GREAT SOUTHERN MINING LIMITED — Capital/Financing Update 2021

Oct 4, 2021

ASXASXAS

ASX: GSN

ASX ANNOUNCEMENT

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5 October 2021

ISSUE OF UNLISTED OPTIONS

Further to the Appendix 3G, issued 5 October 2021, regarding the issue of 15,250,000 Unlisted Options under the Company’s approved LongTerm Incentive Plan, the Company wishes to provide the following table which outlines the number of Unlisted Options to be issued, and vesting conditions of each tranche.

conditions of each tranche.	conditions of each tranche.	conditions of each tranche.	conditions of each tranche.	conditions of each tranche.
					NUMBER OF SECURITIES
Tranche	Vestingconditions	Exercise period /Expiry	ExpiryYears(fromdate ofissue)	ExercisePrice	CEO	CFO	Head ofExploration (WA)	Head ofExploration (QLD)	Employee
1	Employed 12months postissue	24 months aftervesting or atcessation ofemployment	3	$ 0.10	3,000,000	1,000,000	500,000	500,000	250,000
2	Employed 24months postissue	24 months aftervesting or atcessation ofemployment	4	$ 0.10	3,000,000	1,000,000	500,000	500,000	-
3	Employed 36months postissue	24 months aftervesting or atcessation ofemployment	5	$ 0.10	3,000,000	1,000,000	500,000	500,000	-
					9,000,0003,000,0001,500,0001,500,000250,000

This announcement is authorised by the Company Secretary on behalf of the Board of GSN.

Suite 4, 213 Balcatta Road, Balcatta, WA 6021 Australia T (08) 9240 4111 E admin@gsml.com.au

www.gsml.com.au ACN: 148 168 825 ABN: 37 148 168 825