Mr. Graeme Sloan reports

GOLDEN HORSE ANNOUNCES PRIVATE PLACEMENT

Golden Horse Minerals Ltd. has arranged a non-brokered private placement of up to 18,461,538 common shares in the capital of the company at a price of 9.75 cents per share for gross aggregate proceeds of up to approximately $1.8-million.

The company intends to use the proceeds from the offering to finance gold and lithium exploration efforts on its projects in the Southern Cross region of Western Australia, as well as for working capital and general corporate purposes.

The securities issuable pursuant to the offering will be subject to a statutory hold period of four months and one day from their date of issuance in accordance with applicable Canadian securities laws.

The company may pay a finder's fee in respect of those purchasers under the offering introduced to the company by certain persons. Each finder will receive a cash payment equal to 5 per cent of the gross proceeds received by the company from purchasers under the offering who were introduced to the company by such finder.

The company anticipates closing the offering prior to the end of 2023, subject to the approval of the TSX Venture Exchange, receipt of any other required regulatory approvals and satisfactions of other customary closing conditions.

It is expected that certain directors and officers of the corporation may participate in the offering. As a result, the offering is expected to be a related party transaction subject to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company expects to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that participation in the offering by such directors and officers is not expected to exceed 25 per cent of the fair market value of the company's market capitalization.

About Golden Horse Minerals Ltd.

Golden Horse is a gold exploration company which has consolidated the rights to a large highly prospective area covering one of Australia's most successful gold provinces in the Southern Cross region of Western Australia. The Golden Horse tenure is more than 900 square kilometres within a large geological phenomenon known as the Southern Cross greenstone belt. The belt spans approximately 400 km in length and has produced more than 12 million ounces of gold. It is one of the top precious metals provinces in Western Australia. The greenstone belt consists of altered intrusive and metasedimentary rocks which are supported by two operating gold mills at the Marvel Loch and Edna May processing plants.

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