• Independent expert confirms Hopes Hill mineralisation is free-milling with gold associated in quartz veins and adjacent to sulphides
• Fine-grained gold observed in visible form in recent diamond drilling, boding well for metallurgical recoveries
• Drilling program continues with five rigs onsite, assays pending

Golden Horse Minerals Limited (ASX: GHM) has announced that a petrographical study report from an independent expert geologist has confirmed the Hopes Hill deposit has free-milling (non-refractory) gold mineralisation. The study of diamond core samples found that gold is always observed as discrete grains hosted in fractured quartz groundmass in association with pyrrhotite and rarely chalcopyrite. The gold is typically finely disseminated with grain sizes rarely exceeding 20μm, with slightly low reflective brightness and pale reflection colours consistent with minor silver content (electrum). The results bode well for metallurgical recoveries, as the gold is not encapsulated. The company has commenced engagements with independent metallurgists to develop process flowsheets and optimise gold recoveries from Hopes Hill. Drilling progress continues, with approximately 20km of reverse circulation (RC) and diamond drilling (DD) completed to end-February 2026 as part of Golden Horse's +125km exploration program for CY2026. There are currently five rigs onsite (3x RC and 2x diamond) at Hopes Hill and Marionete, with assays pending from across the programs. The company notes that visible gold was observed in recent diamond hole 26HHDD001, which returned individual gold grades up to 62 g/t Au within a zone of 4.0m at 4.6 g/t Au.

Golden Horse is progressing feasibility studies on the Hopes Hill deposit and continuing its aggressive 125km exploration program across its Southern Cross project area, with drilling and assay results to be released progressively.