Garfield Project Bedrock Discovery

Golden Metal Resources plc (LON:GMET/OTCQB:GMTLF), a strategic development and mineral exploration company focused on Nevada, USA, is pleased to announce a new high-grade gold (Au) - silver (Ag) - copper (Cu) bedrock discovery has been outlined from rock samples taken on ground recently staked at the Company's 100% owned Garfield project located within the prolific Walker Lane Mineral Belt in Nevada, USA ("Garfield" or the "Project").

The claim staking follows the high-grade rock sample results from Garfield which returned up to 23.92% CuEq1, which the Company announced on 11 December 20232.

HIGHLIGHTS

§ As a result of the very promising results received late in 2023, the Company promptly moved to secure additional ground adjacent to the Project that was prospective for further high-grade porphyry and skarn-type mineralisation.

§ While third party staking in the broader district has recently increased significantly, the Company was able to successfully secure an additional 26 claims (bringing the Project total to 65 claims) located predominantly southeast and northeast of the 'High-Grade Zone' at Garfield, representing the most compelling target area found on the Project to date.

§ High-grade copper-gold-silver mineralisation has now been defined over a circa 4km2 area, the full extent of which is now covered by claims 100% owned by Golden Metal, potentially representing a large and well mineralised copper-gold-silver deposit.

§ Five rock samples were taken from this newly staked ground and all of these returned high-grade gold-silver-copper assay results including up to 22.7g/t gold. This highlights the significant potential of the greater Garfield Project claim holding. The results from the newly named 'Pamlico Au Zone' are outlined below:

§ Detailed geochemical analysis of the previous Garfield samples, as well as the latest round of results, is underway in conjunction with a review by geochemist Simon Griffiths through his consulting firm 3PX. Further results and next steps will be communicated to the market as soon as possible.

Oliver Friesen, CEO of Golden Metal, commented:

"Despite normal slowdowns over the traditional Christmas/New Year season, following the receipt of the December results from Garfield we knew the importance of securing not only more ground, but understanding the potential of this newly staked area. My thanks to our in-country operational team for mobilising to the field and completing this work so expeditiously.

"To our excitement, all samples taken from the newly staked claims have delivered exceptional gold-silver-copper assay results and the greater Garfield Project continues to deliver for our shareholders.

"We look forward to updating the market with further results and next steps, however I can say from my experience, and understanding of the Project, geologically and geographically, I consider Garfield holds the potential for a major metal discovery. Therefore, we will push this Project forward at some pace."

MEDIA

Figure 1: Garfield Project map showing location of historic rock sample results as well as the 2023 results (Copper).

Figure 2: Garfield Project map showing location of the 2023 rock sample results (Gold).

Figure 3: One of the new claim posts being positioned at Garfield (Note all claims in Nevada must be physically staked out, requiring operational teams to mobilise to the field to secure new ground).

PROPERTY OWNERSHIP

Golden Metal holds a 100% interest in the Garfield Project through its wholly-owned Nevada operating company, Golden Metal Resources LLC. A 2% Net Smelter Return Royalty ("NSR Royalty") Interest, of which 1% can be bought back at any time for US$1,000,000, is payable to Sunrise Resources plc (LON:SRES). The NSR Royalty covers the original Garfield Project claims as well as a 1 mile radius outside of those claims which covers roughly half of the current 'High-Grade Zone' footprint.

REFERENCES

1 Copper Equivalent ("CuEq") was calculated using a copper price of US$3.7687/lb, a gold price of US$2,021.40/Oz and a silver price of US$24.09/Oz with recoveries assumed to be 100% as no metallurgical test data is available.

2 Company announcement, Garfield Project: High-Grade Copper & Gold Overlimit Assay Results, dated 11 December 2023

( https://polaris.brighterir.com/public/golden_metal_resources/news/rns/story/w1koq9x )

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.

Garfield Project

The Garfield Project is an exciting copper-gold-silver prospect consisting of 65 lode mining claims covering 5.4 km2 (1338 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 was recently completed with results confirming presence of high-grade copper, silver and gold mineralisation.

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Golconda Summit Project

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