Garfield-Further Copper Porphyry Targets Secured

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

Oliver Friesen, CEO of Golden Metal, commented:

"I am very pleased to announce that we have staked a further 44 mineral claims to significantly expand the footprint of the Garfield Project by over 3.68km2.

"Importantly, the claim staking secures coverage of a dense cluster of historical copper (plus gold/silver/uranium) datapoints, including old mineshafts, pits and adits, many of which were inspected during my field visit to Nevada last week.

"To see the size and scale of the copper mineralisation evident at surface within the newly staked ground and, more importantly across the entire Garfield footprint, was very exciting.

"I also visited multiple strongly copper mineralised sites proximal and near to the buried magnetic targets identified and announced last week, which has further enhanced our excitement about those particular porphyry targets.

"We are in the process of finalising next steps to explore for a buried copper porphyry at Garfield and will announce those to the market as soon as possible."

Staking Highlights

§ Garfield Project coverage area increased by 3.68km2 (909 acres) to 9.18km2 (2,268 acres) through United States Bureau of Land Management ("BLM") Mining Claim ("Claim") staking. Additional 44 Claims constitute a 67% increase in the overall Project size and cover additional copper anomalies (see Figure 1 and Figure 2).

§ Staking undertaken to address the growing evidence that a buried copper porphyry system may exist at Garfield, and to secure the ground given the exploration rush occurring within the western Unites States in the search for new copper porphyry discoveries.

§ Recently staked ground covers an additional magnetic geophysical high target which was partially imaged during the previously completed ground magnetic survey (see Fig. 1), as well as a combined total of 25 historical datapoints (from United States Geological Survey and University of Nevada, Reno), including historical mine shafts, prospect pits, and adits, most of which are classified as copper ± gold ± silver ± uranium targets.

§ Field prospecting of the newly acquired ground has confirmed the potential for extensive copper mineralisation across a wide area based on outcropping visual copper mineralisation. Eight confirmatory rock samples have been submitted to ALS Laboratories in Reno, for assay testing.

Next Steps

§ The Company continues to finalise the follow up exploration plans for Garfield which will be announced in due course.

Figure 1: Enlarged Garfield Project showing the location of the two potential porphyry targets located at the Power-Line Zone ('PPL' anomaly) and the High-Grade Zone ('PN' & 'PS' coalescing anomalies) over the Total Magnetic Intensity ground geophysics survey results. Newly acquired ground is shaded red with the historical copper (plus gold, silver, and/or uranium) occurrences shown as white crosses. Orange circles show the location of recently collected samples which are undergoing assay testing. Location of Figure 2 Cross-Section shown as line A-A'.

Figure 2: Garfield Project 2024 magnetic susceptibility inversion results showing two sizeable buried magnetic bodies at depth. Top of red shell (magnetic core) at PPL is at approximately 200m depth and at PS/PN approximately 150m depth. Surface trace of magnetic survey points shown in black.

Figure 3: Historical mine dump area near to sampling site OF-001 showing extensive malachite (copper carbonate) mineralisation.

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 109 lode mining claims covering 9.18 km2 (2,268 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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