Golden Metal Resources plc announced an update on its Memorandum of Understanding with Oxford Sigma Limited. HIGHLIGHTS: Further to the MOU announced by the Company on 24 July 2023, Golden Metal and Oxford Sigma have agreed to co-fund a research project titled "Materials Selection for Fusion Breeder Blankets" (the Project) which forms part of Oxford Sigma's collaboration with the UK Atomic Energy Authority (UKAEA), which is also providing partial funding for the Project. The main goal of the Project is to quantify the use of tungsten and other critical metals within the fusion process.

It is expected that results from the Project will highlight the extraordinary future demand the development of nuclear fusion would create for tungsten. The anticipated demand for tungsten in nuclear fusion, added to the growing requirements of the defence and industrial sectors, would add a further dramatic step change in the significance of tungsten for all industry participants and notably benefit Golden Metal as 100% owners of the Pilot Mountain Project, which is believed to be the largest undeveloped tungsten project on US soil. Golden Metal is co-sponsoring an internship fusion engineer from Oxford Sigma to complete a fusion energy research project overseen by Oxford Sigma and based within the world-leading academic ecosystem in Oxford.

The Project will develop a detailed scoring matrix for fusion-relevant materials in breeder blankets, with a relative score given for their independent tolerance to each of the challenging fusion characteristics; thermal, magnetic, radiation and corrosion. Due to its unique metallurgical properties, tungsten is expected to be the lead candidate for first-wall and shielding components within the nuclear fusion process. The results of the Project will be submitted to a peer reviewed leading academic journal.

The findings will be used to generate a more accurate value of tungsten consumption required for commercial fusion power plants, which will feed directly into Golden Metal's future supply dynamics and ongoing conversations. They will also position Golden Metal and Oxford Sigma as industry leaders in understanding the supply needs for tungsten in the fusion industry and enable capacity and timescale strategy planning to develop further. The results are also expected to highlight future fusion demand for tungsten globally, with consequent upward movements in its commodity price, which will encourage and underpin the future development of the Company's Pilot Mountain project.

Initial results from the Project are expected in approximately the next 2-3 months.