KEY HIGHLIGHTS

• $4.6 million share placement secured with strong institutional investor support
• 6 million new shares issued at $0.028 per share (15% discount to $0.033 last close)
• Directors and management committed $0.4 million at placement price (subject to shareholder approval)
• Golden Boulder discovery shows shallow gold mineralisation extending 3.5km strike
• Amy Clarke discovery delivers shallow gold over 4.7km strike extent with aggressive diamond drilling underway

Great Southern Mining Limited (ASX GSN), an Australian-listed mineral exploration company, has announced strong market validation of its growth strategy through a successful $4.6 million share placement completed on 20 March 2026. The capital raise, conducted at $0.028 per share, represents a 15% discount to the company's last closing price of $0.033 and has attracted firm commitments from institutional investors, sophisticated investors, existing shareholders, and company directors and management.

This capital injection arrives at a critical juncture in Great Southern Mining's exploration portfolio, underpinning an aggressive drilling campaign at the Duketon Gold Project in Western Australia and advancing multiple high-grade discoveries including the Golden Boulder and Amy Clarke prospects. The placement also demonstrates renewed investor confidence in the Australian gold exploration sector, particularly in established mining districts with operating infrastructure within close proximity of exploration assets.

For investors tracking ASX-listed junior miners and exploration companies, Great Southern Mining's capital raise and strategic drilling plans offer insight into how emerging gold explorers are capitalizing on elevated commodity prices and investor appetite for discovery-stage assets in world-class geological settings.

About Great Southern Mining Limited

Great Southern Mining Limited (ASX:GSN) is an Australian Securities Exchange-listed mineral exploration company focused on discovering and developing gold deposits in highly prospective regions of Western Australia and Queensland. The company operates under the leadership of Managing Director Matthew Keane and maintains operational headquarters at Suite 4, 213 Balcatta Road, Balcatta, Western Australia 6021.

The company's portfolio encompasses two primary exploration regions: the Duketon Gold Project in Western Australia's renowned Laverton district, and the Edinburgh Park Joint Venture in Queensland's Mt Carlton region. Both projects are strategically positioned within 40 kilometers of operating gold mills, significantly reducing potential future development and infrastructure costs.

Great Southern Mining's business model centers on systematic exploration and resource definition in established mining districts, leveraging government support schemes such as Western Australia's Exploration Incentive Scheme (EIS) to optimize exploration spending and accelerate the delineation of economic deposits.

Why Is Great Southern Mining Stock Moving Today?

Great Southern Mining's share price has responded to multiple positive catalysts announced alongside the capital raise:

• Funding for Aggressive Exploration Programs: The $4.6 million placement, combined with contingent payments from the mid-2025 Regis Resources tenement sale (up to $5.0 million), provides approximately $9.6 million in cash resources to fund drilling and exploration activities. This capital adequacy reduces near-term equity dilution risk and demonstrates management's confidence in exploration targets.
• Strong Institutional Support: The placement received firm commitments from institutional and sophisticated investors alongside director and management participation ($0.4 million), signaling confidence in management's execution and exploration thesis. This endorsement from sophisticated capital providers often validates company direction to retail investors.
• Multiple Drilling Catalysts: Investors are pricing in anticipated drilling results from multiple prospects, including Golden Boulder, Amy Clarke, Mon Ami, and Diorite Hill (PGE-base metal target), as well as the May 2026 Edinburgh Park joint venture diamond drilling program.
• Capital Placement Discount and Board Commitment: The 15% discount to market price and director participation (subject to shareholder approval at the May 2026 General Meeting) demonstrate management confidence that the company trades below intrinsic value, a signal that often attracts momentum investors.

Industry Trends: Gold Exploration in Australia's Premier Gold Belts

Great Southern Mining's exploration activities occur within a favorable macroeconomic environment for gold exploration in Australia:

• Gold Price Elevation: Global gold prices remain elevated in 2026 relative to historical averages, driven by geopolitical tensions, currency fluctuations, and persistent inflation concerns. Elevated commodity prices improve the economics of lower-grade deposits and justify aggressive exploration spending.
• Western Australia Gold Belt Prominence: The Laverton district, host to Great Southern Mining's Duketon Gold Project, is part of Australia's renowned Yilgarn Craton, one of the world's most prolific and consistent gold-producing regions. Proximity to operating mills (within 40km) reduces development risk significantly.
• Junior Exploration Capital Availability: Australian junior mining companies continue to attract venture capital from both domestic and international sources, particularly for assets in tier-one jurisdictions with strong governance, geological merit, and exploration upside.
• Government Support Programs: Western Australia's Exploration Incentive Scheme co-funds exploration expenditure, effectively reducing net exploration costs for qualifying programs and improving project economics.

Financial Position and Capital Allocation

The $4.6 million placement significantly strengthens Great Southern Mining's cash position and exploration budget:

• Immediate Capital Raise: 165,610,003 shares issued at $0.028 per share represents gross proceeds of $4.6 million. After placement costs, net proceeds provide substantial ammunition for exploration activities across all project areas.
• Deferred Contingent Payments: The contingent payments from the Regis Resources tenement sale (up to $5.0 million) provide optionality and additional capital for 2026-2027 exploration programs, contingent on milestone achievements.
• Placement Price and Valuation: The $0.028 placement price values the company at approximately $18.6 million pre-placement (on a fully diluted basis), reflecting capital market pricing for early-stage gold explorers with multiple drill-stage prospects.
• Share Capital Management: The placement utilizes 60 million shares under Rule 7.1 (15% annual placement capacity) and 91.3 million under Rule 7.1A Tranche 1 (additional 10% capacity), ensuring minimal shareholder dilution for future capital raises.

Investment Risks and Considerations

While Great Southern Mining presents growth opportunity, investors should consider the following risks:

• Exploration Risk: Mineral exploration is inherently risky. Drilling and sampling programs may not define economic mineral resources, and discoveries may not materialize into viable mining operations.
• Commodity Price Exposure: Gold prices remain volatile, influenced by macroeconomic factors, interest rates, and geopolitical events. Sustained commodity price declines could reduce the economics of marginal deposits.
• Share Dilution: The placement increases share count by approximately 165.6 million shares. Existing shareholders face earnings-per-share dilution unless exploration success materially increases company value.
• Regulatory and Permitting Risk: Exploration and future development activities require government approvals and environmental permits. Permitting delays or unfavorable regulatory changes could impact project timelines.
• Funding Risk: Future drilling programs and development activities may require additional capital raises, potentially at less favorable share prices than current placement.

Future Growth Drivers and Exploration Catalysts

Great Southern Mining's exploration portfolio encompasses multiple potential value drivers for shareholders:

• Golden Boulder Discovery: Shallow gold mineralisation extending 3.5 kilometers along strike offers potential for near-surface, lower-cost mining or heap leach processing. Drilling results from expanded campaigns could delineate a maiden resource.
• Amy Clarke Discovery: Shallow gold mineralization spanning 4.7 kilometers strike length with aggressive diamond drilling underway represents multiple drill-stage prospects with discovery potential and potential resource expansion.
• Mon Ami Gold Project: Reported high-grade intersections including 10 meters at 2.7 g/t gold and 5 meters at 5.2 g/t gold suggest potential for economic grades. Continued drilling could establish resource potential.
• Diorite Hill PGE-Base Metal Target: Diamond drilling at the East Laverton Project PGE-base metal target diversifies commodity exposure and opens discovery potential in different mineralization styles.
• Edinburgh Park Joint Venture: The Queensland-based joint venture with Gold Fields (co-funded by WA Government Exploration Incentive Scheme) commences diamond drilling in May 2026, providing near-term newsflow and discovery potential.

Analyst Outlook and Market Sentiment

The strong institutional uptake of the capital placement signals positive market sentiment:

• Institutional Confidence: Firm commitments from institutional investors validate management's exploration thesis and project portfolio. Institutional participation often precedes retail investor interest.
• Sophisticated Investor Support: Participation from sophisticated investors and existing shareholders demonstrates retention of conviction among informed capital providers.
• Director and Management Alignment: The $0.4 million commitment by directors and management (subject to shareholder approval) aligns executive incentives with shareholder outcomes and signals internal confidence.
• Lead Manager Participation: Involvement of corporate finance advisors Morgans Corporate and Salient Corporate suggests professional capital markets execution and credibility with institutional investor base.

Long-Term Investment Perspective

For long-term investors, Great Southern Mining represents a play on gold exploration in one of Australia's most prolific and lowest-risk jurisdictions. The company's strategic positioning within 40 kilometers of operating mills significantly reduces future development capital requirements and technical risk should exploration success lead to resource delineation.

The Duketon Gold Project and related discoveries (Golden Boulder, Amy Clarke, Mon Ami) benefit from proximity to existing processing infrastructure operated by larger miners, reducing capex intensity and accelerating potential pathways from exploration to production. This geographic advantage represents a material competitive advantage for junior explorers.

Investors with a 3-5 year time horizon should monitor drilling results, resource estimation timelines, and commodity price trends. Success would likely translate into material share price appreciation and potential acquisition interest from larger mining companies seeking bolt-on exploration assets or near-term production additions.

Technical and Geological Context

Great Southern Mining's exploration success is underpinned by targeting high-quality geological settings within Australia's most productive mineral districts. The Laverton district, host to the Duketon Gold Project and related discoveries, sits within the Yilgarn Craton, a Precambrian granite-greenstone terrane that has produced billions of ounces of gold over the past three decades.

The Golden Boulder and Amy Clarke discoveries represent typical Archean gold mineralization styles for the region: mesothermal vein systems and shear zone-hosted gold mineralization in greenstone sequences. Shallow dip and extended strike lengths suggest potential for bulk tonnage deposits amenable to open pit extraction or, alternatively, multiple high-grade underground mining targets.

Diamond drilling, currently underway at multiple prospects, provides critical data on mineralization geometry, grade distribution, and vertical extent. Results from diamond programs will inform resource estimation feasibility and guide future exploration priorities. Positive drilling results could catalyze rapid share price appreciation as investors reassess discovery potential and require robust geological and assay data to validate project economics.

Capital Efficiency and Management Execution

A critical factor in junior explorer valuation is capital efficiency and management's ability to execute exploration programs on budget and timeline. Great Southern Mining benefits from several operational advantages that enhance capital deployment efficiency:

• Government Co-Funding: Participation in Western Australia's Exploration Incentive Scheme provides direct co-funding of eligible exploration expenditure, effectively reducing net cash costs and extending drilling budgets. This government support enhances capital efficiency and improves project economics.
• Proximity to Mills: Operating gold mills within 40 kilometers of exploration assets reduce potential future development capex, permitting complexity, and infrastructure costs. This geographic advantage translates to faster potential pathways from resource definition to economic production.
• Experienced Management: Managing Director Matthew Keane brings mining industry experience and credibility, critical for maintaining investor confidence and securing future funding if required.
• Corporate Finance Advisory Support: Engagement of Morgans Corporate and Salient Corporate as joint lead managers suggests professional execution of capital markets activities and access to quality investor relationships.

Regulatory Framework and Permitting Advantages

Great Southern Mining operates within Australia's well-established regulatory framework for mineral exploration, offering several advantages relative to junior miners in less mature jurisdictions:

• Tier-One Jurisdiction: Australia consistently ranks among the world's top mining jurisdictions by governance, rule of law, and investor protection. This reduces sovereign and political risk compared to emerging market alternatives.
• Established Permitting Infrastructure: State and federal government agencies have established processes and timelines for mineral exploration permits and environmental approvals. Predictable regulatory pathways reduce project uncertainty.
• Mining-Friendly Regions: Western Australia and Queensland maintain pro-mining policies and support exploration activities through government funding schemes and streamlined approval processes.

Pathways to Shareholder Value Creation

Great Southern Mining's share price appreciation potential is driven by multiple value creation pathways:

• Mineral Resource Definition: Discovery and definition of Mineral Resources (JORC-compliant estimates) typically result in significant share price appreciation as investors gain confidence in discovery size and mine-ability.
• Reserve Estimation and Feasibility Study: Progression to Ore Reserve estimation and scoping/prefeasibility studies attracts larger institutional investors and mining companies seeking acquisition opportunities.
• Acquisition or Joint Venture Interest: Larger mining companies actively pursue bolt-on acquisition targets to expand asset portfolios. Major companies often acquire junior explorers at significant premiums to develop discoveries.
• Commodity Price Appreciation: Rising gold prices improve project economics and increase valuation multiples applied by capital markets to junior explorers.
• Operational Milestones: Hitting exploration milestones, obtaining permits, completing funding rounds, and announcing positive drilling results all provide catalysts for investor re-rating.

Conclusion: Great Southern Mining Positioned for Exploration Momentum

Great Southern Mining's successful $4.6 million share placement underscores renewed investor appetite for exploration-stage companies operating in Australia's premier gold-producing districts. The capital raise, supported by institutional investors, sophisticated capital providers, and company management, funds an aggressive drilling campaign across multiple high-potential discoveries.

The Duketon Gold Project and related discoveries (Golden Boulder, Amy Clarke, Mon Ami) represent material exploration upside in a world-class geological setting within proximity to operating mills. The Edinburgh Park Joint Venture with Gold Fields provides additional exploration leverage and near-term drilling catalysts.

For investors tracking gold exploration in Australia, Great Southern Mining offers exposure to early-stage discovery potential combined with geographic advantages that reduce development risk. The company's ability to execute exploration programs and deliver drilling results will be the primary determinant of shareholder value creation over the coming 12-24 months.

Investors should monitor drilling results, resource estimation announcements, and commodity price trends while maintaining appropriate risk management for exploration-stage companies. The May 2026 General Meeting (director/management participation approval) and May 2026 Edinburgh Park drilling program represent near-term catalysts worth tracking.

Questions Investors Are Asking About Great Southern Mining

What is the share placement and why was it conducted?

Great Southern Mining raised $4.6 million through issuing 165.6 million shares at $0.028 per share. The placement was conducted to fund aggressive drilling campaigns at multiple exploration properties, accelerate resource definition, and strengthen the balance sheet. The placement price represented a 15% discount to the prior closing price, and the company demonstrated confidence in valuation through director and management participation.

Who invested in the placement and what does that signal?

The placement received firm commitments from institutional investors, sophisticated investors, existing shareholders, and company directors and management. This broad-based support signals confidence in the company's exploration strategy, asset quality, and management execution. Institutional participation particularly validates professional assessment of investment merit.

What exploration projects will benefit from the capital raise?

Primary beneficiaries include the Golden Boulder and Amy Clarke discoveries at Duketon, the Mon Ami high-grade gold prospect, the Diorite Hill PGE-base metal target at East Laverton, and the Edinburgh Park Joint Venture in Queensland. Capital will fund diamond drilling, resource definition work, and exploration at early-stage prospects.

Why is Duketon a geographically advantaged project?

Duketon is located within 40 kilometers of operating gold mills in Western Australia's Laverton district. This proximity dramatically reduces future development capital requirements and technical risk compared to remote greenfield exploration. Should exploration succeed in delineating a resource, the company could leverage existing processing infrastructure for economic production.

What makes the Golden Boulder discovery significant?

Golden Boulder features shallow gold mineralization extending 3.5 kilometers along strike. Shallow, near-surface deposits are typically lower-cost to mine and may be amenable to open pit or heap leach processing. The 3.5-kilometer strike length suggests potential for multiple mineralized lenses or a large bulk tonnage deposit.

What are the Amy Clarke discovery's characteristics?

Amy Clarke shows shallow gold mineralization over a 4.7-kilometer strike extent. The company is conducting aggressive diamond drilling to test mineralization dip and depth, define resource geometry, and identify additional mineralized zones. The extended strike length suggests a large exploration target.

What near-term catalysts should investors monitor?

Key catalysts include: (1) Shareholder approval of director/management participation at the May 2026 General Meeting, (2) Drilling results from Golden Boulder, Amy Clarke, Mon Ami, and Diorite Hill, (3) Commencement and results from Edinburgh Park diamond drilling program in May 2026, and (4) Potential contingent payment milestones from the Regis Resources transaction.

How much potential dilution will shareholders experience?

The placement adds 165.6 million shares and represents approximately 25% dilution on a fully diluted basis. However, the company has retained placement capacity under both Rule 7.1 (15% annual) and Rule 7.1A (additional 10%), limiting future dilution. Shareholder approval of director participation is required, providing governance oversight.

What is the Edinburgh Park Joint Venture and who is the partner?

Edinburgh Park is a joint venture in Queensland's Mt Carlton region partnered with major mining company Gold Fields. The venture is co-funded by the Western Australia Government's Exploration Incentive Scheme, reducing net exploration costs. Diamond drilling is scheduled for May 2026, providing upcoming exploration newsflow and discovery potential.

Is Great Southern Mining a good investment at current levels?

Great Southern Mining suits investors with higher risk tolerance and 3-5 year investment horizons. The company benefits from tier-one exploration assets, proximity to operating mills, multiple drilling catalysts, and strong institutional backing. Risks include exploration uncertainty, commodity price exposure, and share dilution. Investment suitability depends on individual risk tolerance and portfolio strategy. Investors should conduct thorough due diligence and consult financial advisors.