Garfield - Significant Magnetic Geophysics Results

A recently completed ground magnetic geophysics survey has detected significant anomalies coincident with the Project's Power Line Zone and High-Grade Zone target areas where previous rock and soil sampling fieldwork confirmed the presence of significant porphyry and epithermal style mineralisation.

HIGHLIGHTS

§ Geophysics survey delineates three significant magnetic high anomalies in proximity to surface mineralisation:

o Two magnetic anomalies located within the 'High-Grade' zone - the main target zone identified at the Project to date; and

o One magnetic anomaly located within the southwestern part of the 'Power-Line' zone.

§ High-Grade zone magnetic anomalies, comprising magnetic targets 'PS' & 'PN' (see Figure 1), which measure 550m x 350m and 500m x 250m respectively.

§ Power-Line zone magnetic anomaly target 'PPL' measures approximately 600m x 300m.

§ Importantly - all three anomalies directly underlie the strongest parts of the copper (Cu)-in-soil anomalies identified during the recently completed geochemical survey and are also coincident with strong Cu - gold (Au) & silver (Ag)-in-rock results.

§ Stacked profile analysis over the anomalies indicate they are likely related to large buried magnetic bodies at depth - providing support for the Company's belief that the significant Cu-Au-Ag mineralisation found at surface within the 'High-Grade' and 'Power-Line' zones is related to a buried copper porphyry system(s).

NEXT STEPS

§ The Company is very encouraged by the results and has immediately requested three dimensional (3D) inversions of the magnetic dataset which will provide a 3D model of the PS, PN and PPL targets.

§ Following the success of the Garfield magnetic survey, Golden Metal is pleased to announce that it has commissioned SJ Geophysics to undertake a ground magnetic geophysics survey across some of the main target areas at Pilot Mountain and those results are currently being processed.

§ Pilot Mountain drill programme preparations are well underway and Golden Metal expects to receive final drilling permits imminently.

Oliver Friesen, CEO of Golden Metal, commented:

"When we commissioned this magnetic geophysics survey over Garfield we were hoping to find anomalies within the 'High-Grade' and 'Power-Line' zones which resembled buried porphyry targets - and that is precisely what we have found.

"Based on all of the work completed on the Project to date, we are of the belief that a mineralised copper porphyry system may exist at Garfield, and with these results in hand our confidence has grown even stronger. We now eagerly await magnetic inversion results which will give us further details about what these three very important anomalies, including PS, PN and PPL, look like in 3D space.

"2024 is shaping up to be a very exciting year for Golden Metal as drilling preparations continue at pace for our flagship Pilot Mountain project, and in parallel we continue to deliver very exciting results at Garfield.

The need for domestic sources of important metals such as tungsten is also approaching all-time highs and Golden Metal is positioned perfectly to address this. I very much look forward to providing further updates on all of the above workstreams in due course."

MAGNETIC GEOPHYSICS SURVEY DETAILS

The ground magnetic geophysics survey was undertaken by SJ Geophysics Ltd. over the period 22 - 26 and 28 March 2024 using two GEM-Systems GSM-19W overhauser magnetometers in a survey and base station configuration.

The survey was conducted along parallel north-south orientated survey lines at 100m spacing for a total reported survey length of approximately 84-line km. A total of 88,640 individual data points were recorded.

The resulting data has been processed for Total Magnetic Intensity (TMI; Figure 1), First Vertical Derivative (1VD), Reduction to Pole (RTP) and Analytical Signal (AS) mapping products. The Company has now commissioned SJ Geophysics Ltd to undertake three-dimensional inversion modelling of the magnetic field data.

Figure 1 - Garfield Project showing the location new targets 'PPL' located within the 'Power-Line' zone and 'PN' & 'PS' located within the 'High-Grade' zone over the Total Magnetic Intensity ground geophysics survey results

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.

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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