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 27 October 2026 QUARTERLY ACTIVITIES REPORT SEPTEMBER 2026 Golden Horse Minerals Limited ( ASX: GHM) (Golden Horse or Company) is pleased to provide its quarterly activities report for the period ended 30 September 2026. The September 2026 quarter delivered further exploration success across the Southern Cross Gold Project, with drilling at Hopes Hill continuing to define the scale, continuity and high -grade potential of the mineralised system. Regional exploration also advanced, led by high -grade results from Greenmount and follow-up work across the Company’s extensive Southern Cross tenure. During the quarter, drilling results from Hopes Hill and Greenmount continued to deliver wide and high- grade gold intersections with key highlights including: Hopes Hill Main:1,3 • 26HHDD031: 16.6m @ 3.4 g/t Au from 392.4m • 26HHDD018: 4.4m @ 12.4 g/t Au from 234.5m • 26HHRCD078: 8.8m @ 4.8 g/t Au from 356.2m Hopes Hill North:3,4 • 26HHRC179: 48m @ 6.3 g/t Au from 44m including 4m @ 73.3 g/t Au from 88m, • 26HHRC159: 4m @ 7.4 g/t Au from 128m • 26HHRC173: 16m @ 1.7 g/t Au from 36m Hopes Hill South:1,3,4 • 26HHRC147: 10m @ 11.3 g/t Au from 116m • 26HHRC148: 8m @ 9.2 g/t Au from 124m • 26HHRCD155: 1m @ 46.5 g/t Au from 305.0m • 26HHRC162: 21m @ 1.5 g/t Au from 215m • 26HHDD017: 6.5m @ 4.1 g/t Au from 202.2m • GHHHRCD0126: 5m @ 5.1 g/t Au from 118.0m Greenmount:2,3 • 26GMRC006: 8m @ 16.3 g/t Au from 209m, including 3m @ 37.6 g/t Au from 214m • 26GMRC004: 8m @ 8.6 g/t Au from 218m, including 3m @ 20.9 g/t Au from 222m • 26GMRC005: 12m @ 5.2 g/t Au from 139m, including 4m @ 11.9 g/t Au from 144m • 26GMRC009: 7m @ 4.8 g/t Au from 139m; and 2m @ 3.1 g/t Au from 149m • 26GMRC008: 14m @ 2.08 g/t Au from 183m • 26GMRC003: 12m @ 2.1 g/t Au from 97m
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 2 Highlights SOUTHERN CROSS GOLD PROJECT – HOPES HILL • Continued multi-rig reverse circulation (RC) and diamond drilling across Hopes Hill Main, North and South, with results further defining the scale, continuity and high-grade potential of the mineralised system. • Hopes Hill North delivered Golden Horse’s best intercept to date with 4m @ 73.3 g/t Au from 88m within a broader interval of 48m @ 6.3 g/t Au zone from 44m in RC hole 26HHRC179. Visible gold, as shown in Figures 1 and 2, was panned from the RC drill spoil, with fire assay to extinction returning grades ranging from 46.5 g/t Au to 108.0 g/t Au.4 Figure 1: Visible gold panned from 26HHRC179 (91-92m), with 20mm coin for scale.⁴ Figure 2: Close-up image of gold panned from 26HHRC179 (91-92m), with coin and ruler for scale.⁴ Cautionary Note: In relation to the disclosure of visible gold, the Company cautions that visual estimates or images of mineral abundance should never be considered a proxy or substitute for laboratory (assay) analysis. Refer to the Company’s ASX release dated 28 September 2026 for full context of the gold intercept.
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 3 • Deep drilling beneath the historic Hopes Hill pit continued to define an emerging high -grade zone, highlighted by 26HHDD031: 16.6m @ 3.4 g/t Au from 392.4m, including 5.0m @ 9.9 g/t Au from 399.0m;3 and 26HHRCD155: 1m @ 46.5 g/t Au from 305m within a broader zone of 11m @ 4.3 g/t Au from 297m, extending mineralisation at depth at the southern end of the pit.4 • Refined 1m split assays at the southern end of the pit upgraded 26HHRC147 to 10m @ 11.3 g/t Au from 116m, including 2m @ 52.3 g/t Au from 124m.3 • Hopes Hill South drilling continued to extend mineralisation down plunge, with 26HHRC162 returning 21m @ 1.5 g/t Au from 215m, including 13m @ 2.1 g/t Au from 221m.3 REGIONAL EXPLORATION • Regional exploration continued in parallel with Hopes Hill across Golden Horse’s dominant Southern Cross landholding, building a pipeline of targets beyond the flagship project of Hopes Hill.2 • First-pass RC drilling at Greenmount returned significant gold mineralisation in all nine holes, highlighted by 26GMRC006: 8m @ 16.3 g/t Au from 209m, including 3m @ 37.6 g/t Au from 214m.2 • Other standout Greenmount results included 26GMRC004: 8m @ 8.6 g/t Au from 218m, including 3m @ 20.9 g/t Au from 222m; and 26GMRC005: 12m @ 5.2 g/t Au from 139m, including 4m @ 11.9 g/t Au from 144m.2 • Final assays from the extension of 26GMRC009 returned 7m @ 4.8 g/t Au from 139m and 2m @ 3.1 g/t Au from 149m.3 • Sampling at Withers returned numerous +1.0 g/t Au assays, including a maximum grab sample grade of 15.08 g/t Au, supporting follow-up exploration and drill testing.2 • Planning progressed for regional aircore drilling across multiple prospects along GHM’s tenure which extends over more than 130km of strike on the well-endowed Frasers Shear Zone.3 CORPORATE • The Company finished the quarter with a strong balance sheet, with $22.6 million cash on hand as at 30 September 2026. Commenting on activities completed during the quarter, Golden Horse Managing Director Nicholas Anderson said: “The September quarter has been another important step for Golden Horse, with our exploration programs continuing to build the scale and quality of the Hopes Hill gold system, including delivering our best ever gold result to date. “The standout result from 26HHRC179 at Hopes Hill North is particularly exciting. The combination of visible gold, exceptional grade and a broader mineralised envelope gives us a compelling new area for follow-up, while results beneath and around the historic pit continue to demonstrate significant potential along strike and at depth. “Beyond Hopes Hill, Greenmount has demonstrated that our broader Southern Cross landholding has plenty more to offer. With every hole in the initial program returning significant gold mineralisation, encouraging results from Withers and a growing pipeline of regional targets, we believe we have only just scratched the surface of the opportunity ahead of us. “With further assays to come, follow -up drilling planned around the high -grade Hopes Hill North discovery and regional aircore drilling planned across our extensive tenure, Golden Horse is galloping into the final quarter of 2026 with strong exploration momentum and plenty of ground still to cover.”
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 4 SOUTHERN CROSS GOLD PROJECT - HOPES HILL Hopes Hill remained the Company’s principal exploration focus during the September quarter. RC and diamond drilling continued across all areas, with drilling designed to improve definition of known lodes, test extensions along strike and at depth, and provide structural and geological information crucial for the geological model. Results reported prior to the quarter continued to demonstrate mineralisation over a large extent, with the September program indicating the broader mineralised system now extends to over 4km of strike.¹,³,⁴ The quarter culminated in Golden Horse reporting the highest gold -bearing intersection recorded at Southern Cross under the Company’s stewardship. RC hole 26HHRC179 was drilled approximately 2.1km north-west of the historic Hopes Hill pit in an area poorly tested by modern drilling. The hole returned 4m @ 73.3 g/t Au from 88m within a broader zone of 48m @ 6.3 g/t Au from 44m which highlights the significant potential of the Hopes Hill system.⁴ Visible gold was panned from the 91 -92m interval (see Figures 1 and 2). The initial 4m composite sample from 88-92m was further tested to extinction via fire assay to assess grade variability, with 30 samples returning a range of 46.5 g/t Au to 108.0 g/t A u. Follow -up work at quarter end included assessment of individual metre samples and planned diamond drilling around 26HHRC179, with assays from nearby holes also pending.⁴ Hopes Hill Main Results released in July 20261 followed encouraging footwall intersections beneath the historic ~1.3km Hopes Hill mine. New drilling targeted the footwall lode at several locations along the pit and continued to provide important information on lode geometry. In particular, 26HHDD018 r eturned a high -grade footwall intercept, while GHHHRCD0126, 26HHDD017 and 26HHDD020 each returned multiple mineralised intervals, supporting the interpretation of multiple lode horizons beneath and adjacent to the historic pit:¹ • 26HHDD018: 4.4m @ 12.4 g/t Au from 234.5m • GHHHRCD0126: 5.0m @ 5.1 g/t Au from 118.0m; and ▪ 5.0m @ 1.9 g/t Au from 203.0m; and ▪ 1.0m @ 8.5 g/t Au from 230.0m; and ▪ 2.5m @ 6.8 g/t Au from 358.0m • 26HHDD017: 6.5m @ 4.1 g/t Au from 202.2m; and ▪ 9.0m @ 2.5 g/t Au from 262.0m • 26HHDD020: 9.1m @ 1.9 g/t Au from 228.9m; and ▪ 4.2m @ 4.1 g/t Au from 190.7m • 26HHRCD078: 8.8m @ 4.8 g/t Au from 356.2m, including ▪ 4.8m @ 7.6 g/t Au from 356.2m; and ▪ 5.0m @ 2.1 g/t Au from 315.0m • 26HHRC150: 4.0m @ 4.2 g/t Au from 211m • 26HHRC154R: 5.0m @ 3.4 g/t Au from 222m In August, Golden Horse reported diamond hole 26HHDD031 returning a broad, high-grade intersection approximately 290m vertically below surface and approximately 80m up -dip of 26HHRCD077 previously reported in June 2026.3,5 The hole, which intercepted 16.6m @ 3.4 g/t Au from 392.4m, including 5.0m @ 9.9 g/t Au from 399.0m3 was designed to test the up -dip extension of the deepest mineralisation previously encountered in
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 5 26HHRCD077 (24.2m @ 2.2 g/t Au from 378.8m). Together with nearby intersections, the result forms part of a cluster of significant mineralisation within an area approximately 200m by 200m along strike beneath the northern end of the pit.3,5 Figure 3: Hopes Hill long section (looking East) showing holes reported for the quarter3. At the southern end of the historic pit, one -metre split assays were received for earlier composite sampling. The refined results confirmed high -grade mineralisation in 26HHRC1473 returning 10m @ 11.3 g/t Au from 116m, including 2m @ 52.3 g/t Au from 124m and further supports the interpretation of high-grade plunging shoots within the broader Hopes Hill system shown within Figures 3, 4, and 5.3 In September, the Company announced ongoing diamond drilling, including diamond tails from existing holes, which continued to test lode thickness and grade continuity below the central and southern portions of the historic pit. As shown in Figure 6, diamond tail 26HHRCD155 intersected high-grade mineralisation at depth in the southern end of the pit, returning 1.0m @ 46.5 g/t Au from 305.0m, within a broader calculated zone of 11.0m @ 4.3 g/t Au from 297.0m.4 Further to the north and beneath the central zone of the pit, drilling also confirmed that mineralisation remains open at depth with diamond hole 26HHDD033 returning an intercept of 17.15m @ 1.0 g/t Au from 458.85m.4
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 6 Figure 4: Cross Section looking North of hole 26HHDD031 (16.6m @ 3.4 g/t Au from 392.4m) with previously reported Golden Horse drilling in silver. Figure 5: Cross Section looking North of hole 26HHRC147 (10m @ 11.3 g/t Au from 116m) with previously reported drilling in silver.
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 7 Figure 6: Cross Section looking North of hole 26HHRCD155 (11m @ 4.3 g/t Au from 297.0m) with previously reported Golden Horse drilling in silver.4 Hopes Hill North Early in the quarter, the Company reported additional deep RC holes were drilled around 26HHRC024, which had previously returned 12m @ 7.0 g/t Au from 278m6 and demonstrated mineralisation at depth at Hopes Hill North. The follow -up program was designed to improve definition of the mineralised envelope and geological understanding of a zone, representing a ~1,000m extension to mineralisation with an overall mineralised strike confirmed of over 3km at depths over 200m below surface.¹ Significant results from holes reported in July and August include:1,3 • 26HHRC183: 9.0m @ 2.4 g/t Au from 184m; • 26HHRC159: 4m @ 7.4 g/t Au from 128m; and ▪ 4m @ 3.3 g/t Au from 243m The strongest result of the quarter for Hopes Hill North was returned from RC hole 26HHRC179 in September, which was drilled approximately 2.1km north-west of the historic Hopes Hill pit in an area poorly tested by modern drilling. The result represented the highest gold-bearing intersection recorded at Southern Cross under Golden Horse's stewardship with a cross-section displayed as Figure 7.⁴ Additional results from Hopes Hill North included 26HHRC173, which showed multiple mineralised intercepts as summarised below: 4 • 26HHRC179: 4m @ 73.3 g/t Au from 88m, within a broader zone of ▪ 48m @ 6.3 g/t Au from 44m • 26HHRC173: 16m @ 1.7 g/t Au from 36m, (including 12m @ 2.1 g/t Au from 36m), and ▪ 20m @ 1.1 g/t Au from 92m ▪ 10m @ 1.2 g/t Au from 158m
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 8 Figure 7: Cross Section looking Northwest of hole 26HHRC179 (4m @ 73.3 g/t Au from 88m). Visible gold from hole 26HHRC179 was panned from the mineralised interval and the 4m composite was subsequently tested to extinction by fire assay, returning a range of 46.5 g/t Au to 108.0 g/t Au from 30 samples (as shown in Table 1).⁴ To further understand this variability relating to the mineralisation, the Company is assessing individual metre samples along with planned diamond drilling to further refine the Company's knowledge of mineralisation in the area shown in Figure 8. Table 1: Fire Assay to Extinction Results for 26HHRC179 (88 – 92m down hole). Sample ID Au g/t Sample ID Au g/t B005914 (Initial Assay as reported) 73.30 B005914 - Check 1 63.79 B005914 - Check 16 98.83 B005914 - Check 2 58.72 B005914 - Check 17 51.74 B005914 - Check 3 46.56 (Min) B005914 - Check 18 64.45 B005914 - Check 4 73.20 B005914 - Check 19 54.27 B005914 - Check 5 83.61 B005914 - Check 20 57.81 B005914 - Check 6 59.25 B005914 - Check 21 53.62 B005914 - Check 7 79.42 B005914 - Check 22 73.73 B005914 - Check 8 54.24 B005914 - Check 23 57.62 B005914 - Check 9 47.24 B005914 - Check 24 80.33 B005914 - Check 10 53.80 B005914 - Check 25 66.45 B005914 - Check 11 79.99 B005914 - Check 26 80.44 B005914 - Check 12 104.00 B005914 - Check 27 79.18 B005914 - Check 13 71.22 B005914 - Check 28 108.00 (Max) B005914 - Check 14 61.30 B005914 - Check 29 69.78 B005914 - Check 15 52.07 B005914 - Check 30 63.44 Number of Samples: 30 Average Au Grade: 68.42 g/t Au
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 9 Hopes Hill South In July, the Company reported that drilling beneath the southern end of the Hopes Hill pit continued to test high -grade plunging shoot geometries identified in previously reported drilling. RC Hole 26HHRC148 returned a broad high-grade composite interval, with a second mineralised interval deeper in the hole as shown in Figure 8:¹ • 26HHRC148: 8m @ 9.2 g/t Au from 124m, including 4m @ 17.4 g/t Au from 128m, and ▪ 5m @ 1.4 g/t Au from 245m • 26HHRC150: 6m @ 2.9 g/t Au from 210m, and ▪ 2m @ 1.5 g/t Au from 130m Figure 8: Cross section of hole 26HHRC148 (8m @ 9.2 g/t Au from 124m, including 4m @ 17.4 g/t Au from 128m) with footwall mineralisation of 5m @ 1.4 g/t Au from 245m also shown. Follow-up drilling reported in August tested the potential down-dip extension of a postulated southern lode horizon pierced in hole s 26HHRC138 and 26HH RC139 reported during May 2026 .6 Hole 26HHRC162 successfully intersected the target approxi mately 55m down -plunge from 26HHRC138 and confirmed lode thickness and geometry , with 26HHRC162 intercepting 21m @ 1.5 g/t Au from 215m being broadly similar to the intercept returned from 26HHRC138, namely 15m @ 2.1 g/t Au from 166m. Early interpretation suggests the lode is gently plunging south and remains open at depth and down plunge presenting as an attractive target for infill drilling.³ REGIONAL EXPLORATION Regional exploration continued in parallel with the Hopes Hill drill-out. During the quarter, the Company reported first-pass RC results from Greenmount, sampling results from Withers, drilling at Bells and Lynette and final Phase 2 RC drilling results from Marionete/Star of Ennuin.²
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 10 Figure 9: Regional map outlining regional prospects over Golden Horse tenure. Greenmount A first-pass RC program comprising nine holes for 1,780m was completed at Greenmount. All nine holes confirmed extensional mineralisation and assays defined a +230m high -grade strike extension, with drilling extending mineralisation to more than 150m vertical depth as shown in Figures 10 and 11. Mineralisation, visually shown in Figure 12, is associated with the hanging-wall contact between meta- sediments and a meta-mafic unit, providing a consistent target for further deeper extensional drilling.² Key highlights for the RC program included:2,3 • 26GMRC006: 8m @ 16.3 g/t Au from 209m, including 3m @ 37.6 g/t Au from 214m; • 26GMRC004: 8m @ 8.6 g/t Au from 218m, including 3m @ 20.9 g/t Au from 222m; • 26GMRC005: 12m @ 5.2 g/t Au from 139m, including 4m @ 11.9 g/t Au from 144m; • 26GMRC008: 14m @ 2.08 g/t Au from 183m; • 26GMRC003: 12m @ 2.1 g/t Au from 97m; • 26GMRC007: 3m @ 7.62 g/t Au from 148m; and • 26GMRC009: 7m @ 4.8 g/t Au from 139m; and 2m @ 3.1 g/t Au from 149m
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 11 Figure 10: Cross section looking North denoting high-grade intersection within hole 26GMRC006: 8m @ 16.3 g/t Au from 209m and hole 26GMRC007: 3m @ 7.62 g/t Au from 148m. Figure 11: Cross section looking North denoting high-grade intersection within hole 26GMRC005: (12m @ 5.2 g/t Au from 139m) and hole 26GMRC004 (8m @ 8.6 g/t Au from 218m).
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 12 Figure 12: RC chip tray of hole 26GMRC006 (209m - 217m downhole) showing broad intersection of 8m @ 16.3 g/t Au with individual gold grades (to 85.0 g/t Au) shown underneath. Withers At Withers, approximately 10km north-east of Bullfinch, Golden Horse completed a systematic sampling program over historic workings and mullock piles associated with narrow, high-grade auriferous quartz reefs. A total of 362 samples, including QA/QC sample s, were collected (see Figure 13). Results identified sporadic zones of mineralised stockpiles, with 22 samples returning more than 0.30 g/t Au in addition to the peak result of 15.08 g/t Au from sample WIM252.² Results highlighted the potential for follow-up work around more than 500m of historic workings, including higher-priority targets for RC drill testing.² Figure 13: Plan view of Withers 2026 grab sampling program showing Au grades by colour.
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 13 Marionete / Star of Ennuin Final Phase 2 RC drilling results from Marionete confirmed down -dip continuity of gold mineralisation to approximately 130m vertical depth and identified additional parallel mineralised lodes. The Phase 2 program comprised 26 RC holes for 3,030m and improv ed the Company’s understanding of multiple steeply west-dipping to near-vertical mineralised sedimentary iron formation units.² Key highlights from the program included the following intercepts:² • 26MARC008: 3m @ 1.24 g/t Au from 60m; • 26MARC012: 3m @ 1.09 g/t Au from 43m; and • 26MARC022: 2m @ 1.54 g/t Au from 69m. Follow-up grades at depth were generally lower than the shallow high -grade Phase 1 results. The RC program achieved its objective of validating the geological model and confirming that mineralisation remains open at depth within the central Marionete corridor.² Bells and Lynette Located approximately 10km south-west of the town of Southern Cross on farmland, the Bells and Lynette prospects are positioned approximately 600m apart and represent different styles of mineralisation. RC drilling tested mafic-hosted mineralisation at Bells and BIF-hosted mineralisation at Lynette beneath shallow historic workings, while also testing strike extensions and potenti al deeper mineralisation. Drill results received during the quarter suggested that the historic workings extracted enriched zones of mineralisation at surface, with the small RC drilling program completed during the quarter providing no meaningful results. Figure 14: Plan view map of the Bells & Lynette prospects.
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 14 SORREL COPPER PROJECT Golden Horse's 100% -owned Sorrel Copper Project in the Northern Territory provides the Company with exposure to copper alongside its flagship Southern Cross Gold Project. As previously announced ,7 an independent prospectivity review identified multiple high -priority exploration targets, highlighting the potential for further discoveries and resource growth across the Sorrel Copper Project. The Company remains focused on advancing its Southern Cross Gold Project while continuing to evaluate future exploration opportunities at Sorrel Copper Project. Figure 15: Golden Horse Northern Territory Project Tenure and location. LOOKING AHEAD Golden Horse enters the December 2026 quarter with a substantial pipeline of exploration activity across Hopes Hill and its broader Southern Cross tenure. Key activities include: • Continued RC and diamond drilling, core logging and assay interpretation across Hopes Hill, with the diamond rig scheduled to demobilise during October 2026.⁴ • Progress follow-up work around the high -grade 26HHRC179 result at Hopes Hill North, including assessment of individual metre samples and planned diamond drilling.⁴ • Ongoing workflows to continue developing the geological model.¹,⁴ • Progress regional aircore drilling across early -stage targets along more than 130km of Golden Horse tenure on the Frasers Shear Zone.⁴
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 15 CORPORATE Cash and Finance Cash on hand at the end of the quarter was ~$22.6 million. In accordance with ASX Listing Rule 5.3.5, payments made to related parties and their associates during the quarter were approximately $146k for director salaries and fees, as listed in Section 6 of the Company’s September 2026 Quarterly Cash Flow Report (Appendix 5B). ASX Trading & Implications Implications for shareholders on the Company's Canadian share register Following the Company’s ASX listing, the Company voluntarily delisted its Shares from the TSXV at close of trading in Canada on 31 December 2024. If a shareholder wishes to trade on the ASX, they will need to convert their unrestricted Shares, on a 1:1 basis, into CDIs by either: 1. If the Shares are held by the shareholder directly on the Canadian share register in a) book entry form in the Direct Registration System or b) in certificated form, then the shareholder will need to complete and submit a CDI Issuance (Canadian Register to Australian CDI Register) form to Computershare’s Global Transaction Team in Canada ( GT Canada) accompanied by their share certificate(s) where applicable, at the following address: Post: Computershare Investor Services Inc Attn Global Transaction Team 100 University Ave, 8th Floor Toronto Ontario, M5J 2Y1 Canada Email: ca.globaltransactions@computershare.com The CDI Issuance (Canadian Register to Australian CDI Register) form can be downloaded from www -us.computershare.com/Investor/#Help/PrintableForms, select ‘Global Transaction Forms’ and choose ‘Register Removal Request - Canada to Australia CDIs.’ 2. For Shares held through a broker or other intermediary ( CDS Participant ), the CDS Participants will need to initiate a CDS Stock Withdrawal for the number of Shares to be converted into CDIs. At the same time, the CDS Participant will complete and submit a CA/AU xSettle instruction (or paper CDI Issuance (Canadian Register to Australian CDI Register) form) to GT Canada, with this matched to the withdrawal of the Shares. xSettle is Computershare’s secure online cross- border instruction portal used by market participants. Once a valid request is provided to GT Canada the CDIs will generally be issued in Australia within 1 - 2 business days (time zones permitting). No CDI issuance fee will be charged to an individual holder for converting Shares into CDIs, however, a cross-border transaction fee may be charged to the holder by any intermediaries (i.e. stockbroker or custodian) involved. ASX Announcements - September 2026 Quarter This Quarterly Activities Report refers to exploration results 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). The principal exploration announcements released during the quarter were:
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 16 Date ASX Announcement 2 July 2026 Southern Cross Gold Project Update 16 July 2026 Southern Cross Regional Exploration Update 19 August 2026 Impressive Gold Mineralisation Hits Continue at Hopes Hill 28 September 2026 Visible Gold Intercepted in RC Drilling These announcements are available for viewing on the Company’s website under the “Investors” section. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original ASX announcements. REFERENCES 1. Refer to the ASX announcement "Southern Cross Gold Project Update" dated 2 July 2026. 2. Refer to the ASX announcement "Southern Cross Regional Exploration Update" dated 16 July 2026. 3. Refer to the ASX announcement "Impressive Gold Mineralisation Hits Continue at Hopes Hill" dated 19 August 2026. 4. Refer to the ASX announcement "Visible Gold Intercepted in RC Drilling" dated 28 September 2026. 5. Refer to the ASX announcement “Hopes Hill Exploration Update” dated 18 June 2026. 6. Refer to the ASX announcement “Gold Mineralisation at Hopes Hill Extended at Depth over 3km” dated 28 May 2026. 7. Refer to the ASX announcement “Multiple High-Priority Targets Identified at the Sorrel Copper Project” dated 18 May 2026. SCHEDULE OF MINING TENEMENTS Project Tenement Status Ownership Change in Quarter Southern Cross E63/2418 Pending 0% E77/2087 Live 0% Tenement transferred E77/2149 Live 100% E77/2178 Live 100% E77/2222 Live 100% E77/2252 Live 100% E77/2254 Live 0% Tenement transferred 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% E77/2921 Live 100% E77/2942 Live 100%
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 17 Project Tenement Status Ownership Change in Quarter E77/3060 Live 100% E77/3062 Live 100% E77/3115 Live 100% Title transfer pending in MTO E77/3124 Live 100% E77/3130 Live 100% E77/3163 Live 100% E77/3187 Live 100% E77/3194 Live 100% E77/3204 Live 100% E77/3209 Live 100% E77/3210 Live 100% E77/3212 Live 100% E77/3312 Live 100% G77/123 Live 100% L77/262 Live 100% M77/450 Live 100% M77/551 Live 100% M77/734 Live 100% M77/834 Live 100% M77/1049 Live 50% Subject to the Pilot Agreement M77/1266 Live 100% M77/1296 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% E77/2906 Pending 0% E77/3061 Pending 0% E77/3123 Pending 0% E77/3226 Pending 0% E77/3230 Pending 0% E77/3251 Pending 0% E77/3397 Pending 0% E77/3415 Pending 0% New Tenement Application M77/1311 Pending 0% M77/1312 Pending 0% M77/1313 Pending 0% M77/1315 Pending 0% M77/1317 Pending 0% M77/1318 Pending 0% M77/1322 Pending 0% M77/1331 Pending 0%
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 18 Project Tenement Status Ownership Change in Quarter M77/1332 Pending 0% P77/4680 Pending 0% P77/4681 Pending 0% P77/4682 Pending 0% Leonora M37/349 Live 0% Tenement transferred 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 49% EL32465 Live 49% EL32466 Live 49% EL32467 Live 49% 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%
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 19 For and on behalf of the Board Nicholas Anderson Managing Director & CEO This announcement was approved for release by the Board of Golden Horse Minerals Limited. For more information contact: Nicholas Anderson Managing Director & CEO Email: nicholas.anderson@goldenhorseminerals.com.au Media David Tasker Chapter One Advisors Email: dtasker@chapteroneadvisors.com.au +61 433 112 936 Disclaimer This announcement has been prepared by Golden Horse Minerals Limited based on information from its own and third-party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this announcement, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this announcement. Except for any liability that cannot be excluded by law, the Company and its related bodies corporate, directors, employees, servants, advisers and agents disclaim and accept no responsibility or liability for any expenses, losses, damages or costs incurred by you relating in any way to this announcement including, without limitation, the information contained in or provided in connection with it, any errors or omissions from it however caused, lack of accuracy, completeness, currency or reliability or you or any other person placing any reliance on this announcement, its accuracy, completeness, currency or reliability. Information in this announcement which is attributed to a third-party source may not have been checked or verified by the Company. This announcement is not a prospectus, disclosure document or other offering document under A ustralian law or under any other law. It is provided for information purposes and is not an invitation nor offer of securities or recommendation for subscription, purchase or sale in any jurisdiction. This announcement does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. It should be read in conjunction with, and full review made of, the Company’s disclosures and releases lodged with the Australian Securities 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 (A$ 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.
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E: info@goldenhorseminerals.com.au W: www.goldenhorseminerals.com Ground Floor, 34 Colin Street West Perth WA 6005 20 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 10 September 2026), 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 The information in this report that relates to exploration results was previously announced to ASX by Golden Horse on various dates as listed within the “ASX Announcements – September 2026 Quarter” and “References” section in this document. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements. 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.