Golden Horse Saddles Up for Copper: Strategic NT Acquisition Marks New Direction

Golden Horse Minerals (ASX: GHM) has struck a decisive move into copper, securing full ownership of the Sorrel Copper Project in the Northern Territory from NT Minerals (ASX: NTM) in a $3 million deal. The acquisition—comprising $1 million in cash and $2 million in Golden Horse CDIs—supersedes the prior earn-in agreement and positions the junior explorer squarely in the copper conversation as global supply pressures mount.

The Sorrel Copper Project, formerly known as Redbank, isn’t new terrain for the company. Golden Horse had already committed to an earn-in arrangement last year, under which it could incrementally acquire up to 75% of the asset for around $5 million in exploration spend. But with the ink now drying on a full buyout, Golden Horse has taken the more direct—and arguably cheaper—path to total control.

Backed by historical drilling of over 55,000 metres and 780 holes, the project boasts a previously reported Inferred Mineral Resource of 8.4 million tonnes grading 1.1% copper for 88,600 tonnes of contained metal. While that figure stems from a 2021 JORC report under NTM’s stewardship, Golden Horse intends to re-evaluate and update the resource as part of its post-acquisition plans.

Geologically, Sorrel’s copper mineralisation is hosted in vertical breccia pipes—a formation style known for being both rich and unpredictable. What excites Golden Horse is not just the resource in hand but the upside: more than 50 breccia pipes have been identified, yet only seven have seen meaningful drilling to date.

The project lies in the East McArthur Basin, a known base metals district adjacent to heavyweights like Glencore’s McArthur River zinc-lead-silver mine. It’s tier-one country for anyone serious about scaling copper assets, and Golden Horse now has the keys.

While the company’s flagship Southern Cross Gold Project in WA remains a priority, management views the copper move as both strategic and timely. Copper’s long-term fundamentals—driven by electrification, renewable energy infrastructure, and supply chain challenges—are increasingly difficult to ignore.

"Golden Horse believes the Project has scope for significant expansion with numerous untested breccia pipes," the company noted, citing global forecasts indicating copper supply is struggling to keep pace with demand.

Next steps for Sorrel include a comprehensive geological review, targeting work, and a maiden drill program expected to begin mid-2026. Heritage approvals are anticipated in April 2026, with a Scoping Study also on the cards to assess development pathways and support further resource definition.

The acquisition is still subject to several conditions precedent, including shareholder approval from NTM under ASX Listing Rule 11.2. Once finalised, Golden Horse will hold a 100% interest in all project tenements via its NT-based subsidiary.

For investors, this is more than a land grab. It’s a directional pivot, one that leverages copper’s compelling macro backdrop while retaining the company’s roots in high-grade gold. With a tidy capital raise completed in June and drill rigs spinning at Southern Cross, Golden Horse isn’t just hedging its bets—it’s building a broader portfolio with copper clout.

As the market awaits the outcome of NTM’s shareholder vote, Golden Horse has made its intentions clear: it’s not just chasing gold anymore—it’s betting on copper’s red-hot future.