Highlights:

• Exploration at Golden Horse has identified new lithium targets with multiple elevated lithium soil anomalies at its Ennuin North prospect.
• The soils form part of a largely untested lithium corridor extending over 37km from its Radio North project to Ennuin North.
• The soil geochemistry also produced significant gold anomalism (peak assay 724 ppb Au) at the Scorpio prospect at Ennuin North.
• A review of historic core from Trough Well (8km south of Ennuin North), confirms fractionated pegmatites.
• A review of existing geophysical data identified multiple new lithium target areas requiring field validation.
• Infill soil sampling to commence shortly, to better define future drill targets.

Perth, Australia--(Newsfile Corp. - April 2, 2024) - Golden Minerals Limited (TSXV: GHML) ("Golden Horse", the "Company" or "GHM") is pleased to report highly encouraging results from recent lithium exploration activity, including lithium soil geochemistry at the Ennuin North prospect, a review of geophysical data with a focus on lithium potential and a review of historic drill core from the Trough Well prospect at the Southern Cross North project, located in Western Australia.

Figure 1: GHM Project Location Plan. Tenements include both live and pending.

Graeme Sloan, Chairman and Interim CEO of Golden Horse commented:

"When coupled with our previous announcement (refer TSX-V announcement 13 March 2024), the Ennuin North results clearly demonstrate the lithium potential of the entire northern portion of our land package. Lithium anomalism has now been identified in multiple locations over a 37km distance. The success in identifying lithium anomalism at each of our first three targets within the large Southern Cross greenstone belt which has had very little lithium exploration, reinforces our belief that the area is fertile for many more potential targets. This is further validated by a review of the geophysical data which reinforces the untested potential of the area.

"Our exploration team is focused on rapidly assessing and identifying all the priority targets over the large land holding, with drill testing anticipated later in 2024.

"I look forward to updating the market as Golden Horse's lithium milestones are reached, along with regular updates of progress on the Company's gold projects."

Figure 2: Golden Horse Southern Cross Project.

Ennuin North Soil Sampling

A first pass programme of 240 soil samples (~200g screened to minus 2mm) were collected at Ennuin North (Figure 3) using hand tools from 10-20cm depth, at an 80m spacing along 400m spaced NE-SW lines. Sampling was completed in January 2024 by contractor group, Terra Search Pty Ltd.

The soil samples were delivered to Labwest Minerals Analysis Pty Ltd (Labwest) in Malaga WA for sample preparation and chemical analysis using the Ultrafine assay technique developed by the CSIRO to better detect subtle anomalies under transported cover. Samples were assayed using an ICPMS finish for 53 elements including lithium and associated elements. The results for lithium and other key elements for all the 240 soil samples are presented in Appendix 1, and the +60ppm Li results and associated elements are presented in Table 1.

The lithium results clearly show widespread anomalism (with 11 results over 60ppm Li - peak result 87.7ppm) and numerous results with anomalous caesium (peak result 58.4ppm). Results over 60ppm lithium are considered highly significant in this geological setting. The geology and structural setting are also positive with a significant thickness of greenstone in a structurally complex zone with nearby granite domes, characteristics often associated with WA pegmatite intrusions.

Table 1.: Ennuin North Soil Geochemistry, Li > 60 ppm.

Notes:
All units are ppm except Au in ppb
Grid System GDA 94 Zone 50

The initial soil sampling programme at Ennuin North was completed with a relatively wide spaced sample spacing and was aimed at a first pass assessment of the lithium potential in an area with typically subdued outcrop and patchy alluvial cover. The results are considered highly encouraging and Golden Horse intends to undertake more detailed geological field mapping along with further soil sampling to both infill the current areas of Li anomalism with closer spaced samples and extend the coverage through the Ennuin North area. The most significant lithium anomalism was identified at the northmost soil sampling line; hence the coverage will be extended to the north as a priority.

Figure 3: Lithium soil sampling results at Trough Well and Ennuin North.

The soil geochemistry at Ennuin North also produced significant gold anomalism (peak assay 724 ppb Au) over the previously identified Scorpio Prospect^[1] (Figure 3). Five successive, 80m spaced samples produced anomalous values averaging 266ppb Au approximately perpendicular to the interpreted NW-SE strike of the previously defined Scorpio anomaly. Centred on historic workings and subject to several campaigns of mainly shallow drilling, the Scorpio Prospect data will be reviewed and prioritised along with GHM's numerous gold targets along the Southern Cross Greenstone belt.

Trough Well Historical Core Analysis

In 2011/12 Western Areas drilled a number of deep diamond core holes (some with RC pre-collars) to test geophysical derived nickel targets^[2]. The recorded core logs were reviewed by Golden Horse and a number of intervals logged as pegmatite were identified. The pegmatites extended up to 5m in length downhole, (refer to Figure 3 for hole locations).

The core was located in a bush storage area, near the Trough Well deposit. Most of the core was in excellent condition although some stacks of core trays were damaged. See Appendix 2 for hole details and Table 2 for the sampled intervals.

Trays, from holes TWDD0020, TWDD0023 and TWDD0025, were re-located to Perth and the core was selectively sampled after being sawn in half. Half core samples were taken at geological intervals and the samples delivered to Portable Spectral Services in Perth for Raman and pXRF analysis.

Table 2: Historical 'TW" series holes sample intervals.

Notes
Pegmatite originally logged in TW020 from 354.14-360.4m (WAMEX A97403)
The tray containing core after 356m was partially damaged and pegmatite core samples recovered from the ground hence results from sample TW020-4 were not considered

The pXRF and Raman analysis completed by Portable Spectral Services (PSS) entailed:

• pXRF point data for 26 elements being collected at nominal 10 cm intervals along the core; and
• a Raman spectrometer being used on points in the drill core that were perceived to have potential for spodumene mineralisation or other lithium associated minerals.

Hence the data represent a series of point data - not an average content for any lithium or other elements or in minerals present (e.g. spodumene). The selective calculated K/Rb ratios, with values <30, along with the key LCT pegmatite associated elements are shown in Table 3 with all pXRF data shown in Appendix 3. Limitations in pXRF analysis mean elements with low atomic weights (e.g. lithium and beryllium) cannot be measured with this technology.

The Raman analysis (35-point readings) did not detect any spodumene or other Li rich minerals. In all readings, albite (feldspar) and quartz were identified.

The K/Br ratio is a measure of potential LCT pegmatites fractionation. Typically, low ratios (<20) are considered to indicate that the fractionation is strong, and that the pegmatite has potential to develop significant accumulations of lithium minerals. Hence, the absence of Li minerals being identified in the Raman spectroscopy is not considered to reduce the potential prospectivity of the pegmatites in the area given the encouraging fractionation. The positive soil geochemistry (peak value 104ppm Li) in the area reported previously (refer TSX-V announcement 13 March 2024 - TSXV: Golden Horse Identifies Lithium Anomaly at Southern Cross North Project) shows there are surface expressions of lithium anomalism at Trough Well and the pXRF work indicates that pegmatites are prospective owing to the fractionation. Pegmatite outcrop has also been identified through historic surface mapping at Trough Well^[3].

Table 3: Selected pXRF results from TWDD holes along with calculated K/Rb ratios.

Notes
x - below detection

GHM will further analyse all the historical data along with new field mapping and follow up geochemical sampling to identify near surface anomalism for drill testing.

Geophysical Data Review

Geophysical Consultant Group Resource Potentials Pty Ltd ("Respot") was engaged in January 2024 to undertake a high-level review of the lithium potential of GHM's tenure. The aim was to identify obvious lithium targets that could be identified through existing geophysical and geological data.

Respot completed a compilation and review of open-file and government geophysical survey data and undertook processing and imagery creation. Various filters were applied to generate a suite of georeferenced magnetic, radiometric, digital elevation and ground gravity images. Respot also reviewed all the available soil geochemistry and drill data to assist in prioritising targets. The output was a series of targets that require ground truthing and assessing. The main targeting tools used were distance from surrounding granites, demagnification zones (as evident at the Mt Holland lithium project to the south), anomalous potassium radiometric data (high K often associated with LCT pegmatite intrusions) and the gravity gradient (indicative of thickness of greenstone), used in conjunction with the existing geological and drilling data.

The review identified clusters of targets around GHM's three initial targets (Radio North, Trough Well and Ennuin North) but also additional new areas (Figure 4). The new areas include one 4km west of the Radio North prospect and another immediately south of Bullfinch. These areas will be prioritised and reviewed as part of our ongoing lithium exploration plan.

Many of the pegmatites identified along the belt to date have a low relief surface expression and hence require on-ground coverage and soils programs to locate. This supports GHM's belief that further pegmatite zones will be located using field mapping and a comprehensive soil geochemical coverage.

Figure 4: Targets defined by Geophysical Data Review for Field Validation.

Future Work

With positive soil geochemistry results extending from GHM's Radio North Prospect in the south to Ennuin North, GHM has identified a 37km long corridor with prospective greenstone geology with identified pegmatite intrusions and with encouraging lithium geochemical anomalism at Radio North, Trough Well and now Ennuin North. The geophysical data supports the prospectivity of these targets and also has been used to identify new potential pegmatite target zones. The pXRF results from Trough Well suggest that pegmatites with a prospective fractionation (that is typically identified in lithium deposits) are present - further adding to the story.

Outside these three prospects, the corridor has not been assessed for lithium mineralisation and the Company perceives significant potential to define new high priority lithium targets in a number of locations along the tenement holding. Many of the pegmatites identified along the belt to date have a low relief surface expression and hence require significant on-ground coverage to be located. This factor also supports GHM's belief that further pegmatite zones will be located using field mapping and a comprehensive soil geochemical coverage. The recent geophysical data review will also aid in more efficient targeting in the early stages.

The very encouraging geochemistry results (from all of GHM's soil sampling programmes to date) provide a clear direction for further work to define lithium drill targets. The results are supported by the recent geophysical review and the analysis of the historical core from Trough Well. Further soil sampling and field validation at the identified targets is anticipated to commence in June. Regional soil sampling programmes, aimed at defining new drill targets along GMH's 37km long prospective lithium belt north of Bullfinch is also planned.

For and on behalf of the Board

For more information contact:

Graeme Sloan
Chairman / Interim CEO
Email: gs@goldenhorseminerals.com.au
+61 8 9322 1788

Josh Conner
Chief Operating Officer
Email: josh.conner@goldenhorseminerals.com.au
+61 8 9322 1788

Media

David Tasker
Chapter One Advisors
Email: dtasker@chapteroneadvisors.com.au
+61 433 112 936

Investors

Adam Davey
Canaccord Genuity Financial Limited
Email: ADavey@cgf.com
+61 8 9225 2811

Mason Brown
Canaccord Genuity Financial Limited
Email: mpbrown@cgf.com
+61 8 9225 2862

Competent Person's Statement

Mr Jonathan Lea, a member of the Australian Institute of Mining and Metallurgy (AusIMM) and an independent Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of the technical content regarding the Southern Cross Project contained in this document. Mr. Lea is a non-executive director and shareholder of Golden Horse Minerals and has reviewed and approved the technical disclosure in this news release.

QA/QC procedures for the reported soil sampling include Certified Reference Materials and/or LabWest Minerals Analysis Pty Ltd in-house controls, blanks and replicates are analysed with each batch of samples at LabWest Minerals Analysis Pty Ltd 10 Hod Way, Malaga WA 6090. Procedures for the reported pXRF and Raman analysis include Certified Reference Materials and/or Portable Spectral Services in-house controls, blanks and replicates are analysed with each batch of samples at Portable Spectral Services Level 1/9 Colin St, West Perth WA 6005.

Disclaimer

This release may include forward-looking statements. Such forward-looking statements may include, among other things, statements regarding targets, estimates and assumptions in respect of metal production and prices, operating costs and results, capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These forward-looking statements are based on management's expectations and beliefs concerning future events. Forward-looking statements inherently involve subjective judgement and analysis and are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Golden Horse. Such forward‐looking statements are based on numerous assumptions regarding the Golden Horse's present and future business strategies and the political and economic environment in which the Golden Horse will operate in the future, which are not guarantees or predictions of future performance. Actual results and developments may vary materially from those that may be contemplated or implied by forward-looking statements in this release.

Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All information in respect of Exploration Results and other technical information should be read in conjunction with Competent Person Statements in this release (where applicable). To the maximum extent permitted by law, Golden Horse and any of its related bodies corporate and affiliates and their officers, employees, agents, associates and advisers:

• disclaim any obligations or undertaking to release any updates or revisions to the information in this release to reflect any events, circumstances or change in expectations or assumptions after the date of this release;
• do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this release, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement; and
• disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence).

^[1] WAMEX Report A131609. 2022 Enterprise Metals Ltd - Partial Surrender Report, Bullfinch North, Dermot Ryan.
^[2] WAMEX Report 97403. 2012 Western Areas Ltd - Bullfinch Project, Annual Technical Report, Nickel, P Dereverman.
^[3] WAMEX Report 97403. 2012 Western Areas Ltd - Bullfinch Project, Annual Technical Report, Nickel, P Dereverman.