GOLDEN STATE MINING LIMITED — AGM Information 2019

Nov 28, 2019

Golden State Mining (ASX: GSM) PE GOLDEN STATE AGM Presentation Mike Moore | Managing Director | Nov 2019

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Nature of Document: This presentation has been prepared and issued by Golden State Mining Limited (Company) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in this presentation, the Company and its advisers have not verified the accuracy or completeness of the material contained in this presentation.

Not an offer: This presentation and its contents are not an invitation, offer, solicitation or recommendation with respect to the purchase or sale of any securities in the Company in any jurisdiction and must not be distributed, transmitted, or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. This presentation is not a prospectus or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law.

Not financial product advice: Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products. You should not act and refrain from acting in reliance on this presentation. Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation does not take into account the individual investment objectives, financial situation and particular needs of Company shareholders or investors. Before making a decision to invest in the Company at any time, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perform your own analysis of the Company before making any investment decision.

Forward looking statements: This presentation contains forward-looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "should", "could", "estimates", "target", "likely", "plan", "expects", "may", "intend", "shall", "will", or "would". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements are subject to risk factors associated with the Company's business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

Disclaimer: No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any effort or omission therefrom. The Company will not update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

The information in this presentation that relates to Exploration Results is based on information compiled by Mr Geoff Willetts, BSc. (Hons) MSc. who is a member of the Australian Institute of Geoscientists and is employed by Golden State Mining. Geoff Willetts has sufficient experience which is relevant to this style of mineralisation and type of deposit under consideration and in the activity undertaken, to qualify as a competent person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Geoff Willetts consents to the inclusion in this report of the matters based on information in the form and context which it appears.

Exploration Next 6 Months

YULE | FOUR MILE WELL | CUDDINGWARRA

• ❖ EM survey at Balla Yule ✓
• ❖ Aircore drilling at Four Mile Well
• ❖ Aircore drilling gold targets at Cuddingwarra
• ❖ RC drilling EM conductor at Balla Yule
• ❖ Aircore drilling gold targets at Yule South

Gold & Base Metals Exploration

GOLD & BASE METALS EXPLORATION

• ✓ 3 project areas in Western Australia
• ✓ Pilbara Yule
• ✓ Laverton Four Mile Well
• ✓ Murchison Cuddingwarra, Big Bell South & Cue
• ✓ Drilling Q4 2019 & Q1/Q2 2020
• ✓ Gold & base metals focused
• ✓ Tight capital structure & low EV
• ✓ Experienced Team

Exceptional Assets | Technical Advantage

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Gold, Base Metals (Cu & Ni) & Lithium

▪ 656 km²

• Under-explored West Pilbara Craton
• Yule North Balla Yule
• Recent EM Conductor BYC1 identified
• 14m of 0.51% Nickel and 0.02% Cobalt from 38 metres vertical depth
• Drilling planned early Q2 2020
• Yule South
• Several gold and base metals drill targets identified from airborne geophysical data
• Drill testing early Q2 2020

RC & Aircore Drilling Multiple Targets in 2020

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• geophysical review
• ▪Underexplored - no previous drilling
• ▪Prospective zone parallel to Lancefield structure
• Drilling November 2019 ▪Aircore drill program Nov 2019 ▪Untested soil gold anomalies 10 target areas identified from ▪Well endowed region containing major gold and nickel deposits

MURCHISON - PROLIFIC GOLD BELT

KEY REGIONAL PLAYERS

Musgrave

GSM has 425km² in the Murchison

• Area of substantial, prospective and underexplored greenstone sequence
• Targeting study complete
• Shallow drill holes with gold anomalism
• Coincident gold-in-soil and geophysical anomalies
• Several high priority targets
• Cuddingwarra Mining Centre hosts a series of shallow gold pits that have been previously mined – 1.3Moz

DRILLING Q1 2020

• • ✓

• •

• •

• •

ASX Code	GSM

Board & Management	19%
Top 20 shareholders	47%

• Qualified Mining Engineer from the Camborne School of Mines
• 20 years of industry leadership experience including previous CEO roles

• Operations & project management experience from concept to full operational status

• 20+ years experience in various commodities including gold, base metals and mineral sands

• Previous roles with Barrick Gold, and senior roles Graynic Metals Ltd and Horseshoe Metals Ltd
• Master's degree in Mining Geology from the Camborne School of Mines and a Member of the Australian Institute of Geoscientists

GOLD & BASE METALS EXPLORATION

• ✓ AGGRESSIVELY exploring in Q4 2019 | Q1 & Q2 2020
• ✓ Further Yule North Potential Nickel & Cobalt
• o 14m of 0.51% Nickel and 0.02% Cobalt from 38m
• o Conductor BYC1 – RC drill testing Q2 2020
• ✓ Yule South RC drilling across multiple gold targets Q2 2020
• ✓ Drilling at Four Mile Well Nov 2019
• ✓ Target generation completed for Cuddingwarra
• o 12 priority gold targets identified
• o Aircore drilling planned Q1 2020

Tight Capital Structure | Low EV | Supportive Register

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State Library of Western Australia

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