The central point

Golden State Mining Ltd (ASX:GSM) is a West Perth-based explorer with gold and lithium interests in Western Australia. For this draft, only limited dated disclosure could be verified, so the article stays within what the sources support.

What the company does

Golden State Mining is a resources exploration company focused on gold and lithium projects in Western Australia, with activities including mineral exploration, evaluation and pursuit of property acquisitions. It listed on the ASX on 8 November 2018. No defined resource or production has been reported, so it should be regarded as an early-stage explorer.

Dated items that could be verified

Director transaction records show several movements in the last year. On 18 November 2025, director Gregory Hancock received 2,421,383 shares as director remuneration at A$0.011. On 23 February 2026, share issues to Keith Middleton were recorded at A$0.017 and A$0.008, partly described as placements. On 23 April 2026, Alexander Tunnadine made an on-market purchase of 729,962 shares at A$0.015.

These records show that new shares have been issued in recent months, which is relevant to dilution. They do not by themselves explain the company's strategy or funding position, and no price reason is drawn from them.

Financial position

Quarterly Appendix 5B reports exist on the ASX platform, with titles listed by search results, but their contents could not be read here. Cash, quarterly burn and funding runway are therefore not reported. A small Market Capitalisation is not treated as evidence of financial distress.

Sector context and risks

Exploration companies earn no Operating Revenue and generally rely on Equity raisings. Exploration results are not a resource, and lithium and gold projects each face commodity-price cycles, approvals and drilling risk. Further share issues can dilute existing holders.