9 May 2024

Golden Metal Resources plc

('Golden Metal' or the 'Company')

Warrant Exercise

Warrant Exercise Period

Golden Metal Resources plc (LON:GMET, OTCQB:GMTLF), a strategic development and mineral exploration company focused in Nevada, USA, announces the exercise of further warrants.

Warrant Exercise

The Company has received notices to exercise warrants over a total of 4,236,091 new ordinary shares of 1p each in the Company ("Warrant Shares") at an exercise price of 10.75p per Warrant Share, raising £455,380 for the Company.

Admission and Total Voting Rights

Application will be made for the 4,236,091 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 14 May 2024 ("Admission"). The Warrant 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 105,049,535 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.

Warrant Exercise Period

The Company has therefore received notices to date for the exercise of a total of 14,431,633 warrants at an exercise price of 10.75p per ordinary share ("10.75p Warrants"), raising a total of £1,551,401 of new equity for the Company.

The exercise period for the 10.75p Warrants ends at midnight this Friday 10 May 2024, other than in respect of 991,277 10.75p Warrants held by parties that are deemed to be in possession of inside information (as defined in the UK Market Abuse Regulation), where under the terms of the 10.75p Warrant Instrument the exercise period shall be extended to 7 days after the date upon which it would no longer constitute a breach of the UK Market Abuse Regulation to exercise the 10.75p Warrant.

In addition, there are a further 18,420,222 warrants outstanding with an exercise price of  17p per Ordinary Share ("17p Warrants").  The exercise period of the 17p Warrants ends at midnight on 10 May 2025, unless the holder is deemed to be in possession of inside information (as defined by the UK Market Abuse Regulation).

For further information visit www.goldenmetalresources.com or contact the following:

THE PROJECTS

Pilot Mountain Project

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 5.4 km² (1,338 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

The Kibby Basin Project covers two claim packages which are prospective for lithium brine mineralisation. The southern claim package is less than 250m from a 2022 drillhole which returned a significant interval (169m) of lithium brine mineralisation which was determined to be open in all directions. The Project is less than 5km to the southeast of the Company's flagship Pilot Mountain Project.

Golconda Summit Project

Golden Metal is the operator of the Golconda Summit project, which is held under an earn-in right to acquire up to 100 per cent. of the project from the mineral claim owner pursuant to an option agreement. The Golconda Summit project is an exploration stage gold and silver project located in Humboldt County and situated at the confluence of the Getchell and Battle Mountain - Eureka metallogenic trends, and consists of 44 lode mining claims, covering a total area of approximately 3.22 km² (795.4 acres) located approximately 27km east of Winnemucca.

Stonewall Project

The Stonewall project is an exploration stage gold-silver property prospective for epithermal gold-silver mineralisation. The property consists of 19 lode mining claims covering 1.59 km² (392.5 acres) located on the northern flank of Stonewall Mountain, on the western edge of the Nellis Airforce Range Restricted Access Area, in Nye County, Nevada, approximately 24km south-east of the historic gold mining town of Goldfield and 60km due south of Tonopah.