Slides
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2026: YEAR OF THE HORSE Diggers and Dealers Mining Forum Kalgoorlie I 03-05 August 2026
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2 Disclaimer This investor presentation has been prepared by Golden Horse Minerals Limited (Company) 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 document, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this document. 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 document 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 document, its accuracy, completeness, currency or reliability. Information in this document which is attributed to a third-party source may not have been checked or verified by the Company. This document is not a prospectus, disclosure document or other offering document under Australian 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 document 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 continuous disclosure filings available under its profile at www.asx.com.au and www.sedarplus.ca. 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 (A$ or AUD) unless otherwise stated. Forward looking information This investor presentation 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 document 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 “Risk Factors” section of the Company’s prospectus lodged with ASX on 12 December 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 document, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, unless otherwise required by law. This document 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 Statement The information in this document relating to exploration results for the Company's Southern Cross Project was previously announced to the ASX by the Company in the prospectus issued in connection with Golden Horse's ASX listing released to ASX on 12 December 2024 (Prospectus) and in announcements made to ASX on 10 February 2025, 14 February 2025, 18 February 2025, 6 March 2025, 24 March 2025, 31 March 2025, 10 April 2025, 5 May 2025, 28 May 2025, 10 June 2025, 23 June 2025, 11 July 2025, 23 July 2025, 28 August 2025, 5 September 2025, 11 September 2025, 23 September 2025, 23 October 2025, 4 November 2025, 25 November 2025, 9 December 2025, 18 December 2025, 19 January 2026, 17 February 2026, 5 March 2026, 16 March 2026, 14 April 2026, 23 April 2026, 28 May 2026, 10 June 2026, 18 June 2026, 2 July 2026 and 16 July 2026 (Original Announcements). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Prospectus or the Original Announcements. Exploration results and the MRE for the Sorrel Copper Project were previously reported to the ASX by the Company in announcements dated 5 September 2025 and 18 May 2026. The Company confirms that it is not aware of any new information or data that materially affects the information included in the 5 September 2025 announcement. The information in this presentation relating to historical exploration results was previously announced to the ASX by the Company in the prospectus issued in connection with its 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 Project contained in this announcement. Mr. Vernon is the Geology Manager for Golden Horse Minerals and also holds securities in Golden Horse Minerals. Mr Vernon has reviewed and approved the technical disclosure in this announcement. DISCLAIMER
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• Portfolio of high growth, advanced gold projects in an underexplored and well-endowed greenstone belt. • Fully-funded aggressive RC & DD drill program across Hopes Hill and regional prospects 3 RIGHT LOCATION Dominant tenement position within +19Moz SX Greenstone Belt RIGHT MOMENT Advanced asset building to MRE status Huge pipeline of exploration prospects RIGHT ASSETS Access to Key Infrastructure Situated on granted Mining Leases RIGHT PEOPLE Experienced Board & Management with proven track record in WA Gold RIGHT STRATEGY Focusing on delivering growth with consistent news flow Investment Thesis: Active Explorer, Future Gold Developer
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Note 1: Closing price of GHM Shares on the ASX on 30 July 2026. Note 2: Total CDIs on issue ~208 million. Note 3: Off market instruments: Refer to ASX announcement dated 28 July 2026 for further details. Note 4: Refer to June 2026 Quarterly Activities & Cashflow Reports. Tight Capital Structure Experienced Board & Management Team Supportive Shareholder Register Graeme Sloan Non-executive Chairman Nicholas Anderson Managing Director & CEO Brett Dunnachie Non-executive Director James Harris Non-executive Director Dean Vallve Chief Operating Officer Share Price1 A$0.40 Total Shares & CDIs on Issue2 255M Market Capitalisation A$102M Off-Market Instruments on Issue3 21M Cash on Hand (30 Jun 2026)4 A$31M Quality Analyst Coverage Fully Funded Exploration Program – set for execution in 2026 4 Strong Share Price performance (since IPO) - 1.0m 2.0m 3.0m 4.0m 5.0m 6.0m 7.0m $0.000 $0.100 $0.200 $0.300 $0.400 $0.500 $0.600 $0.700 $0.800 $0.900 Dec 24 Feb 25 Apr 25 Jun 25 Aug 25 Oct 25 Dec 25 Feb 26 Apr 26 Jun 26 Daily Volume Closing Share Price CORPORATE SUMMARY
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“To build a significant gold resource base within 18 months following ASX listing and develop production-ready assets’’ • +41.5km of drilling completed from 220 holes since Jan 2025. • Consistent broad, high-grade gold intercepts1 encountered at the flagship Hopes Hill project, including: • Success at regional projects with gold intercepts including1 • GHHHRC0019: 83m @ 2.5 g/t Au from 103m (+200 gram-metres) • GHHHRC0001: 61m @ 2.5 g/t Au from 91m (+150 gram-metres) • GHHHRC0031: 24m @ 2.8 g/t Au from 95m (+50 gram-metres) • GHHHRC0088: 3m @ 23.8 g/t Au from 193m (+50 gram-metres) • GHHHRC0059: 30m @ 2.2 g/t Au from 157m (+50 gram-metres) 5 +200 holes drilled, all hit mineralisation • GHMARC013: 10m @ 6.82g/t Au from 5m (+50 gram-metres) • GHMARC017R: 5m @ 5.56g/t Au from 5m (+25 gram-metres) Note 1: Refer to the ASX announcements dated 18 February 2025, 10 April 2025, 5 May 2025, 23 July 2025, 11 September 2025, 25 November 2025, and 18 December 2025 for expl oration results on this slide. REFLECTION ON 2025: The Vision
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• Fully Funded exploration program ($31M1). • ~3x more drill metres than 2025. • + 50 gram-metre intercepts in 2026 include2: • 26HHDD010: 16m @ 6.8 g/t Au • 26HHRC066: 7m @ 13.0 g/t Au • 26HHRC147: 12m @ 7.3 g/t Au • 26HHRC024: 12m @ 7.0 g/t Au • 26HHRC148: 8m @ 9.1 g/t Au • 26HHRCD077: 24.2m @ 2.2 g/t Au • 26HHDD018: 4.4m @ 12.4 g/t Au • 26HHRC133: 12m @ 4.5 g/t Au • 26GMRC006: 8m @ 16.3 g/t Au (Greenmount) • 26GMRC004: 8m @ 8.6 g/t Au (Greenmount) Comprehensive Exploration in the SXG Belt3 • +50km drilled (RC + DD) in H1 • +50km planned for H2 • Ongoing early-stage greenfields workstreams Mining Development Activities Underway • Hopes Hill North Mining Lease applications • Flora, Fauna & Heritage Surveys during 2026 Note 1: Refer to June 2026 Quarterly Activities & Cashflow Reports. Note 2: Refer to ASX announcements dated 5 March 2026, 16 March 2026, 14 April 2026, 23 April 2026, 28 May 2026, 18 June 2026, 2 July 2026, 16 July 2026. Note 3: Refer to ASX announcement dated 19 January 2026 for further details on exploration strategy. 6 2026: THE YEAR OF THE HORSE
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• Two phases of underground and open pit mining from 1895 to 1989 have produced over 216koz 1 at 2.5 g/t Au. • Active drill programs at Hopes Hill and regional drilling activities throughout 2026. • Broad, high-grade mineralisation that remains open in all directions. • Historic consolidation of +19Moz Au belt from 7 to 1 process plant since 1995 2 provides disruption opportunity for GHM. • GHM first owner to have consolidated tenure over granted mining leases. Note 1: Refer to the Independent Technical Assessment report annexed to the replacement prospectus lodged with the ASX on 12 December 2024. Note 2: Refer to GHM Presentation dated 17 February 2026 (Appendix 1) for detailed production & current MREs outlining +19Moz endowment for the Yilgarn Mineral Field. 7 1904 1988 2026 GHM’S FLAGSHIP: HOPES HILL GOLD PROJECT
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Hopes Hill North2: Wide intercepts +1.5km from the pit crest: • 26HHRC024: 12m @ 7.0 g/t Au from 278m • 26HHRC027: 16m @ 1.6 g/t Au from 32m • 26HHRC042: 8m @ 1.9 g/t Au from 40m • GHHNRC0007: 8m @ 1.8 g/t Au from 25m Hopes Hill South2: Numerous intercepts +300m from pit crest: • 26HHRC066: 7m @ 13.0 g/t Au from 13m • 26HHRC139: 27m @ 1.4 g/t Au from 179m • 26HHRC138: 15m @ 2.1 g/t Au from 166m Hopes Hill Main2: High grade, thick mineralisation under and around the 216koz1 mined pit: • GHHHRC0019: 83m @ 2.5 g/t Au from 103m • GHHHRC0001: 61m @ 2.5 g/t Au from 91m • 26HHDD010: 16m @ 6.8 g/t Au from 115.0m • 26HHRC147: 12m @ 7.3 g/t Au from 116m 26HHRC148: 8m @ 9.1 g/t Au from 124m • GHHHRC0088: 3m @ 24 g/t Au from 193m • GHHHRC0031: 24m @ 2.8 g/t Au from 95m • GHHHRC0059: 30m @ 2.2 g/t Au from 157m • 26HHRC133: 12m @ 4.5 g/t Au from 131m • 26HHDD018: 4.4m @ 12.4 g/t Au from 234.5m • 26HHDD005: 7.0m @ 6.9 g/t Au from 286.95m Note 1: Refer to the Independent Technical Assessment report annexed to the replacement prospectus lodged with the ASX on 12 December 2024. Note 2: Refer to ASX announcements dated 18 February 2025, 10 April 2025, 5 May 2025, 23 July 2025, 11 September 2025, 18 Dec ember 2025, 5 March 2026, 14 April 2026, 23 April 2026, 28 May 2026, 18 June 2026 and 2 July 2026 for exploration results on this slide. Note Bold text signifies 2026 drilling. 8 Hopes Hill Main (216koz Au to 19891 average 50m depth) Hopes Hill North Hopes Hill South M77/551 Historic Tenement Constraint [removed by GHM] HOPES HILL: +3KM OF UNLOCKED STRIKE POTENTIAL
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Note 1: Refer to the Independent Technical Assessment report annexed to the replacement prospectus lodged with the ASX on 12 December 2024. Note 2: Refer to ASX announcements dated 14 April 2026, 23 April 2026, 28 May 2026, 18 June 2026 and 2 July 2026 for explorat ion results on this slide. 9 HOPES HILL: GETTING BETTER WITH EVERY HOLE
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10 Note 1: Refer to ASX announcement dated 16 March 2026 and 18 June 2026 and for exploration results on this slide. Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentr ations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious phy sical properties relevant to valuations. • Diamond drilling continues to intercept wide, high-grade mineralisation +350m below surface. • RC drilling successfully intercepts extensions beyond 3km of mineralised strike along Hopes Hill trend. • Mineralisation remains open within a well-endowed belt proven to host deep, large-scale gold operations. • Multiple mineralisation styles identified in diamond core, mineralogical studies confirm free-milling gold1. +350m Qtz HOPES HILL MAIN: CONTINUED DRILLING SUCCESS
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11 Proven Production • 216koz Au recovered to 19891 Exceptional Recoveries • +95% recoveries in 2025 BLEG testwork2 Free-Milling Gold Confirmed • 2026 Microscopy Study completed2 Hopes Hil CIL plant1 under construction, 1987 Note 1: The Hopes Hill CIL plant was constructed in 1987 and operated for several years, processing material from Hopes Hill and satellite deposits. The plant was deconstructed and the site rehabilitated in the mid 1990’s. Note 2: Refer to ASX announcement dated 22 May 2025 and 16 March 2026 for exploration (metallurgical) results on this slide. Qtz HOPES HILL: SIMPLE & PROVEN MINERALOGY
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• Greenmount1: High-grade extensional mineralisation confirmed in first pass drill program: 26GMRC006: 8m @ 16.3 g/t Au from 209m 26GMRC004: 8m @ 8.6 g/t Au from 218m 26GMRC005: 12m @ 5.2 g/t Au from 139m • Withers1: Grab sampling confirms high-grade (>15 g/t Au) mineralisation associated with quartz veining hosted within granite • Golden Valley Group - “Mother of the Yilgarn Goldfields” • Paddocks: >750m gold-in-soil anomaly2 untested for more than 20 years, with RC & DD drilling planned. Note 1: Refer to ASX announcement dated 16 July 2026 for Southern Cross regional exploration update on this slide. Note 2: Refer to the Independent Technical Assessment report annexed to the replacement prospectus lodged with the ASX on 12 December 2024. 12 Greenmount Bells & Lynette OTHER PONIES IN THE STABLE: QUEUED FOR DRILLING
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13 Note 1: Refer to individual company websites and ASX releases for more information. Forrestania: Refer Forrestania Resources Investor Presentation 1 July 2026 for Edna May Proposed Acquisition from Ramelius Resources Ltd Barto Gold: https://www.bartogold.com.au/. Hanking Gold: https://www.hankinggold.com/. Four major players in the Southern Cross district with >87% of total gold endowment hosted by Golden Horse and three other parties. • Edna May • ~ 2.9Mtpa Process Plant (C&M) • ~ 1.0Moz Au resource • Marvel Loch (Barto Gold) • Underutilised processing plant operating at ~ 1.0Mtpa • ~ 3.6Moz Au resource • Hanking Gold (China Hanking Holdings Ltd: HKEX:03788) • Feasibility studies underway • ~ 1.2Moz Au resource REGIONAL CONTEXT
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• Exposure to copper, cobalt and base metal markets with strategic acquisition in 2025. • Located in the productive McArthur Basin ~30km west of NT / Queensland border. Project features 1: • Mineral Resource Estimate of 8.4Mt @ 1.1% copper for 88.6kt of contained copper metal. • Over 780 drill holes and 55,000 metres drilled, including: • 102m at 2.24% Cu from 100m (BL-071). • 17m at 3.04% Cu from 1m (AZ07-004). 14 Note 1: Refer to ASX announcements dated 1 July 2025, 5 September 2025, and 18 May 2026. SORREL: LOW-COST EXPOSURE TO COPPER MARKET
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RIGHT LOCATION Dominant position within +19Moz SX Greenstone Belt Accelerating growth across advanced high grade brownfield gold projects 15 RIGHT MOMENT Advanced asset building to MRE status Huge pipeline of exploration prospects RIGHT ASSETS Access to Key Infrastructure Situated on Granted Mining Leases RIGHT PEOPLE Experienced Board & Management with proven track record in WA Gold RIGHT STRATEGY Focusing on delivering growth with consistent news flow BACKING THE RIGHT HORSE
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A: Ground Floor, 34 Colin Street West Perth WA 6005 I E: info@goldenhorseminerals.com.au