GOLD State Issues Warrants Amendments

GOLD STATE RESOURCES INC.

NEWS RELEASE

GOLD STATE ISSUES WARRANTS AMENDMENTS

Vancouver, British Columbia (March 22, 2022) – Gold State Resources Inc. (formerly Cyon

Exploration Ltd.) (“Gold State” or the “Company”) (TSXV: GOST | OTCQB: CYNXF | FSE: C2YD

announces that, further to its news releases of February 15, 2022 and February 18, 2022, has

amended a total of 15,085,000 outstanding share purchase warrants (each, a “Warrant”) such

that the Warrants will have a revised exercise price of $0.05 per common share and be subject

to the Acceleration Clause described below. The Warrants were issued on September 21, 2020,

pursuant to a private placement of units (“Units”) at $0.10 per Unit, each Unit consisting of one

common share (“Share”) and one Warrant exercisable at $0.15 per Share until September 21,

2023.

The Warrants will be subject to an accelerated expiry provision such that if, for any 10

consecutive trading days (the “Premium Trading Days”) during the unexpired term of the

Warrants, the closing price of the Shares exceeds $0.0625, the exercise date will be accelerated

to thirty (30) calendar days (the “Acceleration Clause”). The activation of the Acceleration Clause

will be announced by press release and the 30-day period will commence 7 days after the last

Premium Trading Day.

The expiration date and other terms of the Warrants will remain unchanged.

Of the 18,085,000 outstanding Warrants of the Company, holders of an aggregate 15,085,000

Warrants agreed to the amendment of their Warrants. Holders of an aggregate 3,000,000

Warrants did not participate in the amendments and the terms of the Warrants held by those

declining the amendments will remain unchanged.

About Gold State

Gold State is engaged in the acquisition, exploration, and development of mineral properties in

North and South America. The Company is currently focused on its Black Rock Canyon gold

property that is favorably located within the Cortez gold trend of the Battle Mountain-Eureka

belt, a productive and rapidly growing gold mining district in Nevada, as well as its newly acquired

Jumping Jack gold property located in the Moors Creek mining district of Nye County, Nevada,

approximately 55 miles north of Tonopah. The Jumping Jack Property is situated along the

eastern margin of the Walker Lane Gold Trend, ten miles north of Kinross Gold Corporation’s

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well-known Round Mountain Gold Mine, and is five miles north of the nearest Round Mountain

open pit.

Gold State Resources Inc.

Per: “Brian Thurston”

Brian Thurston

President and CEO

Tel: +1 778 928-6565

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

This release includes certain statements that may be deemed "forward-looking statements". All

statements in this release, other than statements of historical facts, that address events or

developments that the Company expects to occur, are forward-looking statements. Forward-

looking statements are statements that are not historical facts and are generally, but not always,

identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates",

"projects", "potential" and similar expressions, or that events or conditions "will", "would", "may",

"could" or "should" occur. Although the Company believes the expectations expressed in such

forward-looking statements are based on reasonable assumptions, su ch statements are not

guarantees of future performance and actual results may differ materially from those in the

forward-looking statements. Factors that could cause the actual results to differ materially from

those in forward-looking statements include market prices, exploitation and exploration

successes on the Company’s Black Rock Canyon, Jumping Jack and other properties , and

continued availability of capital and financing, and general economic, market or business

conditions, laws in the state of Nevada and other jurisdictions where the Company operates.

Investors are cautioned that any such statements are not guarantees of future performance and

actual results or developments may differ materially from those projected in the forward-looking

statements. Forward-looking statements are based on the beliefs, estimates and opinions of the

Company's management on the date the statements are made. Except as required by applicable

securities laws, the Company undertakes no obligation to update these forward -looking

statements in the event that management's beliefs, estimates or opinions, or other factors, should

change.