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2026-11-06
◂ Monitor GHM ASX

Golden Horse Minerals Limited

Discovery Drill Stage · Gold · Copper · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.425
1D
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1M
—
YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$108.4M
EV
A$77.8M
Cash
A$30.6M
Debt
A$0
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$30.6M Finite
Debt A$0 Net cash A$30.6M
Basic shares 255.2M 2026-07-28
Runway 3.54 quarters Appendix 5B total available funding of A$30.625 million divided by A$8.649 million of relevant quarterly outgoings.

Liquidity

Financial position

Cash funds the current exploration campaign, but the reported runway shortened materially from 9.39 quarters at March 2026 to 3.54 quarters at June 2026.

Capital structure

Ownership and dilution

Ordinary shares
255.2M
Fully diluted
275.6M

217,660,004 quoted CDIs plus 493,750 restricted CDIs, 36,500,000 restricted common shares and 499,583 inducement shares equals 255,153,337 ordinary equivalents. Adding 20,454,485 disclosed options, warrants and performance rights gives 275,607,822 fully diluted.

Security classes3
ClassTypeQuantityStrikeExpiry
Common shares and 1:1 CDIs, including quoted and restricted classesOrdinary Share255.2M——
Remaining unquoted options and warrants across disclosed classesOption10.4M——
Remaining performance rights after 67,550 rights ceasedPerformance Right10MA$0—

KPI history

Operating metrics

Source values by period
Operating metric source table2
MetricProjectPeriodPeriod typeValueStatus
ProductionSouthern Cross GoldHistorical production through 1989Other216,000 oz AuReported
OtherSouthern Cross GoldH1 CY2026Half Year50,000 metres drilled+Reported
Company guidance2
MetricProjectPeriodLowHighStatus
Planned Rc And Diamond Drillingsouthern-cross-goldH2 CY202650,000— metres+Current
Planned Inaugural Mineral Resource Estimatesouthern-cross-goldH2 CY2026—— milestoneCurrent

Capital history

Capital events

1 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-12-31RaisingA$35M53M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

Local 2025 interim accounts and 2026 quarterly tenure tables support identified continuing obligations and interests; the 2025 annual report and September 2026 half-year PDF were not accessible to complete the register.

Up to A$3m contingent consideration from Emerald asset acquisition; issuer elects cash or shares per milestone.

Other · Active
Counterparties
Emerald Resources NL · Emerald Resources (WA) Pty Ltd
Applies to
Southern Cross Gold Project · Gold
Economic direction
Burden
Period
2024-12-05 to 2029-12-05
Key terms
250koz resource milestone: 1,000,000 AUD
500koz resource milestone: 1,000,000 AUD
decision-to-mine milestone: 1,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Vendor retains a capped 1.5% NSR royalty on first 15,000oz of Irene Betty gold production.

Royalty · Active
Counterparties
West Australian Prospectors Pty Ltd
Applies to
Southern Cross Gold Project · Gold
Economic direction
Burden
Period
From 2025-04-02; no end date stated
Key terms
net smelter royalty: 1.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

M77/1049 is reported as 50% held subject to Pilot Agreement; funding and proceeds terms not in reviewed evidence.

Joint Venture · Active
Counterparties
Pilot Agreement counterparty not disclosed in reviewed quarterly
Applies to
Southern Cross Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
current interest: 50 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Four Sorrel-region exploration licences shown at 49%; second earn-in economics not quantified in reviewed documents.

Earn In · Active
Counterparties
Maverick2 Pty Ltd
Applies to
Sorrel Copper Project · Copper
Economic direction
Mixed
Period
Dates not stated
Key terms
current interest: 49 %
How it affects our valuation

No valuation treatment is available for this arrangement.