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 30 January 2026 QUARTERLY ACTIVITIES REPORT DECEMBER 2025 Golden Horse Minerals Limited (ASX: GHM) (Golden Horse or Company) is pleased to provide its quarterly activities report for the period end ed 31 December 2025, in which regional exploration at the Golden Valley area ~25km North of Bullfinch delivered a number of outstanding shallow high -grade intersections. At Hopes Hill drilling continued to return multiple broad, high-grade gold intercepts at depth and along strike, highlighting the potential for a large -scale gold mineralised system at the Company’s flagship Southern Cross Project. Golden Horse will enter 2026 in a strong financial position, with ~$43.7 million cash on hand at year end. Highlights REGIONAL EXPLORATION • At Golden Valley, the Company commenced its maiden regional exploration program targeting priority areas of Ma rionete-Star of Ennui n, Baby Queen and Lake View 1,2 with 2 ,397m of reverse circulation (RC) drilling spread across all four targets with multiple shallow, high-grade mineralisation that included: o GHMARC013: 10m @ 6.8 g/t Au from 5m (68.0 gm) o GHMARC017R: 5m @ 5.6 g/t Au from 11m (28.0 gm) o GHMARC004: 4m @ 4.5 g/t Au from 44m (18.0 gm) o GHBQRC002: 2m @ 8.1 g/t Au; and (16.2 gm) o GHLVRC002: 2m @ 2.5 g/t Au from 25m (5.0 gm) Note 1: GHMARC suffix is Marionete-Star of Ennuin, GHBQRC is Baby Queen, GHLVRC is Lake View. Note 2: gm refers to gram-metres. SOUTHERN CROSS GOLD PROJECT • At Hopes Hill, RC and diamond drilling (DD) continued at a rapid pace throughout the quarter with over 11,817 metres drilled ( RC 5,771m and DD 6,046m). The drilling continued to build the Hopes Hill mineralised model with multiple broad, high-grade gold intercepts at depth and along strike , which clearly demonstrated the Hopes Hill gold system remains open in all directions. Key intercepts include: Main Area3,4 o GHHHRCD0088: 34.0m @ 2.5 g/t Au from 193m (85.0 gm) o GHHHRCD0077: 11.9m @ 2.9 g/t Au from 200.1m (34.5 gm) o GHHHRCD0101: 3.5m @ 9.22 g/t Au from 309.5m; (32.2 gm) ▪ including 0.86m @ 21.7 g/t Au from 309.5m; 1 Refer to ASX announcement dated 25 November 2025. 2 Refer to ASX announcement dated 9 December 2025. 3 Refer to ASX announcement dated 23 October 2025. 4 Refer to ASX announcement dated 18 December 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 o GHHHRC0126: 5m @ 5.06 g/t Au from 118m (25.3 gm) o GHHHRCD0077: 24.0m @ 1.0 g/t Au from 298.4m (24.0 gm) o GHHHRCD0088: 20.0m @ 1.1 g/t Au from 255m (22.0 gm) o GHHHRCD0119: 10.0m @ 2.08 g/t Au from 363m; (20.8 gm) ▪ including 1.6m @ 14.5 g/t Au from 203.9m; and o GHHHRCD0077: 9.5m @ 1.5 g/t Au from 269m (14.2 gm) Northern Area5: o GHHNRC007: 8m @ 1.81 g/t Au from 25m (14.5 gm) o GHHNRC010: 13m @ 1.02 g/t Au from 16m (13.2 gm) Southern Area5: o GHHSRC009: 4m @ 3.78 g/t Au from 112m (15.1 gm) o GHHSRC010: 4m @ 2.13 g/t Au from 60m (8.5 gm) SORREL COPPER PROJECT • At the Sorrel Project, o ngoing desktop review and engagement of contractors for planned activities in CY2026 targeting exploration opportunities to build upon the previously reported Inferred Mineral Resource Estimate ( MRE6) of 8.4Mt at 1.1% copper for 88.6kt of contained copper metal. CORPORATE • Capital raising completed during the quarter comprising a two-tranche placement of ~53 million new CHESS Depositary Interests (New CDIs) (underpinned by ~53 million Shares) at an issue price of $0.66 per New CDI to raise ~$35 million (before costs) . Emerald Resources NL, the Company’s major shareholder, and Directors of the Company subscribed for approximately $6.9 million and $160,000 respectively under the placement. • Strong balance sheet with cash on hand at the end of the quarter of ~$43.7 million. Commenting on activities completed during the quarter, Golden Horse Managing Director, Nicholas Anderson said: “It has been an exceptional period for Golden Horse with a series of highly successful drilling campaigns delivering high-grade, shallow and broad gold intersections at several projects within the portfolio. “Golden Horse caught the scent of a significant new discovery during regional drilling in the Golden Valley region, north of Bullfinch. Exceptional results from the maiden program at Marionete and Star of Ennuin have revealed promising new areas with high-grade intercepts close to the surface giving us a clear run for further programs in 2026. “There has been over 40km of RC and diamond drilling completed by Golden Horse to date, which demonstrates the scale and potential of our Southern Cross Gold Project – and we are just getting started with plenty more ground to gallop through. “At the Hopes Hill pit, drilling has returned magnificent successes, with diamond drilling encountering mineralisation more than 100 m deeper than previously known. This provides strong encouragement that mineralisation continues at depth with further deeper drilling required to determine the size of the prize. When coupled with exciting results from Hopes Hill North and South , Hopes Hill is expanded to more than 2.5km of mineralised strike length, it is clear the project has substantial room for growth. “The capital raising completed during the quarter is pivotal for Golden Horse, in that it allows us to start 2026 with a strong balance sheet, with cash on hand at the end of ~$43.7 million .” 5 Refer to ASX announcement dated 18 December 2025 6 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 SOUTHERN CROSS GOLD PROJECT HOPES HILL Hopes Hill was previously mined as a 1.3km long relatively shallow open pit in the 1980 -1990’s with production reported as 2.9Mt at 2.25g/t for 216K ounces of gold 7. 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 possi ble, resulting in the commencement of a large drill program under Golden Horse ownership. In October, Golden Horse announced shallow, high-grade drill results from the maiden RC drill program at Hopes Hill North and Hopes Hill South, extending mineralisation to over 2.5km in strike 8. Results confirm the prospectivity and high -grade nature of the expanding Hopes Hill corridor a nd highlight the fertile, underexplored target area with strong potential for further discovery . Figure 1: Hopes Hill Long Section (December 2025) showing high grade (>20 gram -metre) plunging shoots with planned 2026 drilling target zones. Hopes Hill Main: In addition to prospective results at Hopes Hill North and Hopes Hill South, the Company also reported results from drilling during the quarter in the immediate surrounds of the historic mined area. Drill hole GHHHRCD0077 confirmed a high-grade down dip extension, being 11.9m @ 2.9 g/t Au from 200.1m, along with a defined thickening zone of mineralisation consisting of 24m @ 1.1 g/t Au from 298.4m below the recently drill tested RC hole GHHHRC0058. The zones of mineralisation provide encouragement for both grade tenor and thickness at depth, requiring further extensional drill testing. Further assays were r eceived from a previously announced hole GHHHRC0088 of 34m @ 2.5 g/t Au from 193m (previously reported as 3m @ 23.8 g/t Au from 193m as an interim announcement). The diamond tail from hole GHHHRC0088 also confirmed mineralisation at depth, which consisted of a broad zone of mineralisation being 20m @ 1.1 g/t Au from 255m. The depth of this broad mineralisation provides insight to the ongoing size of the mineralisation system at Hopes Hill, allowing the refinement of the geological model and targeting of future diamond drilling . 7 Refer to the Independent Technical Assessment report annexed to the replacement prospectus lodged with the ASX on 12 December 2024. As noted in the Independent Technical Assessment Report, historical production numbers rely on historical reports which may be incorrect or incomplete. 8 Refer to ASX announcement dated 23 October 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 4 Footwall mineralisation associated with the muscovite schist contact, as per intersection in hole GHHHRCD0088, continues to develop in both size and grade tenor along the numerous intersections. In addition to geological information gathered from the holes, down hole electromagnetic ( DHEM) geophysical surveys are planned to enable a broader view of scale for drill testing in CY2026. With the deeper drilling conducted, assays received for hole GHHHRCD0119 provide a positive observation to the depth and scale of mineralisation below the historic Hopes Hill pit. GHHHRCD0119 is the deepest mineralisation intersected to date at Hopes Hill, being 10m @ 2.1 g/t Au from 363m (as shown in Figure 2 and Figure 3). Figure 2: Plan view of recent drilling activities at Hopes Hill showing cross-section slices. 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 3: Hopes Hill Cross section (A-A’) of holes GHHHRCD0119 & GHHHRCD0101. Observed mineralisation is open along strike and down plunge, with an observable mineralisation style associated with pyrrhotite enabling follow -up DHEM to vector drilling efforts, which includes targeting hanging wall and footwall lode positions based upon a greater understanding of geology driven by the diamond drilling program. Most importantly, high-grade gold mineralisation intersected in hole GHHHRCD0119 is +105m deeper than the previous mineralisation intersection in hole GHHHRCD0101 and some +280m below the base of the historically mined Hopes Hill pit which strongly supports depth extensions to previously mined material. Following on from deep RC drilling reported in June 2025 9, a confirmatory diamond hole (GHHHRCD0116R) was drilled to test grade continuity of hole GHHHRC0043 which returned 34m @ 1.1 g/t Au from 203m. From a geological perspective, the recent diamond hole (GHHHRCD0116R) returned a very similar uncut mineralised zone of 30.89m @ 1.1 g/t Au from 186.11m. Within the context of the Hopes Hill mineralised system, these results provid e an encouraging view of grade variability given that the holes effectively “twin” each other. Of the recent 25 pre-collars completed, drill hole GHHHRC0126 intersected a zone of high-grade gold mineralisation in the hanging wall ultramafic unit (Figure 2). The mineralisation of 4m @ 6.1 g/t Au from 118m, within a broader zone of 17m @ 1.7 g/t Au (where no waste interval was applied to cut-off grades) is proximal to lithological contacts that will be further drill tested throughout CY26. GHHHRC0126, along with many other RC holes drilled across Hopes Hill Main, was drilled for the primary intent of pre -collaring to expedite deep diamond drilling. GHHHRC0126 will be re -entered in CY2026 with a diamond tail targeting deeper mineralisation which is postulated to be the depth extension of mineralisation that was historically mined by previous owners. 9 Refer ASX announcement dated 10 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 6 Hopes Hill North: Located ~800m north along strike of the previously mined Hopes Hill Pit, Hopes Hill North presents as a compelling growth target to underpin the camp-scale opportunity. Seven holes were drilled at Hopes Hill North defining shallow open mineralisation approximately 1.2km north of the historical Hopes Hill open pit (Figure 4). Better intersections included: • GHHNRC007: 8m @ 1.8 g/t Au from 25m; and • GHHNRC010: 13m @ 1.0 g/t Au from 16m. Encouragingly, this mineralisation is shallow, open at depth and along strike enabling immediate follow up drill testing to occur in CY26. The structurally hosted style of mineralisation is consistent with observations made at the Hopes Hill Project over the last 9 months, with the broad, shallow intercepts returned in GHHNRC007 and GHHNRC010 also providing support for open pit mining scenarios. Drill hole GHHNRC003, which intersected 4m @ 3.9 g/t Au from 9m confirms the presence of shallow, high-grade gold, with mineralisation open in all directions. Mineralisation occurs within the same geological package observed at Hopes Hill, providing a high-priority opportunity to delineate mineralisation along strike and at depth. Figure 4: Completed Golden Horse drilling across the Hopes Hill trend. Due to the geological setting and proximity to Hopes Hill ( Figure 4), which has demonstrated broad, consistent high-grade intersections, Hopes Hill North presents as a geological analogue and a high - priority, untested depth target for further exploration. Follow up drilling will be fast tracked with the aim to unlock the high-grade potential that exists at Hopes Hill North. 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 Future drill programs will also look to validate and extend historical high-grade intercepts including10: • 10m @ 7.0 g/t Au from 12m in POH015; • 4m @ 5.7 g/t Au from 14m in PTR076; • 12m @ 6.6 g/t Au from 14m in PTR065; and • 13m @ 1.9 g/t Au from 16m in PTR048. Hopes Hill South: During the quarter, twelve (12) RC holes were drilled at Hopes Hill South, which were primarily targeting shallow, high-grade gold mineralisation within 500m of the existing Hopes Hill pit (Figure 4). All holes returned +0.5 g/t Au intercepts, with highlights including: • GHHSRC009: 4m @ 3.78 g/t Au from 112m; • GHHSRC010: 4m @ 2.13 g/t Au from 60m; • GHHSRC003: 2m @ 4.22 g/t Au from 27m; • GHHSRC005: 1m @ 6.8 g/t Au from 16m; and • GHHSRC004: 3m @ 1.3 g/t Au from 64m. Given the shallow depth within the oxide zone, further infill and deeper step out drilling to define mineralisation within the quartz host unit is required, enabling a broader view of extensive mineralisation south of the Hopes Hill mineralisation corridor. Observations of cross cutting felsic intrusives appears to have offset the mineralisation geometry in the Hopes Hill South area which will be accounted for in future drill planning and geological model updates. Hole GHHSRC009 was particularly encouraging, given that it successfully extended mineralisation by approximately 100m, with depth extensions to be tested with a diamond tail from the adjacent hole GHHSRC012. Within this section, additional holes are required to build confidence in the geological model which will be completed with RC drilling in 2026. Summary of Drilling: Later in December, Golden Horse reported the final batch of assays for 2025 from the flagship asset of Hopes Hill, located <10km north of Southern Cross, Western Australia 11. Since listing, Golden Horse has successfully built up a strong geological knowledge of the Hopes Hill deposit, with 41,519m of RC and DD drilling completed over 220 holes since January 2025 significantly expanding the potential of the mineralised system. During 2025, the Company has delineated over 2.5km 12 of mineralised strike extent, extended the known base of mineralisation approximately 165m deeper from ~225RL to ~65mRL; with copious >20 gram-metre gold intercepts returned at depth, and also identifying several types of mineralisation styles, which all bode well for an aggressive resource development drill program slated for commencement in January 2026. 10 Refer to the Independent Technical Assessment report annexed to the replacement prospectus lodged with the ASX on 12 December 2024. 11 Refer to ASX announcement dated 18 December 2025. 12 Refer ASX announcement dated 23 October 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 8 REGIONAL In November, the Company announced the commencement of exploration RC drilling in the Golden Valley area, located North-West of Bullfinch13 (Figure 3), with all results reported during the quarter14. A total of 20 reverse circulation (RC) drill holes were completed at Marionete / Star of Ennuin for 1,263 metres as part of a broader regional prospect testing campaign north of the 1.5Moz 15 Copperhead deposit at Bullfinch. Approximately 2.4km of RC drilling was completed across the program, with 716m drilled in ten holes at Lake View and 418m over six holes at Baby Queen. The initial RC drill program aimed to define shallow gold mineralisation at the three prospects, which is considered to be the first stage in progressively testing the huge potential along Golden Horse’s Southern Cross tenure package (Figure 5). As part of the regional geological assessment and targeting exercise over GHM’s large holding in the Southern Cross area, regional geological mapping was completed by an external consultant over key areas of the Company’s tenement package . The information will be used in conjunction with other regional datasets to identify key areas for exploration A geophysical data compilation and targeting exercise completed by consult group Newexco, identified several areas that were deficient in coverage . As a consequence, aeromagnetic and drone -magnetic surveys have been scheduled for Q1 CY2026 over several locations along the tenements. The data will also be used for regional targeting and drill prioritisation. Soil sampling completed by previous tenement owners (in the area south of Southern Cross) was assayed using a technique that tends to underestimate gold grades in the S outhern Cross area. A re- assay programme of previous soil sample residues was undertaken with approximately 1200 samples submitted to for Ultrafine assaying. Results are expected in Q1 CY2026. 13 Refer to ASX announcement dated 25 November 2025. 14 Refer to ASX announcement dated 9 December 2025. 15 Refer to the Independent Technical Assessment report annexed to the replacement prospectus lodged with the ASX on 12 December 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 9 Figure 5: Marionete-Star of Ennuin Trend in relation to geological domains along strike of 1.5Moz Copperhead deposit. Marionete-Star of Ennuin Trend: The trend contains the Marionete and Star of Ennuin historical workings, comprising of shallow shafts which are common across the Yilgarn goldfields, along with more recent costeaning and a shallow pit at Marionete with reported production of 750 ounces at 24 g/t Au 16. Approximately 25km to the South -East, the 1.5Moz Copperhead deposit sits on the same structural corridor and is predominantly hosted within Banded Iron Formation, as observed at Marionete -Star of Ennuin and visually displayed in Figure 3. Known gold mineralisation at Marionete-Star of Ennuin consists of quartz vein stockworks in and around banded iron sediments with basalt and ultramafic rock units along an outcropping strike length of at least 800m. Recent mapping, soil sampling and rock chip sampling have confirmed the high -grade potential of mineralisation, within a 300m corridor between the two prospects initially targeted for drill testing. Shallow high -grade mineralisation was intersected in hole GHMARC013 associated with quartz - carbonate veining within the banded iron formation, with 10m @ 6.8 g/t Au from 5m returned. Similar grades and widths were also returned in additional holes, including: • GHMARC017R: 5m @ 5.6 g/t Au from 11m; • GHMARC004: 4m @ 4.5 g/t Au from 44m; 16 Refer ASX announcement ‘Regional Drilling Commences’ dated 4 November 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 • GHMARC012: 2m @ 7.2 g/t Au from 23m; • GHMARC002: 3m @ 3.6 g/t Au from 29m; • GHMARC001: 5m @ 1.6 g/t Au from 0m; and • GHMARC016: 5m @ 1.6 g/t Au from 59m. These initial holes provide confidence that shallow high-grade zones exist, which have historically never been drill tested along the Marionete-Star of Ennuin trend. As a result of these highly encouraging assay results, drill planning has commenced for follow up testing in the 2026 field campaign . Following on from the successful commencement of the regional drilling season at Marionete -Star of Ennuin, in December, Golden Horse reported it had identified further shallow high-grade zones at Baby Queen and Lake View, located ~15km NNW of Bullfinch within the Golden Valley area17. A total of 6 RC drill holes were completed at Baby Queen for 450m as part of a broader regional campaign, with a further 10 holes at Lake View drilled for 716m as shown in Figure 6. Figure 6: Regional geophysical (magnetics) overview with inset of Golden Valley area . 17 Refer to ASX announcement dated 9 December 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 11 Baby Queen: Mineralisation at Baby Queen is associated within steeply dipping lenticular quartz-carbonate vein sets contained within a meta-ultramafic rock unit. The current geological interpretation is that this vein set is potentially a north-north-east link structure. Some +280m to the east of the completed drilling at Baby Queen, a banded iron formation exists which is interpreted to be the same unit that was drill tested within the Marionete/Star of Ennuin program. The intersected mineralisation in holes GHBQRC002 (2m @ 8.1 g/t Au from 64m ) and GHBQRC005 (3m @ 4.7 g/t Au from 25m) are encouraging intersections given the “first pass” nature of the drill campaign, suggesting that mineralisation is open both at depth and along strike. In particular, the 2026 exploration drill program at Baby Queen will test structural repeats and linkages between the NNE link structure and Highclere Shear Zone aided by a focused mapping campaign to vector drilling activities. Lake View: Assays received from the Lake View prospect confirmed low grade mineralisation in numerous holes. Whilst reasonable potential remains for further gold mineralisation at Lake View, an updated targeting exercise has identified numerous additional targets for drill testing within the Company’s tenure over the Southern Cross Greenstone Belt which will be prioritised in 2026. Notable assay results from this program include: • GHLVRC002: 2m @ 2.5 g/t Au from 25m; • GHLVRC010: 2m @ 1.1 g/t Au from 45m; • GHLVRC006: 2m @ 0.9 g/t Au from 33m; and • GHLVRC009: 2m @ 0.8 g/t Au from 18m. CORPORATE Cash and Finance Cash on hand at the end of the quarter was ~$43.7 million. In accordance with ASX Listing Rule 5.3.5, payments made to related parties and their associates during the quarter was 278K for director salaries and fees, as listed in Section 6 of the Company’s Quarterly Cash Flow Report (Appendix 5B) . Capital Raising During the quarter, the Company completed a placement of ~53.0 million new CHESS Depositary Interests (New CDIs) (underpinned by 53.0 million new fully paid common shares of the Company) at an issue price of $0.66 per New CDI (Placement Securities ) to raise ~$35.0 million (before costs) (Placement). The Placement was supported by the Company’s major shareholder, Emerald Resources NL (~$6.9 million) and Directors of the Company ( $0.16 million ), as well as key international and domestic, specialist resource-focused institutional investors. The high level of demand reflects growing market recognition of the scale, potential and momentum of Golden Horse’s flagship Southern Cross Gold Project, located in one of Western Australia’s most historically productive goldfields. The Placement comprised two tranches: • Tranche 1 raised ~$19.9 million via the issue of ~30.1 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 7 November 2025. • Tranche 2 raised ~$15.1 million via the issue of ~22.9 million Placement Securities ( Tranche 2), including ~105 million Placement Securities (~$6.9 million) issued to Emerald Resources 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 NL and ~0.24 million Placement Securities ($0.16 million) issued to Directors of the Company. Settlement of the Tranche 2 Placement Securities occurred on 30 December 2025, following receipt of shareholder approval at the Company’s annual general and special meeting of shareholders held on 18 December 2025. Proceeds from the Placement will be applied to the following key work program: • Hopes Hill and Trend Drilling: Continue step -out and infill drilling to expand known mineralisation and define additional high-grade zones along the +4km Hopes Hill trend; • Regional Exploration: Accelerate drilling and geophysics across priority regional targets to unlock new discoveries within the broader Southern Cross Project area; • Mining & Metallurgical Studies: Undertake initial mining studies, pit optimisation and detailed metallurgical test work, to advance the project toward development readiness; • Resource Development: Conduct resource modelling and commence work towards a maiden JORC resource for Hopes Hill; and • General working capital to support operations and ongoing corporate development initiatives. 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 31 December 2025 ($M) Variance ($M) Southern Cross Project exploration 8.80 9.65 0.85 Redbank Project 0.60 0.90 0.30 Tenement fees, studies and land access 1.40 0.63 -0.77 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 2.87 0.11 Total 18.00 18.00 0.00 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 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. Annual General and Special Meeting The Annual General and Special Meeting of shareholders of the Company was held on 18 December 2025 at the offices of Allens, Level 11, Mia Yellagonga Tower 2, 5 Spring Street, Perth, Western Australia (Meeting). All resolutions put to shareholders at the Meeting were passed. ASX Announcements – December 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 ”). These are summarised in the table below for the December 2025 Quarter, with previous exploration results also reported in a subsequent table. 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 Date ASX Announcement 23 Oct 2025 Shallow, High-Grade Gold Intercepts Extend Hopes Hill Trend 04 Nov 2025 Regional Drilling Commences 25 Nov2025 Maiden Drill Program Hits Shallow High-Grade Gold Intercepts 09 Dec 2025 Regional Drill Program Confirms Another High-Grade Zone 18 Dec 2025 Hopes Hill Continues to Emerge as a Large-Scale Gold System 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 15 Schedule of Mining Tenements – Western Australia Project Tenement Status Ownership Change in Quarter Southern Cross E63/2418 Pending 0% E77/2087 Live 100% E77/2149 Live 100% E77/2178 Live 100% E77/2222 Live 100% E77/2254 Live 100% E77/2258 Live 100% E77/2325 Live 100% E77/2340 Live 100% E77/2341 Live 100% E77/2342 Live 100% E77/2343 Live 100% E77/2350 Live 100% E77/2362 Live 100% E77/2522 Live 100% E77/2568 Live 100% E77/2573 Live 100% E77/2607 Live 100% E77/2652 Live 100% E77/2658 Live 100% E77/2659 Live 100% E77/2691 Live 100% E77/2906 Pending 0% E77/2921 Live 100% E77/2942 Live 100% E77/3060 Live 100% Tenement Granted E77/3061 Pending 0% E77/3062 Live 100% Tenement Granted E77/3123 Pending 0% E77/3124 Live 100% E77/3130 Live 100% E77/3163 Live 100% Tenement Granted E77/3187 Live 100% E77/3194 Live 100% Tenement Granted E77/3204 Live 100% E77/3209 Live 100% Tenement Granted E77/3210 Live 100% E77/3212 Live 100% Tenement Granted E77/3226 Pending 0% E77/3230 Pending 0% E77/3251 Pending 0% G77/123 Live 100% L77/262 Live 100% M77/1049 Live 50% Subject to the Pilot Agreement M77/1266 Live 100% M77/1296 Live 100% M77/1311 Pending 0% M77/1312 Pending 0% M77/1313 Pending 0% M77/1315 Pending 0% M77/1316 Dead 0% Application Withdrawn M77/1317 Pending 0% M77/1318 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 Project Tenement Status Ownership Change in Quarter M77/1319 Dead 0% Application Withdrawn M77/1322 Pending 0% M77/450 Live 100% M77/551 Live 100% M77/734 Live 100% M77/834 Live 100% P77/4329 Live 100% P77/4330 Live 100% P77/4331 Live 100% P77/4334 Live 100% P77/4349 Live 100% P77/4350 Live 100% P77/4357 Live 100% P77/4566 Live 100% P77/4571 Live 100% P77/4572 Live 100% P77/4586 Live 100% P77/4587 Live 100% P77/4593 Live 100% P77/4595 Live 100% P77/4597 Live 100% P77/4607 Live 100% P77/4651 Pending 0% P77/4652 Pending 0% P77/4653 Pending 0% P77/4654 Pending 0% P77/4658 Pending 0% P77/4659 Pending 0% P77/4680 Pending 0% P77/4681 Pending 0% P77/4682 Pending 0% Laverton M37/349 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 17 Schedule of Mining Tenements – Northern Territory Project Tenement Status Ownership Change in Quarter Sorrel EL24654 Live 100% EL30496 Live 100% EL30590 Live 100% EL31272 Live 100% EL31316 Live 100% EL31546 Live 100% EL31548 Live 100% EL31549 Live 100% EL31550 Live 100% EL32323 Live 100% EL32324 Live 100% EL32325 Live 100% EL32464 Live 100% EL32465 Live 100% EL32466 Live 100% EL32467 Live 100% EL32468 Live 100% EL32469 Live 100% EL32471 Live 100% EL32715 Live 100% EL32807 Live 100% EL32873 Live 100% EL34178 Live 100% EL34179 Live 100% ELR94 Live 100% MLN634 Live 100% MLN635 Live 100% EL31236 Pending 0% EL31237 Pending 0% EL32460 Pending 0% EL32461 Pending 0% EL32462 Pending 0% EL32463 Pending 0% Previous ASX announcements – Exploration 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 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 05 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 Jun 2025 Deep Drilling at Hopes Hill Delivers Outstanding Results 01 Jul 2025 Golden Horse Secures Strategic Copper Exposure 11 Jul 2025 More High-Grade Results & Strike Extension at Hopes Hill 23 Jul 2025 First Diamond Drillhole Intersects High-Grade Mineralisation 28 Aug 2025 DHEM Survey Supports High-Grade Mineralisation at Hopes Hill 05 Sep 2025 Golden Horse Completes Acquisition of Sorrel Copper Project 11 Sep 2025 High-Grade Hopes Hill Results Continue at Depth 23 Sep 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. 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 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 19 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, desp atch 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 Exch ange (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. 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 -looking 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 – December 2025 Quarter" and “Previous ASX Announcements” for a complete list of the relevant announcements). The Company confirms that it 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 20 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