Highlights

• Golden Horse Minerals has drilled over 50 kilometres at Hopes Hill and regional prospects in 2026, with high-grade intercepts including 4 metres at 73.3 grams per tonne gold — among the strongest results in the Southern Cross Greenstone Belt.

• The company holds a dominant tenement position within the 19-million-ounce Southern Cross Greenstone Belt and is targeting an inaugural Mineral Resource Estimate at Hopes Hill.

• A planned spin-out of the Sorrel copper asset into a separate entity, Sorrel Metals Ltd, is proposed to give shareholders focused exposure to the Sorrel copper deposit while retaining the gold portfolio.

• Golden Horse ended the September 2026 quarter with approximately $23 million in cash, described as fully funded for its current exploration programmes.

Golden Horse Minerals Limited (ASX:GHM), an ASX-listed gold explorer trading under the ticker GHM, presented to investors at the CG Australia Noosa Mining Conference in November 2026, delivering an update on its exploration portfolio in the Southern Cross Greenstone Belt of Western Australia and outlining the company's near-term strategic priorities. The company has been listed on the ASX since December 2024 and has pursued an aggressive drilling agenda since listing, aiming to build a Mineral Resource Estimate at its flagship Hopes Hill Gold Project while simultaneously testing regional prospects across a dominant tenement position that covers the most mineralised sections of the 19-million-ounce endowed Southern Cross Goldfield. The presentation conveyed an exploration program of significant scale — more than 100 kilometres drilled by the company to date — and introduced investors to the range of high-grade gold results delivered across multiple programme phases.

Hopes Hill Gold Project — Drilling Results and Exploration Scale

The centrepiece of the presentation was the Hopes Hill Gold Project, a former producing mine that generated more than 216,000 ounces of gold at approximately 2.5 grams per tonne between the late 19th century and 1989. Under previous operators, drilling was largely concentrated around the historic pit, leaving substantial strike extensions and depth continuity untested. Golden Horse's exploration programme has expanded the known mineralisation footprint considerably, with 2026 drilling generating a series of high-grade and wide intercepts across three distinct zones — Hopes Hill North, Hopes Hill Main, and Hopes Hill South. Among the most notable results was a four-metre interval averaging 73.3 grams per tonne gold at Hopes Hill North, more than 1.5 kilometres from the historic pit crest, confirming the presence of high-grade gold well beyond the previously mined area. Diamond drilling at depth has intercepted wide mineralisation at more than 350 metres below surface. The company has also identified free-milling mineralisation through microscopy studies and confirmed high recovery characteristics in metallurgical test work, reducing processing risk relative to some other gold project styles.

Regional Exploration and the Southern Cross Belt Context

Beyond Hopes Hill, Golden Horse's conference presentation introduced several regional prospects at various stages of drill readiness. The Greenmount prospect, tested in a first-pass program in 2026, returned high-grade gold intercepts that the company described as confirming extensional mineralisation. The Withers prospect has been the subject of surface sampling that identified high-grade gold associated with quartz veining in a granite host. The Golden Valley Group and Southern Cross South areas are queued for near-term aircore and RC drilling programs. The company's position within the Southern Cross district is notable not only for the scale of its own tenement package but also for the broader context of increasing activity in the region, with several neighbouring operators advancing projects or receiving Acquisition interest from larger companies. The convergence of company-generated exploration success and regional discovery activity contributes to the Investment case that the Southern Cross belt is an increasingly active and potentially rewarding Jurisdiction for gold exploration.

Sorrel Copper Asset and Corporate Strategy

On the corporate side, Golden Horse's presentation disclosed a proposed spin-out of the Sorrel copper asset, which the company acquired in 2025, into a separate ASX-listed vehicle to be called Sorrel Metals Ltd. The Sorrel project is located in the McArthur Basin of the Northern Territory and hosts a Mineral Resource Estimate covering a meaningful Volume of copper mineralisation, with over 780 drill holes and 55,000 metres of historical drilling providing the data foundation for that estimate. The spin-out is designed to give shareholders in both the new entity and Golden Horse itself more focused exposure to their respective commodities — gold through GHM and copper through Sorrel Metals — while enabling each company to pursue a Capital allocation strategy suited to its specific asset stage and investor base. The company's cash position at the end of the September 2026 quarter was approximately $23 million, described as fully funding the current exploration pipeline. Golden Horse's approach to the Southern Cross district also reflects a broader trend in Australian gold exploration where consolidation of tenure over historically fragmented belts can unlock discovery potential that was previously constrained by the inability of any single party to test geological hypotheses across a contiguous area. By being the first company to hold consolidated tenure over granted mining leases across the most prospective section of the Southern Cross Greenstone Belt, Golden Horse has the ability to design and execute a systematic exploration strategy that follows the geology rather than the Lease boundaries — a significant operational advantage in a belt where the mineralised system likely extends continuously across ground that was historically subdivided. The investment case presented at the conference for Golden Horse rests on several complementary pillars that reinforce each other: a large tenement position in a proven gold belt, a drilling track record that has delivered consistent high-grade results since listing, metallurgical simplicity in the form of free-milling mineralisation, access to key infrastructure already in place in the district, and a fully funded Balance Sheet that removes near-term capital risk from the exploration programme. The company's stated goal of building a significant gold resource base within 18 months of its ASX listing is an ambitious target that the 2026 drilling programme has substantiated with a volume of field results that is unusual for a recently listed explorer. The inaugural Mineral Resource Estimate, when published, will be a critical value-defining moment that allows the market to place a more precise framework around the geological potential that the company's drilling has been progressively revealing across the Hopes Hill system.

Key Insights

On the corporate side, Golden Horse's presentation disclosed a proposed spin-out of the Sorrel copper asset, which the company acquired in 2025, into a separate ASX-listed vehicle to be called Sorrel Metals Ltd. The Sorrel project is located in the McArthur Basin of the Northern Territory and hosts a Mineral Resource Estimate covering a meaningful volume of copper mineralisation, with over 780 drill holes and 55,000 metres of historical drilling providing the data foundation for that estimate. The spin-out is designed to give shareholders in both the new entity and Golden Horse itself more focused exposure to their respective commodities — gold through GHM and copper through Sorrel Metals — while enabling each company to pursue a capital allocation strategy suited to its specific asset stage and investor base. The company's cash position at the end of the September 2026 quarter was approximately $23 million, described as fully funding the current exploration pipeline. Golden Horse's approach to the Southern Cross district also reflects a broader trend in Australian gold exploration where consolidation of tenure over historically fragmented belts can unlock discovery potential that was previously constrained by the inability of any single party to test geological hypotheses across a contiguous area. By being the first company to hold consolidated tenure over granted mining leases across the most prospective section of the Southern Cross Greenstone Belt, Golden Horse has the ability to design and execute a systematic exploration strategy that follows the geology rather than the lease boundaries — a significant operational advantage in a belt where the mineralised system likely extends continuously across ground that was historically subdivided. The investment case presented at the conference for Golden Horse rests on several complementary pillars that reinforce each other: a large tenement position in a proven gold belt, a drilling track record that has delivered consistent high-grade results since listing, metallurgical simplicity in the form of free-milling mineralisation, access to key infrastructure already in place in the district, and a fully funded balance sheet that removes near-term capital risk from the exploration programme. The company's stated goal of building a significant gold resource base within 18 months of its ASX listing is an ambitious target that the 2026 drilling programme has substantiated with a volume of field results that is unusual for a recently listed explorer. The inaugural Mineral Resource Estimate, when published, will be a critical value-defining moment that allows the market to place a more precise framework around the geological potential that the company's drilling has been progressively revealing across the Hopes Hill system.