Mr. Graeme Sloan reports

GOLDEN HORSE IDENTIFIES LITHIUM ANOMALY AT SOUTHERN CROSS NORTH PROJECT

Golden Horse Minerals Ltd. has provided an update on its continuing lithium mapping and sampling program, which continues to define potential lithium mineralization at the Southern Cross North project, located in Western Australia.

Commenting on the results, Golden Horse chairman and interim chief executive officer Graeme Sloan said: "From the outset, our intention was to work constructively with local landholders and third parties in the Southern Cross greenstone belt to consolidate tenure, which we view as highly prospective for multicommodity discoveries. These latest lithium results certainly support this strategy.

"Our exploration team have spent considerable time on site mapping, logging and sampling our tenure. Following this hard work, Golden Horse has defined an extensive layered outcropping pegmatite swarm spanning over 10 kilometres in length.

"Large pegmatite structures we are seeing represent exceptional targets for exploration, and our chances of making a significant discovery are further boosted by the geochemical exploration that consistently demonstrates the presence of lithium and other pathfinder elements within the pegmatite.

"The latest sampling activity has defined numerous anomalies of approximately 60 parts per million lithium that the company sees as highly significant in this geological setting.

"A series of geochemical discoveries made during the discovery stages at the large-scale Mount Holland operations -- located in the southern portion of the Southern Cross greenstone belt -- were of this same 60-part-per-million magnitude.

"While further work and eventual drilling programs are required to determine whether the company has a significant lithium-bearing structure, these developments are very positive and position the company well for future exploration success."

Lithium soil sampling

In January, 2024, soil sampling campaigns were completed at Radio North (four separate areas), Trough Well and Ennuin North. The 846 samples from the six locations were submitted for assaying using the ultrafine assay technique developed by the Commonwealth Scientific and Industrial Research Organisation to better detect subtle anomalies under transported cover. Samples were assayed for 52 elements.

The first-pass and wide-spaced soil sampling was completed on a 400-metre-by-80-metre grid over much of the area with the spacing reduced to 200 m by 40 m in the southernmost sampling area.

The results from Radio North confirm the presence of lithium anomalism (peak value of 84.4 ppm Li), as well as elevated pathfinder elements associated with lithium anomalism (cesium, niobium, rubidium, tin and tantalum). Across the four areas tested at Radio North, the company has identified a large area containing elevated levels of lithium with 76 of the 366 samples (approximately 20 per cent) returning grades over 40 ppm Li. A total of 17 higher-grade samples returned results above 60 ppm.

The emerging pegmatite target at Radio North was partially identified and sampled by Enterprise Metals Ltd., which confirmed the presence of lithium anomalism in the southern four kilometres of strike. Apart from the work completed by Enterprise Metals, there has been no documented lithium-focused exploration in the area.

The company has also received soil sample assays from the Trough Well prospect that is approximately 26 km north of the Radio Hill North prospect area and contains identified outcropping pegmatite.

Assays have outlined an area containing elevated lithium grades similar to those identified at Radio Hill North with 33 of the 194 samples returning 40 to 60 ppm Li and a high-grade cluster of 13 samples containing greater than 60 ppm Li (peak value of 104.0 ppm Li).

The Trough Well prospect is an emerging target for Golden Horse and is co-located with a historic nickel-focused drilling campaign, offering the company access to historic core for lithium-specific analysis, and is also the focus of other modern exploration techniques.

Mapping confirms greater-than-10-kilometre pegmatite

Mapping activities have been focused on tenure recently acquired from Enterprise Metals encompassing 278 square kilometres located 40 km north of the mining town of Southern Cross.

To date, the company has visually identified a greater-than-10-kilometre contiguous swarm of outcropping pegmatites, which are coincident with historic and recently received assay results confirming the presence of lithium, cesium and rubidium in soil. At least three separate and subparallel dikes have been identified. The pegmatites typically form low-lying outcrop and subcrop, necessitating detailed ground coverage to locate. The low-lying nature of the exposed pegmatites makes it difficult to determine the dip direction and thickness of the pegmatite dikes, and further work is needed to better understand the extent and orientation.

The previous work of Enterprise Metals partially defined the extent and characteristics of the pegmatite formation (also known as the Matheson pegmatite swarm) that extends within greenstones from the Radio gold mine along strike to the north and to the Maries Find prospect.

The formation has never been drilled for lithium mineralization and is shaping up as a priority target for further exploration.

Interpretation of results and next steps

Golden Horse is particularly buoyed by the anomalous grades encountered from its early-stage lithium exploration results, which are consistent in magnitude with other major discoveries located within the Southern Cross greenstone belt.

Most notably, the Southern Cross greenstone belt has been proved to host substantial lithium deposits through the discovery of the Earl Grey deposit (186 million tonnes of 1.56 per cent lithium oxide) at the Mount Holland operations located along the southern extent of the belt.

Lithium exploration at Earl significantly leveraged soil sampling, which was demonstrated to be a reliable tool for making discoveries. Given the similarities in the geological setting along the Southern Cross greenstone belt, the results generated by Golden Horse to date are considered highly encouraging.

Further work is clearly required to define the extent and characteristics of the lithium-enriched pegmatites at Radio North and Trough Well. The company will actively proceed with extensional and infill soil sampling, seeking to better define the initial anomalies to assist with future drilling planning.

There is potential that further pegmatite will be identified in the 35- to 40-kilometre corridor between the Radio North and Trough Well. Soil sampling is also planned to test the entirety of the highly prospective corridor.

Competent person statement

Jonathan Lea, a member of the Australian Institute of Mining and Metallurgy (AusIMM) and an independent qualified person as defined by National Instrument 43-101, is responsible for the preparation of the technical content regarding the Southern Cross project contained in this document. Mr. Lea is a non-executive director of Golden Horse, and has reviewed and approved the technical disclosure in this news release.

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