Golden Minerals Limited reported 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. Ennuin North Soil Sampling A first pass programme of 240 soil samples (~200g screened to minus 2mm) were collected at Ennuin North 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.

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.

The soil geochemistry at Ennuin North also produced significant gold anomalism (peak assay 724 ppb Au) over the previously identified Scorpio Prospect1. Five successive, 80m spaced samples produced anomalous values averaging 266ppb Au approximately perpendicular to the interpreted NWSE 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 targets2 . 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.

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. 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.

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 Well3. 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.