Matsa Resources Ltd · ASX:MAT
Matsa Resources — Investor Presentation (May 2026)
33 slides from Matsa Resources's investor presentation, May 2026
Slide 1: Building Ounces in the Western Australian Goldfields
Building Ounces in the Western Australian Goldfields Corporate Presentation May 2026 1
Slide 2: Investment Proposition
Investment Proposition An undervalued gold producer with a number of near-term value creation opportunities Existing Resource at Lake Carey Gold Project of 949,000 @ 2.5g/t Au and growing Commenced 10,000m exploration drilling program at Fortitude North targeting resource definition on exploration t
Slide 3: Corporate Overview
Corporate Overview Capital Structure(1) Units Current Share Price Performance Share price $/sh 0.067 0.18 18 Ordinary shares M 971.2 0.16 16 Options M 118.6 0.14 14 Market Capitalisation $M 65.1 Trading volume (millions) Closing share price ($) 0.12 12 Cash and cash equivalents(2) $M 22.9 0.10 10 De
Slide 4: Significant value upside
Significant value upside An attractive valuation relative to ASX-listed gold peers* $1,200 6.0 $1,035 5.6 $1,000 5.0 4.3 4.0 $800 4.0 EV/Resource ($/ounce) 3.3 3.1 3.0 3.0 2.9 Grade (g/t) $600 3.0 2.5 2.2 $383 $375 1.8 $400 1.7 2.0 $321 $305 1.5 $281 $242 1.1 $216 1.0 $200 $170 1.0 $117 $108 $102 1.
Slide 5: Board and Management
Board and Management Board of Directors Paul Poli - Executive Chairman Founder of Matsa with over 34 years of business and corporate experience across mineral resources Pascal Blampain - Executive Director Geologist with over 32 years experience across Australia and Papua New Guinea in exploration,
Slide 6: Lake Carey Gold Project Location
Lake Carey Gold Project Location 244km North East of Kalgoorlie, 70km south of Laverton in the North Eastern Goldfields of Western Australia 6
Slide 7: Lake Carey Gold Project Location
Lake Carey Gold Project Location Tier 1 Gold District, Expedited Pathway to Production +40moz Laverton Gold belt in the Northeastern Goldfields Western Australia is an established, highly prospective gold province Lake Carey Gold Project is located 244km North East of Kalgoorlie, 70km south of Laver
Slide 8: Lake Carey Gold Project
Lake Carey Gold Project Matsa to become a standalone gold producer Lake Carey Gold Project 450km2 tenement package contains a number of known deposits in close proximity for 949Koz au Mining licenses and mining approvals in place for: Fortitude – 489koz Devon – 82koz (currently mining) Red October –
Slide 9: Lake Carey Gold Project
Lake Carey Gold Project Substantial infrastructure already exists Red October village recently expanded with new rooms and now has capacity for 112 residents at any one time Full mine site office established at Devon Gold Mine with recently expanded fuel storage capacity Matsa constructed and mainta
Slide 10: Building Ounces Starts Now
Building Ounces Starts Now Lake Carey Gold Project A 10,000m diamond drill program has commenced at Fortitude North to develop a maiden resource expected with 2026 Assays and data will feed into ongoing studies to be build an owner operated processing facility at the Lake Carey Gold Project Further
Slide 11: Fortitude North - Valuable discovery
Fortitude North - Valuable discovery Fortitude North is less than 6 kms north of Red the Fortitude Gold Mine which is mining October approved Gold Mine Drilling success at Fortitude North can produce a multi-million ounce scenario in Fortitude very close proximity to Fortitude North Devon Pit Gold M
Slide 12: Defining Fortitude North
Defining Fortitude North It is a large-scale discovery Fortitude North is a 1.7km long mineralised zone open along strike and depth with strong potential to grow It is along strike and 6km north of Fortitude Gold Mine (0.5Moz) Evidence of a long-lived system with multiple gold forming stages suggest
Slide 13: Drilling Underway
Drilling Underway Initial 10,000m Diamond drilling underway at Fortitude North Exploration Target* 10Mt @ 2g/t Au for 643koz And 23Mt @ 2.5g/t Au for 1.85Moz Refer ASX announcement dated 12 February 2026 *The potential quantity and grade of the Exploration Target is conceptual in nature and, as such
Slide 14: Fortitude North
Fortitude North Exciting historical drill results provides a number of drill targets Five plunging shoots modelled: Geological modelling has identified 5 high-grade plunging shoots, with 2 additional shoots inferred from existing drilling data. • 8m @ 9.0g/t Au from 283m [3rd lode] and 10m @ 6.5g/t
Slide 15: Fortitude North
Fortitude North Initial Drilling Focus * See various ASX Announcements. 15
Slide 16: Fortitude North Development Concept
Fortitude North Development Concept 1.4km Natural surface Base of lake sediments Open Untested zone Untested zone Open Open Open High grade plunging shoots 16
Slide 17: Defining Fortitude North
Defining Fortitude North Section looking north, 40m window Currently drilling Diamond holes with 2 holes completed, awaiting assays 17
Slide 18: Fortitude
Fortitude Fortitude ready to provide base load tonnes for Lake Carey Gold Project Fortitude has 489,000 ounces Au at 1.9g/t Trial mining at Fortitude Gold Mine in 2018 produced ~10koz processed at Sunrise Dam Approved stage 2 Mining Proposal (2019 Mine Plan) New optimisations underway with further d
Slide 19: Fortitude Development Concept
Fortitude Development Concept 1.6km Natural surface Base of lake sediments Under drilled Untested zone Under drilled Under drilled 19
Slide 20: Fortitude Shear
Fortitude Shear Bullseye Progress and Interpretation magnetic anomaly Ground magnetic survey completed Feb 2022 Large bulls eye anomaly 800m x 600m defined just north of FF1 to be drill FF1 tested 2 x strong to moderate magnetic trends extending northwest of Fortitude North, Fortitude aircore drilli
Slide 21: Devon Pit Gold Mine
Devon Pit Gold Mine Campaign 3/4 underway Mining for Campaign 3/4 underway with haulage commenced Mining is on budget with processing scheduled for 28 May resuming end July, aligned with FMR's mill availability and Devon's mining schedule Targeting 80,000t to 90,000t of ore mined and processed With
Slide 22: Devon Pit Gold Mine
Devon Pit Gold Mine Mine plan designed over 6 campaigns Campaign 1 4 months completed September 2025 Campaign 2 4 months completed January 2026 Campaign 3/4 6 months scheduled May/July 2026 Campaign 1 Campaign 2 Monthly Budget Campaign 3 Budget Monthly Change & 4 Target Change 4 months to 4 months t
Slide 23: AngloGold The Deal
AngloGold The Deal The AngloGold Ashanti Tenement Option Agreement* lies in the south-western part of Lake Carey Gold Project, which consists of 5 tenements for 26.1km2 Total AngloGold potential payment at A$7,000 oz Au is $136,850,000 $7,200,000 paid already Potential of this deal is not reflected
Slide 24: AngloGold The Deal
AngloGold The Deal The Calculation Option expires 20 December 2026 936,000 x 1.875% x $7,000 (gold price) less $6,000,0001 = $116,850,000 And a discovery royalty up to $20M calculated at 1% of the gold price multiplied by the new discovered resource ounces by AngloGold 25
Slide 25: AngloGold Ashanti - Tenement Option Agreement
AngloGold Ashanti - Tenement Option Agreement Option Maturity 20 December 2026 AngloGold has been drilling* on their tenement near the Matsa boundary of M39/599 Drilling has now commenced on Matsa ground M39/599 AngloGold to provide exploration results quarterly, meaning information and reports will
Slide 26: Funding Options
Funding Options Funding options available for short and long-term strategy Short-term funding Proceeds from Devon mining to support corporate activities $17.5m debt facility available at Matsa's sole election, providing financial flexibility to complement Devon cashflows as required ($5M drawn down)
Slide 27: An undervalued gold producer with a development plan
An undervalued gold producer with a development plan 2026 a pivotal year for Matsa Attractive valuation relative to ASX-listed gold peers on an EV/Resource valuation A 10,000m exploration drilling program commenced at Fortitude North, targeting maiden resource definition of current exploration targe
Slide 28: Lake Carey Gold Project
Lake Carey Gold Project Substantial Resource today with further upside tomorrow Targeting feasibility study H2 2027 Red October, Fortitude, Devon, Bindah, Gallant – all on existing granted mining leases Red October, Fortitude and Bindah – approved Mine Development and Closure Plans in place (mine re
Slide 29: Disclaimer
Disclaimer Disclaimer and Forward Looking Statements This presentation has been prepared by Matsa Resources Limited (“Matsa” or the “Company”). This document contains background information about Matsa current at the date of this presentation. The presentation is in summary form and does not purport
Slide 30: Contact Us
Contact Us Paul Poli Executive Chairman reception@matsa.com.au 31
Slide 31: Appendices
Appendices 32
Slide 32: Mineral Resource Estimate – Lake Carey
Appendix 1 Mineral Resource Estimate* – Lake Carey * Refer to ASX announcement 30 April 2024. Matsa confirms that all material assumptions included in the initial announcement continue to apply and have not materially changed. 33
Slide 33: Peer comparisons source data
Appendix 2 Peer comparisons source data Peer Company Financial Resource Sources Market Cash Enterprise Measured Indicated Inferred Grade (g/t Contained Company Ticker Stage Cap EV/Oz ($) Financial Resource ($m) Value ($m) (Mt) (Mt) (Mt) Au) Ounces (koz) ($m) Quarterly Activities released 28 Apr Torq