Golden Horse Minerals Limited provided an exploration update relating to gold and emerging lithium projects along with a corporate summary. Lithium Exploration: Field work by Golden Horse's geology team has identified a series of outcropping pegmatites across the extensive, approximately900 square kilometres of tenure. From this field work, along with desktop work, the team have identified seven (7) priority lithium targets (see Diagram 1 - Priority Lithium Targets).

A program of works is planned for the seven (7) targets including, ultrafine soil sampling, rock chip sampling and mapping of geological structures. Where ultrafine soil sampling will not be effective, such as in disturbed ground, the company will look to undertake auger sampling. Following the results from this work, Golden Horse will look to undertake a staged drilling program to better define lithium anomalism.

A summary of the top four targets is as follows. Corinthia North: Outcropping pegmatite, 250m in length and an average of 10m wide remaining open along strike and depth. The pegmatite glows under 365nm wavelength, UV light.

Follow up work will consist of geological mapping, rock chip sampling and ultrafine soil sampling. Corinthia North target offices a fast pathway to drilling. Pilot South: Outcropping pegmatite 500m in strike averaging 15m wide remains open along strike and depth.

The pegmatite glows under 365nm wavelength, UV light. Follow up work will consist of geological mapping, rock chip sampling and ultrafine soil sampling. Pilot South is another target with potential to fast-track drilling.

Three Bears: Opportunity to test known lithium occurrences that extend south into Golden Horse tenure. Initial work to be conducted will be ultrafine soil testing work to identify lithium anomaly and map geological structures. Mr. Correl South Opportunity to test a northerly trending geological structure, containing known lithium bearing pegmatites.

Initial work to be conducted will consist of additional surface mapping and chip sampling of the geological structures, followed by defined soil sampling. Gold Exploration: The appointment of Travis Vernon (VP Geology) will strengthen the geology team and will fast track a review of the extensive database controlled by Golden Horse and the proposed amalgamation of existing tenure to make tenure management more efficient. Work to date on the data base has confirmed the highly prospective nature of the region outside an already impressive list of gold targets.

Some of the advanced gold targets include: Pilot Project: On the November 2, 2023, the Pilot JV (a joint venture 50% owned by Golden Horse) was approved by the Australian Foreign Investment Review Board ("FIRB"). This is an excellent outcome for Golden Horse as the company progress this asset towards resource definition. The Pilot JV project modelling is seen as a priority work program.

Hakes Find: An advanced gold prospect (100% owned by Golden Horse) that has seen previous exploration with high-grade shallow drill intersections such as: 4m @ 7.81 g/t; and 7m @ 4.10 g/t. Located within 30 kilometres of the Marvel Loch mill, where Golden Horse processed the Pilot stockpile in the second quarter of 2023, Hakes Find presents an opportunity to convert this asset into a producing mine in a very short time. Golden Horse will look to advance this project by converting the prospecting lease into a mining lease within the first half of 2024 with the aim to bring into production before end of year 2024. Birthday Project.

The Birthday tenement cover 0.6 km sq. and is located 30km north of Bullfinch. The tenement encompasses a series of historic underground gold mining operations at Birthday, Birthday Extended, Birthday South, Birthday West, and Birthday West Extended.

Preliminary field work by Golden Horse at the Birthday Mine Project consisted of a number of chip samples from an underground level pillar on the 1st level and from the decline wall, which returned significant assay results including: 0.1 metres @ 65.60 g/t Au (pillar sample); 13.8 metres @ 0.30g/t Au including 5.4m @ 0.50g/t Au and including 1.5m @ 1.20g/t Au (decline wall); and 0.2 metres @ 0.58g/t Au (portal area). The samples demonstrate the clear prospectivity outside the main working areas. The acquisition of the mining tenement containing the Birthday project (M77/450) was approved by FIRB on the October 26, 2023.

This is a significant milestone for Golden Horse as continue to advance this project. Hopes Hill South: On the July 17, 2023, the prospecting lease P77/4144 was converted to mining lease M77/1296 and received FIRB approval on October 26, 2023 for the tenement to be transferred into the Golden Horse group of companies. This is another significant milestone for Golden Horse as it allows the company to fast-track work on this project given the near surface mineralised already identified from field work.

The field work also confirmed the extensive historic workings running parallel to the historic Hopes Hill Open pit. These workings have zero drill holes either in or along strike of these workings. The next steps in the evaluation process prior to drilling will be further confirmational mapping of the historic workings, digitalising and modelling the geological structures and planning drill targets.