Golden Horse Minerals Limited, provided an update on its ongoing lithium mapping and sampling program which continues to define potential lithium mineralisation at the Southern Cross North project, located in Western Australia. 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 ("CSIRO") 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 an 400m x 80m grid over much of the area with the spacing reduced to 200m x 40m in the southernmost sampling area. The results from Radio North confirm the presence of lithium anomalism (peak value 84.4 ppm Li) as well as elevated pathfinder elements associated with lithium anomalism (Cs, Nb, Rb, Sn and Ta).

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%) returning grades over +40ppm Li. A total of 17 higher grade samples returned results above 60ppm. 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 4km of strike 1. Apart from the work completed by Enterprise Metals, there has been no documented lithium focussed exploration in the area.

The Company has also received soil sample assays from the Trough Well prospect, that is approximately 26km 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 40-60ppm Li and a high-grade cluster of 13 samples containing >60ppm Li, (peak value 104.0ppm Li). The Trough Well prospect is an emerging target for Golden Horse and is co-located with a historic nickel-focussed drilling campaign, offering the Company access to historic core for lithium-specific analysis and is also the focus of other modern exploration techniques.

Mapping activities have been focused on tenure recently acquired from Enterprise Metals 2 encompassing 278km2 located 40km north of the mining town of Southern Cross. To date, the Company has visually identified a +10km contiguous swarm of outcropping pegmatites which are coincident with historic and recently received assay results confirming the presence of lithium, caesium and rubidium in soil. At least 3 separate and sub-parallel dykes have been identified.

The pegmatites typically form low-lying outcrop and sub-crop necessitating detailed ground coverage to locate. The low-lying nature of the exposed pegmatites make it difficult to determine the dip direction and thickness of the pegmatite dykes 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) 3 that extend 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 mineralisation and is shaping up as a priority target for further exploration. 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 proven to host substantial lithium deposits via the discovery of the Earl Grey deposit (186Mt @ 1.56% LiO2 4) at the Mt 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 in-fill 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 35-40km corridor between the Radio North and Trough Well. Soil sampling is also planned to test the entirety of the highly prospective corridor.