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Golden Horse Minerals Ltd
Symbol	GHML
Shares Issued	159,547,285
Close 2023-12-22	C$ 0.13
Market Cap	C$ 20,741,147
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Golden Horse reviews 2023 in newsletter by chairman

2023-12-22 20:27 ET - Shareholders Letter

Subject: Golden Horse Minerals Word Document File: '\\swfile\EmailIn\20231222 165835 Attachment 20231222 Golden Horse_Announcement - Shareholder Newletter_Final(118443725.1).docx' 1 118443725 v1 118443725 v1 GOLDEN HORSE ISSUES SHAREHOLDER NEWSLETTER December 22, 2023 (Perth, Western Australia) - Golden Horse Minerals Limited (TSXV: GHML) is pleased to issue an end of year shareholder letter from Chairman and Interim CEO, 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 ("Golden Horse Minerals", "GHM" or the "Company") achieved throughout 2023. In many ways, 2023 was truly a transformational year for GHM shareholders and stakeholders alike. We continued our consolidation strategy throughout the Southern Cross region in Western Australia ("WA"), a historically significant gold producing region in WA, and more recently, an emerging lithium province. We funded working capital through the monetisation of residual low grade stockpiles left following the mining of the Pilot Open Pit in the early 1990's and a small private placement, we brought a significant new shareholder into GHM, carried out a number of field mapping and sampling program, conducted a review of the very large data base and bolstered an already highly experienced board and management teams with both Paul Huet (current Chairman of TSX listed Karora Resources a AUD$1bn company) and Jonathan Lea (a highly experienced geologist and former Managing Director of several; ASX listed company's) joining the Board and on an Executive level, Martin Bouwmeester CFO/Company Secretary and Travis Vern VP 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 not only of taking GHM 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 Minerals, 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 Minerals, which now controls over 900km2 of land, up an incredible 868km2 in less 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 land holder in the belt which includes part of the Fraser Shear that has historically produced +12Moz gold. Our tenure now covers some 90km strike of the main Southern Cross greenstone belt and is strategically positioned along strike from notable historic operations including Copperhead (1.5Moz at 3.7g/t) and Frasers (1.2Moz at 4.8g/t). Our exploration strategy to date has been focused towards 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 grow our emerging lithium projects which we have very high hopes for. Importantly, the generation of cash from these starter open pits will minimise the need to keep coming back to shareholders funds, thus minimising dilution, and shares on issue. This approach to funding can best be evidenced, when in early 2023 GHM generated AUD$4.5 million in revenue (net AUD$1.9M) through monetising 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 GHM 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 Mt Holland lithium mine which has a resource of 186 million tonnes at 1.53% Li2O (Mt Holland is located approx. 100Km south of Southern Cross). Our initial field and data review work has outlined numerous outcropping pegmatites from which we have prioritised 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 1.2km of strike and up to 16m 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 prioritisation and planning of drill targets. As mentioned earlier, GHM added a number of important appointments to the Board and Executive teams. In particular, Paul Huet who was the key driver in taking Karora from a single mine with a market cap of less than $100m to a $1Bn company with three operating mines and two processing plants within a three-year period, demonstrating a track record of consolidation and monetisation. Also added to the Board, was Jonathon Lea, a very well-known geologist who has held the role of Managing Director for several ASX listed companies. We also successfully raised C$2.4 million in two private placements with the last at a price of CAD$0.08 (a 70% increase on the current share price $0.135). On a 12-month basis we have seen the GHM share price increase some 250% since the start of 2023. The funds raised were predominantly used for the regional consolidation, exploration activities and working capital. While GHM Horse has achieved 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 GHM Board and our small Executive team of Claudia Carmignani, Travis Vernon, Martin Bouwmeester and led by Josh Conner, all who have worked extremely hard and done a fantastic job. On behalf of 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 CEO On behalf of Golden Horse Minerals Limited For more information contact: Graeme Sloan Director / Interim CEO Email: graeme.sloan@goldenhorseminerals.com.au +61 9322 1788 Cautionary Statement on Forward-Looking Information This release contains "forward-looking information" or "forward-looking statements" within the meaning of Canadian securities laws. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions. Such factors include, among other things: risks and uncertainties relating to exploration and development, the ability of the Company to obtain additional financing, the need to comply with environmental and governmental regulations, fluctuations in the prices of gold and other commodities, operating hazards and risks inherent in the resource industry, competition and other risks and uncertainties, including those described in the Company's financial statements and/or management discussion and analysis available on www.sedarplus.ca The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.