Mr. Graeme Sloan reports

GOLDEN HORSE ISSUES SHAREHOLDER NEWSLETTER

Golden Horse Minerals Ltd. has issued an end-of-year shareholder letter from chairman and interim chief executive officer Graeme Sloan.

Dear shareholders,

With Christmas and the new year now fast approaching, I would like to take this opportunity to provide you with a brief overview on the accomplishments your company achieved throughout 2023. In many ways, 2023 was truly a transformational year for Golden Horse shareholders and stakeholders alike.

We continued our consolidation strategy throughout the Southern Cross region in Western Australia, a historically significant gold-producing region in WA, and, more recently, an emerging lithium province. We financed working capital through the monetization of residual low-grade stockpiles left following the mining of the Pilot open pit in the early 1990s and a small private placement. We brought a significant new shareholder into Golden Horse, carried out a number of field mapping and sampling programs, conducted a review of the very large database, and bolstered an already highly experienced board and management team with both Paul Huet (current chairman of Toronto Stock Exchange-listed Karora Resources, a $1-billion (Australian) company) and Jonathan Lea (a highly experienced geologist and former managing director of several Australian Securities Exchange-listed companies) joining the board and, on an executive level, Martin Bouwmeester, chief financial officer/company secretary, and Travis Vern, vice-president of geology. Couple these new members with our energetic and resourceful chief operating officer, Josh Conner, and you have an extremely talented and professional team capable of not only taking Golden Horse to the next level, but ensuring we add real shareholder value through our activities.

As part of this transformation, the company also changed its name to Golden Horse, reflecting a clear departure from previous strategic activities.

For the first time in the history, a very large portion of the northern region of the Southern Cross greenstone belt is now under the one owner, Golden Horse, which now controls over 900 square kilometres of land, up an incredible 868 square kilometres in fewer than 12 months under the new management, a significant feat given no company or individual has been able to do so in the past. As a result, we are now the largest landholder in the belt, which includes part of the Fraser shear that has historically produced more than 12 million ounces gold.

Our tenure now covers about a 90-kilometre strike of the main Southern Cross greenstone belt and is strategically positioned along strike from notable historic operations, including Copperhead (1.5 million oz at 3.7 grams per tonne) and Frasers (1.2 Moz at 4.8 g/t).

Our exploration strategy to date has been focused toward developing near-term cash-flow-generating opportunities from a number of small, high-grade open pits, which will allow funds from those projects to be channelled back into developing our potentially larger resources, which we believe exist up and down our tenure. These funds will also be used to build our emerging lithium projects, which we have very high hopes for. Importantly, the generation of cash from these starter open pits will minimize the need to keep coming back to shareholders funds, thus minimizing dilution and shares on issue. This approach to financing can best be evidenced when, in early 2023, Golden Horse generated $4.5-million (Australian) in revenue (net $1.9-million (Australian)) through monetizing residual low-grade stockpiles at the historic Pilot mine by toll processing 1,578 ounces of gold through the Marvel Loch mill.

So on the gold front, lots of very positive activity where we have positioned Golden Horse for the next stage of development in the new year.

On the exciting lithium potential, we are also growing. It is now becoming much clearer that our land position also boasts an emerging lithium province north of the world-class Mount Holland lithium mine, which has a resource of 186 million tonnes at 1.53 per cent lithium oxide (Mount Holland is located approximately 100 kilometres south of Southern Cross). Our initial field and data review work has outlined numerous outcropping pegmatites, from which we have prioritized seven lithium targets. Priority targets include Mathesons South, which presents an opportunity to test known lithium occurrences, as well as Paddocks zone, where historic drilling identified shallow pegmatite over 1.2 km of strike and up to 16 m wide.

In the new year, work will focus on further mapping and sampling of the outcropping pegmatite, a comprehensive soil sampling program on a number of the priority projects, continuing the data review program, and the prioritization and planning of drill targets. As mentioned earlier, Golden Horse added a number of important appointments to the board and executive teams. In particular, Mr. Huet, who was the key driver in taking Karora from a single mine with a market capitalization of less than $100-million to a $1-billion company with three operating mines and two processing plants within a three-year period, demonstrating a record of consolidation and monetization. Also added to the board was Mr. Lea, a geologist who has held the role of managing director for several Australian Securities Exchange-listed companies.

We also raised $2.4-million in two private placements with the last at a price of eight cents (a 70-per-cent increase on the current share price of 13.5 cents). On a 12-month basis, we have seen the Golden Horse share price increase about 250 per cent since the start of 2023. The funds raised were predominantly used for the regional consolidation, exploration activities and working capital.

While Golden Horse has made significant strides (apology for the horse pun), we will not be resting on our laurels in the new year. We are busy progressing with a dual listing on the Australian Securities Exchange, which we believe will increase liquidity and provide existing and new shareholders greater ease and access to trading.

We will also be on the hunt to further consolidate our gold and lithium tenure within the Southern Cross greenstone belt, albeit with a very critical eye.

I look forward to updating investors on what promises to be another action-packed year.

In conclusion, let me thank all shareholders for your continued support and a special thanks to the Golden Horse board and our small executive team of Claudia Carmignani, Mr. Vernon and Mr. Bouwmeester and led by Mr. Conner, all of whom have worked extremely hard and done a fantastic job.

On behalf of the board, I would like to wish all our shareholders and their families a very merry Christmas and a happy and prospective 2024.

Graeme Sloan,

Chairman and interim chief executive officer

We seek Safe Harbor.