GREAT SOUTHERN MINING LIMITED — Capital/Financing Update 2021

Oct 24, 2021

ASXASXAS

ASX: GSN

ASX ANNOUNCEMENT 25 October 2021

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SURFACE EM SURVEY UNDERWAY AT EAST LAVERTON NICKEL PROJECT

Great Southern Mining Limited (ASX: GSN) (the “Company” or “GSN”) is pleased to announce that a MovingLoop Electro-Magnetic (MLEM) survey has commenced at the Company’s 100%-owned East Laverton Nickel Project in Western Australia.

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Photo - Geophysical contractors at East Laverton conducting the Moving Loop Electromagnetic Survey

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

“GSN’s exploration portfolio is characterized by large prospective landholdings with >2,000km[2] in North Queensland and around Laverton in WA. East Laverton is highly prospective for nickel-sulphide discoveries, including of the Nova magmatic style which was overlooked by previous explorers who were focused on other commodities and deposit types. We look forward to the results of this ground MLEM survey which will be the first modern EM over this target”

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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The East Laverton Nickel Project is located 15km east from the town of Laverton in Western Australia where GSN maintains an exploration base to service its significant exploration portfolio in the region, including the Southern Star Gold Deposit within the Duketon Gold Project to the north and the Mon Ami Gold Project south of Laverton (Figure 1).

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Figure 1 - East Laverton Tenement Location Map and EM Station Locations

The MLEM survey will involve laying 200m square transmitter loops and taking soundings 600m from the loop centres at four points of the compass. This process is planned to be repeated at 49 transmitter locations across the Diorite Hill Magmatic Complex on a 1200 x 1200m spacing covering 70km[2] (Figure 1). Leading exploration and geophysical consultants Newexco have modelled this to be sufficient to identify the target conductors that may be 400m x 400m in extent at 400m depth with an electric conductance of 5,000 siemens for example. The survey will be adapted on-the-fly to follow up on any areas of interest at a closer spacing as appropriate.

The target of the survey is the Diorite Hill Layered Ultramafic Magmatic intrusion (Figure 2) which has the potential to host large nickel sulphide deposits of the magmatic type. This style of mineralisation was previously overlooked in Western Australia, where the focus was previously on the Komatiitic style of mineralisation seen at Mt Keith and Kambalda. However, this focus changed following the 2012 discovery of the Nova-Bollinger Deposit and subsequent exploration in the Fraser Range in the south of Western Australia. The Company’s thesis is that layered ultramafic intrusions in the Yilgarn Craton of Western Australia are also prospective for nickel sulphide discoveries. The Diorite Hill Magmatic complex at East Laverton represents an excellent target for hosting a large nickel sulphide deposit. Refer to GSN’s ASX Announcement of 7 April 2021 for further discussion on nickel sulphide deposit types and the prospectivity of the East Laverton Nickel Project.

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Figure 2 - East Laverton Tenements with Magnetics highlighting the Diorite Hill Layered Ultramafic Intrusion

The survey is expected to run for 3-4 weeks in the field following by analysis, reporting and identification of drilling targets.

The release of this ASX announcement was authorised by the Executive Chairman on behalf of the Board of Directors of the Company.

For Further Information Contact:

John Terpu

Executive Chairman admin@gsml.com.au

+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 located within 25km of operating gold mills and major operations.

The Company’s focus is on creating and capturing 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 at East Laverton is based on, and fairly represents, information and supporting documentation compiled by Simon Buswell-Smith. Mr Buswell-Smith is a full-time employee of Great Southern Mining Limited. He has sufficient experience relevant to the style of mineralization and type of deposit under consideration. Mr Buswell-Smith is a Member of the Australian Institute of Geoscientists and as such, is a Competent Person for the Reporting of Exploration Results, Mineral Resources and Ore Reserves under the JORC Code (2012). Mr Buswell-Smith consents to the inclusion in the report of the matters based on his information in the form and context in which they occur.

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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