Golconda Summit Gold Project – Key Developments

Golden Metal (LON:GMET; OCTQB:GMTLF), a mineral exploration company focused on tungsten, gold, lithium, copper and silver within Nevada, USA, is pleased to announce a number of key developments from its Golconda Summit gold ("Au") Project ("Golconda", "Golconda Summit Project" or the "Project") located within the prolific Walker Lane Mineral Belt in Nevada, USA.

HIGHLIGHTS:

• Additional rock sampling conducted by the Company demonstrates continued strong arsenic (As) anomalism along the Golconda thrust fault, further validating the presence of a "feeder zone" and therefore the potential for Carlin-Type gold mineralisation at depth.
• Arsenic anomalism is a lead indicator for Carlin-type gold systems. This is highly encouraging given the known presence of multiple large gold deposits in the Getchell Trend and the Battle Mountain-Eureka Trend, at the confluence of which (Figure 3) the Golconda Project is located, in a very similar geological environment including:

o 35km southwest of Nevada Gold Mines Turquoise Ridge Complex Mine (13Moz at 5.02g/t gold). 1

o 20km northwest of Nevada Gold Mines Lone Tree Complex which produced 4.6Moz at 2.06g/t gold. 2

o 30km northwest of SSR Mining Inc. Marigold Mine (3.16Moz gold Measured & Indicated Mineral Resource).3

• Previous exploration on the Project by the Nerco Mineral Company in 1989 encountered significant gold mineralisation located within upper plate Havallah Sequence rocks at the "Trench Zone" (see Figure 1), including mechanised trenching sample assay results of 7.6m @ 19.7g/t gold (Au) and 15.2m @ 7.1g/t Au.4 Both recent rock samples collected near to this zone returned >500ppm As giving further credibility to these trenching results.
• Recognising the potential for a significant gold discovery, Golden Metal expedited the submission of a new permit notice application ("Notice") to the Bureau of Land Management ("BLM") for both trenching (12 trenches) and drilling (9 drill sites), all of which are designed to test for the presence of a significant Carlin-type gold system within the Project.
• The Notice has now been accepted, which was the key final hurdle to allow the Project to advance to the next important exploration stages. Following the submission of a bond guarantee, the Company can proceed with trenching and/or drilling. Further information to follow in this regard.

Oliver Friesen, CEO of Golden Metal, commented:

"There are many encouraging economic signs within the broader metals and mining markets, in particular the strong price of gold. As a result, across multiple assets in the portfolio we are working towards obtaining the necessary permits which would allow us to expedite a move to the next important exploration stages if the strength showing within the mineral resource markets persists.

"At Golden Metal we are of the belief that decades of underinvestment in the mineral exploration and mining sector is leading us into what will be one of the most exciting times ever in the space, with demand for many precious as well as critical and defence metals vastly outstripping available supply.

"Golconda continues, in our view, to offer the potential for a major gold discovery, in a region that hosts several multi-million ounce gold deposits in a geological environment markedly similar to that which has been confirmed at Golconda. We look forward to providing more information to the market as soon as possible."

Detailed Overview:

Golden Metal provided a detailed exploration update for Golconda on 31 May 2023 confirming Carlin-type gold targets had been identified. This announcement may be viewed through the link below:

• Further rock sampling was recently completed across the Golconda Summit Project, managed by Golden Metal's (ex-Newmont) senior geological consultant. A total of 21 individual rock samples were taken and detailed mapping of the easterly dipping Golconda Thrust Fault ("Golconda Thrust", see Figure 1) was completed. This fault is considered to be an important conduit for mineralising fluid flow within northern Nevada. A total of 73 rock samples have now been extracted and sampled during the last two work programmes.
• Of the latest 21 samples taken, strong arsenic anomalism was continually identified (6 samples >250ppm including a Project high result of 616ppm) in proximity to the Golconda Fault giving further confidence to the Company that a feeder zone and a Carlin-type gold system could exist within the Project.
• The presence of arsenic anomalism within the Trench and Thrust Zones suggests the presence of a 'feeder zone' at Golconda. A feeder zone would have allowed for Carlin-type gold mineralisation to be remobilised from lower plate rocks below. Both of these zones represent priority targets for ongoing exploration at Golconda.
• Golconda is located within the same host rocks (Havallah Sequence upper plate rocks as well as lower plate Edna Mountain/Preble Formation and Antler Peak Limestones) as the nearby multi-million-ounce Turquoise Ridge, Lone Tree Complex, and Marigold gold mines (see Fig. 3).

Figure 3 - Regional Map Showing Relative Location of Nearby Gold Mines.

Analysis

All rock samples were prepped and analysed at ALS USA Inc.'s laboratory in Elko, Nevada. Assays were determined using the analytical package ME-MS41 comprising aqua regia digestion with super trace inductively coupled plasma mass spectrometry (ICP-MS) analysis providing extremely low detection limits for analysis of rocks. A total of 41 elements were reported as part of this analysis. Gold determinations were completed using Au-AA23 which includes a 30g sample analysed via a Fire-Assay (FA) finish.

Property Ownership

Golden Metal holds an option to earn a 100% interest in the Golconda Summit Project through its wholly-owned Nevada operating company, Golden Metal Resources LLC.

3https://www.ssrmining.com/_resources/pdfs/Reserves-and-Resources.pdf

4 Summary Report for the Golconda Summit Property Iron Point Mining District, Humboldt County, Nevada; unpublished report prepared for Carlin Gold Corporation and Toquima Minerals US Inc. by K. Brook, dated 4 April 2006.

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