Golden State Mining : Corporate Presentation - Major Exploration Programs 2022

Horizons

Investor Presentation

goldenstatemining.com.au

• ▪ Nature of Document: This presentation has been prepared and issued by Golden State Mining Limited (Company) to provide general information about the Company. The information in this document is in summary form and should not be relied upon as a complete and accurate representation of any matters that a reader should consider in evaluating the Company. While management has taken every effort to ensure the accuracy of the material in this presentation, the Company and its advisers have not verified the accuracy or completeness of the material contained in this presentation.

• ▪ Not an offer: This presentation and its contents are not an invitation, offer, solicitation or recommendation with respect to the purchase or sale of any securities in the Company in any jurisdiction and must not be distributed, transmitted, or viewed by any person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any other jurisdiction. This presentation is not a prospectus or any other offering document under Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law.

• ▪ Not financial product advice: Neither the Company nor any of its related bodies corporate is licensed to provide financial product advice in respect of the Company's securities or any other financial products. You should not act and refrain from acting in reliance on this presentation. Nothing contained in this presentation constitutes investment, legal, tax or other advice. This presentation does not take into account the individual investment objectives, financial situation and particular needs of Company shareholders or investors. Before making a decision to invest in the Company at any time, you should conduct, with the assistance of your broker or other financial or professional adviser, your own investigation in light of your particular investment needs, objectives and financial circumstances and perform your own analysis of the Company before making any investment decision.

• ▪ Forward looking statements: This presentation contains forward-looking information about the Company and its operations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "should", "could", "estimates", "target", "likely", "plan", "expects", "may", "intend", "shall", "will", or "would". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements are subject to risk factors associated with the Company's business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

• ▪ No representation or warranty, express or implied, is made by the Company that the material contained in this presentation will be achieved or proved correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisors and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any effort or omission therefrom. The Company will not update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

• ▪ Where there are references to exploration results that refer to prior public reports or announcements, the company confirms that it is not aware of any new information or data that materially effects the information included in the relevant market announcement.

• ▪ Competent persons statement: The information in this presentation that relates to gold Exploration Results, is based on information compiled by Geoff Willetts who is a Member of the Australian Institute of Geoscientists (AIG). Geoff Willetts is the Exploration Manager, a full-time employee of Golden State Mining Limited (GSM) and holds shares and options in the Company. Geoff Willetts has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently 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". Geoff Willetts consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. Information on previous explorers and historical results are summarised in the Independent Geologist's Report of the Golden State Mining Limited Prospectus dated 22 August 2018.

• ▪ The information in this presentation that relates to lithium Exploration Results, is based on information compiled by Dr. Marcus Sweetapple who is a Member of the Australian Institute of Geoscientists (AIG). Dr. Marcus Sweetapple is a consultant to Golden State Mining Limited (GSM). Dr. Marcus Sweetapple has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of E xploration Results, Mineral Resources and Ore Reserves". Dr. Marcus Sweetapple consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears. Information on previous explorers and historical results are summarised in the Independent Geologist's Report of the Golden State Mining Limited Prospectus dated 22 August 2018.

• ▪ The release of this presentation was authorised by Mr. Michael Moore, Managing Director of Golden State Mining Limited.

Overview

Golden State Mining Ltd (ASX:GSM)

GSM	ASX Code
83.1 million	Shares on Issue
17.0 million	Options on Issue
$0.11	Share price (5th April 2022)
̴$9.14 million	Market Capitalisation
~$2.434 million	Cash (31st December 2021)
~$0.3 million	Listed Investments
̴$6.4 million	Enterprise Value

Listed in 2018, Golden State Mining is a lithium and gold exploration company focused on quality assets in Western Australia. Golden State holds a series of strategic land packages in very prospective geological settings around WA, including the Pilbara and Goldfields. GSM has an experienced team at the helm with a proven track record of exploration success.

Capital Structure

Top Shareholders

Holder	%
Board & Management	4.3%
Perth Select Seafoods	10.2%
Mulloway	2.8%
Stockhill	2.3%
Top 20 Shareholders	35%
Top 40 Shareholders	46%

Share Price History - Past 6 Months

Golden State Mining Limited is leading the charge in Western Australia, actively exploring a suite of prospective projects with a key focus on gold, lithium and battery metals

• ✓ Unique strategic footprint in proven minerals rich locations

• ✓ Strong lithium and gold exploration exposure

• ✓ Busy exploration pipeline, with lithium exploration program and gold soil sampling to commence soon

• ✓ Leadership team with proven track record of exploration success

• ✓ Tight register with only 83.1m shares on issue

• ✓ Material valuation upside to exploration success with Enterprise Value ~$5m

proven mineral rich locations

Golden State Mining's mineral exploration landholding spans almost 5000km, in prime positions across WA

Highlights include:

• ✓ Yule (Au-Li-Base Metals) in the Pilbara's Mallina Basin

• ✓ Four Mile Well (Au-Ni) near Laverton in the Goldfields

• ✓ Payne's Find (Li-Base Metals)

• ✓ A range of strategically identified projects targeted in prospective locations across the state