GREAT SOUTHERN MINING LIMITED — Capital/Financing Update 2021

Aug 1, 2021

ASXASXAS

ASX: GSN

ASX ANNOUNCEMENT 2 August 2021

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59m @ 2.1 g/t Gold Confirms Southern Star Potential

Highlights

• First batch of results from the RC drilling underway at GSN’s Duketon Gold Project reveal outstanding gold mineralisation in multiple holes at Southern Star. Standout intersections include:

• 59m @ 2.1 g/t Au incl. 9m @ 4.5 g/t Au and 16m @ 3.2 g/t Au from 53m in 21SSRC0009

• 46m @ 1.2 g/t Au incl. 11m @ 3.4 g/t Au from 40m in 21SSRC00011

• 19m @ 1.8 g/t Au incl. 6m @ 3.9 g/t Au from 64m in 21SSRC0001

• 5m @ 2.7 g/t Au incl. 2m @ 6.3 g/t Au from 127m in 21SSRC0008

• Multiple intersections in 21SSRC0002, drilled along strike:

  • 12m @ 1.0 g/t Au incl. 2m @ 3.9 g/t Au from 69m; and

  • 14m @ 1.1 g/t Au incl. 3m @ 3.0 g/t Au from 84m; and

  • 12m @ 0.7 g/t Au incl. 1m @ 3.7 g/t Au from 114m; and

  • 38m @ 0.6 g/t Au incl. 2m @ 4.5 g/t Au from 140m.

• Significant intersections confirm strong mineralisation along the footwall of the same quartz dolerite that hosts Regis’ 390kOz Ben Hur gold deposit 4km along strike on the Rosemont (>1Moz) mineralised trend.

• A further 12 holes are awaiting assays and drilling is ongoing at other regional Duketon prospects.

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Figure 1 – RC Drilling at Southern Star July 2021.

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

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

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

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

“The intercept of 59m @ 2.1 g/t gold is the best ever encountered at Southern Star. It demonstrates that we are onto a very significant gold deposit. The presence of wide, high-grade intersections at the footwall of the quartz dolerite target are helping to define the extent of the high-grade mineralisation and add to our understanding of the plunge geometry. More results are anticipated from a further 12 holes drilled at Southern Star and drilling is ongoing at One Weight Wonder and at other regional prospects across our 100% owned Duketon Gold Project.”

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----- Start of picture text -----

Southern Star and
One Weight Wonder
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Figure 2 - Plan view highlighting GSN’s large tenement package and prospects referred to in this announcement.

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Introduction

Great Southern Mining Limited (ASX: GSN) (“ GSN ” or the “ Company ”) is pleased to announce the first results from its maiden Reverse Circulation (RC) drill program at Southern Star from its 100% owned Duketon Gold Project located 45km north of Laverton, Western Australia (Figure 2).

3,421m of Reverse Circulation (RC) drilling has been completed at Southern Star in this program so far. The purpose of this drilling is to establish continuity of mineralisation along strike and to define the extent of mineralisation which is still open to the north, south and at depth. Results in this announcement relate to the first 12 holes (1,635m) with assays still pending for another 12 holes drilled at Southern Star. On the back of this result, drilling is ongoing across GSN’s 100% owned Duketon Gold Project.

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Figure 3 - Southern Star insert highlighting maximum gold downhole over newly acquired tenement with draped magnetic data (TMI1vd) highlighting the regional 345° trending stratigraphy that host both Ben Hur and Southern star deposits.

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Technical Discussion

The recent RC drilling has intersected outstanding mineralisation in multiple holes at Southern Star (Figure 4). The drill campaign was designed to target the footwall quartz dolerite unit as this appears to be where the primary lode is present. Results from the first twelve holes have been received, exceptional, wide mineralisation has been intersected in multiple holes at this target location.

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Figure 4 - Southern Star drilling highlighting gold downhole in gram metres with callouts for plus 40-gram intersections (historic in white and recent in yellow; first number is metres/second number is gold grade in g/t) over magnetic data (TMI1vd).

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Southern Star deposit is hosted in a steeply east dipping fractionated dolerite sill, overturned and younging to the west (i.e. upside down) that is over 100m wide in areas. Within this dolerite sill the most fractionated part (the top), a quartz-magnetite rich unit up to 80m wide appears to be the preferential host of the gold mineralisation.

Best standout intersections of 59m @ 2.1 g/t Au including 9m @ 4.5 g/t Au and 16m @ 3.2 g/t Au from 53m was intersected in drillhole 21SSRC009 (Figure 5). Gold mineralisation is hosted in a steeply east dipping 345° trending quartz-dolerite unit which is approximately 80m wide. Major shearing is present, running the length of the drillhole with gold mineralisation being associated with the quartz veining and sulphides within the differentiated dolerite unit. High grade mineralisation is present at the footwall of the quartz dolerite with a high-grade interval of 16m @ 3.2 g/t Au including 3m @ 7.8 g/t Au.

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Figure 5 - Cross section 6880660mN +/-40m highlighting standout intersection in drillhole 21SSRC009 within the quartz dolerite.

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Iron enrichment has been mapped throughout the Southern Star area and is pervasive around a set of northeast trending stacked quartz veins on the eastern edge of the mineralised quartz-dolerite. This iron enrichment is evident in the magnetic signature as a magnetic high directly east of Southern Star (Figure 3 insert). Iron enrichment present within the Southern Star quartz-dolerite provides an oxidized chemical composition favourable to wall rock reaction with reduced gold fluids, this is a well-understood host rock setting for major gold deposits in the Eastern Goldfields.

Two holes of the RC program were collared at a 160° orientation, designed to build a greater understanding of the plunge geometry of the high-grade mineralisation and to test the presence of northeast orientated ironrich quartz veins at depth. Mineralisation was intersected in both holes (noting apparent thicknesses); significant intersections are as follows:

• 19m @ 1.8 g/t Au incl. 6m @ 3.9 g/t Au from 64m in 21SSRC0001

• Multiple intersections in 21SSRC0002:

• 12m @ 1.0 g/t Au incl. 2m @ 3.9 g/t Au from 69m

• 14m @ 1.1 g/t Au incl. 3m @ 3.0 g/t Au from 84m

• 12m @ 0.7 g/t Au incl. 1m @ 3.7 g/t Au from 114m

• 38m @ 0.6 g/t Au incl. 2m @ 4.5 g/t Au from 140m

Both holes displayed wide zones of mineralisation with the presence of a higher-grade core within the intervals. The orientation of the drillholes enabled a better understanding of the possible plunge orientation of the higher-grade shoots within a stockwork of quartz stringers. At this early stage, interpretation of the higher-grade shoot tends to be shallow plunging to the north west. Further work is underway to test for high grade mineralisation in this direction (Figure 6).

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Figure 6 - Long Section of Southern Star with pierce points of downhole intersections displayed in gram metres, highlighting the high-grade intersections of previous and recent drill intersections (boxed) of 160° orientated drillholes.

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Ben Hur Deposit Analogue

Southern Star is analogous to the nearby Ben Hur and Rosemont (>1Moz) deposits, situated 4 and 24 kilometres north-west along strike respectively. Ben Hur has been the focus of Regis Resources’ recent drilling efforts culminating in a Mineral Resource estimate 390kOz @ 1.2 g/t Au (Figure 7, refer to ASX:RRL announcement 6/4/21).

All three deposits are hosted within the same quartz dolerite unit which can be traced through the Duketon Belt (Figure 2). The deposits display a very similar style of mineralisation, with the primary lode proximal to the sheared footwall of the quartz dolerite, with minor lodes forming parallel to it.

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Figure 7 - Cross section 6883790mN of the Ben Hur deposit (Regis Resources) located 4 km north west of the Southern Star deposit highlighting gold mineralisation within the same quartz dolerite unit within the same lithological sequence.

Next Steps

Southern Star is developing into a key asset for GSN. The scale of Southern Star is yet to be determined and GSN plan to aggressively explore Southern Star to expand mineralisation along the strike length and at depth.

Further assays are awaited from another 12 holes already drilled and drilling is ongoing.

The drill rig is now at the nearby One Weight Wonder prospect and on the back of these excellent results, is planned to return for further drilling at Southern Star as well as at other regional prospects across the Company’s 100% owned Duketon Gold Project.

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Southern Star Background

Southern Star is part of Great Southern Mining’s (GSN’s) Duketon Gold Project which encompasses over 450km[2 ] of tenements, and tenement applications under exclusive irrevocable option, located in the Duketon Greenstone Belt north of Laverton in Western Australia.

Southern Star is only 4km along strike from the 390koz at 1.2 g/t Au Ben Hur Gold Deposit and further along strike from the >1Moz Au Rosemount Gold Deposit, both mines owned by Regis Resources (Figure 2, refer regisresources.com.au).

Southern Star was acquired by GSN as part of a larger tenement package in February 2021. Since then, the tenement has been granted, GSN’s exclusive option exercised, Ministerial approval granted, the tenement transferred into GSN’s name, a Program of Work (POW) for drilling has been approved, with a maiden drill program underway.

Southern Star was most recently explored by Duketon Mining Limited in 2017-18 via a program that discovered significant high-grade gold mineralisation. High-grades, up to 60g/t Au, were intersected as were substantial plus 50-gram-metre intersections, and in places more than 90-gram-metre intersections. Mineralisation occurs within 4m of the surface in places and high-grades are seen throughout the broader mineralisation (refer ASX announcement 2/2/21). These exceptional exploration results were yielded from less than 10,000m of RC drilling completed to date, which highlights the potential for additional mineralisation to be discovered through further drilling at Southern Star. Mineralisation is open both to the north, south and down dip. Previous high-grade intersections include:

• 15m @ 6.5 g/t Au incl. 4m @ 23.3 g/t Au

• 50m @ 1.8 g/t Au incl. 5m @ 9.2 g/t Au and 6m @ 2.9 g/t Au

• 50m @ 1.6 g/t Au incl. 17m @ 3.8 g/t Au

• 34m @ 2.3 g/t Au incl. 12m @ 5.3 g/t Au

• 25m @ 2.5 g/t Au incl. 5m @ 10.7 g/t Au

• 35m @ 1.4 g/t Au incl. 11m @ 2.9 g/t Au

• 12m @ 4.0 g/t Au incl. 8m @ 5.9 g/t Au

• 26m @ 1.6 g/t Au incl. 5m @ 6.3 g/t Au

• 15m @ 2.2 g/t Au incl. 4m @ 7.4 g/t Au

• 20m @ 1.5 g/t Au incl. 7m @ 3.5g/t Au

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

For Further Information Contact:

John Terpu

Executive Chairman +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 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 Exploration Manager WA 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. BuswellSmith 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.

Table 1 – Recent Drillhole locations at Southern Star

Drillhole	Easting	Northing	Dip	Azimuth	Depth
21SSRC0001	439233	6880661	-60	160	179
21SSRC0002	439206	6880718	-60	160	198
21SSRC0003	439221	6880754	-60	250	120
21SSRC0004	439241	6880760	-60	250	132
21SSRC0005	439227	6880707	-60	250	138
21SSRC0006	439246	6880716	-60	250	132
21SSRC0007	439237	6880654	-60	250	90
21SSRC0008	439255	6880660	-60	250	150

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Drillhole	Easting	Northing	Dip	Azimuth	Depth
21SSRC0009	439275	6880665	-60	250	136
21SSRC0010	439253	6880603	-60	250	90
21SSRC0011	439273	6880610	-60	250	150
21SSRC0012	439291	6880617	-60	250	120
21SSRC0013	439300	6880517	-60	250	120
21SSRC0014	439375	6880464	-60	250	190
21SSRC0015	439360	6880429	-60	250	168
21SSRC0016	439357	6880377	-60	250	114
21SSRC0017	439375	6880385	-60	250	156
21SSRC0018	439376	6880437	-60	250	150
21SSRC0019	439371	6880330	-60	250	126
21SSRC0020	439389	6880338	-60	250	162
21SSRC0021	439364	6880245	-60	250	120
21SSRC0022	439383	6880251	-60	250	132
21SSRC0023	439504	6880070	-60	250	156
21SSRC0024	439542	6880085	-60	250	192

Significant Intersections for Southern Star (Significant Intercepts are >1m @ 0.1g/t Au with a maximum internal dilution of 2 metre for intervals less than 30m and a maximum 7m internal dilution for intersections larger than 30m. Intersections are downhole widths).

Hole ID	Depth	Depth To	Interval	Au g/t
	From		Width
21SSRC0001	64	83	19	1.8
incl	64	70	6	3.9
incl	66	68	2	9.1
	84	88	4	0.1
	101	104	3	0.2
21SSRC0002	60	63	3	0.6
	69	81	12	1.0
incl	71	73	2	3.9
	84	98	14	1.1
incl	88	94	6	2.1
incl	88	91	3	3.0
	114	126	12	0.7
incl	122	126	4	1.5
incl	122	123	1	3.7
	140	178	38	0.6
incl	175	177	2	4.5
	181	188	7	0.3
21SSRC0003	70	76	6	0.3

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Hole ID	Depth	Depth To	Interval	Au g/t
	From		Width
	78	85	7	0.6
incl	82	83	1	2.9
	88	90	2	0.3
21SSRC0004	55	57	2	0.2
	70	73	3	0.1
	78	85	7	0.3
incl	84	85	1	1.2
	106	108	2	0.3
21SSRC0006	59	63	4	0.2
	66	67	1	1.3
	85	88	3	0.4
	92	93	1	0.4
	98	102	4	1.4
incl	100	101	1	4.3
	104	105	1	0.7
	120	122	2	0.3
21SSRC0007	79	83	4	0.2
21SSRC0008	40	44	4	0.7
	51	58	7	0.3
incl	57	58	1	1.0
	60	72	12	0.5
incl	61	65	4	0.8
	127	132	5	2.7
incl	129	131	2	6.3
21SSRC0009	44	45	1	4.8
	53	112	59	2.1
incl	57	98	42	2.8
incl	57	66	9	4.5
and	82	98	16	3.2
21SSRC0011	40	86	46	1.2
incl	69	80	11	3.4
incl	69	71	2	13.7
	131	133	2	0.4
21SSRC0012	20	23	3	0.3
	56	61	5	0.7
	75	92	17	0.4
	96	107	10	0.5
	113	119	6	0.8
	117	118	1	2.5

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JORC Code 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

Criteria	Commentary	Commentary
Sampling	•	RC drill cuttings were collected over 1m intervals via cyclone into plastic bags (15-35 kg
techniques		of sample material):
		o For RC assay sampling, 1-3kg of sample was split from each 1meter sample
		length via a cone splitter. The cyclone was manually cleaned at the completion
		of each rod and thoroughly cleaned at the completion of each hole. The 1-3kg
		samples were pulverised to produce 50g charge for fire assay.
		o 4-meter comps via spear method and have been taken for the portion of the hole
		that is interpreted to not be within the main shear zone. The anomalous 4m
		samples may be assayed in 1m intervals. No reassays have been taken to date.
	•	RC samples were collected and submitted for analysis at Bureau Vertas in Perth for Fire
		assay analysis. Field QC procedures involved the use of Certified Reference Materials
		(CRM’s) as assay standards, and blanks.
Drilling techniques	The drilling operation was undertaken by experienced drilling contractor PXD Drilling.
	•	Reverse Circulation (RC) drilling was conducted with a modern truck mounted Schramm.
		RC samples were obtained utilizing high pressure and high-volume compressed air using
		RC 143mm diameter face bit.
	•	Holes orientations were surveyed using a Reflex-multi at 30m intervals.
Drill sample	•	RC sample recoveries of less than approximately 80% are noted in the
recovery		geological/sampling log with a visual estimate of the actual recovery. Very few samples
		were recorded with recoveries of less than 80%.
	•	Wet RC samples are recorded in logs with only a small portion (5%) detected
Logging	•	All RC drilling was logged at the rig by an experienced geologist.
		o Lithology, veining, mineralisation, alteration, weathering and oxidation were
		recorded;
		o Evidence for structural features is noted.
		o RC logging is qualitative and descriptive in nature and
	•	representative portions of samples were retained in chip trays for future reference.
	All data was recorded/logged in the field in Log Chief deposit and subsequently transferred to the
	electronic drillhole database (DataShed5).
Sub-sampling	RC samples (nominal 15-35 kg weight) were split through a cyclone splitter, and a 2-3 kg sub-
techniques and	sample submitted as the primary sample for assay.
sample preparation	4-meter	comps have been taken for the portions of the drilling. The anomalous 4m samples will be
	assayed	in 1m intervals. No 4m assays have been received to date.
	Field duplicates were taken every 50 samples as a control on sample representivity.
	Sample size is regarded as appropriate
Quality of assay	•	Assay technique is Fire assay and is regarded as total
data and laboratory	•	Assaying of the RC drilling samples are being conducted by Bureau Veritas, Perth.
tests	•	Field QC procedures involved the use of Certified Reference Materials (CRM’s) as assay
		standards, in conjunction with duplicates and blanks. The results of this analysis are
		reviewed when results are received.
	•	The fire assay gold analyses undertaken are considered a total assay method and is an
		appropriate assaymethod for the target-style mineralisation.

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Criteria	Commentary	Commentary
	Standard lab QC was also implemented as part of the geochemical testing protocol.
	No geophysical tools have been applied to the samples, or down hole, at this stage.
Verification of	Results	are verified by the geologist before importing into Datashed.
sampling and assaying	No twin	holes have been conducted
	Data is collected by tablet in the field and is imported into Datashed5.
	RC Field QC procedures involved the use of Certified Reference Materials (CRM’s) as assay
	standards and blanks. Field duplicates were collected also undertaken.
	Assay data is reviewed prior to importing into Datashed no adjustments are made to raw assay
	files.
Location of data	•	All data location points referred to in this report are in:
points	•	Datum: Geodetic Datum of Australia 94 (GDA94) Projection: Map Grid of Australia (MGA)
	•	Zone: Zone 51
	•	All collar surveys were completed using handheld GPS (+/- 5m accuracy).
	•	Drill rig alignment was attained using a handheld compass and verified with downhole
		surveys collected near-surface followed by approximately every 30m.
	•	Downhole surveys were routinely carried out, generally on continuous measure,
		conducted using Reflex-multishot.
	•	The 3D location of individual samples is considered to be adequately established and in
		line with industry standards for this stage of exploration.
	•	Topography is nominal at this stage holes will be picked up using a DGPS in the future
Data spacing and	•	The drill hole spacing ranges is not systematic, however most holes are drilled at 250°
distribution		across the regional strike. Drill hole collar positions are based solely on the drilling of
		specific exploration targets. I
	•	The RC drill holes were planned to test the extension or down plunge extension of the ore
		body.
	•	Other RC drilling holes were designed over areas of interest from field mapping activities.
	•	Sampling of RC cuttings has been undertaken at 1m intervals at areas of interest,
		appropriate high-grade mineralisation.
	•	The current drill hole spacing and distribution is not sufficient to establish the degree of
		geological and grade continuity appropriate for the Mineral Resource and Ore Reserve
		estimation procedure and classification.
	•	4m sampling compositing has been applied to areas of less interest and for regional
		exploration holes.
Orientation of data	•	The drill holes have been designed to cross cut the main lithology 250° to maximise
in relation to		structural, geotechnical and geological data, with the exception of 21SSRC0001 and
geological structure	•	21SSRC0002. No drillingorientation and/or samplingbias has been recognised at this time.
Sample security	•	Logging has been carried out by GSN and contract personal who were always on-site
		during drilling.
	•	No third parties have been allowed access to the samples.
	•	Samples were shipped directly from site to a secure stored site in Laverton to undergo
		evaluation.
	•	Select samples for geochemical analysis were transported from Laverton to Bureau
		Veritas in Perth where upon receipt the samples are officially checked in and appropriate
		chain of custody documentation received.
	All sample information is kept in paper and digital form. Digital data is backed up onto the
	Company server regularly and then externally backed up daily.

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Criteria	Commentary
Audits or reviews	No audits or reviews have been conducted.

Section 2 Reporting of Exploration Results

Criteria	Commentary
Mineral tenement and	The tenement E38/3501 is in good standing and was granted on February 17 2021. Great
land tenure status	Southern Mining Ltd is the holder
Exploration done by	Relevant exploration done by other parties are outlined in the body of this report or previous
other parties	GSN ASX announcements.
Geology	Mineralisation at Golden Star occurs as several stacked lenses within a sequence of foliated
	sheet-like gabbroic intrusive units and is associated with quartz veining and sulphide alteration
	between two strike parallel shear zones. The deposit is hosted in a fractionated dolerite sill,
	overturned and younging to the west that is over 100m wide in areas. Within this dolerite sill the
	most fractionated part, a quartz-magnetite rich unit up to 80m wide, appears to be the
	preferential host of the gold mineralisation.
Drill hole Information	All the drill holes reported in this report are summarized in in the report
	Easting and northing are given in MGA94 – Zone 51 coordinates.
	RL is AHD
	Dip is the inclination of the hole from the horizontal. Azimuth is reported in magnetic degrees as
	the direction the hole is drilled..
	Down hole length is the distance measured along the drill hole trace. Intersection length is the
	thickness of an anomalous gold intersection measured along the drill hole trace.
	Hole length is the distance from the surface to the end of the hole measured along the drill hole
	trace.
Data aggregation	Significant assay intervals are recorded above 0.1g/t Au with a maximum internal dilution of 2m.
methods	no top cuts applied.
	A breakdown of the high-grade Interval is shown in the body of the report.
Relationship between	All significant intersections are quoted as downhole widths. The mineralisation has a near
mineralisation widths	vertical orientation most holes are drilled at a -60-degree dip which is industry standard.
and intercept lengths	All lengths are reported as downhole and the section in the body of the report displays the
	relationship between drill hole angle and mineralisation interpretation.
Diagrams	Relevant Diagrams are included in the body of this report.
Balanced reporting	All matters of importance have been included.
Other substantive	All relevant information has been included.
exploration data
Further work	Future exploration includes assessment of recent drill results. Mineralisation is open along strike
	and at depth. Diagrams highlight potential area of interest for follow up work.

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