Pilot Mountain - Update re Porphyry Potential

Magnetic Inversion Results Confirm Significant Porphyry Potential at Porphyry South; Additional Claims Staked

Golden Metal Resources plc (LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company focused in Nevada, USA, is pleased to announce an exploration update at the Company's 100% owned flagship Pilot Mountain Project ("Pilot Mountain" or the "Project") located within the prolific Walker Lake Mineral Belt in Nevada, USA.

This update covers the findings of the inversion modelling of the magnetic geophysics survey data, undertaken by SJ Geophysics Ltd, which was expedited following the confirmation of a porphyry target at the Project, further details in respect of which were released on 1 May 2024 and may be viewed in the link below:

Porphyry style mineral deposits host the world's largest sources of multiple metals and in respect of Pilot Mountain it is postulated that the extensive mineralisation found at or near surface may be related to a buried porphyry system(s). The very significant porphyry target at Pilot Mountain ('Porphyry South') will be tested in the upcoming drill programme scheduled to commence in the coming week.

HIGHLIGHTS

§ Magnetic inversion results of the magnetic high anomalies within the Porphyry South target area highlight a very significant buried magnetic body at depth (red shell in Figure 1 below).

§ Importantly, the eastern portion of this magnetic body is bordered by a moderate chargeability halo and is directly coincident with a resistivity anomaly further supporting the porphyry potential at Pilot Mountain (see Figure 2).

§ The western part of the magnetic anomaly extends close to surface where the geophysical operator identified a historical trench with abundant malachite (copper) staining.

§ Based on the magnetic inversion results, the azimuth and dip of the planned drillhole into Porphyry South has been optimised to target the core of the highest magnetic shell (see Figure 1, magnetic shell and Figure 2 idealised porphyry model).

§ As a result of the above, a further 12 claims have now been staked covering 248 acres (1.0 km2) of additional ground around Porphyry South, as well as ground east of the Pilot Mountain Project which is expected to provide additional area for planned future mining infrastructure.

Figure 1: Pilot Mountain Project 2024 magnetic inversion results showing strong magnetic anomaly and planned 2024 drillhole into the target. Top of red shell (magnetic core) is at approximately 350m depth. (Total Magnetic Intensity (TMI) hotter colours = more magnetic, A - A' = section line shown on Figure 3)

Figure 2: Idealised porphyry target showing porphyry stock and potassic zone (which could be related to a magnetic bullseye target at surface). Source: Red Metal in the Blue Planet, J.R. Wise (2023).

NEXT STEPS

§ During the upcoming drilling campaign which has a planned start date of May 11, the Company will be testing the core of the Porphyry South target with at least one drillhole (target depth of 450m) which is shown in figure 2.

Oliver Friesen, CEO of Golden Metal, commented:

"The magnetic inversion modelling results over our Porphyry South target have demonstrated a significant buried magnetic body at depth which will be targeted during the upcoming drilling campaign.

"Porphyry copper exploration in the USA is ramping up significantly with the push to make new copper discoveries and we are perfectly positioned with multiple, very exciting porphyry targets, not only at the Porphyry South target, but also at our nearby Garfield Project - where magnetic inversion results are expected very shortly.

"As a reminder, Porphyry South is one of a series of prospective targets that will be tested during our upcoming drilling campaign, providing our investors with exposure to multiple potentially exciting future outcomes during the coming months."

Figure 3: Pilot Mountain Project 2024 magnetic geophysics survey results showing two significant TMI anomalies at the 'Porphyry South' target as well as cross-section line A-A' shown on Figure 1.

PROPERTY OWNERSHIP

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 (3,904.1 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