Golden Horse Raises A$35M to Unlock Southern Cross Gold Potential

Strong Institutional Backing for Growth

Golden Horse Minerals Limited (ASX – GHM) has successfully secured approximately A$35 million through a placement of new shares, signaling robust investor confidence in its Southern Cross Gold Project. The capital raise attracted a mix of new and existing shareholders, including specialist resource-focused institutions both domestically and offshore. Notably, Emerald Resources NL, Golden Horse’s major shareholder, alongside company directors, have committed to participate in the placement, pending shareholder approval.

Funding Exploration and Development Ambitions

The proceeds from the placement will primarily fuel an aggressive expansion of exploration activities at the Hopes Hill trend, where Golden Horse has already delineated extensive high-grade gold mineralisation over a strike length exceeding 4 kilometres. The company plans to accelerate drilling programs not only at Hopes Hill but also across several high-priority regional targets within the Southern Cross Gold Project, an area recognized for its rich gold endowment yet historically underexplored.

Beyond drilling, the funds will support early-stage mining studies, detailed metallurgical test work, and the completion of phase one resource modelling. These steps are critical as Golden Horse aims to transition from exploration to development readiness, laying the groundwork for a maiden JORC-compliant resource estimate at Hopes Hill.

Placement Structure and Market Context

The placement was priced at A$0.66 per share, reflecting a discount of approximately 15.4% to the last closing price and 6.5% to the 30-day volume weighted average price. It will be executed in two tranches – the first tranche raising about A$19.9 million under existing placement capacity, with settlement expected in early November; and the second tranche, raising approximately A$15.1 million, subject to shareholder approval at the upcoming Annual General Meeting scheduled for December 2025.

Golden Horse’s Managing Director and CEO, Nicholas Anderson, emphasized the strategic importance of this capital raising, stating it positions the company to unlock the full scale of its Southern Cross assets and accelerate its evolution into a leading gold developer in Western Australia.

Southern Cross – A Historically Rich Gold Belt

The Southern Cross Gold Project sits within the prolific Southern Cross Greenstone Belt, a region that has historically yielded over 12 million ounces of gold. Golden Horse’s approach combines modern, data-driven exploration techniques with a consolidated landholding exceeding 1,900 square kilometres, enabling systematic testing of previously fragmented and underexplored ground.

Recent drilling at Hopes Hill has confirmed multiple high-grade intercepts and identified new parallel mineralised structures, underpinning the company’s confidence in significant resource growth potential. The broader project area also hosts several promising regional targets, offering both near-term discovery opportunities and long-term scalability.