GOLDEN STATE MINING LIMITED — Capital/Financing Update 2018

Nov 5, 2018

==> picture [579 x 60] intentionally omitted <==

25 October 2018

The Manager Market Announcements Office Australian Securities Exchange Exchange Centre 20 Bridge Street SYDNEY NSW 2000

UPDATED CAPITAL STRUCTURE (BASED ON ACTUAL FUNDS RAISED)

The capital structure of Golden State Mining Limited (ACN 621 105 995) (the Company ), following completion of the option agreement with Western Mining Pty Ltd and its prospectus offer under which it raised $4,560,000 before costs, is set out below.

Shares	Number
Fully paid ordinary	34,551,200

Options	Number	Exercise Price	Expiry Date
Unlisted	550,000	$0.20	31 August 2020
Unlisted	4,950,000	$0.25	3 years from listing
Unlisted	1,722,560	$0.25	4 years from listing
Unlisted	1,000,000	$0.35	3 years from listing
Total	8,222,560

Golden State Mining Limited ACN 621 105 995 Office: Level 1, Suite 14, 19/21 Outram Street, West Perth WA 6005 Australia t: +61 (08) 6323 2344 | f: +61 (08) 9467 9114 | e: info@gsmining.com.au | w: www.goldenstatemining.com.au