Golden Horse Australian IPO Offer to Raise up to A$18M Opens November 5

Highlights:

• Golden Horse's Australian initial public offering (IPO or Offer) to open 5^th November 2024 and is expected to close on or before 15^th November 2024, with an indicative ASX listing date of 2^nd December 2024 under the ASX ticker code: GHM.

• The IPO aims to raise a minimum of A$16 million and maximum of A$18 million (before costs) to support exploration in the Southern Cross Greenstone Belt, a premier gold-producing region in Australia.

• The Offer includes up to 72 million Chess Depositary Interests (CDIs) priced at A$0.25 each, with a priority allocation of up to A$4 million reserved for eligible Emerald Resources NL shareholders.

• Proceeds will fund a comprehensive exploration program, including mineral resource definition drilling, brownfields exploration, and greenfields exploration across the Southern Cross Project.

• Golden Horse has assembled a highly experienced board and management team who are well qualified to exploit the potential of Golden Horse's gold assets.

Vancouver, British Columba--(Newsfile Corp. - November 4, 2024) - Golden Horse Minerals Limited, (TSXV: GHML) ("Golden Horse" or the "Company") is pleased to announce its Australian initial public offering ("IPO" or "Offer") to raise a minimum of A$16 million and maximum of A$18 million (before costs) will open 5^th November 2024 and is expected to close on 15^th November 2024.

This pivotal step will facilitate Golden Horse's listing on the Australian Securities Exchange ("ASX"), with an indicative listing date of 2^nd December 2024 under the ticker code: GHM.

The offer consists of up to 72 million Chess Depositary Interests ("CDIs") priced at A$0.25 each, with a priority allocation of up to A$4 million reserved for eligible Emerald Resources NL (ASX: EMR) shareholders.¹

The funds raised from the Offer will be used by Golden Horse to leverage its strategic position in the Southern Cross Greenstone Belt, one of Australia's most prolific gold-producing regions. The Company's Southern Cross Project spans over 130 kilometres and presents both advanced and untapped exploration opportunities offering the Company a district-scale opportunity for significant discoveries.

The Funds raised will be used to continue the Company's comprehensive exploration program including:

• Mineral Resource Definition Drilling at key prospects such as Hopes Hill, Hakes Find, and Pilot to establish a solid resource base.