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Golden Horse Minerals Ltd - CDI ASX:GHM

0 opened or increased2 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

2026

30 Jun 2025 to today

Commentary Showing 2 of 4

DateManagerActionSummary

14 Oct 2026Seneca Financial SolutionsHeldSeneca Financial Solutions continues to hold Golden Horse Minerals (ASX:GHM), believing it is the only company with the scale, grade and project maturity to immediately improve the economics of the Edna May mill at Southern Cross, recently acquired by Forrestania. Seneca links this to regional gold sector consolidation underway near Southern Cross and its broader expectation of bolt-on acquisitions in the WA gold sector.

Gold ExplorationAnnual Report, price recorded $0.52

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1 Oct 2026Seneca Financial SolutionsHeldSeneca Financial Solutions continues to hold Golden Horse Minerals because it views the explorer as the standout source of ore in the Southern Cross region, with scale and grade advantages over alternatives. Seneca estimates a resource of about 20Mt at 1.5g/t gold for 1Moz, with upside from high grades at depth and regional exploration. Free-milling ore could support a 100kozpa-plus operation for around $50 million capex on granted mining leases. Processing options include Edna May, the underutilised 2.2Mtpa Marvel Loch mill 35km away, or its own mill, supported by 20% shareholder Emerald Resources' build record. With $31 million cash and a Zenith-implied $138.5/oz comparable, Seneca sets a $0.765 price target.

Gold ExplorationArticle, price recorded $0.58

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Price at first mentionThe share price recorded when each of 2 managers first commented on GHM.

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About Golden Horse Minerals Ltd - CDI

Materials, Metals and Mining

Golden Horse Minerals (ASX:GHM), a gold explorer near Southern Cross in Western Australia, is a standout pick for Seneca. In October 2026, Seneca described Golden Horse as the clear standout among regional gold opportunities, with scale and grade advantages over alternatives, and estimated a substantial resource base. Acorn reported a 41% fall in March despite no materially bad news, noting Golden Horse held about $40 million of cash. Golden Horse Minerals operates in the Materials sector within the Metals and Mining industry, and Thesis Tracker has captured 2 comments from 1 fund manager, including Seneca, with Acorn also commenting. Golden Horse Minerals is a mineral exploration company focused on acquiring, exploring and developing gold assets around Southern Cross, Western Australia, a historically productive goldfield, and is positioned to benefit from consolidation in the region as larger producers seek ore sources near existing mills, with Emerald Resources holding a significant stake.

Market cap: $114m
Price to earnings: Loss-making
Return on equity: -10.4%
Dividend yield: 0.0%
Price to book: 1.70x
52-week range: $0.37 to $0.92

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Golden Horse Minerals Ltd - CDI (ASX:GHM)?

Fund managers including Acorn Capital and Seneca Financial Solutions have invested in Golden Horse Minerals Ltd - CDI (ASX:GHM).

What opportunities or catalysts do fund managers highlight for Golden Horse Minerals Ltd - CDI?

Seneca highlights Golden Horse's scale and grade advantages and its potential role in regional consolidation as producers seek new ore near mills.

What are the key risks to the Golden Horse Minerals Ltd - CDI investment thesis, according to fund managers?

Acorn notes a 41% fall despite no bad news, showing volatility for an explorer, though it holds a solid cash balance.

What does Golden Horse Minerals Ltd - CDI (ASX:GHM) do?

Golden Horse Minerals Limited (GHM) is a mineral exploration company focused on acquiring, exploring, and developing assets near Southern Cross, Western Australia. The region is prospective for gold and lithium deposits. GHM targets tenement growth within this geological area to support its mineral exploration and development projects.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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