30 December 2021

Dear Shareholders,
What started out in early 2021 as an idea, has quickly developed into an exciting junior resource vehicle which is progressing towards a listing on the London capital markets.

That vehicle, Golden Metal Resources, now boasts four exciting mineral projects in the world’s top mining jurisdiction of Nevada, USA, and has completed a number of important steps in respect of its planned London listing including:

– A recently completed and fully subscribed pre-IPO financing raising £750,000,
– Appointment of a full slate of experienced and dedicated listing advisors,
– Recruitment of well-rounded and accomplished board & management team with expertise across Nevada operations and geology, finance, accounting, compliance, and marketing/communications.

While 2021 has been a lacklustre year for junior mining investors, at Golden Metal Resources we believe the challenging conditions have provided an ideal backdrop to assemble and build a new junior mining vehicle. Specifically, we were able to negotiate and acquire four exciting mineral projects in Nevada at competitive valuations – something that we believe has positioned Golden Metal Resources extremely well as we move toward the London listing.

One of the key projects is Pilot Mountain, which hosts a robust JORC (2012) compliant tungsten-silver-copper resource. Since Pilot Mountain was last worked in 2018, the Project backdrop has changed dramatically. This includes the addition of tungsten to the United States Geological Survey’s (USGS) critical minerals list, as well as a robust shift in supply/demand fundamentals which has seen the spot tungsten price increase over 40% within the last year.

In our view, Pilot Mountain has considerable exploration upside and post listing we are planning extensive exploration programmes which will include high-resolution geophysics and diamond drilling focused on testing multiple blue-sky copper and tungsten-rich exploration targets.
We think the work completed to date and the work planned post-listing will form a solid base which will allow us to demonstrate within the United States, and globally, the strategic importance of the Pilot Mountain Project.

Our Golconda Summit Project also boasts compelling exploration upside, with high-grade Carlin-type gold mineralisation noted at surface by previous operators. Little work was done historically on understanding or testing the more favourable lower plate strata on the Project, which are the host rocks for many of the nearby active and past producing gold mines in the area.

Golden Metal plans on being the first Company to drill test these lower plate carbonate-rich units, providing our investors with exposure to an exciting and underexplored Carlin gold story – ideally located at the confluence of the two most prolific gold mining trends in the state.

It is notable that Pilot Mountain and Golconda Summit are just two of the four assets we have in the Golden Metal portfolio that we think can drive significant value for our shareholders in 2022.

While our work at Golden Metal is just getting started, I think it is important to relook at all that was accomplished by our team in 2021. I believe that the dedication and hunger that the Golden Metal Resources team showed, which allowed us to progress the company from an idea to a junior mining vehicle surging towards a new London listing in less than a year, should be an indication as to what we plan on accomplishing in 2022.

While our focus right now and early in 2022 will remain on moving the company swiftly and efficiently through the listing process. It is important to highlight that desktop work is ongoing across the portfolio – which will allow us to hit the ground running post-listing with high-impact exploration across the portfolio. Because we at Golden Metal Resources know that the only way to drive significant value creation for our shareholders is through discovery.

On behalf of the team, I want to wish everyone a happy and safe holiday season – and we look forward to 2022, which we think will truly be a transformative year for Golden Metal Resources. 

Oliver Friesen
Chief Executive Officer
Golden Metal Resources

Golden Metal Resources Ltd.
201 Temple Chambers, 3-7 Temple Avenue, London, England, EC4Y 0DT
Tel: +44 207583 8304 Email: info@goldenmetalresources.com
Golden Metal Resources is Incorporated under the Laws of England and Wales Company. Registration No. 13351178
www.goldenmetalresources.com