Golden Horse Minerals Limited

Career chronology

• Current role at cutoff; start date not established in the reviewed records: Golden Horse Minerals — Managing Director & CEO. Board and Management (Issuer management page, Nicholas Anderson entry)

• CEO effective 2024-06-01; director from 2024-06-20: Golden Horse Minerals — Managing Director & CEO; director. Golden Horse Appoints Managing Director and CEO (Appointment announcement, effective date and biography)

• Former; dates not disclosed: Kin Mining — Board member. Board & Management (Issuer Board & Management page, Nicholas Anderson biography)

• Prior career; dates/employers not fully disclosed: Resources-sector companies — Finance and corporate advisory services; capital raisings, restructures and transactions. Golden Horse Appoints Managing Director and CEO (Biography and experience summary)

Contributions and company outcomes

Golden Horse Minerals reported project and corporate progress

FY25–FY26 as stated in cited issuer disclosure · issuer reported · medium materiality

The company completed the Sorrel Copper Project acquisition in September 2025 and disclosed major placements to fund exploration. These are issuer-reported company outcomes and are not individual attribution.

Attribution: Role overlaps event; causation unproven. The role may overlap the period, but the issuer report does not assign sole or causal credit to this executive.

Relevance: Provides evidence of the operating or project context the leadership team must continue to execute.

Half Year Accounts (Annual report, Chair/CEO letter and Review of Operations)

Golden Horse reported funded exploration and portfolio growth

2025 · issuer reported · medium materiality

Golden Horse’s audited 2025 accounts report A$43.7 million cash at year end versus A$15.0 million in 2024 and a material increase in deferred exploration and evaluation costs. The company also announced a A$15 million placement in June 2025 and acquired the Sorrel copper project in July 2025. These company financing and portfolio outcomes do not establish personal executive contribution or successful mine development.

Attribution: Role overlaps event; causation unproven. The cited filings do not isolate an individual executive’s causal contribution.

Relevance: Provides financial and corporate execution context for senior management.

Full Year Statutory Accounts December 2025 (Statements of financial position and Note 8); Full Year Statutory Accounts December 2025 (Nature of the Sorrel asset acquisition; 2025 annual accounts)

Governance and interests

Historical Canadian tax returns filed late; CRA penalties assessed

Tax years 2010–2022; remediation June 2024; assessed through 2025-12-31 · issuer reported · high materiality

Golden Horse’s audited 2025 accounts say the company and its Canadian holding entity had failed to file certain Canadian tax and information returns for 2010–2022. All outstanding returns through 2023 were filed in June 2024; CRA assessed them with no corporate income tax payable. At June 2025 the company reported that CRA had denied its penalty-relief request (a separate holding entity request remained pending); by 31 December 2025 CRA-assessed penalties and interest totalled about C$207,500, and the company did not expect further assessments. Nicholas Anderson’s CEO appointment was effective 1 June 2024, just before filing was completed, but the filings related to prior years and the record does not assign him responsibility for the earlier noncompliance or remediation.

Attribution: Role overlaps event; causation unproven. The issuer documents corporate filing failures, subsequent remediation and assessed penalties. No personal misconduct finding or individual causal responsibility is disclosed.

Relevance: Material governance/compliance oversight context for a current director or CEO.

Full Year Statutory Accounts December 2025 (Notes 18 and 10, Canadian taxation; CRA filings and penalties); Management Discussion and Analysis — June 2025 (Provisions: June 2025 CRA penalty-relief status)

Reported CEO-associated consulting services

2024 financial year · issuer reported · medium materiality

Golden Horse’s audited FY2025 accounts disclose that Nicholas Anderson provided A$51,357 of consulting services through Burra Station Trust, an entity associated with him, during 2024. The accounts describe the services as normal-course and arm’s-length. This is an issuer-disclosed related-party transaction; the filing gives no finding of impropriety.

Attribution: Individual involvement documented. The filing directly connects Anderson to the associated trust and consulting services, while describing the terms as arm’s-length. No independent review of pricing was found.

Relevance: Relevant to CEO conflict management and related-party controls.

Full Year Statutory Accounts December 2025 (Note 11, Related Party Transactions)

Suitability for the current role

Relevance of current Managing Director & CEO role

Current at 2026-10-09 · analyst inference · medium materiality

The issuer identifies Nicholas Anderson as Managing Director & CEO. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Attribution: Responsibility not applicable. This is a role-fit judgment, not an outcome or misconduct finding.

Relevance: Assesses alignment of disclosed responsibilities with current company needs.

Board and Management (Issuer management page, Nicholas Anderson entry)

Resources finance and corporate transaction experience

From 2024-06-01 / 2024-06-20 · analyst inference · medium materiality

Appointment disclosure identifies Anderson as a finance executive and chemical engineer experienced in capital raising, M&A, and structuring and funding transactions for listed and private companies. Current issuer biography adds gold production and mining-services experience, prior Kin Mining board membership and AICD graduation, but names few prior employers. His executive tenure at Golden Horse began on 1 June 2024 and board tenure on 20 June 2024.

Attribution: Responsibility not applicable. Role and experience are documented by issuer appointment disclosures; outcomes from past transactions are not independently itemized.

Relevance: Relevant capital-markets and mining-services experience for a listed explorer.

Golden Horse Appoints Managing Director and CEO (Appointment announcement, effective date and biography); Board & Management (Issuer Board & Management page, Nicholas Anderson biography)

Evidence gaps

• Issuer biographies provide abbreviated careers rather than complete dated employment histories; some roles, achievements and credentials remain issuer-reported.

• The CRA late-filing issue is resolved as to outstanding returns and assessed tax, but penalties/interest remain payable or under follow-up; individual responsibility is not established.

• Focused web adverse searches did not amount to full regulator, court, credential, safety or environmental database searches across all former employers; no clearance conclusion is implied.

Career chronology

• Current role at cutoff; start date not established in the reviewed records: Golden Horse Minerals — Executive Chairman. Board and Management (Issuer management page, Graeme Sloan entry)

• Chair/director since 2022-11-21; interim CEO until successor commenced: Golden Horse Minerals — Executive Chairman; Interim CEO until 2024-06. Board & Management (Issuer profile; chair/interim CEO roles)

• Current at cutoff; exact appointment date not stated: Kali Metals — Non-Executive Director. Board & Management (Issuer Board & Management page, Graeme Sloan biography)

• More than 35 years; employers and dates not completely disclosed: Listed resource companies — Managing Director/CEO, NED, Chairman, committee member and operations general manager roles. Board & Management (Issuer Board & Management page, Graeme Sloan biography)

Contributions and company outcomes

Golden Horse Minerals reported project and corporate progress

FY25–FY26 as stated in cited issuer disclosure · issuer reported · medium materiality

The company completed the Sorrel Copper Project acquisition in September 2025 and disclosed major placements to fund exploration. These are issuer-reported company outcomes and are not individual attribution.

Attribution: Role overlaps event; causation unproven. The role may overlap the period, but the issuer report does not assign sole or causal credit to this executive.

Relevance: Provides evidence of the operating or project context the leadership team must continue to execute.

Half Year Accounts (Annual report, Chair/CEO letter and Review of Operations)

Golden Horse reported funded exploration and portfolio growth

2025 · issuer reported · medium materiality

Golden Horse’s audited 2025 accounts report A$43.7 million cash at year end versus A$15.0 million in 2024 and a material increase in deferred exploration and evaluation costs. The company also announced a A$15 million placement in June 2025 and acquired the Sorrel copper project in July 2025. These company financing and portfolio outcomes do not establish personal executive contribution or successful mine development.

Attribution: Role overlaps event; causation unproven. The cited filings do not isolate an individual executive’s causal contribution.

Relevance: Provides financial and corporate execution context for senior management.

Full Year Statutory Accounts December 2025 (Statements of financial position and Note 8); Full Year Statutory Accounts December 2025 (Nature of the Sorrel asset acquisition; 2025 annual accounts)

Governance and interests

Historical Canadian tax returns filed late; CRA penalties assessed

Tax years 2010–2022; remediation June 2024; assessed through 2025-12-31 · issuer reported · high materiality

Golden Horse’s audited 2025 accounts say the company and its Canadian holding entity had failed to file certain Canadian tax and information returns for 2010–2022. All outstanding returns through 2023 were filed in June 2024; CRA assessed them with no corporate income tax payable. At June 2025 the company reported that CRA had denied its penalty-relief request (a separate holding entity request remained pending); by 31 December 2025 CRA-assessed penalties and interest totalled about C$207,500, and the company did not expect further assessments. Sloan became a director/chair in November 2022, overlapping part of the period in which the late returns were outstanding; the report does not attribute the failure, later filing or response to him personally.

Attribution: Role overlaps event; causation unproven. The issuer documents corporate filing failures, subsequent remediation and assessed penalties. No personal misconduct finding or individual causal responsibility is disclosed.

Relevance: Material governance/compliance oversight context for a current director or CEO.

Full Year Statutory Accounts December 2025 (Notes 18 and 10, Canadian taxation; CRA filings and penalties); Management Discussion and Analysis — June 2025 (Provisions: June 2025 CRA penalty-relief status)

Suitability for the current role

Relevance of current Executive Chairman role

Current at 2026-10-09 · analyst inference · medium materiality

The issuer identifies Graeme Sloan as Executive Chairman. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Attribution: Responsibility not applicable. This is a role-fit judgment, not an outcome or misconduct finding.

Relevance: Assesses alignment of disclosed responsibilities with current company needs.

Board and Management (Issuer management page, Graeme Sloan entry)

Mining engineering and listed-resource leadership experience

More than 35 years; GHM since November 2022 · analyst inference · medium materiality

Issuer biography describes Sloan as a qualified mining engineer with more than 35 years in CEO/MD, director, chairman, committee and operations roles across gold, base metals and mineral sands in Australia and the Americas. He currently serves as a non-executive director of Kali Metals. Exact prior company chronology and qualification verification remain incomplete.

Attribution: Responsibility not applicable. Issuer-reported experience establishes relevant senior oversight but does not quantify individual prior-company outcomes.

Relevance: Corporate strategy, operations, M&A and ESG governance experience is relevant to chairing a gold explorer.

Board & Management (Issuer Board & Management page, Graeme Sloan biography)

Evidence gaps

• Issuer biographies provide abbreviated careers rather than complete dated employment histories; some roles, achievements and credentials remain issuer-reported.

• The CRA late-filing issue is resolved as to outstanding returns and assessed tax, but penalties/interest remain payable or under follow-up; individual responsibility is not established.

• Focused web adverse searches did not amount to full regulator, court, credential, safety or environmental database searches across all former employers; no clearance conclusion is implied.

Career chronology

• Current role at cutoff; start date not established in the reviewed records: Golden Horse Minerals — Chief Operating Officer. Board and Management (Issuer management page, Dean Vallve entry)

• Commenced 2025-10-20: Golden Horse Minerals — Chief Operating Officer. Golden Horse Appoints Chief Operating Officer (Appointment announcement, biography and commencement date)

• Prior role; exact dates not stated: Brightstar Resources — Senior leadership roles, including Chief Development Officer. Golden Horse Appoints Chief Operating Officer (Prior senior roles paragraph)

• Prior role; exact dates not stated: Calidus Resources — Senior operational leadership; development of Warrawoona Gold Project. Golden Horse Appoints Chief Operating Officer (Prior senior roles paragraph)

• More than ten years before executive roles; exact dates not stated: WA resources sector — Site-based geology and engineering roles across open pit and underground operations. Golden Horse Appoints Chief Operating Officer (Career history paragraph)

Contributions and company outcomes

Golden Horse reported funded exploration and portfolio growth

2025 · issuer reported · medium materiality

Golden Horse’s audited 2025 accounts report A$43.7 million cash at year end versus A$15.0 million in 2024 and a material increase in deferred exploration and evaluation costs. The company also announced a A$15 million placement in June 2025 and acquired the Sorrel copper project in July 2025. These company financing and portfolio outcomes do not establish personal executive contribution or successful mine development.

Attribution: Role overlaps event; causation unproven. The cited filings do not isolate an individual executive’s causal contribution.

Relevance: Provides financial and corporate execution context for senior management.

Full Year Statutory Accounts December 2025 (Statements of financial position and Note 8); Full Year Statutory Accounts December 2025 (Nature of the Sorrel asset acquisition; 2025 annual accounts)

Suitability for the current role

Relevance of current Chief Operating Officer role

Current at 2026-10-09 · analyst inference · medium materiality

The issuer identifies Dean Vallve as Chief Operating Officer. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Attribution: Responsibility not applicable. This is a role-fit judgment, not an outcome or misconduct finding.

Relevance: Assesses alignment of disclosed responsibilities with current company needs.

Board and Management (Issuer management page, Dean Vallve entry)

Operational and project delivery background

Prior roles and appointment effective 2025-10-20 · analyst inference · medium materiality

Appointment disclosure says Vallve has about 20 years in operational management, project delivery and technical leadership; prior senior roles at Brightstar and Calidus involved development of Warrawoona, management of the profitable Selkirk Mining JV and several feasibility studies to DFS level. The issuer says he holds a BSc in Mineral Exploration and Mining Geology and Graduate Diploma in Mining from WASM, an MBA and WA First Class Mine Manager’s Certificate. These are issuer claims, with limited project-level benchmarks and no independent qualification checks.

Attribution: Employer context; no individual link established. Prior employer/project milestones are not individually quantified or independently attributed to Vallve alone.

Relevance: Mine operations, feasibility and project delivery background fits COO responsibilities.

Golden Horse Appoints Chief Operating Officer (Appointment announcement, prior roles, education and certificates)

Evidence gaps

• Issuer biographies provide abbreviated careers rather than complete dated employment histories; some roles, achievements and credentials remain issuer-reported.

• The CRA late-filing issue is resolved as to outstanding returns and assessed tax, but penalties/interest remain payable or under follow-up; individual responsibility is not established.

• Focused web adverse searches did not amount to full regulator, court, credential, safety or environmental database searches across all former employers; no clearance conclusion is implied.

Career chronology

• Current role at cutoff; start date not established in the reviewed records: Golden Horse Minerals — Company Secretary & CFO. Board and Management (Issuer management page, Martin Bouwmeester entry)

• Appointed 2023-10-10: Golden Horse Minerals — CFO and Company Secretary. Key Appointments Ahead of Proposed Dual-Listing (Appointment announcement, CFO and Company Secretary appointment)

• Prior role before Golden Horse; dates not stated: Orion Minerals — CFO / Company Secretary. Key Appointments Ahead of Proposed Dual-Listing (Prior roles paragraph)

• Prior role; dates not stated: Perseverance Corporation — CFO, Business Development Manager and Company Secretary. Key Appointments Ahead of Proposed Dual-Listing (Prior roles paragraph)

Contributions and company outcomes

Golden Horse reported funded exploration and portfolio growth

2025 · issuer reported · medium materiality

Golden Horse’s audited 2025 accounts report A$43.7 million cash at year end versus A$15.0 million in 2024 and a material increase in deferred exploration and evaluation costs. The company also announced a A$15 million placement in June 2025 and acquired the Sorrel copper project in July 2025. These company financing and portfolio outcomes do not establish personal executive contribution or successful mine development.

Attribution: Role overlaps event; causation unproven. The cited filings do not isolate an individual executive’s causal contribution.

Relevance: Provides financial and corporate execution context for senior management.

Full Year Statutory Accounts December 2025 (Statements of financial position and Note 8); Full Year Statutory Accounts December 2025 (Nature of the Sorrel asset acquisition; 2025 annual accounts)

Governance and interests

Reported consulting through CFO-associated entity

2025 financial year; balance at 2025-12-31 · issuer reported · high materiality

Golden Horse’s audited FY2025 accounts disclose that Martin Bouwmeester provided A$277,888 of consulting services through Vestigen Pty Ltd, an entity associated with him, during 2025; A$78,888 remained payable at year end. The accounts say the services were in the normal course and on arm’s-length terms. This is a disclosed related-party arrangement, not a finding of impropriety.

Attribution: Individual involvement documented. The filing directly links the CFO to the related entity and amounts, and records the issuer’s arm’s-length characterization; no independent transaction-price review was found.

Relevance: Relevant to CFO conflict management and related-party controls.

Full Year Statutory Accounts December 2025 (Note 11, Related Party Transactions)

Suitability for the current role

Relevance of current Company Secretary & CFO role

Current at 2026-10-09 · analyst inference · medium materiality

The issuer identifies Martin Bouwmeester as Company Secretary & CFO. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Attribution: Responsibility not applicable. This is a role-fit judgment, not an outcome or misconduct finding.

Relevance: Assesses alignment of disclosed responsibilities with current company needs.

Board and Management (Issuer management page, Martin Bouwmeester entry)

Mining finance and company-secretarial experience

Prior roles; GHM appointment 2023-10-10 · analyst inference · medium materiality

Issuer appointment release identifies Bouwmeester as a Fellow CPA with exploration, mine development and operations experience. Before Golden Horse, he was CFO and Company Secretary of Orion Minerals and held CFO, business development and company-secretarial roles at Perseverance Corporation; the release says he was a key member of the executive team that developed Fosterville Gold Mine. He was appointed to Golden Horse on 10 October 2023. The biography does not specify Fosterville responsibilities or independent credential verification.

Attribution: Employer context; no individual link established. The issuer associates him with Fosterville’s development but does not assign sole responsibility or quantify his contribution.

Relevance: Finance and reporting experience in exploration and mine development aligns with CFO/company-secretarial duties.

Key Appointments Ahead of Proposed Dual-Listing (Appointment announcement, prior roles and credentials)

Evidence gaps

• Issuer biographies provide abbreviated careers rather than complete dated employment histories; some roles, achievements and credentials remain issuer-reported.

• The CRA late-filing issue is resolved as to outstanding returns and assessed tax, but penalties/interest remain payable or under follow-up; individual responsibility is not established.

• Focused web adverse searches did not amount to full regulator, court, credential, safety or environmental database searches across all former employers; no clearance conclusion is implied.

Career chronology

• Current role at cutoff; start date not established in the reviewed records: Golden Horse Minerals — Geology Manager. Board and Management (Issuer management page, Travis Vernon entry)

• Commenced 2023-10-23: Golden Horse Minerals — Geology Manager. Key Appointments Ahead of Proposed Dual-Listing (Appointment announcement and commencement date)

• Prior roles; specific dates not disclosed: Gold Fields Australia, Karora Resources, BHP, Barrick Gold — Geologist. Key Appointments Ahead of Proposed Dual-Listing (Prior employer summary)

Contributions and company outcomes

Golden Horse reported funded exploration and portfolio growth

2025 · issuer reported · medium materiality

Golden Horse’s audited 2025 accounts report A$43.7 million cash at year end versus A$15.0 million in 2024 and a material increase in deferred exploration and evaluation costs. The company also announced a A$15 million placement in June 2025 and acquired the Sorrel copper project in July 2025. These company financing and portfolio outcomes do not establish personal executive contribution or successful mine development.

Attribution: Role overlaps event; causation unproven. The cited filings do not isolate an individual executive’s causal contribution.

Relevance: Provides financial and corporate execution context for senior management.

Full Year Statutory Accounts December 2025 (Statements of financial position and Note 8); Full Year Statutory Accounts December 2025 (Nature of the Sorrel asset acquisition; 2025 annual accounts)

Suitability for the current role

Relevance of current Geology Manager role

Current at 2026-10-09 · analyst inference · medium materiality

The issuer identifies Travis Vernon as Geology Manager. This role is relevant to the company's current mining stage and needs; this is an analyst role-fit inference based on the disclosed title and company profile, not evidence of past personal performance. The reviewed sources do not establish a complete prior-employer chronology, independently verified credentials or full concurrent-interest list.

Attribution: Responsibility not applicable. This is a role-fit judgment, not an outcome or misconduct finding.

Relevance: Assesses alignment of disclosed responsibilities with current company needs.

Board and Management (Issuer management page, Travis Vernon entry)

Gold geology and field exploration experience

From 2023-10-23; previous dates unspecified · analyst inference · medium materiality

Golden Horse’s appointment notice says Vernon joined as Geology Manager on 23 October 2023 and had prior geology experience at Gold Fields Australia, Karora Resources, BHP and Barrick Gold. The current issuer biography adds a focus on structural geology, field mapping and on-ground drill execution. No degree, detailed dates, discovery attribution or independent credential record was found in the primary materials reviewed.

Attribution: Responsibility not applicable. The company describes relevant technical work but gives no quantified discoveries or prior-project outcomes attributable to Vernon.

Relevance: Field geology, mapping and drill execution fit the current geology manager role.

Key Appointments Ahead of Proposed Dual-Listing (Appointment announcement and prior employers); Board & Management (Issuer Board & Management page, Travis Vernon biography)

Evidence gaps

• Issuer biographies provide abbreviated careers rather than complete dated employment histories; some roles, achievements and credentials remain issuer-reported.

• The CRA late-filing issue is resolved as to outstanding returns and assessed tax, but penalties/interest remain payable or under follow-up; individual responsibility is not established.

• Focused web adverse searches did not amount to full regulator, court, credential, safety or environmental database searches across all former employers; no clearance conclusion is implied.