Golden Horse Minerals (GHM) H1 2025 earnings summary

Executive summary

• Engaged in mineral exploration in Western Australia, listed on ASX since December 2024.

• Completed significant acquisitions, including the Irene Betty lease and Emerald Resources tenements.

• Entered into an agreement to acquire the Sorrel Copper Project post-period end.

Financial highlights

• Total assets increased to $43.1M at June 30, 2025, from $39.4M at December 31, 2024.

• Net loss for the six months ended June 30, 2025, was $2.1M, improved from a $3.7M loss in the prior year period.

• Cash and cash equivalents at period end were $15.0M.

• Deferred exploration and evaluation costs rose to $27.7M from $24.3M at year-end.

• Shareholders' equity increased to $38.7M from $33.5M at year-end.

Outlook and guidance

• Directors see increased probability of milestone payments for Emerald Resources acquisitions.

• Ongoing focus on exploration and project acquisitions in Western Australia and Northern Territory.