Gold Mountain Limited (ASX: $GMN) Placement Announcement

Gold Mountain Limited (ASX: $GMN) has successfully raised approximately $3.0 million through a placement of new shares at an issue price of 0.37c per share. The proceeds will be used to expedite the Company's exploration activities at its rare earth projects in Brazil. The placement received strong support from both new and existing sophisticated and professional investors, with Jose Luis Manzano, founder of Integra Capital and major shareholder of Latin Resources Limited, joining the register.

Executive Commentary on Placement

We are very pleased with the strong support for the placement from new and existing investors. We look forward to advancing exploration at our rare earths tenements in Eastern Bahia, Brazil. We view these tenements as highly prospective given they are adjacent to the exciting discovery made by Brazilian Rare Earths (ASX: $BRE). We anticipate first laboratory results will be available in late May with RC or Sonic drilling planned for Q3 and Q4 2024.

Summary of ASX Announcement

Gold Mountain Limited (ASX: $GMN) has successfully raised $3.0 million through a placement to accelerate its rare earth exploration in Brazil. The placement, which received strong support from new and existing shareholders, will facilitate the Company's exploration activities at its highly prospective rare earth projects in Eastern Bahia, Brazil. The Company anticipates the availability of first laboratory results in late May and plans for RC or Sonic drilling in Q3 and Q4 2024. Additionally, the Company has welcomed Jose Luis Manzano, founder of Integra Capital and major shareholder of Latin Resources Limited, onto the register, who will own 7.3% of GMN and may be offered a position on the Company's Board of Directors. The net proceeds of the Placement will be utilized towards accelerating the Company's exploration activities and for general working capital. Gold Mountain's current focus is on its rare earth projects in Brazil and the Wabag Project in Papua New Guinea, which holds significant potential for hosting a porphyry copper-gold-molybdenum system and, or a copper-gold skarn system.