Matsa Resources Ltd · ASX:MAT
Matsa Resources — RIU Sydney Resources Roundup 2025
33 slides from Matsa Resources's conference presentation, May 8, 2025
Slide 1: Corporate Presentation: Gold Production Imminent
Corporate Presentation Gold Production Imminent RIU Sydney Resources Roundup | 6-8 May, 2025 ASX:MAT
Slide 2: Matsa Corporate Overview
Matsa Corporate Overview Gold Resource Gold Reserve Shares on Issue* DIRECTORS 949,000 oz @ 104,000 oz @ 732.6M @ Paul Poli Executive Chairman 2.5 g/t 2.4 g/t 6.7c Mr Poli is a CPA with over 34 years of business and corporate experience. He founded Matsa Resources and has spearheaded M&A deals with
Slide 3: 949,000 Ounces of Gold With A Twist Of Lithium
MIAVTSaA\ RESOURCES % 949,000 Ounces of Gold With A Twist Of Lithium
Slide 4: It's been a very busy start to 2025
Its been a very busy start to 2025 # Maiden gold reserve at Devon (24/01/25) Unsolicited takeover bid announced Monday 10th February 2025 Fantastic high grade gold intercept at Fortitude North (11/02/25) Feasibility study for Devon released (19/02/25) Lake Carey sale agreement with AngloGold Ashanti
Slide 5: Poised to deliver shareholder wealth
Poised to deliver shareholder wealth Culmination of the past 2 years of strategic planning, determination and hard work Source: ASX website 7 May 2025
Slide 6: Poised to deliver shareholder wealth
Poised to deliver shareholder wealth* Current share price is 6.7 cents (2.8c 1 Jan 2024) and a market capitalisation of A$49M (733M shares) Matsa over the next 18 months: Add Devon Mine Profits $73M (before tax and offsets) – refer slide 8 Add Proceeds from Anglo transaction of $80.5M (before tax an
Slide 7: Lake Carey Gold Project
Lake Carey Gold Project Devon Pit Gold Mine February 2025
Slide 8: Plan is Coming Together
BLUE CAP MINING 1800027 738 = INDUSTRY EXPERT! varices esa rR ay experts in Financial investment, Mine management, Fleet Mobilisation and Maintenance, Project Leadership & Site Operations. (OUR CAPABILITIES i CAREERS
Slide 9: Devon Pit – High Grade
Devon Pit – High Grade February 2025 Base Case Upside Case Feasibility Study (pre-tax) (A$4,250/oz) (A$5,000/oz) 340kt @ 4.6 g/t Au for Mining inventory 50,267 ounces (mined) Gold sold - 42,476 ounces Life of mine (LOM) 18 months LOM Revenue net royalties (A$M) $179.2M $214.9M LOM OPEX (A$M) $116M $
Slide 10: Devon Pit – Key Financial Metrics
Devon Pit – Key Financial Metrics Item Cost (A$M) Mining 57.6 Haulage 25.1 Processing 26.1 Other costs 3.5 Revenue (net of royalties) 207.8 *Refer Devon Pit Feasibility Study ASX announcement 19 February 2025, using A$5,000/oz gold price, numbers contain rounding errors
Slide 11: Mine Plan
Mine Plan • Mining of West Lode can occur concurrently with dewatering of Main Lode • No lead time to ore production • Two diggers to maximise ore production and waste move
Slide 12: Mine Plan
Mine Plan • Mining of West Lode can occur concurrently with dewatering of Main Lode • No lead time to ore production • Two diggers to maximise ore production and waste move
Slide 13: Mining - design
Mining - design • Mine Design has starter pit on the West Lode (in green), with a second stage on the Main Lode (blue – right, and red – below below) • NW and NE pits can be mined separately after infill drilling and possible redesign • Dilution (30%) and ore loss (5%) applied post pit design*
Slide 14: Mining - equipment
Mining - equipment Key equipment • 2 x diggers up to 150t each • 5-7 x 777 (101t) dump trucks • 2-3 (45t) moxies • Drill rig (drill & blast) x 2 • Ancillary vehicles and support equipment as required • Tech office consisting of 2 x 12m office blocks (Client and Contractor), 1 x 12m crib room, 1 x 6m
Slide 15: Metallurgy and Processing
Metallurgy and Processing • Executed agreement with FMR (Greenfields) who have 3 grind circuits, 7 leaching tanks with 1.1Mt pa capacity • Matsa can appoint its own metallurgist to manage the mill optimising Matsa’s ore processing increase/decrease grind size, throughput rates, reagent usage and res
Slide 16: Infrastructure Already In Place
Infrastructure Already In Place We have the assets and funding to create significant value Devon Devon Pit Gold Mine • Fully permitted • 25 km from Red October accommodation village • 72 person Red October camp • All haulage infrastructure in place • Airstrip • Traditional open pit mining methods •
Slide 17: Infrastructure Already In Place
Infrastructure Already In Place 5km
Slide 18: Lake Carey Gold Project
Lake Carey Gold Project A substantial golden opportunity • 3 Gold Mines o Fortitude Gold Mine o Devon Pit Gold Mine o Red October Underground Gold Mine • A world class exploration target o Fortitude North • Pipeline of quality greenfields and brownfields exploration targets to be drilled including:
Slide 19: Matsa and AngloGold Ashanti Execute A$101 Million Deal
Lake Carey Gold Project Matsa and AngloGold Ashanti Execute A$101 Million Deal o An Option Fee of A$8M including A$4.5M by satisfaction or waiver of conditions precedent o 1.875% of the gold price multiplied by the agreed Resource of 936,000 oz at the time of exercise, less A$6M already paid, within
Slide 20: Matsa and AngloGold Ashanti Execute A$101 Million Deal
Lake Carey Gold Project Matsa and AngloGold Ashanti Execute A$101 Million Deal An Option Fee of A$8M: (a) A$500,000 on execution of the Agreement (paid); (b) A$4,500,000 on the satisfaction of conditions (c) A$1,500,000 on the date that is 6 months after completion of conditions and (d) A$1,500,000
Slide 21: 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 to commence in the North near term • Along strike and 6km north of Fortitude Gold Mine (0.5Moz) • Regional structure >30km strike • Mineralisation stru
Slide 22: Fortitude North Drilling
Fortitude North Drilling^ • Seven of the top twelve intercepts at Fortitude North have come from the 2023 program^: • 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/t Au from 100m (23FNRC011) • 11m @ 3.8g/t Au from 108m (23F
Slide 23: Fortitude North Drilling
Open Fortitude North Drilling* 22m @ 9.19g/t Including 9.14m @ 11.93g/t Au and 7.20m @ 12.98g/t Au Open * Refer ASX announcement dated 11 February 2025
Slide 24: Successfully Predicted
Successfully Predicted ween RESOURCES Planned new drilling 400 RL * 4.4g/t Au Open | 200 Rt 100 metres my, ~ High grade plunging lodes @ Previous drilling / Panned new drilling © 2025 drilling Open 24FNDDO10 22m @ 9.19g/t Au OO RL 3 3 8 i= 5 g 8 5 8 8 5 5 6762000E 6762100E 6762200E 6762500E 6762600E
Slide 25: What's Next?
What’s Next ? Using A$4,550/oz gold price • Gold mining at Devon (from June 2025) • First ore processing campaign scheduled for September 2025 • Further drilling at Fortitude North • Drilling for growth (extensions) at Devon • Progress the Anglo transaction • Plenty to talk about in Thailand
Slide 26: 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.
Slide 27: Lake Carey Reserve – 104,000oz Au
Lake Carey Reserve – 104,000oz Au Proven Probable Total Reserve Project ('000t) g/t Au ('000t) g/t Au ('000t) g/t Au ('000 oz) Red October UG - - - - - - - Devon Pit - - 309 4.6 309 4.6 46 Fortitude Pit - - 1,029 1.8 1029 1.8 58 Total - - 1,338 2.4 1,338 2.4 104 “Refer ASX announcement dated 24 Janu
Slide 28: Disclaimer
Disclaimer Disclaimer and Forward Looking Statements This presentation has been prepared by Matsa Resources Limited (“Matsa” or the “Company”). It should not be considered as an offer or invitation or inducement to subscribe for or the purchase of any securities in the Company. This presentation may
Slide 29: Contact Us
Contact Us Paul Poli Executive Chairman reception@matsa.com.au Who Made That Twitter Bird? - The New York Times Linkedin Icon from Social Media Logos Pack | Free Download 29
Slide 30: Devon Fully Permitted
Devon Fully Permitted Item Purpose Status Comment Tenements Granted mining Valid to December (and misc) leases 2034 Haulage Allows ore haulage on Shire approvals Menzies and Leonora public roads obtained shires Mining Proposal Approval for construction of Approved Approved 9 July 2024 infrastructure
Slide 31: M&A Activity
M&A Activity EV/Oz Avg EV/Oz Recent M&A activity for ASX listed WA pre-production assets (Refer Appendix 1 for full references including resource breakdown and transaction announcement date) $218.9/oz $216 .8/oz $176.3/oz $8 8 .0/oz $9 3.7/oz $77.6/oz $6 7 .7/oz $6 5 .9/oz $5 3.8/oz $5 1 . 1 /oz $40
Slide 32: M&A Activity
M&A Activity Recent M&A activity for ASX listed WA pre-production assets (Refer Appendix 1 for full references including resource breakdown and transaction announcement date) 1.85g/t Au * 0.29 moz * Linden Gold Alliance Limited announcement 27 October – merger with Lord Bryon Mining, 292,900oz @ 1.8
Slide 33: Appendix 1: Pre-production WA Gold M&A Peer Comparison
Appendix 1: Pre-production WA Gold M&A Peer Comparison Information & References Source: Respective ASX disclosures as per listed release date in above table. All projects are located in Western Australia and were at the pre-development stage at the time of transaction other than Pantoro-Tulla which