Golden Metal Resources plc announced an exploration update on the 100% owned Pilot Mountain project. On 11 March 2024 the Company announced that it had completed a strategic fundraise for a total of £750,000. These funds are being used to facilitate the exploration steps outlined below.

Pilot Mountain Resource and Exploration Highlights: Pilot Mountain hosts a Mineral Resource estimate ("MRE") of 12.53Mt at 0.27% tungsten trioxide (WO3) with significant copper ('Cu') - silver ('Ag') - zinc ('Zn') credits. This in-ground resource is believed to be the largest and most advanced undeveloped tungsten resource located in the USA. Exploration targets identified in 2018 outline additional resource potential ranging from 11.0 - 23.0Mt with expected grades from 0.3 - 0.5 % WO3.

Golden Metal carried out a high-resolution induced polarisation geophysical survey in 2022/2023 which identified an additional five priority targets, further highlighting the significant exploration upside that is at Pilot Mountain. Program specifics and expected start date will be released to the market in the coming weeks. One of the key targets of interest is the untested Porphyry South target as it may represent the porphyritic intrusive body (causative porphyry) that could be responsible for the skarn-type mineralisation found at Pilot Mountain.

The copper potential will also be further investigated during the upcoming programme which is highlighted by two historical drillholes which returned 17.5m of 1.8% copper (Desert Scheelite) as well as 26.6m of 1.0% copper (Good Hope). The Company is finalising the contract with a Nevada based drilling contractor and expects this to be signed before the end of March. Alongside the exploration potential which will be tested during the upcoming programme, the development and extension of the currently defined Mineral Resources at Pilot Mountain is a key focus, given the USA's need for a domestic tungsten supply.

As a result, the Company is rapidly advancing plans to commence key permitting studies which will be required for next stage Project development. Further updates on this will be released to the market In due course.