Golden Horse Minerals (GHM) Q3 2025 TU earnings summary

Executive summary

• Significant progress at the Southern Cross Gold Project with extensive drilling and high-grade gold intercepts at depth, supporting resource definition activities.

• Acquisition of the Sorrel Copper Project in the Northern Territory completed, adding a JORC 2012 Inferred Mineral Resource Estimate of 8.4Mt @ 1.1% Cu for 88,600 tonnes of contained copper.

• Appointment of a new Chief Operating Officer to strengthen operational leadership.

Financial highlights

• Capital raising of $15.0 million completed via a two-tranche placement at $0.40 per CDI.

• Cash on hand at quarter-end was $16.8 million.

• Payments to related parties during the quarter totaled $153,000 for director salaries and fees.

Outlook and guidance

• Ongoing drilling at Hopes Hill aims to further expand the mineralised footprint and refine the geological model.

• Economic evaluation and exploration planning underway at Sorrel Copper Project, with drilling targeted for mid-2026.