Strategic Fundraise

Golden Metal Resources plc (LON:GMET, OTCQB:GMTLF), a mineral exploration company focused on tungsten, lithium, gold, copper and silver within Nevada, USA, is pleased to announce it has raised £506,250 through a direct and premium priced subscription with the Company.

Subscription Highlights:

Golden Metal has completed a strategic raise of £506,250 through the issue of 2,250,000 new ordinary shares of 1.0p each ("Subscription Shares"), representing 2.06% of the enlarged issued share capital of the Company.

The Subscription was undertaken with a single existing investor, Purebond Ltd. (the "Subscriber") at an issue price of 22.5p per share. The Subscription will increase the Subscriber's total ownership to 6.65% of the enlarged issued share capital of the Company.

The £506,250 raised will be applied to the Company's working capital and is targeted for accelerated exploration and project development activities at the Garfield as well as Pilot Mountain projects.

No warrants are to be issued to the Subscriber.

Oliver Friesen, CEO of Golden Metal, commented:

"The Company is currently active in exploration and project development work at its flagship Pilot Mountain Project and with the raise now complete, have the flexibility to expand some of the ongoing work streams at the Company's discretion, including further drilling.

"The Company is also keen to ensure that the Garfield project advances and with a view to further extensive exploration planned at Garfield, the raise allows for dedicated working capital for that project.

"The ability to raise significant funds in this manner from a single investor, without recourse to the usual market placings, demonstrates the stage of business development and the prospects offered by further work at Pilot Mountain and Garfield.

"The Company wishes to record its thanks to all shareholders for their support and to Purebond Ltd for its continuing engagement and support of the Company. "

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 2,250,000 Subscription Shares to be admitted to trading on AIM

which is expected to occur on or around 13 June 2024 ("Admission"). The Subscription 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 109,027,165 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.

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 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.

Kibby Basin Lithium Project

Golconda Summit Project

Stonewall Project