Key Highlights

- Golden Horse Minerals Limited (ASX:GHM) reported visible gold at Hopes Hill North on 28 September 2026, with reverse-circulation hole 26HHRC179 returning 4 metres at 73.3 grams per tonne (g/t) gold from 88 metres within a broader interval of 48 metres at 6.3 g/t gold.

- Additional fire assay testing of the high-grade composite produced results ranging from 46.5 g/t to 108.0 g/t gold across 30 samples, highlighting significant grade variability associated with coarse gold mineralisation.

- Golden Horse Minerals Limited (ASX:GHM) reported AUD 22.6 million in cash at 30 September 2026, compared with AUD 30.62 million at 30 June 2026, while continuing exploration across Hopes Hill, Greenmount and regional Southern Cross targets.

Golden Horse Minerals Limited (ASX:GHM) is a Canadian-incorporated, Australian-listed gold exploration company with an extensive exploration portfolio in Western Australia's Southern Cross region. The company's principal activities focus on the Hopes Hill, Greenmount and Bullfinch areas, alongside additional regional exploration targets. On 28 September 2026, Golden Horse Minerals Limited (ASX:GHM) announced visible gold and high-grade assay results from reverse-circulation drilling at Hopes Hill North, approximately two kilometres north of the historical Hopes Hill open pit. The results provide further geological information about the mineralised system as the company progresses drilling, resource modelling and regional exploration activities.

What Do the Latest Visible Gold Results Reveal at Hopes Hill?

Golden Horse Minerals Limited (ASX:GHM) reported a high-grade gold intersection from reverse-circulation drill hole 26HHRC179 at Hopes Hill North, returning 48 metres at 6.3 g/t gold from 44 metres, including 4 metres at 73.3 g/t gold from 88 metres. The intersection was identified approximately two kilometres north of the historical Hopes Hill mine, in an area where modern drilling coverage remains relatively limited.

Visible gold was recovered from drill spoil associated with the high-grade interval, providing direct physical evidence of coarse gold mineralisation. The company subsequently undertook additional analytical testing to assess the gold content and variability within the sampled material.

The intersection forms part of the broader Hopes Hill mineralised system, where drilling has identified gold across several prospects. However, the reported interval includes zones of differing grades, meaning the broader intersection should not be interpreted as uniformly mineralised throughout its entire length.

Why Is the High-Grade Gold Intersection Significant?

The reported intersection of 4 metres at 73.3 g/t gold represents one of the highest-grade drilling results announced by Golden Horse Minerals Limited (ASX:GHM) at Hopes Hill. The result indicates the presence of a concentrated gold-bearing zone within a broader mineralised interval, providing information relevant to the company's geological interpretation.

The location of the intersection is also important because it lies north of the historical Hopes Hill pit, where previous mining activity established the presence of gold mineralisation. Historical production from Hopes Hill totalled approximately 216,000 ounces of gold from 2.9 million tonnes of ore grading an average of 2.25 g/t gold.

The recent drilling results indicate that gold mineralisation is present beyond the previously mined area, although additional drilling will be required to establish the continuity, thickness and extent of the newly identified high-grade zone.

The result does not independently establish a Mineral Resource or demonstrate the economic viability of future mining operations.

What Does Fire Assay Testing Reveal About Gold Grade Variability?

Following the identification of visible gold, Golden Horse Minerals Limited (ASX:GHM) submitted the high-grade composite sample from drill hole 26HHRC179 for additional fire assay testing. The company used a fire assay to extinction procedure, involving repeated analysis of the available sample material to investigate the distribution of gold.

The testing produced results ranging from 46.5 g/t to 108.0 g/t gold across 30 individual samples, with an average grade of approximately 68.4 g/t gold. The variation suggests that coarse gold particles are unevenly distributed within the sample, a characteristic commonly referred to as the nugget effect.

The nugget effect can create challenges when estimating gold grades because individual samples may contain disproportionately high or low concentrations of gold. Consequently, a single high-grade result may not accurately represent the average grade of a broader mineralised zone.

Golden Horse Minerals Limited (ASX:GHM) is assessing additional individual metre samples and geological information to improve confidence in the reported grades. Further drilling and appropriate analytical techniques will be important for evaluating grade continuity.

How Does the Hopes Hill Discovery Support the Southern Cross Exploration Programme?

The Hopes Hill Project forms part of Golden Horse Minerals Limited's (ASX:GHM) broader Southern Cross Gold Project in Western Australia. The company holds exploration and mining tenure across historically productive goldfields, including areas associated with Hopes Hill, Greenmount and Bullfinch.

The broader Hopes Hill mineralised system extends across several kilometres of prospective geological structures. Drilling activities during 2026 have focused on investigating mineralisation at Hopes Hill North, Hopes Hill South and the main historical mining area.

The September 2026 quarterly activities report confirmed that exploration had identified gold mineralisation along more than four kilometres of the broader Hopes Hill system. The company is using reverse-circulation and diamond drilling to examine potential extensions and improve its understanding of the geological controls on mineralisation.

The identification of high-grade gold at Hopes Hill North provides another area for follow-up investigation, although the continuity between individual mineralised zones remains subject to further geological assessment.

What Do the Diamond Drilling Results Indicate About Depth Extensions?

Golden Horse Minerals Limited (ASX:GHM) has undertaken diamond drilling at Hopes Hill to investigate the geological characteristics and potential depth extensions of mineralisation identified through previous exploration. Diamond drilling provides continuous core samples that can assist in evaluating structural relationships, alteration patterns and the distribution of gold-bearing zones.

One reported diamond drill intersection from hole 26HHDD033 returned 17.15 metres at 1.00 g/t gold from 458.85 metres. The result provides evidence of gold mineralisation at greater depth than the shallow zones investigated through parts of the reverse-circulation programme.

However, the reported drilling intervals represent downhole lengths rather than necessarily corresponding to the true thickness of mineralisation. Golden Horse Minerals Limited (ASX:GHM) has indicated that true widths vary along strike and may represent approximately 40% to 80% of reported downhole lengths in relevant areas.

Further drilling is required to establish the relationship between deeper mineralisation and the higher-grade zones identified nearer the surface.

What Progress Has Been Made at the Greenmount Gold Prospect?

Alongside Hopes Hill, Golden Horse Minerals Limited (ASX:GHM) has continued drilling at the Greenmount prospect within its Southern Cross portfolio. The company has reported several gold intersections during 2026, including 8 metres at 16.3 g/t gold from 209 metres, 8 metres at 8.6 g/t gold from 218 metres and 12 metres at 5.2 g/t gold from 139 metres.

These intersections indicate gold mineralisation across multiple drilling locations and depths. The results are being incorporated into the company's geological interpretation to assess potential continuity along the identified mineralised structures.

The September 2026 quarterly activities report also confirmed that nine reverse-circulation holes completed at Greenmount intersected extensions of the mineralised system. This provides additional information for evaluating the prospect's geological characteristics and potential exploration targets.

However, the reported grades and intervals do not independently establish economically recoverable gold resources. Further drilling, structural interpretation and resource estimation work will be required before development potential can be assessed.

How Is Regional Exploration Expanding Beyond Hopes Hill?

Golden Horse Minerals Limited (ASX:GHM) has broadened its exploration activities beyond the main Hopes Hill and Greenmount prospects to investigate additional targets within its Southern Cross tenure. On 21 October 2026, the company announced commencement of a maiden regional aircore drilling programme targeting the Randwick and Flemington prospects.

The programme is intended to test prospective geological structures and geochemical anomalies in areas with limited historical drilling coverage. Aircore drilling provides relatively shallow geological information that can help identify potential mineralised trends for more detailed follow-up investigation.

The company expects the regional programme to continue for approximately two months, with sampling and laboratory analysis progressing through the remainder of 2026.

Additional exploration activities are also planned across the Bullfinch area, including prospects such as Hughes Hill, Violet and Withers. These investigations will contribute to the company's broader assessment of gold mineralisation across the Southern Cross region.

What Do Golden Horse Minerals Limited's (ASX:GHM) Financial Results Show?

Golden Horse Minerals Limited (ASX:GHM) reported a net loss after tax of AUD 4.37 million for the six months ended 30 June 2026, compared with AUD 2.11 million in the corresponding period of 2025. The wider loss reflected the company's ongoing exploration activities, corporate expenditure and the costs associated with evaluating its Western Australian gold projects.

Cash and cash equivalents stood at approximately AUD 30.62 million at 30 June 2026, compared with AUD 43.66 million at 31 December 2025. Total assets were approximately AUD 84.27 million at the half-year reporting date, reflecting the company's financial resources and exploration asset holdings.

The September 2026 quarterly cash flow report, released on 27 October 2026, showed that cash declined further to approximately AUD 22.6 million at 30 September 2026. During the quarter, the company reported net operating cash outflows of approximately AUD 1.8 million and investing cash outflows of approximately AUD 6.3 million.

The quarterly report indicated estimated funding availability of 2.93 quarters based on the company's reported expenditure assumptions, providing a reference point for assessing future exploration funding requirements.

What Are the Main Exploration and Financial Risks?

Golden Horse Minerals Limited (ASX:GHM) remains exposed to geological uncertainty because a Mineral Resource estimate has not yet been declared for Hopes Hill. Although drilling has returned high-grade gold intersections, the extent and continuity of the mineralised zones must be established through additional exploration.

The nugget effect presents a particular challenge because coarse gold can produce substantial grade variation between individual samples. This may complicate geological modelling and resource estimation, particularly where high-grade mineralisation is unevenly distributed.

The company also faces ongoing exploration expenditure, as demonstrated by the decline in cash holdings during the first nine months of 2026. Although Golden Horse retains cash to support its current activities, sustained drilling and resource development programmes could require additional financing over time.

Permitting requirements, operational conditions, laboratory turnaround times and movements in gold prices remain further considerations. The company's Canadian incorporation and Australian CDI structure also introduce cross-border corporate reporting and administrative requirements.

What Are the Next Milestones for Golden Horse Minerals Limited (ASX:GHM)?

The immediate priority for Golden Horse Minerals Limited (ASX:GHM) is completing follow-up investigations around the high-grade gold intersection in drill hole 26HHRC179. Additional diamond drilling, detailed sampling and geological interpretation will help determine whether the identified mineralisation continues along strike or at depth.

The company is also progressing resource modelling at Hopes Hill, incorporating results from reverse-circulation and diamond drilling across the broader mineralised system. Further assays from nearby holes will provide additional information about the distribution of high-grade gold and potential extensions beyond previously tested areas.

At Greenmount, ongoing geological assessment will help refine drilling priorities, while regional aircore exploration at Randwick and Flemington is expected to generate additional results through late 2026.

The principal milestones will be the assessment of geological continuity, completion of outstanding assay programmes and progress toward defining a Mineral Resource at Hopes Hill.