• Maiden regional exploration program at Golden Valley delivers multiple shallow, high-grade gold intersections
• Ongoing drilling at Hopes Hill expands mineralization to over 2.5km strike length and confirms depth extensions
• Strong balance sheet with ~$43.7 million cash on hand to fund aggressive exploration program in 2026

Golden Horse Minerals Limited (ASX: GHM) is pleased to provide its quarterly activities report for the period ended 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. The maiden regional exploration program at Golden Valley targeted priority areas of Marionete-Star of Ennuin, Baby Queen and Lake View, with 2,397m of reverse circulation (RC) drilling spread across all four targets delivering multiple shallow, high-grade mineralisation. At the Hopes Hill deposit, RC and diamond drilling continued at a rapid pace throughout the quarter with over 11,817 metres drilled, further building the mineralised model with multiple broad, high-grade gold intercepts at depth and along strike. The drilling has expanded the Hopes Hill gold system to over 2.5km of mineralised strike length and confirmed depth extensions more than 100m deeper than previously known. The capital raising completed during the quarter has provided Golden Horse with a strong balance sheet to fund an aggressive exploration program in 2026.

Golden Horse will enter 2026 in a strong financial position, with ~$43.7 million cash on hand, and plans to commence an aggressive exploration program to further expand the potential of its Southern Cross Gold Project.