Final Results

Golden Metal (LON:GMET), a mineral exploration company focused on tungsten, gold, lithium, copper and silver within Nevada, USA, is pleased to announce its consolidated audited results for the year ended 30 June 2023, for the Company and its subsidiaries (together, the "Group").

Highlights from the year under review:

• On 10 May 2023, the Company was admitted to trading on AIM under the ticker code 'GMET'. During the period prior to admission, the Company was focussed on completing all preparations in advance of its now completed IPO
• In May 2023 Golden Metal announced that a significant copper system was identified at its 100% owned Garfield Project following the results of a high-resolution soil geochemical sampling survey. This featured the discovery of two significant copper (Cu) zones, which returned individual Cu-in-soil results of up to 851ppm and 950ppm Cu in zones coincident with historical rock sampling results, which returned up to 2.6% Cu and 5.53% Cu in the two key areas.
• Also in May 2023 Golden Metal released news that Carlin-type gold targets had been identified at its Golconda Summit Project based on rock sampling results that returned significant arsenic (As) anomalism, As being the main alteration element (pathfinder mineral) associated with Carlin-type gold systems. 11 of the 52 samples collected returned above 250ppm As, with an impressive 6 returning above 500ppm As. These results suggest the presence of a "feeder zone" and therefore the possibility that a Carlin-type gold system may exist within the Golconda Summit Project at depth.
• In June 2023, Golden Metal published the Company's inaugural Environmental, Social and Governance (ESG) Report highlighting the desire of the Company to be a leader in this are and reflecting the shift in the global investment landscape towards ESG-focussed investing.
• On 05 June 2023 Golden Metal announced that Washington, D.C-based Mrs. Chang Turkmani had been appointed as Strategic US Government Advisor. This represents an important step in engaging further with the US Government with the aim of securing non-dilutive Federal funding for the accelerated and enlarged development of our Pilot Mountain tungsten project, in the context of tungsten being listed by the US Government as a critical mineral used for defence and other industrial applications. Securing non-dilutive funding is one of Golden Metal's priorities and efforts are being made in this regard in order to identify and apply for grants which are well suited for the Company. Golden Metal is extremely pleased to be one of the few small-cap mineral exploration companies in London which is well positioned to receive these non-dilutive monies - with the ultimate goal of lessening the burden on our current and prospective shareholders to fund future exploration and development at our flagship asset.
• On 06 June 2023 and later on 20 June 2023 Golden Metal announced results from the high-resolution induced polarization (IP) survey completed across the 100%-owned Pilot Mountain Project, both consistent with the strategy of accelerated development and expansion of this important asset. Significantly, five high-priority un-drilled exploration targets were identified by this work, further proving the exploration potential at Pilot Mountain and the possibility of significantly increasing the size of the in-ground resources during future drilling campaigns.
• On 28 June 2023 Golden Metal announced the signing of a Letter of Intent ("LOI") with United States-based Global Tungsten & Powders LLC ("GTP") of Towanda, Pennsylvania, in respect of a tungsten concentrate off-take agreement for the Pilot Mountain Project. The non-binding LOI provides outline terms for a future off-take agreement, subject to successful technical and legal due diligence, and represents another important step forward in the development of this highly strategic project.

Outlook:

Golden Metal is centered around a robust exploration and development portfolio with various defense/critical/battery and precious metal assets, all of which are wholly located in the mining friendly state of Nevada, U.S.A. All of the assets were acquired with the ultimate goal of delivering the metals needed by the world in an era of metal criticality.

In particular, Golden Metal has positioned itself to be an important player in the western world's desire and need to reduce its reliance from unfriendly countries for several key input metals. As the world continues to recognise the importance of secure metal supply chains, Golden Metal is uniquely well positioned. Golden Metal is looking forward to the developments across the business during the rest of 2023 and beyond.

Post Year End:

Operationally, since the year end, the Company has achieved multiple outcomes which include but are not limited to, 1) staking of the Kibby Basin Lithium Project as well as the identification of a significant conductor at this project, 2) signing of a tungsten focused MoU with Oxford Sigma, a nuclear fusion company based in Oxfordshire, UK, 3) achieved admission to trading on the OTCQB market, as well as 4) identifying porphyry and skarn-style mineralisation at its Garfield Project and conducting a significant follow up geological mapping and prospecting programme at the Project, results of which are pending.

Notice of Annual General Meeting and Distribution of Accounts to Shareholders

The Company announces that its annual general meeting ("AGM") will be held at Temple Chambers, 3-7 Temple Avenue, London EC4Y 0DT at 2:00 p.m. on 18 December 2023.

The annual report and financial statements for the year ended 30 June 2023, Notice of AGM and Form of Proxy will be posted today to eligible shareholders. Electronic copies will be shortly available on the Company's website at: https://www.goldenmetalresources.com/.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 JUNE 2023

Items that will not be reclassified to profit or loss

The financial statements of Golden Metal Resources plc, company number 13351178, were approved by the board of Directors and authorised for issue on 15 November 2023.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

AS AT 30 JUNE 2023

Significant non-cash transactions during the year

During the year, the Group repaid an intercompany loan, totalling US$255k via the issue of ordinary shares (2022: US$ Nil).

NOTES TO THE CONSOLODATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

Reporting entity

Golden Metal Resources plc is a public company limited by shares which is incorporated and domiciled in England and Wales. The address of the Company's registered office is 201 Temple Chambers, 3-7 Temple Avenue, London EC4Y 0DT. The consolidated financial statements of the Company as at and for the year ended 30 June 2023 include the Company and its subsidiaries. The Company is the parent company of Golden Metal Resources LLC, Pilot Metals Inc. and BFM Resources Inc, the subsidiaries are registered and domiciled in the US. The Group is primarily involved in the exploration and exploitation of mineral resources in the US.

Going concern

The financial statements are prepared on a going concern basis. In assessing whether the going concern assumption is appropriate, the Directors have taken into account all relevant available information about the current and future position of the Group, including current level of resources and the required level of spending on exploration and corporate activities. As part of the assessment, the Directors have also considered the potential for continuing option and warrant exercises, the ability to raise new funding, disposal of business interests and the potential of US government grants in respect of the Pilot Mountain project, whilst maintaining an acceptable level of cash flows for the Group to meet all commitments.

The Directors believe the measures they have available will result in sufficient working capital and cash flows to continue in operational existence. Taking this into consideration, the Company has therefore adopted the going concern basis of accounting in the preparation of the financial statements.

Intangible assets - Prospecting and exploration rights

When a project is deemed not feasible, related costs are expensed as incurred. Costs incurred include any costs pertaining to technical and administrative overheads. Administration costs that are not directly attributable to a specific exploration area are expensed as incurred, and subsequently capitalised if it is reasonably certain that a resource will be defined.

Operating expenses

Auditor's remuneration in respect of the Company amounted to US$35k (period ended 30 June 2022: US$19k).

Intangible assets

Cost

Intangible assets relate to exploration and evaluation project costs capitalised as at 30 June 2023. Additions to project costs during the period ended 30 June 2023 were in relation to projects in Nevada, USA. The exploration projects comprise of the Pilot Mountain Project, Golconda Summit Project, Stonewall Project and Garfield Project. The Group is the operator of the Golconda Summit Project and this is held under an earn-in right from the mineral claim owner under an option agreement.

Garfield, Stonewall, Golconda Summit and Pilot Mountain Projects

The Garfield and Stonewall exploration projects both located in Nevada were acquired in June 2021 by Golden Metal. A high-resolution soil geochemical survey was carried out at the Garfield property during the year with results pending at year end. The soil survey assay results will help Golden Metal in targeting additional copper-gold-silver mineralisation.

During the previous year, a detailed desktop study was undertaken for the Stonewall project which identified multiple targets for follow up exploration programmes.

Golden Metal acquired 100% of the Pilot Mountain project during the previous year and commissioned a high-resolution three-dimensional induced polarisation geophysics survey, with results presented prior to year end. The survey identified five high-priority exploration targets for follow up exploration. This is Golden Metal's flagship project.

Golden Metal is also the operator of the Golconda Summit Project which is held under an earn-in right from the mineral claim owner under an option agreement. Recently obtained historical dataset from a high-resolution geochemical soil survey covering the entirety of the Golconda Summit Project has highlighted three zones of strongly anomalous arsenic and gold mineralisation for further investigation.

In addition. rock sample assay results from a geological mapping and sampling programme over Golconda Summit, undertaken by Golden Metal's in-country senior geological consultant, have confirmed strong arsenic (pathfinder for Carlin-type gold mineralisation) and gold anomalism suggesting the potential presence of a geological feeder zone.

Trade and other receivables

On 10 May 2023, the Company was admitted to trading on AIM, issuing a total of 23,317,643 new ordinary shares at a price of US$0.10 (£0.085). The total raised via the placing on admission was US$2,499,722 (£1,982,000) before issue costs, some of which were incurred in the prior year.

There was also a further issue of bonus shares to the Directors on the Board at the date of admission to AIM; the total number of ordinary shares issued to the directors was 882,353 with a total value of US$94,591 (£75,000). Further, on 9 June 2023, 805,882 contract shares were issued to Mrs Turkmani for consulting fees for a two-year period with a total value of US$86,171 (£68,500). Both the director bonus shares, and the contract shares are held in escrow.

Earnings per share

Basic and diluted loss per share

The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders of US$848k (period ended 30 June 2022: US$821k), and a weighted average number of ordinary shares in issue of 63,422,112 (period ended 30 June 2022: 19,862,661). The basic and diluted earnings per share are the same given the loss for the year, making the outstanding share options and warrants anti-dilutive.

Trade and other payables

Pilot Mountain Project

The Pilot Mountain project is an advanced exploration and mineral resource definition stage project located in Mineral County in western Nevada. The project covers an area of 14.80 km2 (3,656.1 acres) and is located 200km southeast of Reno and 18km east of Mina, Nevada. It is well situated for the supply of power, water and skilled labour and proximity to transport infrastructure in Mineral County and is centred around four existing mineral deposits: Garnet; Good Hope; Gunmetal and Desert Scheelite, all of which possess significant skarn-style tungsten-copper-silver-zinc mineralisation. The Pilot Mountain project consists of 176 active lode mining claims and 4 filed mill site claims. The four mill site claims filed at the former Dunham mill site have secure access to groundwater supply sufficient for the proposed project.

Kibby Basin Lithium Project

Golconda Summit Project

Garfield Project

The Garfield Project is a exciting copper-gold-silver prospect consisting of 39 lode mining claims covering 3.23 km2 (797.9 acres) located in Mineral County, Nevada, approximately 14km due east of the town of Hawthorne and 120km due west-northwest of Tonopah. Exploration to date has included detailed geochemical sampling and follow up analysis which highlighted the presence of both skarn-type and porphyry style mineralisation and alteration at the 'High-Grade Zone'. Further mapping, prospecting and rock sampling is now completed with further results pending.

Stonewall Project