Golden Horse Minerals: Voluntary TSXV Delisting and ASX Listing

Golden Horse Minerals Limited (GHML) has announced its intention to voluntarily delist from the TSX Venture Exchange (TSXV) and list on the Australian Securities Exchange (ASX). This strategic move, effective at the close of trading in Canada on December 31, 2024, is driven by several key factors that aim to better serve investors and investments in the Company.

The Company's decision to delist from the TSXV is primarily based on minimal trading activity on the exchange, which does not justify the expense and administrative requirements associated with maintaining a dual listing. Additionally, the majority of GHML's investors are Australian-based, and all of the Company's assets and management are located in Australia. A single listing on the ASX will better serve investors and investments in the Company, while also providing a sufficiently liquid market for shareholders.



To facilitate the transition, shareholders on the Canadian share register who wish to trade on the ASX will need to convert their unrestricted shares into CHESS Depositary Interests (CDIs) on a 1:1 basis. This can be done by submitting a CDI Issuance form to Computershare's Global Transaction Team in Canada, accompanied by their share certificate(s) where applicable. Alternatively, shareholders holding shares through a broker or other intermediary will need to initiate a CDS Stock Withdrawal for the number of shares to be converted into CDIs. Once a valid request is provided to GT Canada, the CDIs will generally be issued in Australia within 1 - 2 business days, with no CDI issuance fee charged to individual holders. However, intermediaries may charge a cross-border transaction fee.

The voluntary delisting from the TSXV is expected to have minimal impact on the liquidity and trading volume of GHML's shares on the ASX. The Company's majority of investors are Australian-based, and all its assets and management are located in Australia. The ASX listing is expected to provide shareholders with a sufficiently liquid market. However, shareholders on the Canadian share register will need to convert their unrestricted shares into CDIs to trade on the ASX, which may introduce additional costs and complexities for some investors.

In conclusion, Golden Horse Minerals' voluntary delisting from the TSXV and listing on the ASX is a strategic move aimed at better serving investors and investments in the Company. While the delisting may introduce some additional costs and complexities for Canadian shareholders, the ASX listing is expected to provide a sufficiently liquid market for the Company's shares. Shareholders should carefully consider the implications of the delisting and the conversion process when deciding whether to participate in the ASX market.