Golden Horse Minerals (GHM) Q4 2025 TU earnings summary

Executive summary

• Regional exploration at Golden Valley delivered multiple shallow, high-grade gold intersections, indicating significant new discovery potential north of Bullfinch.

• Hopes Hill drilling at the Southern Cross Project returned broad, high-grade gold intercepts at depth and along strike, expanding the mineralised system to over 2.5km.

• The company ended 2025 with a strong cash position of approximately $43.7 million, bolstered by a $35 million capital raising.

• Appointment of a new Chief Operating Officer to support operational growth and project delivery.

Financial highlights

• Cash on hand at year-end was ~$43.7 million.

• Capital raising of ~$35 million completed via a two-tranche placement at $0.66 per CDI, with strong support from major shareholders and institutional investors.

• Payments to related parties during the quarter totaled $278,000 for director salaries and fees.

Outlook and guidance

• Further drilling planned for 2026 at Hopes Hill and regional targets to expand known mineralisation and unlock new discoveries.

• Resource development drilling and initial mining studies to advance the Southern Cross Project toward development readiness.

• Aeromagnetic and drone-magnetic surveys scheduled for Q1 2026 to enhance regional exploration targeting.