Strategic fundraise of £750,000

Golden Metal Resources plc (LON:GMET, OTCQB:GMTLF), a mineral exploration company focused on tungsten, lithium, gold, copper and silver within Nevada, USA, is pleased to announce it has raised £750,000 through a direct subscription with the Company.

Subscription Highlights:

• Golden Metal has completed a strategic raise of £750,000 through the issue of 5,000,000 new ordinary shares of 1.0p each ("Subscription Shares"), representing 5.5% of the enlarged issued share capital of the Company, in a subscription from Purebond Ltd. (the "Subscriber") at an issue price of 15p per share.
• The subscription price represents a premium of 5.3% to the closing market mid-price of the ordinary shares of the Company on 8 March 2024.
• The Subscriber will receive one warrant with every two Subscription Shares subscribed for (2,500,000 new warrants). The warrants have an exercise price of 25p per ordinary share and will expire two-years after the date of the Subscription Shares' admission to trading on AIM.
• The £750,000 raised will be applied to the Company's working capital and the acceleration of exploration and project development activities including, 1) next stage exploration at Garfield, 2) commencement of key permitting steps relating to the development of Pilot Mountain, and 3) diamond drilling of key exploration and resource infill targets at Pilot Mountain. Further details on all of the above items will be announced to the market in due course.

Oliver Friesen, CEO of Golden Metal, commented:

"I am very pleased to announce this strategic subscription, from a single investor, at a premium to the market price, providing the Company with £750,000.

"We intend to deploy this funding into what we consider to be high impact exploration and development initiatives that have the potential to build considerable value for the Company and shareholders."

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 5,000,000 Subscription Shares to be admitted to trading on AIM which is expected to occur on or around 15 March 2024 ("Admission"). The Subscription Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company's issued share capital will comprise 90,894,132 ordinary shares of 1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

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 (1,338 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 porphyry and skarn-type mineralisation and alteration at the 'High-Grade Zone'. Further to this, mapping, prospecting and rock sampling was recently completed with results confirming presence of high-grade copper, silver and gold mineralisation as well as leading to the bedrock discovery of the Pamlico Au Zone with individual rock samples up to 18.35g/t Au, 1,225g/t Ag & 1.89% Cu. Following this, geochemical analysis of the full suite of data confirmed the strong presence of porphyry style mineralisation across the Project, as well as potentially overprinting epithermal style mineralisation leading to increased gold-silver prospectivity.

Kibby Basin Lithium Project

Golconda Summit Project

Stonewall Project