GOLDEN STATE MINING LIMITED — Share Issue/Capital Change 2021

Nov 28, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

GOLDEN STATE MINING LIMITED

Date of this announcement

Monday November 29, 2021

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code 5,900,000 options exercisable at $0.25, expiring 5,900,000 29/11/2021 to be confirmed 15 Dec 2024

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

GOLDEN STATE MINING LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

52621105995

1.3 ASX issuer code

GSM

1.4 The announcement is

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New announcement

1.5 Date of this announcement

29/11/2021

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Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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Other

Please specify

Refer to Appendix 3B dated 28 October 2021

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

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New +securities
ASX +security code +Security description
New class - code to be confirmed 5,900,000 options exercisable at $0.25, expiring 15 Dec
2024
+Security type ISIN code
Options
Date the +securities the subject of this notification were issued
29/11/2021
Will all the +securities issued in this class rank equally in all respects from their issue date?
Yes
Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under
listing rule 6.1?
No
Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being
issued.
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02443472-6A1059265?access_token=8
3ff96335c2d45a094df02a206a39ff4
Options Details
+Security currency Exercise price Expiry date
AUD - Australian Dollar AUD 0.25000000 15/12/2024
Details of the existing class of +security that will be issued upon exercise or conversion of this new class of
company option
Other
Description
GSM : ORDINARY FULLY PAID
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Any other information the entity wishes to provide about the +securities the subject of this notification

With respect to part 5.1, 1,600,000 options proposed to be issued without security holder approval using the entity's 15% placement capacity under listing rule 7.1 had been ratified by security holders at the AGM (26 Nov 2021) for the purposes of ASX listing rule 7.4.

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

New class of options previously announced to the market in an Appendix 3B on 28 October 2021

Issue details

Number of +securities

5,900,000

Were the +securities issued for a cash consideration?

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No

Please describe the consideration being provided for the +securities

Director and employee incentive options

Purpose of the issue Other

Additional Details

Director and employee incentive options

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
GSM : ORDINARY FULLY PAID	83,087,985
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted	on ASX)
	Total number of
ASX +security code and description	+securities on issue
GSMAG : OPTION EXPIRING 26-JUN-2023 EX 16.25C	3,000,000
GSMAJ : OPTION EXPIRING 30-SEP-2024 EX $0.40	3,200,000
GSMAK : OPTION EXPIRING 30-SEP-2024 EX $0.60	2,950,000
GSMAF : OPTION EXPIRING 26-OCT-2022 EX $0.25	1,922,560
New class - code to be confirmed : 5,900,000 options exercisable at $0.25, expiring 15 Dec	5,900,000
2024

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? Yes

5.2a Date of meeting or proposed meeting to approve the issue under listing rule 7.1

26/11/2021

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