Golden Horse Minerals Expands Hopes Hill Gold System Beyond 3 Kilometres with High-Grade Intercepts in H1 2026 Drilling

Hopes Hill Mineralised System Extended to Over 3 Kilometres, Revealing Significant Depth Potential

During the June 2026 quarter, Golden Horse Minerals achieved a key milestone by extending the interpreted Hopes Hill mineralised system to more than 3 kilometres of strike length at depth. This marks a considerable expansion in the known mineralised system, which historically yielded 216,000 ounces of gold. The company’s ongoing multi-rig reverse circulation and diamond drilling campaign has systematically delineated mineralisation across three principal zones: Hopes Hill North, Main, and South, each delivering significant gold intercepts throughout the quarter.

These exploration results reinforce management’s belief that the Southern Cross Gold Project is rapidly becoming one of the most important emerging gold systems in the wider Southern Cross region. Deep drilling beneath the historic Hopes Hill pit produced the deepest mineralised intersection to date in hole 26HHRCD077, which returned 40.2 metres at 1.5 grams per tonne gold from 378.8 metres. This intercept suggests the mineralised lode system may thicken at depth, expanding exploration potential beyond what historic workings indicated. The continuity of mineralisation beyond the historic pit, both north and south, highlights substantial upside for further exploration.

Multiple High-Grade Gold Intercepts Across Hopes Hill North, Main, and South Zones

In the June 2026 quarter, Golden Horse reported numerous significant drill intercepts across the three Hopes Hill zones, illustrating the extensive nature of gold mineralisation. At Hopes Hill North, hole 26HHRC024 intersected 12.0 metres at 7.0 grams per tonne gold from 278 metres, including a higher-grade segment of 5.0 metres at 14.5 grams per tonne gold from 282 metres. Diamond hole 26HHDD010 returned 16.0 metres at 6.8 grams per tonne gold from 115 metres, confirming high-grade mineralisation in this northern zone.

At Hopes Hill Main, hole 26HHRCD077 yielded 24.2 metres at 2.2 grams per tonne gold from 378.8 metres within a broader 40.2-metre intercept at 1.5 grams per tonne gold. Diamond hole 26HHDD015 delivered 7.1 metres at 7.0 grams per tonne gold from 251.9 metres. In the Hopes Hill South zone, hole 26HHRC066 returned 7.0 metres at 13.0 grams per tonne gold from a shallow depth of 13 metres, while hole 26HHRC147 intersected 12.0 metres at 7.3 grams per tonne gold from 116 metres. These results collectively demonstrate consistent mineralisation across the system.

Regional Exploration Uncovers New Gold Discoveries at Greenmount and Hakes Find

Outside the core Hopes Hill project, Golden Horse’s regional exploration program continued to deliver positive results in the June quarter. At Hakes Find, southwest of Southern Cross, final assays confirmed shallow gold mineralisation extending over more than 500 metres of strike. Hole 26HFRC033 returned 11.0 metres at 3.4 grams per tonne gold from 33 metres, including a higher-grade 6.0-metre intercept at 5.9 grams per tonne gold from 34 metres. Hole 26HFRC021 yielded 3.0 metres at 3.9 grams per tonne gold from 57 metres and featured elevated silver values of 4.0 metres at 211 grams per tonne silver from 55 metres within a broader 16.0-metre zone at 62.0 grams per tonne silver from 54 metres.

Multi-element geochemistry revealed strong correlations between gold and elevated silver, arsenic, and lead, providing important exploration pathfinder signatures. Post-quarter, an initial nine-hole reverse circulation program at Greenmount returned exceptional gold mineralisation in all holes tested. Hole 26GMRC006 intersected 8.0 metres at 16.3 grams per tonne gold from 209 metres, including 3.0 metres at 37.6 grams per tonne gold from 214 metres. Hole 26GMRC004 returned 8.0 metres at 8.6 grams per tonne gold from 218 metres, with 3.0 metres at 20.9 grams per tonne gold from 222 metres included. Hole 26GMRC005 yielded 12.0 metres at 5.2 grams per tonne gold from 139 metres, including 4.0 metres at 11.9 grams per tonne gold from 144 metres. These discoveries suggest multiple mineralised systems across the company’s tenure.

Frasers Shear Zone Soil Sampling Initiated Over Untested Areas

During the June quarter, Golden Horse commenced extensive soil sampling across approximately 5.5 kilometres of previously untested Frasers Shear Zone northwest of Bullfinch, alongside investigations of historic workings at Withers. This regional soil sampling aims to systematically identify new exploration targets across the company’s extensive Southern Cross tenure. The Frasers Shear Zone is a known structural feature with exploration potential, and the comprehensive sampling over untested sections reflects a disciplined approach to regional target generation.

Preliminary results from the Withers sampling program are encouraging, with a peak grade of 15.08 grams per tonne gold recorded in sample WIM252 and 22 additional samples exceeding 0.3 grams per tonne gold. These findings highlight Withers’ exploration potential, with planned reverse circulation drilling to follow. The geochemical signatures identified at Hakes Find—where gold mineralisation correlates with elevated silver, arsenic, and lead—provide key pathfinder elements to assist in interpreting soil and rock sampling results across the broader Southern Cross project.

H1 2026 Drilling Surpasses 50,000 Metres, Building Robust Assay Pipeline

Golden Horse successfully completed a comprehensive drilling program in the first half of 2026, exceeding 50,000 metres of reverse circulation and diamond drilling across the Southern Cross Gold Project and regional targets. This extensive drilling has generated a substantial pipeline of assay results and exploration updates expected to continue through the second half of 2026, offering investors ongoing insight into the company’s exploration progress. The volume of drilling underscores both operational capability and strong funding to execute the full-year exploration strategy.

The multi-rig approach enabled simultaneous definition drilling at Hopes Hill and testing of regional prospects and new discoveries. The drilling program’s scope—covering Hopes Hill North, Main and South zones, Hakes Find, Greenmount, Bells and Lynette, plus multiple smaller targets—reflects management’s confidence in the resource potential across Southern Cross. Maiden drilling at several previously untested prospects has provided fresh data sets, while deeper drilling at Hopes Hill continues to enhance geological understanding of the mineralised systems.

Sorrel Copper Project Review Identifies Multiple High-Priority Exploration Targets

Beyond Western Australia, Golden Horse completed an independent prospectivity review of its Sorrel Copper Project in the Northern Territory during the June quarter. The review highlighted numerous high-priority targets for copper, cobalt, uranium, and rare earth elements, reaffirming the significant potential of the existing copper resource. The current Mineral Resource at Sorrel is estimated at 8.4 million tonnes grading 1.1% copper, equating to 88,000 tonnes of contained copper, providing a solid foundation for future exploration and development.

The review identified exploration opportunities across multiple commodities, reflecting Sorrel’s polymetallic mineralisation. The company has initiated dry season exploration planning alongside evaluating strategic, value-accretive options for the project, including potential partnerships to accelerate development. The identification of rare earth element potential is particularly significant amid global demand for critical minerals.

Robust $30.6 Million Cash Position Supports Ongoing Exploration

Golden Horse entered the September 2026 quarter with approximately $30.6 million in cash as of 30 June 2026, providing strong financial capacity to continue its extensive exploration programs at both the Southern Cross Gold Project and Sorrel Copper Project. Maintaining a solid cash position is vital for junior explorers, offering flexibility to pursue opportunities while sustaining operational momentum and minimizing reliance on capital markets.

The company’s ability to maintain this cash balance while completing over 50,000 metres of drilling in H1 2026 demonstrates prudent capital management. Well-funded for ongoing exploration, investors can anticipate continued assay results throughout the second half of 2026 from drilling already completed. The broad exploration program and strong funding position enable systematic advancement across the company’s Western Australia and Northern Territory assets.

Southern Cross Region Emerges as a Major Gold District

Golden Horse’s exploration achievements occur amid renewed interest in Western Australia’s Southern Cross region as a significant gold district. The company’s systematic exploration and expanding mineralisation at Hopes Hill, alongside emerging discoveries across regional prospects, underscore the potential for multiple economic gold systems. Extending the Hopes Hill mineralised system to 3 kilometres of strike and identifying new discoveries such as Greenmount and Hakes Find suggest the region hosts a mineral system of substantial scale.

Emphasizing geological continuity with consistent mineralisation along strike and depth at Hopes Hill lays groundwork for future resource estimation and mine planning. Historic gold production of 216,000 ounces from the Hopes Hill pit establishes mining precedent, while mineralisation extending beyond the historic pit both north and south indicates significant exploration upside beyond prior mining campaigns. This blend of historical mining and new exploration success forms a compelling narrative for the company.

Investor Considerations: Exploration Risks and Commodity Price Exposure

While June quarter exploration results are promising, investors should be mindful of risks typical for junior gold explorers. Converting drill intercepts into an economic mineral resource requires extensive further work, including resource estimation, metallurgical testing, and engineering studies. Golden Horse has not yet disclosed mineral resource estimates for Hopes Hill or other Southern Cross prospects, so economic viability of future mining remains unproven. Exploration inherently involves uncertainty, and ongoing drilling success is not guaranteed.

Additionally, Golden Horse’s performance is closely tied to gold prices, given its primary focus on gold exploration in Western Australia. Gold price fluctuations directly affect the economics of mining development and investor sentiment toward junior explorers. The Northern Territory Sorrel copper project adds commodity diversification but remains in early prospectivity assessment. Investors should recognize both the exploration-stage nature of the assets and inherent commodity price risks linked to gold-focused exploration and development companies.