GREAT SOUTHERN MINING LIMITED — Management Reports 2018

Jul 16, 2018

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COMPANY UPDATE ASX: GSN JULY 2018

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Company Transformation

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The Management and Executive team has been strengthened with a focus on maximizing the potential of the newly acquired Mon Ami Project whilst continuing to advance drilling campaigns on the highly prospective North Queensland Projects.

Milestones Achieved:

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1. Management
2. Mon Ami 3. Edinburgh Park 4. Administration
Team
A number of projects have
Assemble experienced and Acquired Mon Ami Project in Commenced exploration been completed:
March 2018. program on Edinburgh Park
driven team including:
Project in North Qld. - Held General Meeting to
approve name change.
- 2 new non-executive Designed, commenced and - Updated constitution.
directors. executed maiden drilling A number of targets have
campaign. been identified for further - Refresh placement
- Head of Exploration. exploration. capacity under LR7.1.
- Company Secretary/CFO. - Adopt Long Term Incentive
Status: drilling program
- Senior Advisor. Plan.
complete Status: program continuing –
results pending
Status: Completed Status: Completed
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GREAT SOUTHERN MINING LIMITED | ASX: GSN 2

Management and Executive

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An experienced and highly qualified team assembled to deliver results

	John Terpu		▪	Over 22 years commercial and management experience.
	Executive Chairman		▪	Former Managing Director of Conquest Mining Limited for 12 years and involved in the discovery of the Mt Carlton gold/silver/copper project.
	Kathleen Bozanic		▪	Over 25 years experience in compliance, governance, risk and financial management.
	B.Com, ACA, AICD		▪	Leadership experience in strategic transformation and restructure.
	Non-Executive Director		▪	CFO and General Manager of Finance experience in mining and construction companies.
	Andrew Caruso		▪	Mining engineer with over 25 years’ experience in the Australian and international mining industries, including significant corporate
	B.Eng (Mining)(Hons), AICD			leadership, business development experience, operations and strategic planning, capital projects and mine management.
	Non-Executive Director
	Mark Petricevic		▪	Over 15 years experience in accounting, audit and corporate finance including the last 4 years as an Audit and Assurance Partner at Grant
	B.Com, CAANZ			Thornton.
	Company Secretary & CFO		▪	Significant leadership experience in strategy, compliance, corporate governance, risk management, accounting standards and regulatory requirements.
	Bryce Healy		▪	Structural geologist with over 15 years’ experience, including over 15 years consulting experience in the exploration and mining sector.
	MAIG, PhD,		▪	Specialises in exploration targeting and prospectivity reviews; structural geological analysis and mapping at regional exploration through to
	BSc Hons 1st Class (Geology)			mine-scale geology; due diligence and asset valuations on mineral exploration projects.
	Head of Exploration
	Mark Barnaba		▪	Significant experience in the natural resources industry both as co-founder and Co-Executive Chairman of Azure Capital, Global Chairman and
	B.Com (Hons), MBA			Head of the Natural Resources Group of Macquarie Capital.
	Senior Advisor		▪	Member of the Reserve Bank of Australia Board.
			▪	Vice Chair and Lead Independent Director of Fortescue Metals Group Limited.

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GREAT SOUTHERN MINING LIMITED | ASX: GSN

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Corporate Overview Market Tight Register
Share Price
Capitalisation Top 20 hold
Mon Ami Drilling Program 2017 $0.06 [1]
$14.7 million
93.79%
Ordinary Shares on Issue [2]
245 million
GSN (formerly FRC) share price since Board Appointments
$0.07 600 Significant Holders [1] %
Mineralised porphyry in pit face – North Queensland $0.06 500
$0.05
400 Board of Directors 107,967,717 41.90
$0.04
300
$0.03
200
$0.02 Other Major Shareholders 77,079,208 31.30
$0.01 100
$- 0
Balance of Registry 60,852,078 24.75
Volume Close
1. Share price and registry information current as at 13 July 2018.
GREAT SOUTHERN MINING LIMITED | ASX: GSN 4
2. Includes 15 million shares subject to twelve months escrow period from 5 April 2018.
Thousands
12-Apr-18 17-Apr-18 22-Apr-18 27-Apr-18 02-May-18 07-May-18 12-May-18 17-May-18 22-May-18 27-May-18 01-Jun-18 06-Jun-18 11-Jun-18 16-Jun-18 21-Jun-18 26-Jun-18 01-Jul-18 06-Jul-18 11-Jul-18
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Project Portfolio
Laverton
Grassroots
Region.
Exploration
Established close to
gold district . existing Mt
Carlton Mine.
Epithermal
Edinburgh
Orogenic gold
projects.
Mon Ami
project Park &
100% owned Gold and
Silver Johnny Cake
potential. 100% owned
Proximity to
existing Low level
infrastructure exploration to
and milling date. Large
options. exploration
upside.
Source: http://www.minerals.org.au/- accessed 3.7.18 – Minerals Council of Australia.
GREAT SOUTHERN MINING LIMITED | ASX: GSN 5
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Mon Ami Project Potential for a gold deposit close to existing inf ~~rastructure.~~

• 5,500 RC drilling program completed in July 2018 and designed to:

• ➢ test near-surface mineralisation and infill drill from previous campaigns undertaken by previous owners[1] .

Figure 1: Modelled long sections down plunge through the Mon Ami deposit

• ➢ improve the understanding of the continuity of the mineralisation and explore strike length.

For results of the drilling program, refer to the ASX release on 16 July 2018.

• The prospect is close to a number of operating mills (e.g: <15kms from Granny Smith).

• 1 – Refer to ASX Announcement of 26 February 2018.

Figure 2: Long section down plunge – results obtained from prior drilling programs[1] .

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GREAT SOUTHERN MINING LIMITED | ASX: GSN

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North Queensland Project

With the Management Team’s strong track record in developing projects in the area (such as Mt Carlton via Conquest Mining, now Evolution Mining) the ~~Edinburgh Park is the focus for North Queensland activities.~~

• GSN now holds three key tenements in the northern Bowen Basin in close proximity to the Mt Carlton operation. The district has potential to host other intrusion related deposit types;

• The tenements already host a number of prospects (Molongle, Fish Creek, Sledgehammer & Szarbs prospects) which identify epithermal systems analogous to the exploration models for the Mt Carlton deposits;

• o Szarbs interpreted high sulphidation system with anomalous silver, gold and molybdenum;

• Sledgehammer – interpreted low sulphidation system with high grade gold, silver and molybdenum in rock chip sampling;

• o Molongle Confirmed high sulphidation system with low grade gold and silver in significant downhole intervals in exploration drilling;

• o Fish Creek Confirmed low sulphidation system with low grade silver over an extensive epithermal vein system;

• Although there have been a number of prospects delineated, the tenements are underexplored. Exploration will focus on the whole of tenure and the exploration team are confident of adding more exciting prospects.

GREAT SOUTHERN MINING LIMITED | ASX: GSN 7

Summary

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1 Mon Ami maiden drilling program complete. 2 100% owned projects with long term tenure. Mon Ami has Mining License granted for 21 years from 2012. 3 Potential for tenement exploration upside in both WA and North Qld. 4 Experienced Management and Executive Team with track records in development of projects. 5 Strong support from major shareholders.

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GREAT SOUTHERN MINING LIMITED | ASX: GSN

Forward-looking Statement & Disclaimer

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Competent Persons Statement

The information in this report that relates to exploration targets and exploration results on ML 38/1265; EPM 26527 and EPM 26810 is based on, and fairly represents, information and supporting information compiled, by Dr Bryce Healy. Dr Healy is an employee of Noventum Group Pty Ltd (ACN 624 875 323) and has been engaged by Great Southern Mining Limited as Head of Exploration with the Company. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration. Dr Healy is a Member of the Australasian 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). Dr Healy 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

This announcement has been prepared by Great Southern Mining Limited. Its is not intended to be and does not constitute an offer to sell, or a solicitation of an offer to buy or sell securities in the Company.

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 contemplate.

GREAT SOUTHERN MINING LIMITED | ASX: GSN 9

GREAT SOUTHERN MINING LIMITED | ASX: GSN

MON AMI DRILL PROGRAM – JUNE 2018

Contact Details

Board of Directors Executive Chairman John Terpu

Non-Executive Director Kathleen Bozanic

Non-Executive Director Andrew Caruso

Company Secretary Mark Petricevic

Registered Office and Postal Address Suite 4, 213 Balcatta Road BALCATTA WA 6021 Phone: 61 8 9240 4111 Fax: 61 8 9240 4054

Share Registry

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