Mr. Graeme Sloan reports

GOLDEN HORSE MINERALS ISSUES SHAREHOLDER NEWSLETTER

Golden Horse Minerals Ltd. has issued another shareholder newsletter from chairman and interim chief executive officer, Graeme Sloan.

Dear shareholders:

What a great start to the new year for your company on the back of 2023, which, in many ways, truly transformed the company. More on that later, but first let me take the opportunity to provide an update on the recent activity at Golden Horse Minerals.

Australian Securities Exchange dual listing update: One of the major highlights for Golden Horse Minerals is the progress we have made toward a dual listing on the Australian Securities Exchange. We are pleased to inform you that we are well advanced in this process with our legal associates Allens and many others dedicated to expediting the listing process.

We are targeting completion before the middle of the year, with a goal to be dual listed on the ASX before June 30, 2024. This milestone is a testament to the hard work and dedication of our team and signifies our commitment to enhancing shareholder value.

We will keep you updated on the progress of the ASX dual listing in the coming months and encourage you to stay connected through our communication channels.

Expansion of Southern Cross greenstone belt holdings: As announced on Jan. 8, 2024, we acquired a highly prospective gold and lithium tenement package from Enterprise Metals Ltd., an entity listed on the ASX. This acquisition consolidates another substantial portion of the Southern Cross greenstone belt and takes the company's strategic landholding to an impressive 1,300 square kilometres, reinforcing our commitment to strategic growth and exploration in a province that has produced an excess of 12 million ounces. This acquisition has been conditionally approved by the TSX Venture Exchange but remains subject to the company fulfilling all of the requirements required for final acceptance.

Exploration endeavours and field trips: We have hit the ground running in the field, conducted a number of soil sampling programs (gold and lithium), and look forward to updating the market when the assays are received and collated. We have advanced our brownfield gold project, with digitalizing historic data at Hakes Find, and more recently have undertaken a lidar drone survey. Hakes Find and a number of similar type prospects will form the basis for expected gold production in early 2025 or sooner.

RIU Explorers Conference in Fremantle (Western Australia): Next week, Golden Horse Minerals will be attending the RIU Explorers Conference in Fremantle. We are located at booth 152, so if you are attending the conference, we extend a warm invitation to stop by and meet the team. Your support and engagement are invaluable to us.

In conclusion, a special thanks to the Golden Horse board and our small executive team led by Josh Conner and the hard-working team members of Claudia Carmignani, Travis Vernon and Martin Bouwmeester, who have all done a fantastic job.

On behalf of the Golden Horse Minerals board, I would like to thank all our shareholders for their continued support and wish you all a happy and prospective 2024.

Graeme Sloan

We seek Safe Harbor.