Golden Metal Resources plc announced an update on the 100% owned, Pilot Mountain project located within the prolific Walker Lake Mineral Belt in Nevada, USA. Pilot Mountain hosts what the Company believes to be the largest undeveloped tungsten resource in the United States, with a Mineral Resource estimate ("MRE") of 12.53Mt at 0.27% WO3 with significant copper-silver-zinc credits, published in 2018. Exploration work undertaken by the Company in 2023 identified five compelling target areas that show potential for significantly greater in-ground resources than currently stated.

In addition to the advancements made regarding the Project's exploration potential, work has been undertaken to further the Company's understanding of the potential for a garnet industrial mineral resource at Pilot Mountain, which is the focus of this announcement. Highlights: From technical review of historical drilling logs and metallurgical test reports (and the significant evidence of garnet composition homogeneity across mineralised intervals) it is demonstrated that the industrial mineral garnet comprises approximately 40% of the mineralised intervals across the known deposit areas (Desert Scheelite & Garnet). Assuming approximately 40% garnet and based on the current MRE of 12,530,000t of mineralised material, Golden Metal considers that, subject to commissioning appropriate studies, a significant quantity of garnet likely exists at Pilot Mountain.

The historical studies report that the dominant form of industrial garnet at Pilot Mountain is the mineral species Andradite with a lesser proportion reported as being the Grossular garnet species. A tonne of garnet imported into the USA in 2023 traded at an average price of USD190 with domestic garnet trading at a premium price of $220 per tonne. The tungsten, copper, silver and zinc within the MRE is considered recoverable based on the metallurgical work previously completed on Pilot Mountain, however the industrial garnet potential was not previously considered.

Based on the work undertaken and the above data points, the contained garnet at Pilot Mountain could be very material to the overall economics of Pilot Mountain, subject to the completion of appropriate studies. The Company is now seeking to appoint a garnet specialist to complete a detailed market and project specific analysis. In additional, drill permits applications for Pilot Mountain are being finalised and will be submitted to the local Bureau of Land Management ("BLM") office shortly.

Permits will cover a range of exploratory and infill drill pad locations.