GREAT SOUTHERN MINING LIMITED — Capital/Financing Update 2021

Dec 12, 2021

ASXASXAS ASX: GSN

ASX ANNOUNCEMENT 13 December 2021

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Diamond Drilling Underway at Southern Star

Great Southern Mining Limited (ASX: GSN) (“ GSN ” or the “ Company ”) is pleased to announce that Diamond Drilling is underway at the Southern Star Gold Deposit at its 100% owned Duketon Gold Project located 45km north of Laverton, Western Australia (Figure 2).

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Photo – Diamond Drilling at Southern Star, December 2021

GSN’s Chief Executive Officer, Sean Gregory, commented:

“The diamond drill holes presently being drilled at Southern Star will give us the first detailed look at the gold mineralisation and associated geology at Southern Star. As the hole locations are adjacent to our recent thick high-grade RC intercepts, we are eagerly anticipating some interesting geology. We expect that this program will aid in all future work at Southern Star including refining our targeting for extensional RC drilling planned early next year.”

www.gsml.com.au

Suite 4, 213 Balcatta Road, Balcatta, WA 6021 Australia

ACN: 148 168 825 ABN: 37 148 168 825

T (08) 9240 4111 E admin@gsml.com.au

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Diamond Drilling

Two 160m deep diamond HQ core (63mm) drill holes are being drilled to build on the geological understanding of the deposit including the orientation of the structures controlling the gold mineralisation.

The first hole will be drilled between two of the thick high-grade RC drill intercepts encountered in the main part of the gold deposit; 59m @ 2.1g/t Au from 53m and 68m @ 1.9g/t Au from 61m (Figure 1, Refer ASX Announcements 2/8/21, 23/8/21, 11/10/21).

The second hole will be drilled in the recent discovery zone where 17m @ 7 g/t including 1m @ 109 g/t Au was discovered 200m south of the previous known extent of the Southern Star Gold Deposit. (Refer ASX Announcement 5/10/21)

The results will be used to refine drill targeting for an RC drilling program planned for Q1 2022.

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Figure 1 – Southern Star Cross Section illustrating diamond drill hole location.

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----- Start of picture text ----- Southern Star----- End of picture text -----

Figure 2 – GSN’s Duketon Project including Southern Star.

This announcement is authorised by the Executive Chairman on behalf of the Board of GSN.

For Further Information Contact:

John Terpu, Executive Chairman; or Sean Gregory, CEO +61 8 9240 4111

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About Great Southern Mining

Great Southern Mining Limited is a leading Australian listed gold exploration company with significant land holdings in the world-renowned gold districts of Laverton in Western Australia and Mt Carlton in North Queensland. All projects are strategically located within 25km of operating gold mills and major operations.

The Company’s focus is on creating shareholder wealth through efficient exploration programs and strategic acquisitions of projects that complement the Company’s existing portfolio of quality assets.

For further information regarding Great Southern Mining Limited please visit the ASX platform (ASX:GSN) or the Company’s website www.gsml.com.au.

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on information compiled or reviewed by Simon Buswell-Smith, a Competent Person who is a Member of the Australian Institute of Geoscientists. Mr. Buswell-Smith is a full time employee of Great Southern Mining Limited. Mr. Buswell-Smith has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being 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’. Mr. Buswell-Smith consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Forward-looking statements are only predictions and are not guaranteed. They are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of the Company. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. The occurrence of events in the future are subject to risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ from those referred to in this announcement. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, the Company, its directors, officers, employees and agents do not give any assurance or guarantee that the occurrence of the events referred to in this announcement will occur as contemplated.

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