Kibby Basin Lithium Update

Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, lithium, gold, copper and silver within Nevada, USA, is pleased to announce an update from its Kibby North and Kibby South lithium brine properties (collectively the "Lithium Properties") located in mining friendly Nevada, USA (see Figure 1).

The Company's technical team has completed a further review (the "Review") of the available historical datasets together with liaison with multiple groups who have conducted work on the nearby third party held lithium claims (see Figure 2 below; grey square outline) leading to significant findings regarding the Lithium Properties, which are detailed below.

Highlights:

• The strong lithium mineralisation encountered in both brines and clays in Marquee drillhole KM22-02, located only 250m from Golden Metal's Kibby South Licence boundary (see Figure 2 below), was intersected above the main geophysical conductive (low resistivity <2 Ohm.m) brine aquifer linked anomaly.1,2
• Further work undertaken has shown that the main target conductor was never adequately tested by KM22-02 (due to drilling rig limitations for the then operator). This conductor is believed to be the main lithium brine target within the entire Kibby Basin.
• Considering the lithium enrichment encountered in brines and clays in KM22-02 above the main target conductor which demonstrate the prospectivity of the entire basin, Golden Metal considers there is compelling evidence indicating a high likelihood that the untested target conductor (Figure 3) is also caused by lithium brine mineralisation.
• With the main target conductor now determined to be untested by historical drilling, Golden Metal is reviewing all exploration options available to determine the optimal way to push the Lithium Properties forward.

Oliver Friesen, CEO of Golden Metal, commented:

"Today's announcement follows a further analysis of all available datasets by our technical team who were able to conclude that the main target conductor within the Kibby Basin has never been adequately drill tested.

"Considering the relative depths of the very strong lithium-in-clay and lithium-in-brine mineralisation encountered by nearby drillhole KM22-02, we believe the findings presented today point to the likelihood of a significant lithium brine target at a deeper depth within the basin, on ground 100% owned by Golden Metal.

"Equipped with these new findings, we are actively working behind the scenes with our technical team and management to determine next steps for our promising Lithium Properties."

Media

Figure 1 - Major Lithium Projects and Deposits within Nevada, USA.

Figure 2 - Location of the Lithium Properties relative to the untested conductive anomaly (red). Cross-section line A-A' shown at bottom of map which corresponds to Figure 3.

Figure 3 - The above cross-section line (A-A') cuts directly through the centre of the Kibby South Lithium Property and the conductive anomaly (dark pink/red) was never adequately tested by drilling undertaken by Belmont resources in 2022. Considering the strong lithium mineralisation in clays and brines noted above the conductor, this provides compelling evidence that the main conductive target may be caused by a significant lithium brine target.

References

• Report: Quantec Geoscience Ltd, Geophysical Report for Spartan Mt Survey Over the Kibby Basin Area (Hawthorne, Nevada) on Behalf of Belmont Resources Inc., dated 28 February 2018

( https://belmontresources.com/wp-content/uploads/2021/02/Belmont-Kibby-Basin-MT-Survey.pdf )

• Marquee Resources Ltd ASX announcement, Complete Sampling Results - Kibby Basin Lithium Project, dated 25 January 2023

( https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02624028-6A1133064?access_token=83ff96335c2d45a094df02a206a39ff4 )

Property Ownership

Golden Metal holds a 100% interest in the Lithium Properties through its wholly-owned Nevada-based operating company Golden Metal Resources LLC.

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