Golden Horse Minerals (GHM) Q4 2024 TU earnings summary

Executive summary

• Successfully listed on the ASX in December 2024, raising A$18 million before costs and delisting from the TSX Venture Exchange.

• Acquired a large, strategic tenement package including the historic Hopes Hill mine, now the focus of 2025 exploration.

• Initial exploration activities commenced, including 1,200m RC drilling at Hakes Find and over 1,000 soil samples collected across five project areas.

• Drill planning and approvals in place for a 4,500m campaign at Hopes Hill starting February 2025.

Financial highlights

• Raised A$18 million via ASX listing, with the offer closing early and oversubscribed.

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

• Payments to related parties during the quarter totaled A$74k for director fees.

• Actual use of funds since ASX admission was A$3.2 million, below the 18-month prospectus estimate due to recent listing.

Outlook and guidance

• Awaiting assay results from Hakes Find drilling and soil sampling, expected in the coming weeks.

• Major 4,500m RC drilling campaign at Hopes Hill to commence in February 2025, with further resource definition drilling planned throughout the year.

• Focus on rapidly establishing a significant gold inventory to lead to mining operations.