• Continued depth extensions and high-grade intercepts at Southern Cross Gold Project
• Acquisition of Sorrel Copper Project with JORC 2012 Inferred Resource completed
• Strengthened balance sheet with $15 million capital raise

Golden Horse Minerals Limited (ASX: GHM) delivered a strong September 2025 quarter, highlighted by continued depth extensions and high-grade intercepts at its flagship Southern Cross Gold Project in Western Australia. The company drilled a total of 93 holes for 16,791 metres during the quarter, with a second diamond drill rig mobilised to site, bringing the total drilling capacity to four drill rigs. Numerous high-grade assay intervals were returned at increasing depths, including 28.7m @ 3.8 g/t Au from 192m in hole GHHHRCD0068 and 30.0m @ 2.2 g/t Au from 157m in hole GHHHRC0059. The company also completed a comprehensive geophysical survey, identifying several prospective targets across the Hopes Hill project area. In addition, Golden Horse completed the acquisition of the Sorrel Copper Project in the Northern Territory, which is underpinned by a previously reported Inferred Mineral Resource Estimate of 8.4Mt @ 1.1% copper for 88.6kt of contained copper metal. The company believes the project has significant expansion potential with numerous untested breccia pipes identified. During the quarter, Golden Horse also strengthened its balance sheet, raising $15 million through a two-tranche placement to accelerate exploration and development activities.

Golden Horse is well-positioned to continue its momentum at the Southern Cross Gold Project, with plans to further refine the geological model and expand the mineralised footprint both along strike and at depth. The company will also commence an economic evaluation and exploration activities at the newly acquired Sorrel Copper Project.