5 September 2023

GOLDEN METAL RESOURCES PLC

('Golden Metal' or the 'Company')

OPEN LETTER TO SHAREHOLDERS FROM THE CHAIRMAN

Golden Metal Resources plc (LON:GMET), a mineral exploration company focused on tungsten, gold, copper and silver within Nevada, USA, this morning published an Open Letter to Shareholders from the Company's Chairman outlining the progress that has been made on its mining projects in Nevada.

The full text of the letter is included below and is also available on the Company's website at https://www.goldenmetalresources.com.

The Company is also pleased to announce that a form 211 has been cleared with the U.S. broker dealer regulator Finra with a view of joining the OTCQB venture market. Full trading on the OTCQB is expected to commence in the coming weeks, allowing U.S. based investors to more easily invest in the Company going forward.

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

Dear Shareholder,

As we move into the latter part of 2023, it is timely to write to shareholders to summarise Golden Metal Resources plc's ("Golden Metal" or the "Company") main achievements since our successful admission to trading on AIM ("Admission") on 10 May 2023, and to restate our enthusiasm for the coming months and into 2024.

First, I want to thank you for investing or showing interest in Golden Metal as we are very much aware that in today's market there is a great deal of competition for people's time and their investment dollar (or pound) and we appreciate the support you have shown the Company.

My fellow directors and I are firmly of the view that Golden Metal is operating in one of the best mining jurisdictions in the world and that we are perfectly positioned to support the United States in particular in its stated intention to strengthen its domestic supply, g of critical battery and defence metal supply chains.

OPERATIONAL PROGRESS

We have published all of our significant progress events since Admission in our series of Regulatory News Service (RNS) announcements. The full text of these can be seen on our website at https://www.goldenmetalresources.com/news/. Many of these are summarised below:

Significant Copper System - Garfield Project

On 22 May 2023 we announced that a significant copper system was identified at our 100% owned Garfield Project following the results of a high-resolution soil geochemical sampling survey. This featured the discovery of two significant copper (Cu) zones which returned individual Cu-in-soil results of up to 851ppm and 950ppm Cu in zones coincident with historical rock sampling results which returned up to 2.6% Cu and 5.53% Cu in the two key areas.

Two Carlin-type Gold Targets - Golconda Project

Also in May we released news that Carlin-type gold targets had been identified at our Golconda Summit Project, based on rock sampling results that returned significant arsenic (As) anomalism - As being the main alteration element (pathfinder mineral) associated with Carlin-type gold systems. 11 of the 52 samples collected returned above 250ppm As, with an impressive 6 returning above 500ppm As. These results suggest the presence of a "feeder zone" and therefore the possibility that a Carlin-type gold system may exist within the Golconda Project at depth.

Appointment of Strategic US Government Advisor

On 5 June 2023 we announced that Washington, D.C based Mrs. Chang Turkmani had been appointed as Strategic US Government Advisor. This is an important step in engaging further with the US Government with the aim of securing non-dilutive Federal funding for the accelerated and enlarged development of our Pilot Mountain tungsten project, in the context of this being listed by the US Government as a critical mineral used for defence and other industrial applications.

Securing non-dilutive funding is one of Golden Metal's priorities and efforts are being made in these regard in order to identify and apply for grants which are well suited for the Company.

Disclosure of progress on these fronts is not permitted, but investors will be updated as soon as it is possible to do so.

At Golden Metal we are extremely pleased to be one of the only small-cap mineral exploration companies in London which is well positioned to receive these non-dilutive monies - lessening the burden on our current and prospective shareholders to fund future exploration and development at our flagship asset.

Publication of Corporate Environmental, Social and Governance Report

In June, we published the Company's inaugural Environmental, Social and Governance (ESG) Report highlighting the desire of the Company to be a leader in this area, as well as the shift in the global investment landscape towards ESG-focussed investing.

Five Additional High-Priority Exploration Targets - Pilot Mountain Project

On 6 June 2023 and later on 20 June 2023 we announced results from the high-resolution induced polarisation (IP) survey completed across our Pilot Mountain Project, both consistent with the strategy of accelerated development and expansion of that important asset.

Significantly, five high-priority un-drilled exploration targets were identified by this work - further proving the tremendous exploration potential at Pilot Mountain and the possibility of significantly increasing the size of the in-ground resources during future drilling campaigns.

Tungsten Concentrate Offtake Letter of Intent Signed - Pilot Mountain Project

On 28 June 2023 we announced the signing of a Letter of Intent ("LOI") with United States-based Global Tungsten & Powders LLC ("GTP") of Towanda, Pennsylvania, in respect of a tungsten concentrate off-take agreement for the Pilot Mountain Project. The non-binding LOI provides outline terms for a future off-take agreement, subject to successful technical and legal due diligence, and represents another important step forward in the development of this highly strategic project.

Memorandum of Understanding Signed For Critical Metal (Tungsten) Supply Pathways

The Company's tungsten business was further strengthened in July with the signing of a Memorandum of Understanding ("MoU") between Golden Metal and Oxford Sigma Limited, a nuclear fusion technology company, to work together to explore and develop critical metal supply pathways for tungsten alloy and tungsten containing materials within the fusion industry.

Many commentators feel that nuclear fusion, not to be confused with current technology nuclear fission, will be a very important source of zero carbon emission energy for the future and the amount of tungsten that is required within this evolving technology is likely to be very large.

Claim Staking at Kibby Basin

In July, we took up an opportunity to stake claims over a significant footprint within the Kibby Basin, near Pilot Mountain, located within the prolific Walker Lake Mineral Belt in Nevada, where lithium brine discoveries were recently made. This positions us well for future work in the exploitation of another critical mineral essential for the rapidly growing electric vehicle and battery technology sector. Further updates on this newly acquired project are expected shortly.

Publication of Broker Note by First Equity Limited

Finally, in August, our broker, First Equity Limited, published a comprehensive research note which established a price target of 35p. This is available to view at https://tdy.lol/gujyS and I would encourage you to read it if you have not already done so.

OTC Listing

The Company is also pleased to announce that a Form 211 has been cleared with the U.S. broker dealer regulator Finra with a view of joining the OTCQB venture market. As this main regulatory hurdle has now been met, Golden Metal anticipates full trading on the OTCQB to commence within the coming weeks, allowing US-based investors to more easily invest going forward.

News in Overview

Taken together, the announcements above set out the progress the Company has made in only a few months since Admission.  In our view, significant value has been added to the business and we will continue to drive the Company forward with the same tenacity throughout the rest of 2023 and beyond.

We believe market conditions are showing early signs of improvement, and we are very optimistic about the trajectory of Golden Metal going forward.

NEXT STEPS

Autumn is normally a very active period in the junior mining sector and we at Golden Metal have been extremely busy over the past few weeks in readiness for the months ahead.

Technical updates across our project portfolio are expected alongside various commercial updates in due course and we encourage readers to keep an eye on the Company's announcements over the coming weeks and months.

Readers wishing to see an overview of the business as it stands today are encouraged to review the Investor Presentation on our website which may be viewed through the following link:

https://www.goldenmetalresources.com/investors/corporate-presentation/

SUMMARY AND CONTACT INFORMATION

Golden Metal has worked to add significant value to the business in the past few months, moving us closer to our aim of becoming a recognised player and partner in the supply of critical and valuable commodities into the rapidly changing demand side of western economies.

If you have any questions or comments on these matters, or any other aspects of the Company, you are very welcome to contact our CEO, Oliver Friesen, at [email protected] or myself at [email protected].

We also hope that as many as possible of our shareholders will attend the next AGM in London, the details of which will be provided later this year.

Yours faithfully,

David Ovadia MBE

Chairman

Golden Metal Resources plc

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