Golden Horse Minerals (GHM) Q1 2025 TU earnings summary

Executive summary

• Accelerated exploration at the Southern Cross gold project, with significant drilling at Hopes Hill and Hakes Find yielding high-grade gold results and confirming mineralisation extensions.

• Acquisition of the Irene Betty mining lease consolidates tenure and opens new exploration targets.

• Systematic regional soil and rock chip sampling identified multiple new gold anomalies and high-grade prospects, supporting future drilling plans.

Segment performance

• Hopes Hill: 25 RC holes (5,100m) drilled, with best intercepts including 43m @ 4.5g/t Au, 61m @ 2.5g/t Au, and 24m @ 2.5g/t Au, confirming mineralisation over the 1.3km pit length and validating historic results.

• Hakes Find: 16 RC holes (1,220m) returned high-grade intercepts such as 8m @ 4.84g/t Au and 11m @ 3.36g/t Au, confirming shallow, high-grade lode-style mineralisation.

• Marionete prospect: Rock chip sampling returned up to 100g/t Au, with an average of 6.2g/t Au, highlighting strong potential for future drilling.

Significant events and developments

• Phase 2 drilling at Hopes Hill commenced in April 2025 to further test depth and strike extensions.

• Irene Betty lease acquisition completed, consolidating key tenements and expanding exploration footprint.

• Regional soil sampling (over 1,600 samples) and rock chip programs identified new gold anomalies at Athenia, Birthday, Ennuin Star South, and Marionete.