Golden Horse Minerals (GHM) H2 2025 earnings summary

Executive summary

• Completed acquisition of the Sorrel Copper Project in the Northern Territory, Australia, for $3.0 million, treated as an asset acquisition rather than a business combination.

• Changed presentation currency from CAD to AUD to better reflect operations and comparability.

• Listed on the ASX on December 16, 2024, with a focus on mineral exploration in Australia.

Financial highlights

• Cash and cash equivalents increased to $43.7 million as of December 31, 2025, from $15.0 million in 2024.

• Net loss for 2025 was $5.9 million, an improvement from a $7.0 million loss in 2024.

• Total assets rose to $84.8 million at year-end 2025, up from $39.4 million in 2024.

• Shareholders' equity increased to $79.7 million from $33.5 million year-over-year.

• Deferred exploration and evaluation costs reached $39.9 million, up from $24.3 million in 2024.

Outlook and guidance

• The company remains focused on exploration and development of its Australian mineral assets, with ongoing capital allocation to exploration programs.

• No significant subsequent events or changes in operations reported after year-end.