Golden Horse Minerals (GHM) Q2 2025 TU earnings summary

Executive summary

• Accelerated exploration at Southern Cross gold project with 7,500m drilled in the June 2025 quarter, focusing on Hopes Hill and Irene Betty prospects.

• Acquisition agreement for 100% of Sorrel Copper Project (NT) for $3.0 million, subject to conditions precedent.

• Strong balance sheet with $15 million cash at quarter end and additional $8.1 million expected from capital raising.

Financial highlights

• Cash on hand at quarter end was $15.0 million.

• Capital raising of $15 million via placement at $0.40 per CDI, with $6.9 million completed and $8.1 million pending shareholder approval.

• Payments to related parties totaled $102k for director salaries and fees.

Outlook and guidance

• Additional RC rig to be added at Hopes Hill to expedite drilling.

• Sorrel Copper Project to be advanced without detracting from Southern Cross focus; scoping study and drill target prioritization planned for 2026.

• Further metallurgical and geophysical work planned at Hopes Hill and regional targets.