Golden State Mining Ltd. · ASX:GSM

Golden State Mining — Investor Presentation (November 2018)

20 slides from Golden State Mining's investor presentation, Nov 8, 2018

1. Slide 1: Golden State Mining Investor Presentation

   Golden State Mining (ASX: GSM) Investor Presentation Mike Moore | Managing Director | November 2018 Oli personalise onl oz GOLDEN STATE

2. Slide 2: Disclaimer

   For personal use only 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 representat

3. Slide 3: Corporate snapshot

   For personal use only ASX Code GSM Shares on Issue 34.6m Options on Issue1 8.2m IPO issue price $0.20 Market Capitalisation (at IPO issue price) $6.9m IPO funds raised (before costs) $4.6m Debt Nil Board & Management 19.8% Top 20 shareholders 44.3% 1. Average Exercise Price of $0.26 and Average Exer

4. Slide 4: Investment highlights

   For personal use only ✓ 3 Prospective projects in Western Australia ✓ Gold focused ✓ Cue Project Premier gold mining district Previous high grade hits Large Target – Company Making Potential Underexplored ✓ Targeting large gold systems at Cue ✓ Tight capital structure ✓ Ground floor entry: Low enter

5. Slide 5: Great location and infrastructure

   For personal use only ▪ Great location and infrastructure ▪ 46km2 of the right ground in an underexplored area ▪ Targeting large gold systems ▪ Historic underground mines operated until the 1920’s exploiting high grade + 15g/t veins ▪ Historic non-JORC resources at Light of Asia, Salisbury and Cue N

6. Slide 6: Proven gold region

   GOLDEN STATE ee soe Region has produced over 7Moz of gold over the past 120 years Day Dawn trend (1.7Moz) Significant number of high grade gold mines on the GSM tenements PROVEN GOLD REGION

7. Slide 7: Historic high-grade drill intercepts

   For personal use only ▪ 6m at 33.8g/t Au (from 24m) and ▪ 1m at 67.6g/t (from 86m) ▪ 16m at 6.5g/t Au (from 64m) and ▪ 3m at 12.4g/t (from 93m) *Refer to page 70 and Figure 9 of IPO prospectus Page 1

8. Slide 8: Seismic reprocessing and exploration targets

   For personal use only ▪ Seed funding delivered the re-processing of 2D seismic data ▪ 2D seismic work has revealed interpreted greenstone rocks below the granite ▪ Immediate exploration targets ▪ Cue deeps – Interpreted greenstone below the granite ▪ High grade extensions of historic mines ▪ Bulk po

9. Slide 9: Greenstone hosts gold mineralisation in WA

   For personal use only ▪ Greenstone rock sequences are the main host for gold mineralisation in WA ▪ Big Bell, Day Dawn etc. are high-volume, moderate to high-grade greenstone- hosted gold ▪ The Cue granite has been amenable to secondary mineralisation? ▪ Where is the primary mineralisation? Greensto

10. Slide 10: Aeromagnetic image

    \4 a te Fingall Mine Golden crow Mine Aeromagnetic Image

11. Slide 11: Seismic section: reflective units at depth

    For personal use only Intense structural deformation Reflective units at depth along strike from Day Dawn Page 1

12. Slide 12: Intense structural deformation

    For personal use only Intense structural deformation Page 1

13. Slide 13: Cue Project proposed drilling

    Cue Project Tenement Outline || Proposed Driling Resource Drilling ) 2000m RE ) Minimum of 15 holes

14. Slide 14: Drilling outcomes

    Ge snunen sme DRILLING DUTCOMES: Drilling expected to commence at Cue within 3 weeks DMIRS approvals already in place Drilling contractors engaged > Cue No.1, Cue North, Salisbury and Light of Asia ae Resource ari ) Define down plunge extension of high grade shoots Drilling ) Validate previous drill

15. Slide 15: Yule Project

    For personal use only ▪ Includes ground previously selected by highly successful prospecting geologist, the late Graeme Hutton ▪ Lithium, tantalum, gold and base metals ▪ 434 km2 in an area of under- explored West Pilbara Craton ▪ Emerging gold and lithium province ▪ Excellent infrastructure ▪ Exclu

16. Slide 16: Yule geology and targets

    For personal use only ▪ Host granite similar age to the source of the world class Wodgina deposits ▪ Surficial cover has restricted previous exploration ▪ Gold, lithium-tantalum and base metal targets defined in 2006 using geophysical techniques with no follow up drill testing ▪ Anomalous (accidenta

17. Slide 17: Summary investment case

    For personal use only ✓ Gold focused ✓ Targeting large gold systems ✓ Cue project – premier gold mining district ✓ Yule – emerging gold and lithium province ✓ Potential for early cash flow opportunities ✓ Tight capital structure – supportive register ✓ Low enterprise value Page 1

18. Slide 18: State Library of Western Australia

    For personal use only State Library of Western Australia

19. Slide 19: Board and management experience

    For personal use only ▪ Experience in corporate, financial and commercial management ▪ 18 years’ professional services to mainly ASX and AIM listed mining/exploration companies ▪ Corporate adviser to formation and ASX listing of Sandfire Resources NL ▪ Qualified Mining Engineer from the Camborne Sch

20. Slide 20: Additional project area

    For personal use only ▪ Well endowed region containing major gold and nickel deposits ▪ Good access and infrastructure ▪ Encouraging historic gold geochemical anomalies with negligible follow up ▪ No Native Title ▪ Early stage drilling opportunity Page 1

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