Golden State Mining Limited provided an update on its exploration projects and a new drill program being planned at the Four Mile Well project near Laverton, Western Australia. A new Exploration Licence located to the north of the Company's existing tenure has recently been granted GSM recently completed an ultra-fine fraction soil sampling traverse over an historic arsenic-bismuth +/- gold soil anomaly on the newly granted tenement E38/3632. The UFF gold results reinforce the elevated gold response to historic regional soil sampling over a magnetic responsive corridor on which historic water bore drill chips were identified as altered greenstone lithologies .

The Company has now received DMIRS approval for a reconnaissance air-core drill program over prospective parts of this geochemical traverse. This AC drill program is scheduled to commence in February 2023. Southern Cross East - Gold project Three exploration licences located approximately 60km north-east of the well-endowed gold mining camp of Southern Cross have recently been granted, for a total of 620km.

The granted tenements include interpreted buried Archaean rocks within a favourable orogenic gold structural setting. The project area has had negligible on-ground exploration. The structural setting is believed to comprise a series of thrust faults dislocated by minor secondary dilational structures which are prospective for orogenic gold mineralisation.

Regional soil sampling and field reconnaissance programs are scheduled to commence this month. An exploration licence located 95km north-northeast of Laverton has also recently been granted. The tenement captures ground located on the same crustal feature as St George Mining's Mt Alexander nickel sulphide deposit and is considered an analogous geological setting for magmatic nickel +/-copper sulphide potential.

As seen at Mt Alexander, the interpreted host rocks at Yamarna are fractured and intruded by Proterozoic dykes and considered similar to the setting at Mt Alexander.