • Throughout the September 2025 quarter, the Company continued to test depth extensions along strike at the Hopes Hill project as part of the drilling program to determine the Company’s first ever resource. • A total of 93 holes were drilled for 16,791 metres during the quarter. • A second diamond drill (DD) rig mobilised to site bringing the total drilling capacity to four drill rigs (2 x DD and 2 x reverse circulation (RC)). o Numerous high grade assay intervals returned at increasing depths, including1:GHHHRC0055R: 15.0m @ 3.4 g/t Au from 165m o GHHHRCD0054: 4.4m @ 9.3 g/t Au from 339m o GHHHRC0059: 30.0m @ 2.2 g/t Au from 157m o GHHHRC0088: 3.0m @ 23.8 g/t Au from 193m o GHHHRCD0068: 28.7m @ 3.8 g/t Au from 192m • A comprehensive geophysical survey was completed with several prospective targets identified across the Northern, Central and Southern zones of Hopes Hill , as well as a number of highly prospective regional anomalies. • RC drilling has also commenced approximately 500m along strike south of the main Hopes Hill system to test several small, shallow historic mine workings . West of Hopes Hill, a prospect named Subzero has been tested primarily as pre- collars for deep drill targeting below Hopes Hill. Drilling activities north of Hopes Hill, approximately 800m from the historic Hopes Hill pit also commenced. SORREL COPPER PROJECT • The acquisition of the Sorrel Copper Project in the Northern Territory was completed in early September 2025. 1 Refer to ASX announcements dated 11 July, 23 July, 11 September and 23 September 2025. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 2 • The Sorrel Copper Project is underpinned by a previously reported Inferred Mineral Resource Estimate (MRE) of 8.4Mt @ 1.1% copper for 88.6kt of contained copper metal with over 780 drill holes and 55,000m drilled throughout the Project area.2 • Golden Horse believes the Project has scope for significant expansion with numerous untested breccia pipes identified across the Sorrel Copper Project area. CORPORATE • Highly experienced resources executive, Mr Dean Vallve appointed as the Company’s Chief Operating Officer. Mr. Vallve commenced with Golden Horse on 20 October 2025. • Capital raising completed during the quarter comprising a two-tranche placement of 37.5 million new CHESS Depositary Interests (New CDIs) (underpinned by 37.5 million Shares) at an issue price of $0.40 per New CDI to raise $15.0 million (before costs). • The Company finished the quarter with a s trong balance sheet , with $16.8 million of cash on hand. Commenting on activities completed during the quarter, Golden Horse Managing Director, Nicholas Anderson said: “Activity across Hopes Hill has been galloping ahead with four rigs now operating and assays continuing to deliver outstanding results. The consistency of high- grade mineralisation we are seeing at depth across the Northern, Central and Southern zones continues to strengthen our confidence in the scale of this system.” “Hole GHHHRCD0068 located within the Central Zone confirms that Hopes Hill still has plenty of horsepower as we accelerate our resource definition activities. We are well positioned to keep the momentum strong, further refining our geological model and expand ing the mineralised footprint both along strike and at depth.” 2 Refer to ASX announcement dated 5 September 2025. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 3 Figure 1: Hopes Hill drilling location collar plan (for both RC and DD), denoted by month drilling. Figure 2: Hopes Hill drilling (DD) location plan denoted by month drilling. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 4 Figure 3: Hopes Hill reverse circulation (RC) drilling location plan denoted by month drilling . HOPES HILL PROJECT Hopes Hill was previously mined as a 1.3km long relatively shallow open pit in the 1980/90s (average depth approximately 50 metres below surface) . Reported production was 2.9Mt @ 2.25g/t for 216K ounces of gold.3 Mining of the pit and drilling at depth were previously limited by a separate tenement not accessible to the mine owners at the time. With Golden Horse now controlling all tenements in the area, drill testing the deposit at depth and along strike is possible. RC drill testing of the mineralisation commenced in January 2025 with 136 holes for 25,132m completed since the program commenced. A second DD was mobilised to site with the bolstered drill program now comprising of two DD rigs supported by two RC rigs , bringing the total to 4 drill rigs (2 x DD and 2 x RC). A total of 16 holes for 3, 544m of diamond drilling and 77 holes for 13,247m of RC drilling were completed in the September quarter. 3 Refer ASX announcement ‘Replacement Prospectus’ dated 12 December 2024 – Independent Technical Assessment Report. As noted in the Independent Technical Assessment Report, historical production numbers rely on historical reports which may be incorrect or incomplete. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 5 Figure 4: Completed RC drilling and planned holes at Hopes Hill. The best gold assay results for the quarter include4: o GHHHRCD0054: 4.4m @ 9.3 g/t Au from 339m; • incl. 1.9m @ 20.7g/t Au from 340m; o GHHHRC0055R: 15m @ 3.4 g/t Au from 165m; • within a broader mineralised zone of 23m @ 2.3 g/t Au from 164m; o GHHHRC0056 3.0m @ 8.4 g/t Au from 222m; • within a broader mineralised zone of 11m @ 2.5 g/t Au from 221m; o GHHHRC0058: 11m @ 2.4 g/t Au from 152m; • incl. 8.0m @3.1 g/t Au; o GHHHRC0059: 10.0m @ 4.7 g/t Au from 177m; • within a broader mineralised zone of 30.0m @ 2.2 g/t Au from 157m; o GHHHRCD0068: 28.7m @ 3.8 g/t Au from 192m; • incl. 4.5m @ 20.9 g/t Au from 202.5m, and • 6m @ 2.7 g/t Au from 250m; • the above intersections sit within a broad down hole intercept of 86m @ 1.6 g/t Au from 192m; 4 Refer to ASX announcements dated 11 July, 23 July, 11 September and 23 September 2025. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 6 o GHHHRC0070: 7m @ 3.1 g/t Au from 120m; • within a broader zone of 34m @ 1.4 g/t Au from 120; and • 6m @ 5.3 g/t Au from 212m within a broader zone of 13m @ 2.7 g/t Au from 212m; o GHHHRC0088: 3m @ 23.8 g/t Au from 193m; • within a broader zone of 8m @ 9.1 g/t Au from 193m o GHHHRC0092: 11.0m @ 2.4 g/t Au from 154m; • incl. 3.0m @ 5.1 g/t Au from 162m; o GHHHRC0102: 5m @ 3.5 g/t Au from 265m; The long section below depicts the gram-metre grade distribution for the mineralisation (see Figure 5). Figure 5: Long section showing thick, high-grade mineralisation within the Central Zone relating to hole GHHHRCD0068 along with GHHHRC0092 in the Southern Zone . For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 7 Figure 6: Cross section 1 view showing the significant intercept in the first diamond hole drilled (GHHHRCD0068) confirming the continuity of high-grade mineralisation within the central zone. Figure 7: Cross section depicting strong mineralisation at depth, below and south of the current historical Hopes Hill pit. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 8 In July, the Company reported initial assay results from hole GHHHRCD0054, marking its first DD intercepts and the deepest hole drilled to date within the Hopes Hill district. The significant, deep high-grade result successfully opened up multiple new target areas and confirmed the potential for deeper extensions of the mineralisation at the Hopes Hill Project. This initial diamond hole result was further supported in September, with the Company reporting assays from its second diamond hole, GHHHRCD0068, which was also the first diamond drilling completed in the Central Zone of the deposit. GHHHRCD0068 intersected further thick, high-grade mineralisation, confirming and extending previous wide, high-grade RC drill intersections. In addition to strong grades, the hole also provided important structural information. The association of pyrrhotite and arsenopyrite with the mineralisation within the silicified structural zone is consistent with observations previously made from the RC drilling completed in the Central Zone. The broad zone of mineralisation is associated with the quartz vein system contained within the ultramafic rocks located directly above the muscovite schist footwall package. This footwall package is now considered a favourable zone for hosting mineralisation based on the assay results. These encouraging results supported the Company’s decision to fast-track the mobilisation of a second DD rig to site. The RC drilling will primarily deliver pre-collars for diamond tails designed to target depth extensions of the mineralisation. One of the two RC drill rigs was seconded to step out 500m south- east of the historic Hopes Hill pit to test shallow historic workings within the main mineralisation corridor . Notably, hole GHHHRC0092 confirmed strong mineralisation plunging south into an untested drill locality (see Figure 7). Further shallow drill testing will be undertaken over the coming months to further refine the geological understanding, improving orebody knowledge whilst generating further deep drill targets along the Hopes Hill mineralisation trend. In August, Golden Horse announced the completion of a DHEM survey designed to refine the Company’s understanding of deeper mineralised trends at Hopes Hill. The survey, planned by consultants Newexco and completed by GEM Geophysics, covered three existing drill holes (GHHHRC0029, GHHHRCD0053 and GHHHRCD0054) 5. The program successfully identified three significant conductive plates interpreted to represent potential extensions of sulphide-rich mineralisation beneath and adjacent to the existing pit. Plate 1 consists of a significant 200m x 200m conductor located below the Central Zone at Hopes Hill and coincides with the high-grade intersection in diamond hole GHHHRCD0054. Two additional conductors, measuring approximately 360m x 130m (Plate 2) and 400m x 400m (Plate 3), were identified within the northern area at depth, highlighting further potential for deeper extensions along-strike. The results from the DHEM survey are being integrated into the ongoing drill planning and resource model updates. Follow -up diamond holes are planned to test the priority conductors, which present targets for testing the continuation of deeper high-grade mineralisation. 5 Refer to ASX announcements dated 28 August and 23 June 2025. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 9 SORREL COPPER PROJECT On 5 September 2025, Golden Horse completed its acquisition of the Sorrel Copper Project, located in the Northern Territory, Australia that was as first announced to the ASX on 1 July 2025 (Figure 5). The Company, via its wholly -owned subsidiary, Golden Horse Minerals (Northern Territory) Pty Ltd, entered into an agreement with NT Minerals Limited (ASX:NTM) to acquire 100% of the shares in NTM's wholly-owned subsidiaries, Redbank Operations Pty Ltd and Mangrove Resources Pty Ltd, which together hold the assets comprising the Sorrel Copper Project ( Sale Agreement) for $3.0 million ($1.0 million in cash and approximately $2.0 million worth of Golden Horse CDIs) (Acquisition). The Sale Agreement superseded and replace d an earlier earn- in option agreement with NTM with respect to the Sorrel Copper Project, under which the Company could have earnt up to a 90% interest in the Sorrel Copper Project by expending a further $4.5 million over three stages as well as funding a pre-feasibility study, subject to entering into a joint venture agreement. To complete the Acquisition, the Company: • made a cash payment of $1.0 million to NTM on 5 September 2025; and • on 5 September 2025, issued approximately $2 .0 million worth of CDIs in the capital of the Company (being ~4.6 million CDIs underpinned by an equivalent number of common shares), (together, the Consideration). The payment of the Consideration met all of the Company's obligations under the terms of the Sale Agreement. The Acquisition includes a JORC 2012 Inferred MRE of: 8.4Mt @ 1.1% Cu for 88,600 tonnes 6 of contained copper metal, which was prepared by independent consulting group Entech Pty Ltd. A total of 55,359m of drilling from 787 RC and diamond drill holes have been drilled within the project area totalling 17,755m of drilling used in the global resource for the MRE estimation. Golden Horse believes the Sorrel Copper Project has scope for significant expansion with numerous untested breccia pipes identified across the Sorrel Copper Project area. The Company has commenced an on-ground review and development of future work plans including: • completion of an economic evaluation to assess the overall potential of the project and to guide future exploration and resource definition activities; • undertaking a comprehensive review of the geology and past exploration with the aim of determining the potential of untested targets; • securing of heritage approvals; and • commencing drilling (targeting mid-2026). 6 Refer to ASX announcements dated 5 September 2025. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 10 Figure 5: Location of the Sorrel Copper Project, Northern Territory. CORPORATE Cash and Finance Cash on hand at the end of the quarter was $16.8 million. In accordance with ASX Listing Rule 5.3.5, payments made to related parties and their associates during the quarter was $153k for director salaries and fees, as listed in Section 6 of the Company’s Quarterly Cash Flow Report (Appendix 5B) . Capital Raising On 2 June 2025, the Company announced that it had received firm commitments for a two-tranche placement of 37.5 million new CHESS Depositary Interests ( New CDIs) (underpinned by 37.5 million Shares) at an issue price of $0.40 per New CDI ( Placement Securities) to raise $15.0 million (before costs) (Placement)7. The Placement was strongly supported by a range of institutional, sophisticated and professional investors, including Emerald Resources NL, the Company’s major shareholder, and Directors of the Company, who subscribed for approximately $3.1 million and $105,000, respectively. Tranche 1 raised $6.9 million via the issue of approximately 17.2 million Placement Securities under the Company’s existing ASX Listing Rule 7.1 placement capacity ( Tranche 1 ). Settlement of the Tranche 1 Placement Securities occurred on 10 June 2025. In August 2025, the Company issued 20.3 million Placement Securities at an issue price of $0.40 per Placement Security (Tranche 2 CDIs), to raise $8.1 million, following receipt of shareholder approval at a Special Meeting of the Company held on 1 August 2025 (Perth time) (being 31 July 2025, 7 Refer to ASX announcement dated 2 June 2024. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 11 Vancouver time) (Special Meeting)8. The Tranche 2 Placement Securities included 262,500 Placement Securities ($105,000) issued to Directors of the Company (or their nominees) and approximately 7.6 million Placement Securities (~$3.1 million) issued to Emerald Resources NL. Funds have been and will be used to accelerate RC and diamond drilling at Hopes Hill and regionally, along the extensive Southern Cross greenstone belt. Funding aims to support; RC drill testing of regional targets across the Southern Cross Gold Project as well as regional target delineation, including surface geochemistry and geological surveys, consideration and costs associated with the acquisition of Sorrel Copper Project from NT Minerals Limited ( ASX: NTM) (refer to ASX announcement dated 1 July 2025) and for general working capital purposes. Appointment of Chief Operating Officer On 15 October 2025, the Company announced the appointment of Mr Dean Vallve as Chief Operating Officer (COO). Mr. Vallve commenced with Golden Horse on 20 October 2025. Dean is a highly experienced resources executive with a successful career spanning operational management, project delivery, and technical leadership across the Australian resource sector over the past twenty years. Dean’s recent senior leadership roles at ASX-listed gold organisations including Brightstar Resources Ltd and Calidus Resources Ltd resulted with the development of the Warrawoona Gold Project, management of the profitable Selkirk Mining JV and several feasibility studies to DFS level. Prior to these executive roles, Dean spent over ten years in site- based operational roles across geological and engineering functions in open pit and underground environments, along with exploration geology roles at projects in WA and Queensland. Mr Vallve holds a Bachelor of Science in Mineral Exploration and Mining Geology and a Graduate Diploma in Mining from the Western Australian School of Mines, an MBA and a Western Australian First Class Mine Manager’s Certificate. Use of Funds In accordance with ASX Listing Rule 5.3.4, the Company provides the following information with respect to its use of funds statement set out in its replacement prospectus dated 5 November 2024 (Prospectus) and actual use of funds since ASX admission: Item Prospectus estimate (18- month period following admission) ($M) Actual use from admission until 30 September 2025 ($M) Variance ($M) Southern Cross Gold Project exploration 8.80 6.79 (2.01) Redbank Project 0.60 1.57 0.97 Tenement fees, studies and land access 1.40 0.59 (0.81) Deferred consideration and extension fee payments 1.21 0.63 (0.58) Costs of offer 1.73 1.82 0.09 Loan repayment 1.50 1.50 0.00 Corporate costs and working capital 2.76 2.60 (0.16) Total 18.00 15.50 (2.50) Southern Cross Gold Project exploration expenditure, tenement fees, studies and land access and corporate costs and working capital being below the Prospectus estimates is due to the Company only being admitted to the ASX in December 2024 and accordingly, being less than ten months into the period of 18 months underlying the Prospectus estimates. As noted above, t he proceeds from the 8 Refer to ASX announcement dated 11 August 2025. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 12 Placement were used towards the Acquisition, as well as for working capital and costs of the Placement. The estimated expenditure in the table above relates only to expenditure of the funds raised at the time of the Company's ASX admission. Special Meeting A Special Meeting of shareholders of the Company was held on 1 August 2025 (being 31 July 2025 in Vancouver) at the offices of Allens, Level 11, Mia Yellagonga Tower 2, 5 Spring Street, Perth WA 6000 (Meeting). All resolutions put to shareholders at the Meeting were passed. ASX Trading & Implications Implications for shareholders on the Company's Canadian share register Following the Company’s ASX listing, the Company's Shares voluntarily delisted from the TSXV at close of trading in Canada on 31 December 2024. If a shareholder wishes to trade on the ASX they will need to convert their unrestricted Shares, on a 1:1 basis, into CDIs by either: 1. If the Shares are held by the shareholder directly on the Canadian share register in a) book entry form in the Direct Registration System or b) in certificated form, then the shareholder will need to complete and submit a CDI Issuance (Canadian Register to Australian CDI Register) form to Computershare’s Global Transaction Team in Canada ( GT Canada) accompanied by their share certificate(s) where applicable, at the following address: Post: Computershare Investor Services Inc Attn Global Transaction Team 100 University Ave, 8th Floor Toronto Ontario, M5J 2Y1 Canada Email: ca.globaltransactions@computershare.com The CDI Issuance (Canadian Register to Australian CDI Register) form can be downloaded from www -us.computershare.com/Investor/#Help/PrintableForms, select ‘Global Transaction Forms’ and choose ‘Register Removal Request - Canada to Australia CDIs.’ 2. For Shares held through a broker or other intermediary ( CDS Participant ), the CDS Participants will need to initiate a CDS Stock Withdrawal for the number of Shares to be converted into CDIs. At the same time, the CDS Participant will complete and submit a CA/AU xSettle instruction (or paper CDI Issuance (Canadian Register to Australian CDI Register) form) to GT Canada, with this matched to the withdrawal of the Shares. xSettle is Computershare’s secure online cross - border instruction portal used by market participants. Once a valid request is provided to GT Canada the CDIs will generally be issued in Australia within 1 - 2 business days (time zones permitting). No CDI issuance fee will be charged to an individual holder for converting Shares into CDIs, however, a cross-border transaction fee may be charged to the holder by any intermediaries (i.e. stockbroker or custodian) involved. ASX Announcements – September 2025 Quarter This Quarterly Activities Report refers to exploration results that have been previously released to the ASX and reported in accordance with the 2012 edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (2012 JORC Code). For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 13 Date ASX Announcement 01 July 2025 Golden Horse Secures Strategic Copper Exposure 11 July 2025 More High-Grade Results & Strike Extension at Hopes Hill 23 July 2025 First Diamond Drillhole Intersects High-Grade Mineralisation 28 August 2025 DHEM Survey Supports High-Grade Mineralisation at Hopes Hill 05 September 2025 Golden Horse Completes Acquisition of Sorrel Copper Project 11 September 2025 High-Grade Hopes Hill Results Continue at Depth 23 September 2025 Diamond Drilling Confirms Further High-Grade at Hopes Hill These announcements are available for viewing on the Company’s website under the “Investors” tab. The Company confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement. Previous ASX announcements Date ASX Announcement 23 Jan 2025 First Drill Campaign Completed Within Weeks of ASX Listing 03 Feb 2025 High Priority Hopes Hill Gold Prospect with Drilling Commenced 10 Feb 2025 Soil Geochemistry Program Delivers More Promising Gold Targets at SX 14 Feb 2025 Maiden Drill Campaign at SX Delivers Shallow High-Grade Gold Intercepts 18 Feb 2025 Outstanding Results from Phase 1 Hopes Hill Drilling 06 Mar 2025 Hopes Hill Project Delivers Further Outstanding Results 24 Mar 2025 Hopes Hill Project Drilling Confirms Mineralisation Over 1.3km, Stage 2 Drilling Escalated 31 Mar 2025 Hopes Hill Drilling Results and Exploration Update 10 Apr 2025 Drilling At Hopes Hill Delivers Exceptional Wide High-Grade Intersection 5 May 2025 Hopes Hill Keeps Delivering Outstanding Results 22 May 2025 Initial Metallurgical Test Work from Hopes Hill Delivers Exceptional Recoveries 28 May 2025 Hopes Hill Drilling Update Southern Extension to Hopes Hill Identified 10 June 2025 Deep Drilling at Hopes Hill Delivers Outstanding Results These announcements are available for viewing on the Company’s website under the “Investors” tab. The Company confirms that it is not aware of any new information or data that materially affects the information included in any original ASX announcement. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 14 Schedule of Mining Tenements Jurisdiction Project Tenement Status Ownership Change in Quarter WA Southern Cross E77/2087 Live 100% WA Southern Cross E77/2149 Live 100% WA Southern Cross E77/2178 Live 100% WA Southern Cross E77/2222 Live 100% WA Southern Cross E77/2254 Live 100% WA Southern Cross E77/2258 Live 100% WA Southern Cross E77/2325 Live 100% WA Southern Cross E77/2340 Live 100% WA Southern Cross E77/2341 Live 100% WA Southern Cross E77/2342 Live 100% WA Southern Cross E77/2343 Live 100% WA Southern Cross E77/2350 Live 100% WA Southern Cross E77/2362 Live 100% WA Southern Cross E77/2522 Live 100% WA Southern Cross E77/2568 Live 100% WA Southern Cross E77/2573 Live 100% WA Southern Cross E77/2607 Live 100% WA Southern Cross E77/2652 Live 100% WA Southern Cross E77/2658 Live 100% WA Southern Cross E77/2659 Live 100% WA Southern Cross E77/2691 Live 100% WA Southern Cross E77/2921 Live 100% WA Southern Cross E77/2942 Live 100% WA Southern Cross E77/3124 Live 100% WA Southern Cross E77/3130 Live 100% Tenement Granted WA Southern Cross E77/3187 Live 100% Tenement Granted WA Southern Cross E77/3204 Live 100% WA Southern Cross E77/3210 Live 100% WA Southern Cross G77/123 Live 100% WA Southern Cross L77/262 Live 100% WA Southern Cross M77/1049 Live 100% WA Southern Cross M77/1266 Live 100% WA Southern Cross M77/1296 Live 100% WA Southern Cross M77/1316 Live 100% WA Southern Cross M77/1319 Live 100% WA Southern Cross M77/450 Live 100% WA Southern Cross M77/551 Live 100% WA Southern Cross M77/734 Live 100% WA Southern Cross M77/834 Live 100% WA Southern Cross P77/4329 Live 100% For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 15 WA Southern Cross P77/4330 Live 100% WA Southern Cross P77/4331 Live 100% WA Southern Cross P77/4334 Live 100% WA Southern Cross P77/4349 Live 100% WA Southern Cross P77/4350 Live 100% WA Southern Cross P77/4357 Live 100% WA Southern Cross P77/4566 Live 100% WA Southern Cross P77/4571 Live 100% WA Southern Cross P77/4572 Live 100% WA Southern Cross P77/4586 Live 100% WA Southern Cross P77/4587 Live 100% WA Southern Cross P77/4593 Live 100% WA Southern Cross P77/4595 Live 100% WA Southern Cross P77/4597 Live 100% WA Southern Cross P77/4607 Live 100% WA Laverton M37/349 Live 100% WA Southern Cross E77/2118 Dead 0% Tenement surrendered WA Southern Cross E77/2939 Dead 0% Tenement surrendered WA Southern Cross E77/3202 Dead 0% Application withdrawn WA Southern Cross E63/2418 Pending 0% WA Southern Cross E77/2906 Pending 0% WA Southern Cross E77/3060 Pending 0% WA Southern Cross E77/3061 Pending 0% WA Southern Cross E77/3062 Pending 0% WA Southern Cross E77/3123 Pending 0% WA Southern Cross E77/3163 Pending 0% WA Southern Cross E77/3194 Pending 0% WA Southern Cross E77/3209 Pending 0% WA Southern Cross E77/3212 Pending 0% WA Southern Cross E77/3226 Pending 0% WA Southern Cross E77/3230 Pending 0% WA Southern Cross E77/3251 Pending 0% WA Southern Cross M77/1311 Pending 0% WA Southern Cross M77/1312 Pending 0% WA Southern Cross M77/1313 Pending 0% WA Southern Cross M77/1315 Pending 0% WA Southern Cross M77/1316 Pending 0% WA Southern Cross M77/1317 Pending 0% WA Southern Cross M77/1318 Pending 0% WA Southern Cross M77/1319 Pending 0% WA Southern Cross M77/1322 Pending 0% WA Southern Cross P77/4651 Pending 0% For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 16 WA Southern Cross P77/4652 Pending 0% WA Southern Cross P77/4653 Pending 0% WA Southern Cross P77/4654 Pending 0% WA Southern Cross P77/4658 Pending 0% WA Southern Cross P77/4659 Pending 0% WA Southern Cross P77/4680 Pending 0% WA Southern Cross P77/4681 Pending 0% WA Southern Cross P77/4682 Pending 0% NT Sorrel Copper EL24654 Live 100% Acquired in July 2025 NT Sorrel Copper EL30496 Live 100% Acquired in July 2025 NT Sorrel Copper EL30590 Live 100% Acquired in July 2025 NT Sorrel Copper EL31272 Live 100% Acquired in July 2025 NT Sorrel Copper EL31316 Live 100% Acquired in July 2025 NT Sorrel Copper EL31546 Live 100% Acquired in July 2025 NT Sorrel Copper EL31548 Live 100% Acquired in July 2025 NT Sorrel Copper EL31549 Live 100% Acquired in July 2025 NT Sorrel Copper EL31550 Live 100% Acquired in July 2025 NT Sorrel Copper EL32323 Live 100% Acquired in July 2025 NT Sorrel Copper EL32324 Live 100% Acquired in July 2025 NT Sorrel Copper EL32325 Live 100% Acquired in July 2025 NT Sorrel Copper EL32464 Live 100% Acquired in July 2025 NT Sorrel Copper EL32465 Live 100% Acquired in July 2025 NT Sorrel Copper EL32466 Live 100% Acquired in July 2025 NT Sorrel Copper EL32467 Live 100% Acquired in July 2025 NT Sorrel Copper EL32468 Live 100% Acquired in July 2025 NT Sorrel Copper EL32469 Live 100% Acquired in July 2025 NT Sorrel Copper EL32471 Live 100% Acquired in July 2025 NT Sorrel Copper EL32715 Live 100% Acquired in July 2025 NT Sorrel Copper EL32807 Live 100% Acquired in July 2025 NT Sorrel Copper EL32873 Live 100% Acquired in July 2025 NT Sorrel Copper EL34178 Live 100% Acquired in July 2025 NT Sorrel Copper EL34179 Live 100% Acquired in July 2025 NT Sorrel Copper ELR94 Live 100% Acquired in July 2025 NT Sorrel Copper MLN634 Live 100% Acquired in July 2025 NT Sorrel Copper MLN635 Live 100% Acquired in July 2025 NT Sorrel Copper EL31236 Pending 0% Acquired in July 2025 NT Sorrel Copper EL31237 Pending 0% Acquired in July 2025 NT Sorrel Copper EL32460 Pending 0% Acquired in July 2025 NT Sorrel Copper EL32461 Pending 0% Acquired in July 2025 NT Sorrel Copper EL32462 Pending 0% Acquired in July 2025 NT Sorrel Copper EL32463 Pending 0% Acquired in July 2025 For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 17 For and on behalf of the Board Nicholas Anderson Managing Director & CEO This announcement was approved for release by the Board of Golden Horse Minerals Limited. For more information contact: Nicholas Anderson Managing Director & CEO Email: nicholas.anderson@goldenhorseminerals.com.au Media David Tasker Chapter One Advisors Email: dtasker@chapteroneadvisors.com.au +61 433 112 936 Disclaimer This announcement has been prepared by Golden Horse Minerals Limited based on information from its own and third-party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this announcement, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this announcement. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this announcement including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this announcement, its accuracy, completeness, currency or reliability. Information in this announcement which is attributed to a third-party source may not have been checked or verified by the Company. This announcement is not a prospectus, disclosure document or other offering document under A ustralian law or under any other law. It is provided for information purposes and is not an invitation nor offer of securities or recommendation for subscription, purchase or sale in any jurisdiction. This announcement does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. It should be read in conjunction with, and full review made of, the Company’s disclosures and releases lodged with the Australian Securities Exchange (ASX) and available at www.asx.com.au. Each recipient must make its own independent assessment of the Company before acquiring any securities in the Company. All dollar values are in Australian dollars ($ or AUD) unless otherwise stated. Forward looking information This announcement contains forward-looking statements. Wherever possible, words such as “intends”, “expects”, “scheduled”, “estimates”, “anticipates”, “believes”, and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, have been used to identify these forward-looking statements. Although the forward- looking statements contained in this ASX announcement reflect management’s current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, the Company cannot be certain that actual results will be consistent with these forward-looking statements. A number of factors could cause events and achievements to differ materially from the results expressed or implied in the forward-looking statements. These factors should be considered carefully, and prospective investors should not place undue reliance on the forward-looking statements. For personal use only
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 18 Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause the Company's actual results, events, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements (refer in particular to the "R isks and Uncertainties" section of the MD&A lodged with ASX on 28 March 2025 and the “Risk Factors” section of the Company’s prospectus dated 5 November 2024), there may be other factors and risks that cause actions, events or results not to be anticipated, estimated or intended, including those risk factors discussed in the Company’s public filings. There can be no assurance that the forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, prospective investors should not place undue reliance on forward looking statements. Any forward- looking statements are made as of the date of this announcement, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. This announcement may contain certain forward-looking statements and projections regarding timing of receipt of exploration results, planned capital requirements and planned strategies and corporate objectives. Such forward- looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. The forward-lo oking statements/projections are inherently uncertain and may therefore differ materially from results ultimately achieved. The Company does not make any representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. Competent Person’s Statement Information in this report references previously reported exploration results extracted from the Company’s ASX announcements (see the tables in the section above titled "ASX Announcements – September 2025 Quarter" and “Previous ASX Announcements” for a complete list of the relevant announcements). The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The information in this report relating to historical exploration results was previously announced to the ASX by Golden Horse in the prospectus issued in connection with Golden Horse's ASX listing dated 12 December 2024 (Prospectus) and as periodic updates to the ASX. The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus. Qualified Person’s Statement Mr Travis Vernon, a member of the Australian Institute of Mining and Metallurgy (AusIMM) and a Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of the technical content regarding the Southern Cross Gold Project contained in this document. Mr. Vernon has reviewed and approved the technical disclosure in this news release. For personal use only