Golden Horse Minerals Limited Chess Depository · ASX:GHM
Golden Horse Minerals Limited Chess Depository — Golden Horse Minerals — RIU Explorers Conference 2026
20 slides from Golden Horse Minerals Limited Chess Depository's conference presentation, Feb 17, 2026
Slide 1: 2026: Year of the Horse
2026: YEAR OF THE HORSE For personal use only
Slide 2: Disclaimer
DISCLAIMER Disclaimer This investor presentation has been prepared by Golden Horse Minerals Limited (Company) based on information from its own and third-party sources and is not a disclosure document. No party other than the Company has authorised or caused the issue, lodgement, submission, despatc
Slide 3: Investment Thesis: Active Explorer, Future Gold Developer
Investment Thesis: Active Explorer, Future Gold Developer • Portfolio of high growth, advanced gold projects in an underexplored and well-endowed greenstone belt. • Fully-funded aggressive +125km RC & DD drill program generating value via the drill bit. For personal use only RIGHT RIGHT RIGHT RIGHT
Slide 4: Corporate Summary
Corporate Summary Fully Funded Exploration Program – set for execution in 2026 Tight Capital Structure Strong Share Price performance (since IPO) Quality Broker Coverage Share Price1 A$0.73 $0.900 Daily Volume Closing Share Price 7.0m For personal use only $0.800 Total Shares & CDIs on Issue2 254M 6
Slide 5: Reflection on 2025: The Vision
REFLECTION ON 2025: The Vision “To build a significant gold resource base within 18 months following ASX listing and develop production-ready assets’’ Exploration delivers more hits than Slim Dusty For personal use only • +41.5km of drilling completed from 220 holes since Jan 2025. • Consistent broa
Slide 6: 2026: The Year of the Horse
2026: THE YEAR OF THE HORSE • Fully Funded exploration program ($42m1). For personal use only • 3x more drill metres than 2025. Exploration across the SXG Belt • +23km DD Drilling – Hopes Hill • +95km RC Drilling – Hopes Hill • +10km RC Drilling – Regional • +16km Aircore – Regional • +$1M on Geophy
Slide 7: GHM's Flagship: Hopes Hill Gold Project
GHM’S FLAGSHIP: HOPES HILL GOLD PROJECT • Gold found at Hopes Hill in 1895, with a well established mine & plant producing For personal use only 31,671 oz Au1. • 1.2Mtpa CIL plant built in 1988, with ~80m deep pit (50m ave.) producing 186koz1 Au. 1904 1988 • GHM first owner to have consolidated tenu
Slide 8: Hopes Hill: Location & Scale
HOPES HILL: LOCATION & SCALE Hopes Hill North2: Shallow intercepts +1.2km from the pit crest: For personal use only Southern Cross ~7km to South • • GHHNRC0007: 8m @ 1.8 g/t Au from 25m GHHNRC010: 13m @ 1.0 g/t Au from 16m Hopes Hill South2: Numerous shallow intercepts to <100m depth: Hopes Hill Sou
Slide 9: +117km of Drilling: Building Blocks to Growth
+117KM OF DRILLING: BUILDING BLOCKS TO GROWTH • 2x RC drills targeting near-surface (<200m) strike extents at Hopes Hill North and South Drill Target areas. • 2x DD drills targeting deeper, high grade plunging shoots at Hopes Hill Main (underneath 216koz Au1 pit). For personal use only RC Drill Zone
Slide 10: Hopes Hill Main: Grade is King
HOPES HILL MAIN: GRADE IS KING • Diamond drilling encountering mineralisation more than 280m below the base of the historically mined pit. • Mineralisation remains open within a well-endowed belt proven to host deep, large-scale gold operations. For personal use only • Multiple mineralisation styles
Slide 11: First Diamond Hole of 2026 Hits Visible Gold
FIRST DIAMOND HOLE OF 2026 HITS VISIBLE GOLD For personal use only 26HHDD001 Vis Au at 297.56m (unsampled – above cut line) 26HHDD001 Tray 47 (295.1m – 299.6m) 26HHDD001 Tray 48 (299.6m – 304.0m) Note 1: Refer to ASX announcement dated 17 February 2026 for exploration results on this slide. Visual e
Slide 12: Hopes Hill: Simple Metallurgy
HOPES HILL: SIMPLE METALLURGY Proven Production For personal use only • 216koz Au recovered to 1989 Exceptional Recoveries • +95% recovered in 2025 BLEG testwork Conventional CIL flowsheet planned • Metallurgical and development studies commenced Hopes Hil CIL plant1 under construction, 1987 Note 1:
Slide 13: Other Ponies in the Stable: Queued for Drilling
OTHER PONIES IN THE STABLE: QUEUED FOR DRILLING • Hakes Find: Actively drilling, targeting shallow (oxide / transitional) mineralization for For personal use only toll treatment at 3rd party plants. • Marionete/Star of Ennuin1: Q1 follow up of +300m of mineralized strike including: GHMARC013: 10m @
Slide 14: Sorrel: Low-Cost Exposure to Copper Market
SORREL: LOW-COST EXPOSURE TO COPPER MARKET • Exposure to copper, cobalt and base metal markets with strategic acquisition in 2025. For personal use only • Located in the productive McArthur Basin ~30km west of the Northern Territory / Queensland border. Project features1: • Inferred Mineral Resource
Slide 15: Backing the Right Horse
BACKING THE RIGHT HORSE Accelerating growth across advanced high grade brownfield gold projects For personal use only RIGHT RIGHT RIGHT RIGHT RIGHT LOCATION MOMENT ASSETS PEOPLE STRATEGY Dominant Advanced Access to Key Experienced Focusing on +1,800km2 asset building Infrastructure Board & deliverin
Slide 16: Appendix 1: Yilgarn Gold Endowment Summary
APPENDIX 1: YILGARN GOLD ENDOWMENT SUMMARY Past Production Remaining Resource Total Endowment Deposit Name Present Owner Source (MRE) kt g/t Au koz Au kt g/t Au koz Au kt g/t Au koz Au Bullfinch / Copperhead Hanking 13,011 3.7 1,553 13,819 2.1 955 26,830 2.9 2,508 Hanking (2026) Marvel Loch Barto 24
Slide 17: Appendix 2: Yilgarn Gold Production History
APPENDIX 2: YILGARN GOLD PRODUCTION HISTORY Initial Phases 3rd Phase 4th Phase 5th Phase For personal use only Bullfinch, Frasers + Multiple smaller deposits Bullfinch 7x CIL plants in SXGB 2015 on High grade / narrow vein underground mining O/Pit + U/G Gradual consolidation 1x mill Note: Gold Produ
Slide 18: Appendix 3: Southern Cross Consolidation
APPENDIX 3: SOUTHERN CROSS CONSOLIDATION 4th Phase (Various) Sons of Gwalia (SOG): St Barbara (SXO): Hanking / Barto (SXO): For personal use only 7x CIL plants in SXGB Consolidation of SX assets 2005 - 2012 2015 onwards 5.7Mtpa mill capacity to 2.5Mtpa @ Marvel Loch 2.5Mtpa @ Marvel Loch 2.1Mtpa @ M
Slide 19: Appendix 4: Expedited Drilling Strategy
APPENDIX 4: EXPEDITED DRILLING STRATEGY • Assessment of recent MRE updates by WA gold companies suggests ~145km of new RC+DD drilling typically takes an average of 4 years for completion • GHM Strategy: Aggressive growth via the drill bit For personal use only • To end 2024: ~14km drilled • To end 2
Slide 20: Appendix 5: Recent MRE Updates in WA Gold
APPENDIX 5: RECENT MRE UPDATES IN WA GOLD Initial Updated Variance Drill Intensity MRE Grade Project Owner Deposit Moz Date Release Date Date RC & DD m Date RC & DD m Moz Au RC & DD m Moz Au (RC & DD m per Moz) (g/t Au) Au (Years) Capricorn Metals Ltd (ASX:CMM) 1 Mt Gibson Jul-2021 346,169 2.083 Jul
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