Golden State Mining Limited provided an update on its recent exploration drilling activities and to report that it has completed reverse circulation (`RC') drilling over Target 2A at the Yule Project in the Pilbara region of Western Australia. Target 2 Lithium and Gold RC drilling program: GSM has completed its lithium-gold focused RC drilling program at Target 2A on its Yule project. First pass RC drilling consisted of 10 holes for a total advance of 1,478 metres being drilled over a shallow sand-covered, complex greenstone- granitoid structural setting and coincident, elevated to anomalous lithium pathfinder and gold air- core (`AC') intercepts recorded in the 2021 reconnaissance drilling.

The first area drilled in the program was drill target L3. The two holes drilled at this prospect area failed to reach target depth of 150m due to drilling related issues. As a result, the Company resolved to engage a larger and more powerful RC drill rig which mobilised promptly to site successfully completing the remaining holes with no further technical issues.

The two holes drilled at Target L3 were 22GSYSRC0020 which reached a depth of 94 metres and 22GSYSRC0019 which reached a depth of 52 metres. Selected samples from these first two holes were sent to Perth for assay analysis prior to the replacement rig arriving on site. To avoid any conceivable doubt as to the Company's ability to issue a `cleansing notice' pursuant to section 708A(5)(e) of the Corporations Act 2001, the Company provides the preliminary and incomplete assay results below as interim disclosure.

The only anomalous results were recorded in hole 22GSYSRC0020 which intersected 8 metres @ 21ppb Au from 63 metres and 3 metres @ 128ppm Li from 91m at the end of the hole. These gold and lithium results along with associated pathfinder results are consistent with previous AC results recorded in this region at Target 2A. These results are only a fraction of the assay batch expected from the RC drill program at Target 2A, and the Company is awaiting further multi-element assays including these two drill holes that failed to reach target depth.

The Company looks forward to disclosing full assay results which are expected to be received in early October. Four Mile Well (100% GSM): The Company has now received the assay results from the reconnaissance air-core drill program completed in early July. The program consisted of 27 holes for a total advance of 1,162 metres and was designed to assess concealed Archaean terrain and basement below historic and recent anomalous soil geochemistry responses.

Gold intercepts considered anomalous were encountered in three of the holes. The most significant intercept was recorded in hole 22GSFMAC0069 with 4 metres @ 224ppb Au from 16 metres in an interpreted porphyry unit which coincides with a magnetic high, considered to be in a buried greenstone sequence. This interpretation has now been confirmed with all holes drilled over the northwest magnetic trend encountering greenstone units.

The Company now looks forward to the granting of tenement application E38/3632 where evidence of a continuation of the buried greenstone has been recorded in historic water bore chips.