Interim report
Page 1
GOLDEN HORSE MINERALS LIMITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Expressed in Australian dollars) June 30, 2026 Index Interim Consolidated Statement of Financial Position Interim Consolidated Statement of Profit and Loss and Other Comprehensive Income Interim Consolidated Statement of Cash Flows Interim Consolidated Statement of Changes in Shareholders’ Equity Notes to the Interim Consolidated Financial Statements
Page 2
GOLDEN HORSE MINERALS LIMITED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2026 (Expressed in Australian Dollars) 1 The accompanying notes are an integral part of these interim consolidated financial statements. Approved and authorized by the Board of Directors on September 10, 2026. “Graeme Sloan” Director “Nicholas Anderson” Director Graeme Sloan Nicholas Anderson Notes June 30, December 31, 2026 $ 2025 $ ASSETS Current Cash and cash equivalents 5 30,624,895 43,664,499 Receivables 235,007 293,195 Prepayments and deposits 290,361 151,420 Total Current Assets 31,150,263 44,109,114 Non-Current Assets Deposits 138,317 138,317 Plant and equipment 787,269 694,393 Deferred exploration and evaluation costs 6 52,189,217 39,853,291 Total Non-Current Assets 53,114,803 40,686,001 Total Assets 84,265,066 84,795,115 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities Trade and other payables 7 4,827,456 2,824,981 Provisions 8 385,865 314,122 Total Current Liabilities 5,213,321 3,139,103 Non-Current Liabilities Rehabilitation provision 8 1,987,598 1,987,598 Total Non-Current Liabilities 1,987,598 1,987,598 Total Liabilities 7,200,919 5,126,701 Shareholders’ Equity Share capital 10 108,289,829 107,889,248 Share-based payments reserve 10 6,945,043 5,804,497 Accumulated losses (38,994,705) (34,849,217) Foreign exchange reserve 823,980 823,886 Total Shareholders’ Equity 77,064,147 79,668,414 Total Liabilities and Shareholders’ Equity 84,265,066 84,795,115
Page 3
GOLDEN HORSE MINERALS LIMITED INTERIM CONSOLIDATED STATEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 2 Notes June 30, June 30, 2026 $ 2025 $ Expenses Employee expenses (1,193,168) (469,930) Share-based payments 4 (1,746,069) (519,383) Exploration and evaluation costs expensed (29,515) (558,698) Foreign exchange loss (160) (21,785) Other operational expenses 4 (2,150,353) (817,625) Total expenses (5,119,265) (2,387,421) Interest income 753,409 276,593 Total income 753,409 276,593 Net loss for the period (4,365,856) (2,110,828) Other Comprehensive Income Items that may be reclassified subsequently to profit or loss Translation adjustment 94 145,385 Total comprehensive loss for the period (4,365,762) (1,965,443) Basic and diluted loss per common share (0.02) (0.01) Basic and diluted – weighted average number of common shares outstanding 194,296,784 157,177,568 The accompanying notes are an integral part of these interim consolidated financial statements.
Page 4
GOLDEN HORSE MINERALS LIMITED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 3 Notes June 30, June 30, 2026 $ 2025 $ CASH FLOWS USED IN OPERATING ACTIVITIES Loss for the period (4,365,856) (2,110,828) Items not involving cash: Share-based compensation 1,746,069 519,383 Exploration and evaluation costs expensed 29,515 551,805 Depreciation 61,286 7,613 Change in non-cash working capital items: Receivables 72,789 56,967 Accounts payable and accrued liabilities 1,201,578 7,473 Net cash used in operating activities (1,254,619) (967,587) CASH FLOWS USED IN INVESTING ACTIVITIES Exploration and evaluation expenditure and assets acquisition (11,627,467) (3,821,314) Purchase of plant and equipment (172,927) (44,821) Net cash used in investing activities (11,800,394) (3,866,135) CASH FLOWS PROVIDED BY FINANCING ACTIVITIES Proceeds from share issuances (net of capital raising costs) 15,413 4,796,317 Net cash from financing activities 15,413 4,796,317 Change in cash and cash equivalents for the period (13,039,600) (37,405) Impact of foreign exchange on cash (4) - Cash and cash equivalents, beginning of period 43,664,499 14,992,633 Cash and cash equivalents, end of period 5 30,624,895 14,955,228 The accompanying notes are an integral part of these interim consolidated financial statements.
Page 5
GOLDEN HORSE MINERALS LIMITED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE SIX MONTHS ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 4 Note Number of Shares Share Capital Reserves Accumulated Losses Foreign Exchange Reserve Total Shareholders’ Equity $ $ $ $ $ Balance at January 1, 2025 155,900,671 59,296,345 5,732,229 (30,953,668) (537,991) 33,536,915 Loss for the period - - - (2,110,828) - (2,110,827) Derecognition of liability - - - 300,000 - 300,000 Shares issued for private placement 10 17,200,000 6,880,000 - - - 6,880,000 Share issuance costs 10 - (578,553) - - - (578,553) Shares issued for mineral property acquisition 10 620,000 155,775 - - - 155,775 Share-based payments 10 575,377 261,202 258,181 - - 519,383 Share issuance on conversion 10 493,750 264,627 (264,627) - - - Transfer of equity instruments expired / forfeited - - (277,106) 277,106 - - Translation adjustment - (315,982) (26,242) 152,484 208,221 18,481 Change of presentation currency after translation adjustment - (526) (519) - - (1,045) Balance at June 30, 2025 174,789,798 65,962,888 5,421,916 (32,334,906) (329,769) 38,720,129 Note Number of Shares Share Capital Reserves Accumulated Losses Foreign Exchange Reserve Total Shareholders’ Equity $ $ $ $ $ Balance at January 1, 2026 253,837,254 107,889,248 5,804,497 (34,849,217) 823,886 79,668,414 Loss for the period - - - (4,365,856) - (4,365,856) Share-based payments 10 - - 1,746,069 - - 1,746,069 Share issuance on conversion 10 816,500 400,581 (385,168) - - 15,413 Transfer of equity instruments expired / forfeited - - (220,355) 220,355 - - Translation adjustment - - - 13 94 107 Balance at June 30, 2026 254,653,754 108,289,829 6,945,043 (38,994,705) 823,980 77,064,147 The accompanying notes are an integral part of these interim consolidated financial statements.
Page 6
GOLDEN HORSE MINERALS LIMITED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 5 1. NATURE AND CONTINUANCE OF OPERATIONS Golden Horse Minerals Limited (Company), a corporation incorporated and existing under the laws of British Columbia, Canada, is a mineral exploration company listed on the Australian Securities Exchange ( ASX) under the symbol “GHM” (listed on December 16, 2024). The Company is engaged in the acquisition and exploration of mineral projects in Western Australia and Northern Territory, Australia. The Company’s head office and registered and records office address is 2700-666 Burrard Street, Vancouver, British Columbia, Canada V6C 2X8. The Company maintains an office in Australia located at Ground Floor, 34 Colin Street, West Perth, Western Australia, Australia, 6005. 2. BASIS OF PRESENTATION Statement of compliance These interim consolidated financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards ( IFRS) and International Accounting Standards as issued by the International Accounting Standards Board ( IASB) and Interpretations (collectively, IFRS Accounting Standards). They have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit or loss, which are stated at their fair value. In addition, these interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The significant accounting policies, as disclosed, have been applied consistently to all periods presented in these interim consolidated financial statements. The accounting policies adopted in these interim consolidated financial statements are consistent with those of the previous financial year and corresponding interim period. The interim consolidated financial statements were authorized for issue by the Board of Directors on September 10, 2026. 3. MATERIAL ACCOUNTING POLICY INFORMATION Principles of consolidation These interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries (Group). All intercompany transactions and balances have been eliminated upon consolidation. The Company’s subsidiaries are listed in the following table: Name of Subsidiary Country of Incorporation Proportion of Ownership Interest Principal Activity Golden Horse Holdings Canada Limited Canada 100% Holding company Golden Horse Minerals (Aust) Pty Ltd Australia 100% Project exploration Golden Horse Minerals (Northern Territory) Pty Ltd Australia 100% Project exploration Broken Hill Metals Pty Ltd Australia 100% Project exploration Redbank Operations Pty Ltd Australia 100% Project exploration Mangrove Resources Pty Ltd Australia 100% Project exploration Basis of measurement The preparation of interim consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
Page 7
GOLDEN HORSE MINERALS LIMITED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 6 3. MATERIAL ACCOUNTING POLICY INFORMATION (continued) In preparing th ese interim consolidated financial statements , the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that were applied to the consolidated financial report as at and for the year ended December 31, 2025. New or amended Accounting Standards and Interpretations adopted The consolidated entity has adopted all the new or amended Accounting Standards and Interpretations issued by the IASB that are mandatory for the current reporting period. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. 4. EXPENSES Other operational expenses June 30, June 30, 2026 $ 2025 $ Professional fees 752,430 85,329 Rent 47,835 33,080 Consulting and management fees 744,442 244,378 Travel and accommodation 74,775 37,277 Filing fees 38,591 40,429 Directors’ fees 64,732 68,340 Insurance 70,826 36,572 Information technology 33,763 - Depreciation 61,286 7,613 Office and general expenses 261,673 264,607 Total 2,150,353 817,625 Share-based payments (a) 1,746,069 519,383 Total 1,746,069 519,383 a) Refer to Note 10 for further information in relation to the share -based compensation including terms and key inputs to the valuation model. 5. CASH AND CASH EQUIVALENTS June 30, December 31, 2026 $ 2025 $ Cash and cash equivalents 30,624,895 43,664,499
Page 8
GOLDEN HORSE MINERALS LIMITED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 7 6. DEFERRED EXPLORATION AND EVALUATION COSTS Southern Cross $ Project Sorrel $ Total $ Balance, December 31, 2024 24,252,259 - 24,252,259 Exploration costs 12,736,935 281,787 13,018,722 Acquisition of exploration assets 221,187 3,183,178 3,404,365 Exploration costs written off (822,055) - (822,055) Balance, December 31, 2025 36,388,326 3,464,965 39,853,291 Exploration costs 11,304,261 1,014,684 12,318,945 Acquisition of exploration assets 46,496 - 46,496 Exploration costs written off (a) (26,507) (3,008) (29,515) Balance, June 30, 2026 47,712,576 4,476,641 52,189,217 a) During the period, the Company relinquished certain exploration tenements. In accordance with the Company’s accounting policy, the associated deferred exploration and evaluation costs relating to these tenements were written off to profit or loss in the period of relinquishment. The Company has investigated title to all of its Western Australian and Northern Territory exploration and evaluation assets and, to the best of its knowledge, title to all of its interests is in good standing. 7. TRADE AND OTHER PAYABLES June 30, December 31, 2026 $ 2025 $ Current Trade payables 4,827,456 2,824,981 Total 4,827,456 2,824,981 8. PROVISIONS June 30, December 31, 2026 $ 2025 $ Current Taxation penalties and interest 242,492 242,492 Employee benefits – annual leave 143,373 71,630 385,865 314,122 Non-Current Rehabilitation (a) 1,987,598 1,987,598 1,987,598 1,987,598 Total 2,373,463 2,301,720 a) The provision represents the present value of estimated costs for future rehabilitation of land explored or mined by the consolidated entity at the end of the exploration or mining activity.
Page 9
GOLDEN HORSE MINERALS LIMITED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 8 9. RELATED PARTY TRANSACTIONS There were no related party transactions during the six months ended June 30, 2026. As disclosed in the Company's consolidated financial statements for the year ended December 31, 2025, the Company previously engaged Vestigen Pty Ltd, an entity associated with the Company's Chief Financial Officer, Mr Martin Bouwmeester, to provide consulting services. That arrangement ceased effective December 31, 2025 and, from January 1, 2026, Mr Bouwmeester has been employed directly by the Company. Accordingly, no transactions with Vestigen Pty Ltd occurred during the current reporting period. Key Management Personnel Key management personnel include those persons having authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non -executive members of the Company’s Board of Directors and corporate officers. The remuneration of directors and other members of key management personnel is as follows: June 30, June 30, 2026 $ 2025 $ Management and consulting fees 280,440 259,667 Director fees and wages 262,500 204,967 Share-based compensation 1,492,093 267,120 Total 2,035,033 731,754 10. SHARE CAPITAL AND RESERVES Authorized share capital The authorized share capital of the Company consists of an unlimited number of common shares (Share) without par value. Issued share capital The following movements in issued capital of the Company occurred during the reporting period:
Page 10
GOLDEN HORSE MINERALS LIMITED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 9 10. SHARE CAPITAL AND RESERVES (continued) Shares Number of Shares Issue Price $ Opening balance as at December 31, 2024 155,900,671 59,296,345 Performance rights redeemed (February 7, 2025) 375,000 $0.54 200,983 Irene Betty acquisition (April 3, 2025) 620,000 $0.25 155,000 Placement (June 10, 2025) 17,200,000 $0.40 6,880,000 Short term incentive awards (June 10, 2025) 575,377 $0.45 260,677 Performance rights redeemed (June 10, 2025) 118,750 $0.54 63,644 Performance rights redeemed (July 4, 2025) 914,232 $0.52 473,587 Placement (August 11, 2025) 20,300,000 $0.40 8,120,000 Short term incentive awards (August 11. 2025) 144,000 $0.40 57,502 Sorrel Project acquisition (September 5, 2025) 4,633,920 $0.47 2,177,942 Performance rights redeemed (November 10, 2025) 25,000 $0.61 15,292 Placement (November 10, 2025) 30,100,000 $0.66 19,869,810 Placement (December 30, 2025) 22,930,304 $0.66 15,130,190 Less issue costs - - (2,806,079) Translation adjustment - - (2,005,645) Closing balance as at December 31, 2025 253,837,254 107,889,248 Performance rights redeemed (January 30, 2026) (a) 33,750 $0.52 17,695 Inducement shares redeemed (January 30, 2026) (c) 295,417 $0.52 154,890 Options exercised (January 30, 2026) (b) 37,500 $0.41 15,413 Transfer from reserves for Options exercised (January 30, 2026) (b) 18,730 Performance rights redeemed (January 30, 2026) (a) 118,750 $0.52 62,261 Performance rights redeemed (April 10, 2026) (a) 66,976 $0.27 17,917 Performance rights redeemed (April 30, 2026) (a) 139,107 $0.27 37,214 Performance rights redeemed (May 14, 2026) (a) 125,000 $0.61 76,461 Closing balance as at June 30, 2026 254,653,754 108,289,829 (a) During the half year ended June 30, 2026, the Company issued 483,583 CDIs (underpinned by Shares) following redemption of performance rights previously issued to personnel of the Company as part of a long-term incentive scheme as approved by the Board. Each performance right entitled the holder, upon achievement of the applicable vesting conditions and upon redemption, to receive one Share (or CDI) in the Company. The Shares were issued for no consideration following achievement of vesting conditions and upon redemption, pursuant to terms of the performance rights and the Plan. (b) During the half year ended June 30, 2026 , the Company issued 37,500 CDIs (underpinned by Shares) following exercise of options . The options were previously issued to personnel of the Company as part of a long-term incentive scheme as approved by the Board, pursuant to terms of the options and the Plan. (c) During the half year ended June 30, 2026, the Company issued 295,417 CDIs (underpinned by Shares) following redemption of inducement shares previously issued to personnel of the Company as part of a long-term incentive scheme as approved by the Board. Each inducement share entitled the holder, upon achievement of the applicable vesting conditions and upon redemption, to receive one Share (or CDI) in the Company. The Shares were issued for no consideration following achievement of vesting conditions and upon redemption, pursuant to terms of the inducement shares and the Plan.
Page 11
GOLDEN HORSE MINERALS LIMITED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 10 10. SHARE CAPITAL AND RESERVES (continued) Share-based payments reserve The following movements in the share-based payments reserve occurred during the period: $ Closing balance at December 31, 2024 5,732,229 Share-based payments expense 1,915,331 Share issuance on conversion (753,507) Transfer to accumulated losses following expiry of equity instruments (941,673) Translation adjustment (147,883) Closing balance at December 31, 2025 5,804,497 Share-based payments expense 1,746,069 Shares issuance on conversion (385,168) Transfer to accumulated losses following expiry of equity instruments (220,355) Closing balance at June 30, 2026 6,945,043 Stock options The Company has established a n equity incentive plan ( Plan) for directors, employees, and consultants of the Company, pursuant to which the Company may issue stock options (Options) or performance rights to eligible participants. All Options issued are subject to vesting terms. Options issued to officers and/or consultants might be subject to vesting conditions, depending on the grant and nature of the services provided. A summary of Option activities is as follows: Number of Options Weighted Average Exercise Price Outstanding Options, December 31, 2024 3,151,250 $0.51 Granted - - Expired / forfeited (912,500) $0.43 Outstanding Options, December 31, 2025 2,238,750 $0.53 Granted (a) 2,250,000 $1.00 Exercised (37,500) $0.41 Expired / forfeited (b) (518,750) $0.82 Outstanding Options, June 30, 2026 3,932,500 $0.74
Page 12
GOLDEN HORSE MINERALS LIMITED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 11 10. SHARE CAPITAL AND RESERVES (continued) As at June 30, 2026, the following Options were outstanding and exercisable: Number of Options Exercise Price Expiry Date Number of Options Exercisable 1,562,500 $0.40 (CAD0.39) November 30, 2028 1,562,500 120,000 $0.40 (CAD0.39) December 6, 2029 120,000 2,250,000 $1.00 December 31, 2030 2,250,000 3,932,500 3,932,500 a) On December 18, 2025, upon receipt of shareholder approval at the Company’s annual general meeting, the Company granted 2,250,000 Options to acquire Shares to certain directors and non -executive directors of the Company. These Options were issued on January 15, 2026. The estimated fair value of the Options on grant date at $0.44 per Option was determined using the Black-Scholes option pricing model with the following assumptions: dividend yield of 0%, volatility of 82.69%, risk-free rate of 3.72% and expected life of five years. All Options vested upon grant, being December 18, 2025. b) On April 21, 2026, 518,750 Options with an exercise price of $0.82 (CAD0.80) expired without being exercised. Performance Rights A summary of performance rights activities is as follows: Number of Rights Weighted Average Exercise Price Outstanding performance rights, December 31, 2024 4,579,077 - Granted 2,972,070 - Redeemed (1,432,982) - Expired (1,094,978) - Outstanding performance rights, December 31, 2025 5,023,187 - Granted (a) 5,828,145 - Redeemed (483,583) - Expired (b) (278,214) - Outstanding performance rights, June 30, 2026 10,089,535 - As at June 30, 2026, the following performance rights were outstanding and exercisable: Number of Performance Rights Exercise Price Expiry Date Number of Performance Rights Exercisable 1,425,451 - November 30, 2027 1,425,451 251,083 - November 30, 2028 251,083 251,083 - November 30, 2029 - 600,000 - December 6, 2027 180,000 533,274 - March 31, 2028 533,274 600,250 - March 31, 2029 - 600,249 - March 31, 2030 - 5,828,145 - December 31, 2030 - 10,089,535 2,389,808
Page 13
GOLDEN HORSE MINERALS LIMITED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 12 10. SHARE CAPITAL AND RESERVES (continued) a) On December 18, 2025, upon receipt of shareholder approval at the Company’s AGM, the Company granted 3,000,000 performance rights redeemable for Shares to Mr Nicholas Anderson (or nominee), Managing Director and CEO of the Company. These performance rights were issued on January 15, 2026. On January 15, 2026, the Company granted 2,828,145 performance rights redeemable for Shares to certain employees and officers of the Company The performance rights vest in four tranches based on the achievement of specified operational and development milestones as follows: • Tranche 1: Inaugural JORC-compliant mineral resource greater than 1,000,000 ounces of gold - 20% vest; • Tranche 2: Complete mine feasibility study - 20% vest (40% vest in total); • Tranche 3: Decision to commence mining - 20% vest (60% vest in total); and • Tranche 4: First gold production - 40% vest (100% vest in total). The performance rights expire on December 31, 2030 and will lapse if the applicable vesting conditions are not satisfied by that date. The estimated fair value of the performance rights was determined at the grant date by reference to the market value of the underlying Shares ($0.702). The valuation assumes a 100% probability of vesting at grant date, with the number of rights expected to vest to be reassessed over the vesting period. b) On April 30, 2026, 278,214 performance rights expired without having been redeemed. Warrants A summary of share purchase warrant activities is as follows: Number of Warrants Weighted Average Exercise Price Outstanding warrants, December 31, 2024 9,210,181 $0.58 Warrants granted - - Expired (2,710,181) $0.76 Outstanding warrants, December 31, 2025 6,500,000 $0.51 Warrants granted - - Expired - - Outstanding warrants, June 30, 2026 6,500,000 $0.50 As at June 30, 2026, the following warrants were outstanding and exercisable: Number of Warrants Exercise Price Expiry Date Number of Warrants Exercisable 2,500,000 $0.573 (CAD0.56) July 4, 2027 2,500,000 1,000,000 $0.375 December 6, 2027 1,000,000 1,000,000 $0.438 December 6, 2027 1,000,000 2,000,000 $0.500 December 6, 2027 2,000,000 6,500,000 6,500,000
Page 14
GOLDEN HORSE MINERALS LIMITED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 13 10. SHARE CAPITAL AND RESERVES (continued) Inducement Shares A summary of inducement shares activities is as follows: Number of Inducement Shares Weighted Average Exercise Price Outstanding inducement shares, December 31, 2024 795,000 - Granted - - Expired - - Outstanding inducement shares, December 31, 2025 795,000 - Granted - - Redeemed (295,417) - Expired - - Outstanding inducement shares, June 30, 2026 499,583 - As at June 30, 2026, the following inducement shares were outstanding and exercisable: Number of Inducement Shares Exercise Price Expiry Date Number of Inducement Shares Exercisable 147,500 - November 30, 2027 147,500 125,000 - November 30, 2028 125,000 227,083 - November 30, 2029 - 499,583 272,500 11. COMMITMENTS AND CONTINGENCIES Taxation – Canada As disclosed in the consolidated financial statements for the year ended December 31, 2025, the Company has recognized a provision in relation to penalties and interest associated with certain late -filed Canadian information returns with the Canada Revenue Agency (CRA). There have been no material changes in respect of this matter since December 31, 2025. As at June 30, 2026, the provision recognized in respect of these penalties and interest remains at $242,492. 12. USE OF ESTIMATES Critical Judgments The preparation of the interim consolidated financial statements requires management to make judgments , estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Key Sources of Estimation Uncertainty Significant estimates made by management affecting our interim consolidated financial statements include:
Page 15
GOLDEN HORSE MINERALS LIMITED NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED JUNE 30, 2026 (Expressed in Australian Dollars) 14 12. USE OF ESTIMATES (continued) Estimation of fair value of share-based payments The Group measures the cost of equity -settled transactions by reference to the fair value of the equity instruments at the date at which they are granted. The fair value of options is determined by using the Black-Scholes model taking into account the assumptions disclosed in Note 10. Economic recoverability and probability of future economic benefits of exploration and evaluation assets Management has determined that exploration, evaluation, and related costs incurred which were capitalized may have future economic benefits and may be economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits including, geologic al and other technical information, a history of conversion of mineral deposits with similar characteristics to its own properties to proven and probable mineral reserves, the quality and capacity of existing infrastructure facilities, evaluation of permitti ng and environmental issues and local support for the project. 13. SUBSEQUENT EVENTS The Directors are not aware of any matter or circumstance that has arisen since the end of the reporting period that has significantly affected, or may significantly affect, the Group’s operations, the results of those operations, or the Group’s state of affairs in future financial years.
Page 16
BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms . Liability limited by a scheme approved under Professional Standards Legislation. Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth, WA 6000 PO Box 700 West Perth WA 6872 Australia Tel: +61 8 6382 4600 Fax: +61 8 6382 4601 www.bdo.com.au INDEPENDENT AUDITOR'S REVIEW REPORT To the members of Golden Horse Minerals Limited Report on the Half-Year Financial Report Conclusion We have reviewed the half-year financial report of Golden Horse Minerals Limited (the Company) and its subsidiaries (the Group) which comprises the interim consolidated statement of financial position as at 30 June 2026, the interim consolidated statement of profit and loss and other comprehensive income, interim consolidated statement of changes in shareholders’ equity and the interim consolidated statement of cash flows for the half-year then ended, material accounting policy information and other explanatory information, and the directors’ declaration. Based on our review, which is not an audit, nothing has come to our attention that causes us to believe that the accompanying half-year financial report of the Group does not present fairly, in all material respects, the financial position of the Group as at 30 June 2026, and of its financial performance and its cash flows for the half-year ended on that date, in accordance with IAS 34 Interim Financial Reporting. Basis for conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Group in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. Responsibility of management for the financial report Management of the Group is responsible for the preparation and fair presentation of the half -year financial report in accordance with IAS 34 Interim Financial Reporting and for such internal control as the management determine is necessary to enable the preparation and fair presentation of the half - year financial report that is free from material misstatement, whether due to fraud or error. Auditor’s responsibility for the review of the financial report Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the half-year financial report does not present fairly, in all material respects, the financial position of the Group as at 30 June 2026 and of its financial performance and its cash flows for the half-year ended on that date, accordance with IAS 34 Interim Financial Reporting.
Page 17
A review of a financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. BDO Audit Pty Ltd Glyn O’Brien Director Perth, 10 September 2026