Matsa Resources Ltd · ASX:MAT
Matsa Resources — RIU Explorers Conference 2026
32 slides from Matsa Resources's conference presentation, Feb 19, 2026
Slide 1: Corporate Presentation
Corporate Presentation RIU Explorers Conference | Fremantle 17-19 February 2026 ASX:MAT Background image- Devon Gold Mine 1
Slide 2: Matsa Corporate Overview
Matsa Corporate Overview Shares on Issue* DIRECTORS $0.13* 957.49M Share Price Paul Poli Executive Chairman 949,000* oz Gold Resource Mr Poli is a CPA with over 34 years of business and corporate experience. He BNP Paribas Nominees founded Matsa Resources and has spearheaded M&A deals with Panoramic
Slide 3: Focusing on what it takes to Grow Lake Carey to become a quality gold producer
Focusing on what it takes to Grow Lake Carey to become a quality gold producer 3
Slide 4: Lake Carey Location
Lake Carey Location 244km North East of Kalgoorlie, 70km south of Laverton in the North Eastern Goldfields of Western Australia 4
Slide 5: Lake Carey Gold Project
Lake Carey Gold Project A substantial golden opportunity • 3 Gold Mines Fortitude Gold Mine Devon Pit Gold Mine Red October Gold Mine • A world class exploration target Fortitude North • Pipeline of quality greenfields and brownfields exploration targets to be drilled including: Fortitude North Bind
Slide 6: Strategy to Value Creation
Strategy to Value Creation Drill – Exploration drilling Fortitude North, BE 1 and other areas Drill More – Resource definition Fortitude, Bindah, Red October, Hill East, Gallant Mine – Exploit Devon Pit Gold Mine Operate – Commence mining and processing ore in Matsa’s own facility AngloGold Ashanti
Slide 7: Fortitude North - Matsa Discovery
Fortitude North - Matsa Discovery • 1.7km long mineralised zone open along strike with strong Fortitude potential to increase with drilling expected North • Along strike and 6km north of Fortitude Gold Mine (0.5Moz) • Regional structure > 30km strike • Evidence of a long-lived system with multiple g
Slide 8: Step One
Step One Initial 10,000m Diamond drilling at Fortitude North (March to June 2026) 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 s
Slide 9: Fortitude North Drilling
Fortitude North Drilling • Recent intercepts^ at Fortitude North include: 8m @ 9.0g/t Au from 283m and 10m @ 6.5g/t Au from 65.5m (2025FNDD011) 22m @ 9.2g/t Au from 327m(2024FNDD010) 25m @ 3.3g/t Au from 147m (23FNRC006) 14m @ 3.4g/t Au from 113m and 35m @ 3.0g/t Au from 150m (23FNRC016) 19m @ 3.8g/
Slide 10: Fortitude North Drilling
Fortitude North Drilling Excellent intersections including 22m @ 9.19g/t * Including 9.14m @ 11.93g/t Au and 7.20m @ 12.98g/t Au 10 * Refer ASX announcement dated 11 February 2025
Slide 11: Fortitude North Drilling
Fortitude North Drilling Cross Section through 6762850N, window of view is approx. 250m deep with 25FNDD011 closest to the reader and 25FNDD012 being the furthest 11 # Refer ASX announcement dated 18 June 2025
Slide 12: Fortitude North Exploration Model
Fortitude North Exploration Model 12
Slide 13: Followup Resource Drilling
Followup Resource Drilling Second 10,000m Diamond drill infill program at Fortitude North to produce a maiden resource Expected to commence in 2026 on receipt of first 10,000m diamond program, 5 plunging shoots modelled with 2 shoots inferred 13
Slide 14: Step Two
Step Two 10,000m resource infill/conversion drilling at areas of interest to identify and complete optimisations to enable feasibility studies to be completed during 2026 Fortitude North Exploration is between 10Mt @ 2g/t Au for 643koz and 23Mt @ 2.5g/t Au for 1.85Moz* Matsa is targeting in excess o
Slide 15: Step Three
Step Three Devon - immediate cashflow Targeting production of +300kt ore for 40,000oz Au in 18 months Ongoing campaign processing of ore at FMR’s Greenfield processing plant 2 processing campaigns in September and January completed Mine on track to deliver consistent 50kt processing parcels Mining o
Slide 16: Devon Mine
Devon Mine Devon Pit Gold Mine showing Stage 1 mining. West Lode and Main Lode trends (looking South) 16
Slide 17: Devon Mine Plan is Coming Together
Devon Mine Plan is Coming Together 17
Slide 18: Devon Pit Campaign 1 and 2
Devon Pit Campaign 1 and 2 Campaign 1 59,000t of ore mined with 49,092 dry tonnes processed 9 gold doré bars poured weighing 77 kgs with 1,901oz au sold Milled gold recovery of 81% Campaign 2 54,733t of ore mined with 51,562 dry tonnes processed 23 gold doré bars poured weighing 227 kgs with est. 3,
Slide 19: Devon Pit Campaign 3
Devon Pit Campaign 3 Mining for Campaign 3 underway Campaign processing now scheduled for 28 May to allow for FMR clients and Devon mining schedule 50,000t of ore expected to be mined and processed per campaign Complete footprint of mine now open, with waste to ore strip ratio expected to decrease a
Slide 20: Step Four
Step Four Matsa owned/operated facility Design, Build and Operate Preliminary Schematic for a processing plant located at Fortitude Gold Mine Optimisation work commenced to underpin open pit baseloads Drilling in steps 1 and 2 will help define the resources, which will makeup the final mining invent
Slide 21: Red October Village
Red October Village Red October village is 100% owned and company operated The village was recently expanded and has capacity for 96 personnel at any one time. Further expansion with another 20 rooms underway Full mine site office established at Devon Office to be established at Fortitude in the nea
Slide 22: Red October Airstrip
Red October Airstrip Matsa chartered Aircraft Red October is a Matsa constructed and maintained Airstrip Airstrip capable to land Dash 8-100 and Dash 8-300 aircraft Aircraft have 36 and 50 seat capacity Leonora airport is alternative landing runway in adverse weather instances 22
Slide 23: Step Five
Step Five Co-operate with AngloGold Ashanti to assist in the completion of the Tenement Option Agreement* in the south-western part of Lake Carey, which consists of 5 tenements for 26.1km2 Total AngloGold potential payment at $7,000 oz Au is A$136,850,000 After $7,200,000 paid already Potential of t
Slide 24: AngloGold The Deal
AngloGold The Deal The Calculation Option expires 20 December 2026 936,000 x 1.875% x A$7,000 (gold price) less A$6,000,0001 = A$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 24
Slide 25: AngloGold
AngloGold 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 be received quarterly PoWs submitted for the remainder of the teneme
Slide 26: AngloGold - Targeted drilling
AngloGold - Targeted drilling x 26
Slide 27: Step Six
Step Six Short-term funding for 2026 Proceeds from Devon Optional Drawdown Facility Long-term Funding beyond 2026 Proceeds from Devon Pit Gold Mining Potential exercise of AngloGold Deal Debt Facilities/Equity/J/V discussions 27
Slide 28: Short-Term Funding Option
Short-Term Funding Option Providing Matsa with Flexible Funding Options A 3 Tranche funding package up to $17.5M exercisable at Matsa’s sole option Deutsche Balaton Aktiengesellschaft (“Deutsche Balaton”) has provided Debt Facility of up to A$17.5M which can be drawn down in three tranches. There is
Slide 29: Investment Summary
Investment Summary • Exploration potential underpinned by significant regional structural setting • Evidence of long-lived multiple mineralising events that can give rise to size, volume and grade • 1Moz in JORC resources with robust exploration and development pipeline of projects • Matsa intends t
Slide 30: 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 31: Lake Carey Resource – 949,000oz Au
Lake Carey Resource – 949,000oz Au “Refer ASX announcement dated 30 April 2024. There has been no change to the mineral resource since this release. 31
Slide 32: Contact Us
Contact Us Paul Poli Executive Chairman reception@matsa.com.au 32