Golden Horse Minerals Executes Regional Consolidation Strategy in Southern Cross Prior to Planned ASX Listing

Highlights:

• Golden Horse Minerals Limited (“Golden Horse” or the “Company”) has entered into a Binding Term Sheet with Emerald Resources NL (ASX: EMR) (“Emerald”) and its subsidiaries to acquire strategic tenements in the Southern Cross district of Western Australia, a move that is subject to various conditions precedent (“Acquisition”).

• The Acquisition includes historical mines such as Hopes Hill and Greenmount, with significant past production records.
  • Hopes Hill Mine produced approximately 219,000ozs @ >2g/t Au.
  • Greenmount Mine produced approximately 16,000ozs @ >7.0g/t Au.

• The Acquisition presents multiple advantages for Golden Horse shareholders, including high-grade gold potential at Hopes Hill, open pit extensions, and strategic geographical alignment.
  • Historical drilling at Hopes Hill indicates potential for high-grade ounces and open pit extensions.
  • Minimal confirmational drilling needed to establish a JORC compliant resource at Hopes Hill.
  • Potential for high-grade open pit and underground workings at Greenmount with strike extensions.
  • Tenure that is contiguous or in close proximity to existing Golden Horse tenements.

• Key terms of the transaction:
  • Golden Horse will issue 32 million common shares to Emerald at a deemed price of A$0.25 per share, with additional consideration based on milestone achievements.
  • Emerald will also provide a secured loan facility of up to A$2 million to Golden Horse, available in two drawdowns.

• Post-transaction, Emerald will become a cornerstone shareholder in Golden Horse, with the right to appoint a representative to the Golden Horse Board.

• Additionally, Golden Horse has executed an Option Agreement with NT Minerals Ltd (ASX: NTM) for 7,728 km² of tenements covering the Redbank/Wollogorang Copper Project in the Northern Territory.

Golden Horse Minerals Limited has marked a significant step forward by enhancing its position in the promising Southern Cross region of Western Australia through the acquisition of strategic tenements in partnership with Emerald Resources NL, a move subject to various conditions precedent. This acquisition includes historically productive mines and adds valuable assets to Golden Horse’s existing portfolio in the highly prospective Western Australian gold-producing district.

The Acquisition holds great promise for Golden Horse and its shareholders, providing enhanced opportunities, increased landholding, and substantial growth potential. With Emerald’s investment and commitment, Golden Horse looks forward to accelerating its exploration efforts and maximizing the value of its extensive tenement package.

About Emerald:

Emerald Resources NL is a leading Australian gold producer on the ASX with a solid market capitalization. The company boasts a seasoned management team known for effectively developing projects in a timely and cost-efficient manner. The partnership with Emerald positions Golden Horse to benefit from Emerald’s expertise and contributes to the growth and success of both organizations.