Price, volume & events
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- Last 2026-11-06
- A$0.425
- 1D
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- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
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- Upside
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- 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
- Quarterly Cashflow ReportLatest Four Cash Flow Reports
- Quarterly Activities ReportLatest Four Activities Reports
- Application for quotation of securities - GHMPost Cash Checkpoint Security Event
- Proposed issue of securities - GHMPost Cash Checkpoint Security Event
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Sign in or enter a guest codeAnnouncements
Latest 12 of 13All sources ▸- Investor Presentation - Diggers & Dealers 2026Presentation
- Notification of cessation of securities - GHMCorporate Action
- Quarterly Activities ReportOperations
- Quarterly Cashflow ReportResults
- Application for quotation of securities - GHMCorporate Action
- Quarterly Activities ReportOperations
- Quarterly Cashflow ReportResults
- Quarterly Activities ReportOperations
- Quarterly Cashflow ReportResults
- Quarterly Activities ReportOperations
- Golden Horse Completes Acquisition of Sorrel Copper ProjectTransaction
- Half Year AccountsResults
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| H2 2026 company target, remaining window after cutoff | Inaugural Hopes Hill Mineral Resource Estimate | Resource Or Reserve | Company Guided | High | First resource would test scale and continuity underlying the gold option value and could trigger Emerald consideration. |
| 2026 Northern Territory dry season, remaining window after cutoff | Sorrel dry-season follow-up exploration | Exploration | Company Guided | Medium | Geophysics and target testing could improve the strategic copper case; timing is broad. |
| H2 2026 drilling programme | Further Southern Cross drilling and assays | Exploration | Company Guided | High | Infill and step-out results test geometry before resource definition. |
Executive roster
As of 2026-09-26Background checks ▸Current issuer Board and Management page lists two executive directors and three named senior managers; non-executive directors excluded. Latest annual filing was inaccessible, so confirmation of changes since annual report is limited.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Nicholas Anderson | Managing Director & CEO | Executive Director · Chief Executive | — | Board and Management | Golden Horse Minerals |
| Graeme Sloan | Executive Chairman | Executive Director | — | Board and Management | Golden Horse Minerals |
| Dean Vallve | Chief Operating Officer | Operations | — | Board and Management | Golden Horse Minerals |
| Martin Bouwmeester | Company Secretary & CFO | Finance · Company Secretary | — | Board and Management | Golden Horse Minerals |
| Travis Vernon | Geology Manager | Technical · Senior Management | — | Board and Management | Golden Horse Minerals |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Southern Cross Gold Project
Australia
Discovery Drill Stage100% ownedGoldSilver
Dominant Southern Cross portfolio advancing Hopes Hill toward a maiden resource; most listed tenure is 100% owned, with M77/1049 at 50% subject to the Pilot Agreement and pending applications at 0% until granted.
Project location
Site imagery
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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements2
Milestones2
- Publish inaugural Hopes Hill Mineral Resource Estimate
Pending · High materiality
- Complete planned H2 2026 drilling campaign
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Hopes Hill North mining lease applications | Western Australia | Pending | — | Yes |
Material
Sorrel Copper Project
Australia
Resource Stage100% ownedCopperCobaltUraniumRare Earths
Acquired in September 2025; main project interest is 100%, while the June 2026 tenure schedule identifies five peripheral exploration licences at 49%. Four regional licences are only 49% held under a Maverick second earn-in; core disclosed resource tenure remains 100% held.
Project location
Site imagery
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves1
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Inferred | 8.4M tonnes | 1.1% Cu; 88,600 tonnes contained copper at 0.3% Cu cut-off | Copper | 2021-04-01 |
Tenements2
Milestones1
- Undertake dry-season exploration and assess strategic opportunities
Pending · Medium materiality
Funding, performance and ownership
Financials & Capital
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
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Common shares and 1:1 CDIs, including quoted and restricted classes | Ordinary Share | 255.2M | — | — |
| Remaining unquoted options and warrants across disclosed classes | Option | 10.4M | — | — |
| Remaining performance rights after 67,550 rights ceased | Performance Right | 10M | A$0 | — |
KPI history
Operating metrics
Operating metric source table2
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Production | Southern Cross Gold | Historical production through 1989 | Other | 216,000 oz Au | Reported |
| Other | Southern Cross Gold | H1 CY2026 | Half Year | 50,000 metres drilled+ | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Planned Rc And Diamond Drilling | southern-cross-gold | H2 CY2026 | 50,000 | — metres+ | Current |
| Planned Inaugural Mineral Resource Estimate | southern-cross-gold | H2 CY2026 | — | — milestone | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2025-12-31 | Raising | A$35M | 53M | — | 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.
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.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
This limited management review confirms the selected issuer roster and current roles, and records a small number of company-level milestones. Individual career histories and material-employer track records have not been fully researched; the assessment is therefore low confidence and should not be treated as a completed background clearance.
Decision-relevant facts
Material summary
Nicholas Anderson
Managing Director & CEO
Role FitAnalyst Inference · Medium materiality
Relevance of current Managing Director & CEO role
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.
Responsibility not applicable · This is a role-fit judgment, not an outcome or misconduct finding.
Board and Management · Issuer management page, Nicholas Anderson entry
Company SuccessIssuer Reported · Medium materiality
Golden Horse Minerals reported project and corporate progress
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.
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.
Half Year Accounts · Annual report, Chair/CEO letter and Review of Operations
Role FitAnalyst Inference · Medium materiality
Resources finance and corporate transaction experience
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.
Responsibility not applicable · Role and experience are documented by issuer appointment disclosures; outcomes from past transactions are not independently itemized.
Golden Horse Appoints Managing Director and CEO · Appointment announcement, effective date and biography
Board & Management · Issuer Board & Management page, Nicholas Anderson biography
GovernanceIssuer Reported · High materiality
Historical Canadian tax returns filed late; CRA penalties assessed
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.
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.
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
GovernanceIssuer Reported · Medium materiality
Reported CEO-associated consulting services
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.
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.
Full Year Statutory Accounts December 2025 · Note 11, Related Party Transactions
Company SuccessIssuer Reported · Medium materiality
Golden Horse reported funded exploration and portfolio growth
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.
Role overlaps event; causation unproven · The cited filings do not isolate an individual executive’s causal contribution.
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
Evidence gaps · 3
- 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.
Graeme Sloan
Executive Chairman
Role FitAnalyst Inference · Medium materiality
Relevance of current Executive Chairman role
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.
Responsibility not applicable · This is a role-fit judgment, not an outcome or misconduct finding.
Board and Management · Issuer management page, Graeme Sloan entry
Company SuccessIssuer Reported · Medium materiality
Golden Horse Minerals reported project and corporate progress
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.
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.
Half Year Accounts · Annual report, Chair/CEO letter and Review of Operations
Role FitAnalyst Inference · Medium materiality
Mining engineering and listed-resource leadership experience
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.
Responsibility not applicable · Issuer-reported experience establishes relevant senior oversight but does not quantify individual prior-company outcomes.
Board & Management · Issuer Board & Management page, Graeme Sloan biography
GovernanceIssuer Reported · High materiality
Historical Canadian tax returns filed late; CRA penalties assessed
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.
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.
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
Company SuccessIssuer Reported · Medium materiality
Golden Horse reported funded exploration and portfolio growth
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.
Role overlaps event; causation unproven · The cited filings do not isolate an individual executive’s causal contribution.
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
Evidence gaps · 3
- 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.
Dean Vallve
Chief Operating Officer
Role FitAnalyst Inference · Medium materiality
Relevance of current Chief Operating Officer role
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.
Responsibility not applicable · This is a role-fit judgment, not an outcome or misconduct finding.
Board and Management · Issuer management page, Dean Vallve entry
Role FitAnalyst Inference · Medium materiality
Operational and project delivery background
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.
Employer context; no individual link established · Prior employer/project milestones are not individually quantified or independently attributed to Vallve alone.
Golden Horse Appoints Chief Operating Officer · Appointment announcement, prior roles, education and certificates
Company SuccessIssuer Reported · Medium materiality
Golden Horse reported funded exploration and portfolio growth
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.
Role overlaps event; causation unproven · The cited filings do not isolate an individual executive’s causal contribution.
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
Evidence gaps · 3
- 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.
Martin Bouwmeester
Company Secretary & CFO
Role FitAnalyst Inference · Medium materiality
Relevance of current Company Secretary & CFO role
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.
Responsibility not applicable · This is a role-fit judgment, not an outcome or misconduct finding.
Board and Management · Issuer management page, Martin Bouwmeester entry
Role FitAnalyst Inference · Medium materiality
Mining finance and company-secretarial experience
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.
Employer context; no individual link established · The issuer associates him with Fosterville’s development but does not assign sole responsibility or quantify his contribution.
Key Appointments Ahead of Proposed Dual-Listing · Appointment announcement, prior roles and credentials
GovernanceIssuer Reported · High materiality
Reported consulting through CFO-associated entity
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.
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.
Full Year Statutory Accounts December 2025 · Note 11, Related Party Transactions
Company SuccessIssuer Reported · Medium materiality
Golden Horse reported funded exploration and portfolio growth
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.
Role overlaps event; causation unproven · The cited filings do not isolate an individual executive’s causal contribution.
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
Evidence gaps · 3
- 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.
Travis Vernon
Geology Manager
Role FitAnalyst Inference · Medium materiality
Relevance of current Geology Manager role
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.
Responsibility not applicable · This is a role-fit judgment, not an outcome or misconduct finding.
Board and Management · Issuer management page, Travis Vernon entry
Role FitAnalyst Inference · Medium materiality
Gold geology and field exploration experience
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.
Responsibility not applicable · The company describes relevant technical work but gives no quantified discoveries or prior-project outcomes attributable to Vernon.
Key Appointments Ahead of Proposed Dual-Listing · Appointment announcement and prior employers
Board & Management · Issuer Board & Management page, Travis Vernon biography
Company SuccessIssuer Reported · Medium materiality
Golden Horse reported funded exploration and portfolio growth
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.
Role overlaps event; causation unproven · The cited filings do not isolate an individual executive’s causal contribution.
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
Evidence gaps · 3
- 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.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2024-12-12 · 155,900,671 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 20.53% | 32,000,000 | |
| 2 | 7.82% | 12,196,547 | |
| 3 | 5.56% | 8,661,914 | |
| 4 | 4.07% | 6,341,575 | |
| 5 | 3.51% | 5,465,621 | |
| 6 | 2.83% | 4,409,640 | |
| 7 | 2.63% | 4,104,102 | |
| 8 | 2.16% | 3,360,000 | |
| 9 | 1.81% | 2,817,190 | |
| 10 | 1.77% | 2,760,000 | |
| 11 | 1.28% | 2,000,000 | |
| 12 | 1.27% | 1,972,251 | |
| 13 | 1.13% | 1,760,000 | |
| 14 | 1.10% | 1,720,000 | |
| 15 | 1.10% | 1,718,000 | |
| 16 | 1.03% | 1,600,000 | |
| 17 | 0.77% | 1,200,000 | |
| 18 | 0.77% | 1,200,000 | |
| 19 | 0.70% | 1,091,940 | |
| 20 | 0.70% | 1,091,940 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 7.42%Voting power | 2025-11-10 | |
| 5.03%Voting power | 2025-10-15 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- Top-20 register is dated December 2024 and is not current; the issuer’s disclosed 2025 substantial-holder notices are listed separately.
- Register’s denominator (155,900,671) is the sum of top-20 shares and remaining balance printed in the report; no later issued-share denominator is asserted.
Sources
- Top 20 Holders and Distribution Schedule
ASX / issuer disclosure / Golden Horse Minerals Limited · Published 2024-12-12 · Accessed 2026-10-09
Source reports 97,470,720 top-20 shares/CDIs and 58,429,951 remaining, totaling 155,900,671.
page 1, Top 20 Holders, local copy downloads/GHM/2024/2024-12-12_Top 20 Holders and Distribution Schedule_e91ac46a18ce66cb.pdf
- Becoming a substantial holder
ASX / issuer disclosure / Golden Horse Minerals Limited · Published 2025-10-17 · Accessed 2026-10-09
The Bank of Nova Scotia and controlling entities reported 10,103,396 common shares and 5.03% voting power on 15 October 2025.
Form 603, local copy downloads/GHM/2025/2025-10-17_Becoming a substantial holder_17111c1d69f5e79b.pdf
- Change in substantial holding – 1832 Asset Management LP
ASX / issuer disclosure / Golden Horse Minerals Limited · Published 2025-11-27 · Accessed 2026-10-09
1832 Asset Management L.P. reported 17,142,399 common shares and 7.42% voting power after 10 November 2025 changes.
Notice detail, local copy downloads/GHM/2025/2025-11-27_Change in substantial holding - 1832 Asset Management LP_4d36c270245e5642.pdf
Disclosed activity
Insider transactions
Trading activity7 buys · 0 sells shownNet cash last 12 months A$66.7kShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-04-21 | James (Jim) HarrisHarris Family Super Fund
Details & evidence for James (Jim) Harris on 2026-04-21As disclosed: Expiry of 150,000 unquoted options held indirectly by J&L Harris ATF Harris Family Super Fund.
director · Start not disclosed Change of Director's Interest Notice - Harris ↗ | ExpiryUnquoted options exercisable at C$0.80 expiring 2026-04-21 | 150,000 | —Not Disclosed | — | 0 |
| 2026-03-23 | Nicholas AndersonBurra Woolshed Investments Pty Ltd as trustee for Burra Station Trust
Details & evidence for Nicholas Anderson on 2026-03-23As disclosed: 50,000 CDIs acquired by Burra Woolshed Investments Pty Ltd ATF Burra Station Trust for A$20,500.
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PurchaseCDIs | 50,000 | AUD 20,500.00 | AUD 0.41Disclosed price | 837,409 |
| 2026-03-20 | Nicholas AndersonBurra Station Investments Pty Ltd
Details & evidence for Nicholas Anderson on 2026-03-20As disclosed: 50,000 CDIs acquired by Burra Station Investments Pty Ltd for A$21,500.
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PurchaseCDIs | 50,000 | AUD 21,500.00 | AUD 0.43Disclosed price | 85,000 |
| 2026-01-15 | Brett DunnachieAlicia Dunnachie
Details & evidence for Brett Dunnachie on 2026-01-15As disclosed: Issue of 500,000 unquoted options held indirectly by Alicia Dunnachie, exercisable at $1.00 on or before 31 December 2030.
director · Start not disclosed Change of Director's Interest Notice - Dunnachie ↗ | GrantUnquoted options exercisable at A$1.00 expiring 2030-12-31 | 500,000 | —Non Cash | — | 500,000 |
| 2026-01-15 | Nicholas AndersonBurra Station Investments Pty Ltd
Details & evidence for Nicholas Anderson on 2026-01-15As disclosed: 35,000 CDIs acquired by Burra Station Investments Pty Ltd for A$24,749.62.
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PurchaseCDIs | 35,000 | AUD 24,749.62 | AUD 0.707132Disclosed price | 70,000 |
| 2025-06-03 | Graeme SloanGraeme Sloan
Details & evidence for Graeme Sloan on 2025-06-03As disclosed: 20,000 CDIs at an average price of $0.482509.
director · Start not disclosed Change of Director's Interest Notice - Sloan ↗ | PurchaseCDIs | 20,000 | AUD 9,650.18 | AUD 0.482509Disclosed price | 195,625 |
| 2025-06-02to 2025-06-03 | Nicholas AndersonBurra Woolshed Investments Pty Ltd as trustee for Burra Station Trust
Details & evidence for Nicholas Anderson on 2025-06-02Minor filing inconsistency: malformed cash amount does not tie to disclosed average (A$23,975.00 implied versus printed “$23,972,62”); preserve the stated price and do not manufacture a cash amount. As disclosed: 50,000 CDIs (Indirect, Burra Station Trust) over 2-3 June 2025; notice states average A$0.4795 and malformed consideration “$23,972,62”.
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PurchaseCDIs | 50,000 | —Not Disclosed | AUD 0.4795Disclosed price | 452,500 |
| 2024-12-16 | Nicholas AndersonBurra Woolshed Investments Pty Ltd as trustee for Burra Station Trust
Details & evidence for Nicholas Anderson on 2024-12-16As disclosed: 100,000 CDIs (Indirect, Burra Woolshed Investments Pty Ltd ATF Burra Station Trust), for $23,000 at average $0.23 per CDI.
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PurchaseCDIs | 100,000 | AUD 23,000.00 | AUD 0.23Disclosed price | 402,500 |
| 2024-12-16 | Nicholas AndersonNicholas Anderson
Details & evidence for Nicholas Anderson on 2024-12-16As disclosed: 100,000 CDIs (Direct), for $23,879.53 at average $0.2388 per CDI.
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PurchaseCDIs | 100,000 | AUD 23,879.53 | AUD 0.2388Disclosed price | 100,000 |
Disclosed holding observations9 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-04-21 | James (Jim) Harris
Details & evidence for James (Jim) Harris on 2026-04-21
director · Start not disclosed Change of Director's Interest Notice - Harris ↗ | FinalUnquoted options exercisable at C$0.80 expiring 2026-04-21 | 0 | — |
| 2026-03-23 | Nicholas Anderson
Details & evidence for Nicholas Anderson on 2026-03-23
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PositionCDIs | 837,409 | — |
| 2026-03-20 | Nicholas Anderson
Details & evidence for Nicholas Anderson on 2026-03-20
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PositionCDIs | 85,000 | — |
| 2026-01-15 | Nicholas Anderson
Details & evidence for Nicholas Anderson on 2026-01-15
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PositionCDIs | 35,000 | — |
| 2026-01-15 | Brett Dunnachie
Details & evidence for Brett Dunnachie on 2026-01-15
director · Start not disclosed Change of Director's Interest Notice - Dunnachie ↗ | PositionUnquoted options exercisable at A$1.00 expiring 2030-12-31 | 500,000 | — |
| 2025-06-03 | Nicholas Anderson
Details & evidence for Nicholas Anderson on 2025-06-03
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PositionCDIs | 452,500 | — |
| 2025-06-03 | Graeme Sloan
Details & evidence for Graeme Sloan on 2025-06-03
director · Start not disclosed Change of Director's Interest Notice - Sloan ↗ | PositionCDIs | 195,625 | — |
| 2024-12-16 | Nicholas Anderson
Details & evidence for Nicholas Anderson on 2024-12-16
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PositionCDIs | 100,000 | — |
| 2024-12-16 | Nicholas Anderson
Details & evidence for Nicholas Anderson on 2024-12-16
director · Start not disclosed Change of Director's Interest Notice - Anderson ↗ | PositionCDIs | 402,500 | — |
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Narrative and provenance
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Sign in or enter a guest codeChronological evidenceSource-document inventory19 documents
Board and Management | Golden Horse MineralsLeadership · MediumExtracted
Issuer website current management listing observed 26 September 2026: Nicholas Anderson, Graeme Sloan, Dean Vallve, Martin Bouwmeester, Travis Vernon.
- Document ID
- 2026-09-26.issuer-leadership-page
- Published UTC
- 2026-09-26T00:00:00Z
- Projects
- —
- Commodities
- —
ASX:GHM local closing-price observationMarket Data · HighExtracted
Local ASX price database records 25 September 2026 close at A$0.595 for one GHM ordinary share/CDI, volume 164,015; provider market data provider via miners.collect_stock_prices.
- Document ID
- 2026-09-25.asx-ghm-closing-price
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
Half Year Accounts announcement listingResults · MediumMetadata Only
Market Index identifies a 17-page GHM Half Year Accounts release published 10 September 2026 at 08:42 AEST; underlying filing was not accessible for extraction.
- Document ID
- 2026-09-10.half-year-accounts-listing
- Published UTC
- 2026-09-09T22:42:00Z
- Projects
- —
- Commodities
- —
Golden Horse keeps gold streak running at Hopes HillOperations · MediumExtracted
Mining.com.au reported issuer drilling result 16.6m at 3.4g/t Au from 392.4m in hole 26HHDD031, including 5m at 9.9g/t Au, from the 19 August 2026 release.
- Document ID
- 2026-08-19.hopes-hill-drilling-news
- Published UTC
- 2026-08-18T23:22:00Z
- Projects
- —
- Commodities
- —
Golden Horse Minerals Limited (ASX:GHM) historical price observationMarket Data · HighExtracted
S&P Global Market Intelligence historical data showed ASX:GHM at A$0.545 on 7 August 2026.
- Document ID
- 2026-08-07.asx-ghm-closing-price
- Published UTC
- 2026-08-07T05:57:00Z
- Projects
- —
- Commodities
- —
Investor Presentation - Diggers & Dealers 2026Presentation · HighExtracted
Issuer presentation reviewed for current portfolio status, milestones, drilling and corporate metrics.
- Document ID
- 2026-08-03.investor-presentation-diggers-and-dealers-2026
- Published UTC
- 2026-08-02T23:03:03Z
- Projects
- southern-cross-gold · sorrel-copper
- Commodities
- gold · copper
Notification of cessation of securities - GHMCorporate Action · HighExtracted
Primary ASX security-form evidence used to reconcile the current share and dilution basis.
- Document ID
- 2026-07-28.notification-of-cessation-of-securities-ghm
- Published UTC
- 2026-07-28T07:49:31Z
- Projects
- —
- Commodities
- —
Quarterly Activities ReportOperations · HighExtracted
Issuer quarterly operational report reviewed for project status, drilling, milestones and tenure.
- Document ID
- 2026-07-21.quarterly-activities-report
- Published UTC
- 2026-07-20T22:58:18Z
- Projects
- southern-cross-gold · sorrel-copper
- Commodities
- gold · copper
Quarterly Cashflow ReportResults · HighExtracted
Periodic financial or cash-flow evidence reviewed for liquidity, commitments and valuation inputs.
- Document ID
- 2026-07-21.quarterly-cashflow-report
- Published UTC
- 2026-07-20T23:01:13Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - GHMCorporate Action · MediumExtracted
Primary ASX security-form evidence used to reconcile the current share and dilution basis.
- Document ID
- 2026-05-13.application-for-quotation-of-securities-ghm
- Published UTC
- 2026-05-12T22:23:28Z
- Projects
- —
- Commodities
- —
Quarterly Activities ReportOperations · MediumExtracted
Issuer quarterly operational report reviewed for project status, drilling, milestones and tenure.
- Document ID
- 2026-04-28.quarterly-activities-report
- Published UTC
- 2026-04-27T22:57:17Z
- Projects
- southern-cross-gold · sorrel-copper
- Commodities
- gold · copper
Quarterly Cashflow ReportResults · HighExtracted
Periodic financial or cash-flow evidence reviewed for liquidity, commitments and valuation inputs.
- Document ID
- 2026-04-28.quarterly-cashflow-report
- Published UTC
- 2026-04-27T23:00:42Z
- Projects
- —
- Commodities
- —
RIU Explorers Conference PresentationPresentation · MediumExtracted
Issuer conference presentation reviewed for strategy, landholding, capital and drilling plans.
- Document ID
- 2026-02-17.riu-explorers-conference-presentation
- Published UTC
- 2026-02-16T22:27:00Z
- Projects
- southern-cross-gold · sorrel-copper
- Commodities
- gold · copper
Quarterly Activities ReportOperations · MediumExtracted
Issuer quarterly operational report reviewed for project status, drilling, milestones and tenure.
- Document ID
- 2026-01-30.quarterly-activities-report
- Published UTC
- 2026-01-29T22:15:19Z
- Projects
- southern-cross-gold · sorrel-copper
- Commodities
- gold · copper
Quarterly Cashflow ReportResults · HighExtracted
Periodic financial or cash-flow evidence reviewed for liquidity, commitments and valuation inputs.
- Document ID
- 2026-01-30.quarterly-cashflow-report
- Published UTC
- 2026-01-29T22:19:05Z
- Projects
- —
- Commodities
- —
Quarterly Activities ReportOperations · MediumExtracted
Issuer quarterly operational report reviewed for project status, drilling, milestones and tenure.
- Document ID
- 2025-10-24.quarterly-activities-report
- Published UTC
- 2025-10-23T22:19:27Z
- Projects
- southern-cross-gold · sorrel-copper
- Commodities
- gold · copper
Golden Horse Completes Acquisition of Sorrel Copper ProjectTransaction · HighExtracted
Primary transaction evidence for the Sorrel Copper Project acquisition and resource position.
- Document ID
- 2025-09-05.golden-horse-completes-acquisition-of-sorrel-copper
- Published UTC
- 2025-09-05T04:11:33Z
- Projects
- sorrel-copper
- Commodities
- copper
Half Year AccountsResults · HighExtracted
Periodic financial or cash-flow evidence reviewed for liquidity, commitments and valuation inputs.
- Document ID
- 2025-08-29.half-year-accounts
- Published UTC
- 2025-08-28T23:20:56Z
- Projects
- —
- Commodities
- —
Golden Horse Secures Strategic Copper ExposureTransaction · HighExtracted
Primary transaction evidence for the Sorrel Copper Project acquisition and resource position.
- Document ID
- 2025-07-01.golden-horse-secures-strategic-copper-exposure
- Published UTC
- 2025-06-30T23:59:55Z
- Projects
- sorrel-copper
- Commodities
- copper
Evidence facts55
3000000 AUD
2025-07-018.4Mt at 1.1% Cu for 88.6kt contained copper None
2021-04-0114955228 AUD
2025-06-301987598 AUD
2025-06-30174789798 shares
2025-06-303000000 AUD maximum
2025-06-301000000 AUD
2025-09-054633920 CDIs
2025-09-058400000 tonnes
2021-04-011.1 % Cu
2021-04-0188600 tonnes Cu
2021-04-01100 %
2025-09-0516775000 AUD
2025-09-3016791 metres
2025-09-3035000000 AUD before costs
2025-12-310.66 AUD/CDI
2025-12-31216000 oz Au
1989-12-3143665000 AUD
2025-12-317.2 quarters
2025-12-311800 km2+
2026-02-17125000 metres+
2026-02-1739300000 AUD
2026-03-31125000 metres+
2026-04-2839336000 AUD
2026-03-319.39 quarters
2026-03-31125000 CDIs
2026-05-05217660004 CDIs
2026-05-1450000 metres+
2026-06-30second half CY2026 None
2026-07-218.4Mt at 1.1% Cu for 88kt contained copper None
2026-06-3030600000 AUD
2026-06-3030625000 AUD
2026-06-303.54 quarters
2026-06-307792000 AUD
2026-06-300 AUD
2026-06-3067550 rights
2026-07-28217660004 CDIs
2026-07-28493750 CDIs
2026-07-2836500000 shares
2026-07-28499583 shares
2026-07-28255153337 shares
2026-07-2820454485 securities
2026-07-280.4 AUD/share
2026-07-30255000000 shares
2026-07-3031000000 AUD
2026-06-303 km+
2026-08-03216000 oz Au
1989-12-318400000 tonnes
2026-08-031.1 % Cu
2026-08-0388600 tonnes Cu
2026-08-030.545 AUD/CDI
2026-08-070.595 AUD/CDI
2026-09-25164015 CDIs
2026-09-25Nicholas Anderson, Graeme Sloan, Dean Vallve, Martin Bouwmeester, Travis Vernon None
2026-09-2616.6m at 3.4g/t Au from 392.4m including 5m at 9.9g/t Au None
2026-08-19Conflicts requiring judgment1
- capital_structure.ordinary_shares
The presentation rounds total shares and CDIs to 255 million; the Appendix 3H class table supports the exact reconciled total of 255,153,337.