Garfield Project Exploration Update

The update follows on from the recent high-grade gold-silver-copper bedrock discovery made at Garfield which returned results up to 22.7g/t gold (Au) and 1,225g/t silver (Ag), which the Company announced on 23 January 20241.

HIGHLIGHTS

§ The Company previously confirmed the presence of significant porphyry and epithermal style mineralisation principally located within the Project's Power Line Zone, High-Grade Zone and Pamlico Au Zone.

§ Notably, Golden Metal previously confirmed a 'Magnetic Bullseye' geophysics anomaly (often associated with intrusive porphyry centres) identified proximal to the Project's High-Grade Zone.

§ The results were considered by the Company's technical team to be significant, and a decision was taken to rapidly plan and undertake next exploration steps to drive the Project forward.

§ The strategic £750,000 financing recently completed at a premium to the market share price, has enabled this accelerated next stage exploration programme which is now in progress.2

§ Crews from the Company's preferred geophysical contractor, SJ Geophysics, have been on site for the last few days undertaking a detailed high resolution ground magnetics geophysical survey and this work is progressing very well.

§ This work is to investigate the Company's postulation that there could be additional key potential porphyry intrusive centres to be discovered across Garfield, which if proven correct would further significantly increase the prospectivity and inherent value of the Project.

§ The results from the ongoing work programme will provide a very important dataset as the Company continues pushing the Project up the value curve.

Oliver Friesen, CEO of Golden Metal, commented:

"Garfield has certainly been an asset which has excited the team and many investors over the last few months, and we are very pleased to announce that a very important next stage exploration programme is now underway.

"We believe, on the basis of the historic exploration work, that there could be additional key potential porphyry intrusive centres to be discovered across the Garfield Project footprint.

"The work being undertaken now is a key step in investigating this potential.

"Our fantastic team has been able to quickly mobilise with work now well underway and we look forward to updating the market with the results as soon as possible."

MEDIA

Figure 1 - Garfield Project showing the location of USGS mapped intrusive units which cross-cut both the High-Grade and Pamlico Au Zones. The uranium target recently identified is also shown in yellow and will be investigated during subsequent exploration campaigns.

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. The Pamlico Au Zone is entirely royalty free.

REFERENCES

1 Company announcement, 'Garfield Update - Bonanza Silver & Uranium Target' dated 23 January 2024. ( https://www.londonstockexchange.com/news-article/GMET/garfield-update-bonanza-silver-uranium-target/16299439 )

2 Company announcement, 'Golden Metal Strategic Raise of £750,000 to Support Accelerated Exploration in Nevada USA' dated 11 March 2024.

( https://www.londonstockexchange.com/news-article/GMET/strategic-fundraise-of-ps750-000/16369924 )

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.

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