Half-year Results

Golden Metal Resources plc (LON:GMET, OTCQB: GMTLF), the AIM listed metals exploration and development company, announces its unaudited interim results for the six month period ended 31 December 2023 (the "period").

KEY DEVELOPMENTS IN THE PERIOD TO 31 DECEMBER 2023

• On 6 July 2023, the Company announced the staking of mineral claims covering the Kibby Basin lithium project, an exciting lithium brine opportunity complementing the Company's other strategic/critical metal focussed properties
• On 24 July 2023, a Memorandum of Understanding ("MOU") was signed with Oxford Sigma Limited, a nuclear fusion technology company based in Oxfordshire, UK. The MOU outlined how the two parties will collaborate to explore and develop critical metal supply pathways for tungsten alloy and tungsten containing materials within the fusion industry
• On 26 September 2023, Golden Metal strengthened its board of directors with the appointment of J.T. Starzecki who also currently stands as Chief Marketing Officer of 5E Advanced Materials, a Nasdaq listed mining company
• Over the period the Company announced several updates covering its 100% owned Garfield project's ("Garfield") copper-gold-silver property, mostly concerning the discovery of significant porphyry style mineralisation and alteration
• During the period, the Company's Golconda Summit gold property advanced further following the validation of the presence of a feeder zone and therefore the potential for Carlin-type gold mineralisation at depth. A permit notice application was also submitted to the Bureau of Land Management office

KEY DEVELOPMENTS SINCE 31 DECEMBER 2023

• Further copper-gold-silver bedrock discoveries at Garfield
• Identification of garnet potential at Pilot Mountain
• Strategic £750,000 equity fundraise.

GOLDEN METAL INTERESTS AT TODAY'S DATE

The latest updated review of Golden Metal's business interests is provided in the Company's investor presentation which may be accessed here:

In addition, a single page business overview is provided for investors through the following link:

LATEST POSITION OF GOLDEN METAL'S INTERESTS AND TARGETED OBJECTIVES FOR 2024

Priority Exploration and Potential Exploration Projects

FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDED 31 DECEMBER 2023

• Loss for the period, attributable to owners of the parent of US$571k (30 June 2023: US$848k), resulting in loss per share of 0.01 pence (2023: 0.01 pence);
• Total assets of US$8,902k at the period end (30 June 2023: US$9,453k); and
• Net assets of US$8,663k at the period end (30 June 2023: US$9,039k).

For further information please visit Golden Metal https://www.goldenmetalresources.com/ or contact:

Golden Metal Resources plc

Items that will or may be reclassified to profit or loss

NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT

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 period ended 31 December 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.

• Basis of preparation
• Statement of compliance

As permitted, IAS 34, 'Interim Financial Reporting' has not been applied in this interim report.

The financial information presented in this interim report has been prepared using accounting policies that are expected to be applied in the preparation of the financial statements for the year ending 30 June 2024.

These policies are in accordance with the recognition and measurement principles of International Financial Reporting Standards, International Accounting Standards, and Interpretations (collectively IFRS) issued by the International Accounting Standards Board as endorsed for use in the United Kingdom, and these principles are disclosed in the Financial Statements for the year ended 30 June 2023.

The Annual Report and Financial Statements for 2023 have been filed with the Registrar of Companies. The Independent Auditors' Report on the Annual Report and Financial Statements for 2023 was unqualified and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

The interim results were approved by the Board of Directors on 25 March 2024.

Judgements and estimates

In preparing this consolidated interim financial report, significant judgements made by Management in applying the Group's accounting policies and key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 June 2023.

• Going concern
• Significant accounting policies

The accounting policies applied by the Group in this consolidated interim financial report are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 30 June 2023.

Earnings per share

Basic loss per share

The calculation of basic and diluted loss per share is based on the loss attributable to ordinary shareholders of US$571k (30 June 2023: US$848k), and a weighted average number of ordinary shares in issue of 85,507,128 (30 June 2023: 63,422,122). 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.

Issues of Equity

At the period end, the Company had 85,617,902 Ordinary Shares in issue (30 June 2023: 85,000,255).

At the date of this interim report, the Company had 91,049,720 Ordinary Shares in issue.