Golden Horse Minerals

Thanks, Kyle. So we are Golden Horse Minerals. Particularly well-branded in 2026, the year of the horse. We are a very active explorer, and we will be a future gold developer with the assets we have. What I mean by that is we had $42 million in the bank at the start of the year and our target budget for the year was to drill 100 kilometers of drilling into our tenure. That sounds like a lot. It is a lot. And we are on target to do that.

Why we can drill so much? We have the biggest land package ever put together in the Southern Cross Greenstone Belt. We’ve got more than 1,800 square kilometers. That’s over 100 kilometers north to south of strike along this historic greenstone belt. It’s produced more than 19 million ounces over the last 150 years. It’s been fairly unloved. The mighty Southern Cross and this company, Golden Horse Minerals, was put together with 20 separate corporate transactions to piece all this tenure together and bring to you this fantastic package of assets. Our flagship asset, which we’ll spend a bit of time talking about, is Hopes Hill. It sits on a mining lease. It’s a historic mill site. And we’ll run through a fair bit exactly how that’s ticking along.

We capped about one fifty. Key things to note really are Emerald Resources sits on our register as a 20% shareholder. They’re very supportive. We have some interest out of North America, with 1832 sitting there as well, and a number of other instos and family offices sitting behind that. So we’re quite comfortable. We’ve got good coverage from our friends at Euroz, Shaw, Petro and Canaccord, with their own views of how we’re ticking along as a company. Probably again, we started the year with $42 million in the bank. We had just over thirty at June. We’ve drilled 50 kilometers by the end of June. And we’re on track for a 100-kilometer target. And what that means and where we’ll go from here is exactly what we’re hitting and what we’re finding with that budget.

So 2026, the year of the horse, we’ve had some phenomenal results which are all listed there. I won’t run through them. Particularly of note is we’ve gone from some big broad intercepts into really specific type gold discoveries, I guess the best way to put it. Our geos are absolutely frothing. Earlier this week, we put out that 4 meters at 70 grams. They panned the rock chips from an RC. You can see the tail of the gold just sitting in the bottom of the pan there, with a couple of little lumpy ones as well. So that was very exciting.

Back half of the year, we’ve still been drilling quite aggressively. We are going to move into a little bit of air core on some of our regional prospects. We have such a huge package of tenure. It’s almost doing a bit of a disservice focusing so much on Hopes Hill. But Hopes Hill itself, when we brought this to market late 2024, we came to market with about 16 targets we were going to drill. Our first drill hole we put in in January last year hit 65 meters at 2.5 grams, directly under this old historic pit called Hopes Hill. And quite frankly, we haven’t really left. Of those wonderful 17 targets the geos have worked out, we’ve only drilled about three or four of them, due to the success we’ve had here at Hopes Hill.

It was mined in the early nineties. They pulled a couple hundred thousand ounces at 2.5 grams. It’s a 1.3-kilometer-long pit or six and a half furlongs for the horsey people, just to throw one in there for you, Kyle. And it was only mined down about 50 meters. We’ve drilled a lot of meters into this asset. We are now down north of 400 meters, and we’re still hitting gold. It was previously tenure constrained when it was owned and when it was mined. You can see on the diagram behind me, they mined right up to the tenure boundary on the west for that entire 1.3 kilometers. They mined to the tenure boundary at the north, and it was pretty messy down south as well. This is the first time all that tenure you can see on that page in front of you is owned by one company.

We’ve now had free access to this asset. We’ve been drilling it from the west. We’ve hit those lovely numbers all the way down to almost 400 meters so far. But more importantly, what we’ve been focusing on is it’s not just 1.3 Ks. That’s what they mined ’cause that’s what they had. But this is a four-plus kilometer strike at this point. That last RC hole we put out, the four at seventy, that was almost two Ks north of the current pit, as we start to pull this north and south. We do sort of don’t say this slightly. It is getting better with every hole. The further down we go under this pit, we’re still hitting really good grades. It’s really consistent and it’s a nice thickness. We’re starting to pull it to the south, as I mentioned, and again to the north. Every couple of holes we’re putting in is hitting mineralization under this pit and we are building quite a substantial database of information around this asset.

I am focusing on this little picture. The guys are pretty pumped with it. The fact that they identified where they thought the gold was, built the drill program around it and then hit it bang smack through the middle, which is fantastic. But all it tells me is we have not defined this asset yet. We haven’t found the northern boundary. We haven’t found the southern boundary and we’re still open at depth. So this will be a mine. It will be mined. It’s going to be substantial.

In terms of the network, there was a CIL plant there in the early nineties, which we talked about. They pulled out a couple hundred thousand ounces from this pit. We did some bottle rolls last year. We averaged over 97% recoveries on those. We then did a full microscopy study earlier this year, where they cut slices of our diamond core and identify what sits in there. And there’s a little picture there you can see showing the gold sits just outside the pyrite in really ultra-fine grains. It will be a simple crush CIL plant. There’s no refractory nature in this ore at all, which is fantastic.

So then we step back and we’ve spent a lot of time on Hopes Hill due to the success we’ve been having there, but we do have a number of other targets. A couple we drilled earlier in the year. Green Mount down south, we hit 8 meters at 16, which was fantastic, and eight at eight. Some really lovely numbers there. We’ve drilled out Marionette last year. It’s about a 300 meter strike length there. We hit gold from surface in a place that we only had mag information on and never been drilled before. We have over 3,000 identified shafts on this tenure of historical workings, which is quite phenomenal when you’re walking the ground, to see how much is there. The back end of this year, we’ve got a number of targets we wanna drill. Some haven’t been touched since the early nineties. We’re only running on historical data here, but this is such a well-endowed belt and we have such a large land package. We’re pretty excited about what we’ll get up to.

Stepping out a little bit further, Southern Cross has become a little bit more interesting of late, with three major companies now in the region. We do have the biggest land package there, but we have seen our friends at Forestania just purchase the Edna May Mill, which sits about 60 Ks to the west of us. And then we have Bartow sit about 30 Ks south of us with the Marble Lock Mill as well. So we’re starting to get a bit more action. We fundamentally believe that Hopes Hill is an asset that’d be big enough to stand alone. And given it’s a historic mill site, it’s on an active mining lease, and we’re redoing the environmentals. We are well advanced on that front.

One of the things we picked up early as part of those 20 corporate transactions that put together this fantastic package of tenure, we picked up an asset in the Northern Territory, our Sorrel Copper Project. It is a huge lick of tenure. Again, it’s 7,500 square kilometers. It does have a mineral resource for copper on it. It does have a cobalt resource on it as well. It has been fairly buried in our portfolio. We’ve just been cleaning it up. We will spin that out to our shareholders going forward. It’s not a key project for the Mighty Golden Horse, but it is very interesting to have 88,000 tons of copper in a resource.

And so that’s us. That’s the Mighty Golden Horse for 2026, the year of the horse. We have the best land package ever put together in Southern Cross. We are building towards an MRE. You can see from the results we’ve been talking about, there is plenty of gold in them hills. We have all the infrastructure we need. Our flagship asset’s seven kilometers north of town. There’s the railway, the main freeway out to Kalgoorlie. We have water, power direct to site and everything we need to build this project. We’ve got a great little team, I didn’t really touch on them at the start, led by Graeme Sloan. As much as it is the management, it’s the jars on the ground that have been designing these holes, drilling them, and bringing the success we’ve had. And we think with this aggressive drill program, with the big budget we started the year with, consistent news flow is the way to go. That’s what we’ve been doing. And we’ve been really enjoying 2026, the year of the horse. Thank you.

Awesome. Well done, Nick. Do we have any questions for Nick? Nick, if you could go back to the slide with the long section showing the dip, or I guess the plunge there, or that one there. Maybe walk us through what you’ve learnt about the high-grade mineralization in particular, and how that’s changing the way you drill at depth and along strike.

When we started drilling, we were drilling directly under the pit in that main plunging chute you can see there, dips to the south. Our assumption was that that was what they were chasing. But the more we drilled, we drilled a lot direct down to the pit last year, and this year we’ve been pulling that to the north and south. There’s another really interesting chute developing at the south, which you can see with a couple of those numbers on the screen, particularly that eight of nine, which was lovely. But as we go deeper, we’ve been pushing further to the north. And you can see those holes almost down 400 meters now. So what we have learnt is, yes, there was a high-grade chute there, but it was only part of what will be quite a substantial system here at Hopes Hill.

Wonderful. And maybe walk us through the budget moving forward. How far does this get you cash position and when studies will start?

Yeah, look, you’re aware our budget was around thirty million for the year. That’s what we will put into the ground to get these meters. Look, moving forward, we will continue to be just as aggressive next year. In my opinion, we have so much tenure here and so many assets that need to be tested, and we’d be doing it a disservice to not continue running at this pace.

Awesome. Good one. Thanks, Nick.

Cheers, mate. Thank you.

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