GOLDEN STATE MINING LIMITED — Capital/Financing Update 2019

Mar 27, 2019

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Entitlement issue update

ASX ANNOUNCEMENT

27 March 2019

ASX Code: GSM

BOARD OF DIRECTORS

Damien Kelly Non-Executive Chairman

Michael Moore Managing Director

Brenton Siggs Non-Executive Director Greg Hancock Non-Executive Director

Golden State Mining Limited (“ GSM ” or the “ Company ”) advises that under the terms of the rights issue announced 25 February 2019, shareholders were offered the opportunity to subscribe for one (1) new GSM loyalty option (exercisable at $0.25; expiring 8 November 2019) at $0.005 per new option for every 2 shares held, with 18,125,600 new options offered to raise up to approximately $90,628 million before costs and before exercising of the options.

Eligible shareholders have taken up 6,690,044 options under the rights, raising $33,450 and leaving a shortfall of 11,435,556 options (the “Shortfall”).

The Directors reserve the right to issue the Shortfall at their discretion, subject to ASX listing rules. The Directors wish to thank shareholders for their continued support of the Company and advises that the options will be issued in relation to accepted entitlements and holder statements dispatched on or around 29 March 2019.

ENDS

Janet Wicks Non-Executive Director

ISSUED CAPITAL

Shares 36.3 m Options 9.0 m

REGISTERED OFFICE

Level 1, Suite 14 19-21 Outram Street West Perth WA 6005

Tel: + 61 (08) 6323 2384 Fax: + 61 (08) 9467 9114

Golden State Mining Limited ABN 52 621 105 995

e: w: info@gsmining.com.au | www.goldenstatemining.com.au e: info@gsmining.com.au | w: www.goldenstatemining.com.au