Exercise of Warrants and Warrant Exercise Period

Warrant Exercise

Golden Metal Resources plc (LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company focused in Nevada, USA, announces the exercise of further warrants.

Warrant Exercise

The Company has received notices to exercise warrants over a total of 4,236,091 new ordinary shares of 1p each in the Company ("Warrant Shares") at an exercise price of 10.75p per Warrant Share, raising £455,380 for the Company.

Admission and Total Voting Rights

Application will be made for the 4,236,091 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 14 May 2024 ("Admission"). The Warrant 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 105,049,535 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.

Warrant Exercise Period

The Company has therefore received notices to date for the exercise of a total of 14,431,633 warrants at an exercise price of 10.75p per ordinary share ("10.75p Warrants"), raising a total of £1,551,401 of new equity for the Company.

The exercise period for the 10.75p Warrants ends at midnight this Friday 10 May 2024, other than in respect of 991,277 10.75p Warrants held by parties that are deemed to be in possession of inside information (as defined in the UK Market Abuse Regulation), where under the terms of the 10.75p Warrant Instrument the exercise period shall be extended to 7 days after the date upon which it would no longer constitute a breach of the UK Market Abuse Regulation to exercise the 10.75p Warrant.

In addition, there are a further 18,420,222 warrants outstanding with an exercise price of 17p per Ordinary Share ("17p Warrants"). The exercise period of the 17p Warrants ends at midnight on 10 May 2025, unless the holder is deemed to be in possession of inside information (as defined by the UK Market Abuse Regulation).

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