Matsa Resources Ltd · ASX:MAT
Matsa Resources — RIU Resurgence Conference 2023
28 slides from Matsa Resources's conference presentation, November 2023
Slide 1: Delivering Exploration Success
Delivering Exploration Success RIU Resurgence Conference – The Next Big Discovery Matsa Corporate Presentation | November 22-23, 2023 Pascal Blampain ASX:MAT
Slide 2: Disclaimer and Forward Looking Statements
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 3: Matsa Corporate Overview
Matsa Corporate Overview Gold Resource* Resource Grade Top 20 Ownership DIRECTORS 936,000 oz 2.5g/t 59% Paul Poli Executive Chairman 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 Panoramic, Bulletin, Westgold,
Slide 4: 936,000 Ounces of Gold With A Twist Of Lithium
Tm I \ANTSA P86 RESOURCES 936,000 Ounces of Gold With A Twist Of Lithium
Slide 5: Lake Carey Gold Project
WA # Lake Carey Project SS Les
Slide 6: Regional Setting
Regional Setting Lake Carey Gold Project - a world class setting • JORC resource of 936koz @ 2.5g/t Au with identified multiple growth options • 449km2 high quality tenement position in eastern goldfields region • Exploration has delivered a 213% increase in resource since June 2020 from 439koz @ 2.
Slide 7: 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 8: Expanded Fortitude Gold Mine
Expanded Fortitude Gold Mine Fortitude Gold Mine: • Fully permitted and mine ready • Is an amalgamation of 3 trial pits, completed by Matsa in 2018 Fully permitted and mine ready
Slide 9: Fortitude Gold Mine
Fortitude Gold Mine Gold Resource of 489,000oz • 1km long open pit down to 190m depth • Granted Mining Lease with approved Mining Proposal (MP) in place allowing immediate start of mining • Completed scoping study outlines production of 132,000oz across 30 months generating >A$95M* surplus (@ A$2,40
Slide 10: Devon Pit
Devon Pit Devon Open Pit delivers A$37.1M • Linden Gold Alliance Profit Share Joint Venture is in dispute • Cash surplus of A$37.1M* at A$2,650/oz sale price ($2,000 optimisation) • Expected 16-month mine life with mining permits lodged • Previous GME operated mine provides high level of confidence
Slide 11: Red October
Red October Red October oblique view looking (grid) NE 244,000 ounces Au @ 5.6g/t More to be found! Open • Lionfish strike extensions (open in both directions) • Lionfish resource gap infill (zone B) • Intersection of Lionfish and Western target (zone C) Open • Nemo (southern extension of mine to SW
Slide 12: Lake Carey Gold Project – 936,000oz Au
Lake Carey Gold Project – 936,000oz Au ^ Notes: The Resource the Devon pit, representing 65koz, is subject to the JVA with Linden Gold “Refer ASX announcement dated 31 July 2023. There has been no change to the mineral resource since this release. The Resources of the Devon Pit project, representing
Slide 13: Valuing Matsa - Gold
Valuing Matsa - Gold 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, 292,900
Slide 14: Valuing Matsa - Gold
Valuing Matsa - Gold Recent M&A activity for ASX listed WA pre-production assets (Refer Appendix 1 for full references including resource breakdown and transaction announcement date) $72.04/oz * * Linden Gold Alliance Limited announcement 27 October – merger with Lord Bryon Mining, implied EV of $72
Slide 15: Fortitude North Drilling
Open Fortitude North Drilling • Seven of the top twelve intercepts at Fortitude North have come from the 2023 program*: o 25m @ 3.3g/t Au from 147m (23FNRC006) o 14m @ 3.4g/t Au from 113m, and; o 35m @ 3.0g/t Au from 150m (23FNRC016) o 19m @ 3.8g/t Au from 100m (23FNRC011) o 11m @ 3.8g/t Au from 108
Slide 16: 2019-2022 Fortitude North drilling
2019-2022 Fortitude North drilling What we started with • 5.7m @ 3.9g/t Au from 150m (19FNDD001 discovery) • 9.6m @ 3.3g/t Au from 128m (22FNDD009 follow up) Original interpretation – near vertical
Slide 17: 2023 Fortitude North Drilling
2023 Fortitude North Drilling Sensational thicknesses Significant results include: • 14m @ 3.4g/t Au from 113m incl. 6m @ 5.1g/t Au from 113m • 35m @ 3g/t Au from 150m incl. 4m @ 6.5g/t Au from 153m; and 5m @ 5.6g/t Au from 170m • 7m @ 2.1g/t Au from 119m • 21m @ 1.7g/t Au from 120m Compare original
Slide 18: Lithium in Thailand
Lithium in Thailand Pink Panther (Kanchanaburi) lithium pegmatite outcrop striking to the NE
Slide 19: Thailand Lithium at a Glance
Thailand Lithium at a Glance Pink Panther Poly Panther Chok Dee Panther Spotted Panther Rose Panther 1 2 3 Substantial area under application (1,709km2) Established team Drill ready targets New lithium prospects Thai nationals - technical Robust exploration pipeline discovered (progress SPL) staff a
Slide 20: Thailand and Lithium
Thailand and Lithium Investing in Thailand is Good Timing TODAY • Arguably, Matsa holds the largest tenement applications for lithium exploration in south- east Asia • Excellent long term relationships with regulatory authorities • Matsa’s exploration has discovered lithium mineralisation at Phang N
Slide 21: Thailand and Lithium
Thailand and Lithium • Technically lepidolite can produce a pure concentrate of 7.7% Li2O • Matsa’s exploration team has discovered lithium mineralisation at Phang Nga, Ratchaburi and Kanchanaburi provinces • Testwork^ has demonstrated +95% lithium recoveries from lepidolite ore can be achieved usin
Slide 22: China and Lepidolite
China and Lepidolite Currently, four producers in Jiangxi province produce lithium from lepidolite: Yongxing Material, Jiangte Motor, Nanshi Lithium and Feiyu New Energy. A variety of technologies are used, primarily at the roasting stage. These are being continually advanced in an effort to reduce
Slide 23: Lepidolite Processing
Simplified Lepidolite Processing Flowchart Lepidolite Processing Take home points Using acid is old technology, use of sodium sulphate and sodium potassium sulphate roasting is now commonplace in China^ By comparison, sulphuric acid is used at Tianqi Lithium Energy Australia’s Kwinana based spod
Slide 24: Testwork Results
Testwork Results Take home points Pink Panther “mined grade” of 1.65% Li2O produced a concentrate grading 4.04% Li2O (via flotation) Rose panther “mined grade” of 2.44% Li2O produced a concentrate grading 5.91% Li2O (via flotation) POTENTIAL FOR ORE SORTING PRIOR TO CONCENTRATION TO REDUCE WASTE TON
Slide 25: Valuing Lepidolite Projects
Valuing Lepidolite Projects Li2O Prices* mid November 2023 AUD 3,500 Spodumene Lepidolite AUD 3,000 AUD 2,500 AUD 2,000 Target range for AUD 1,500 high spec lepidolite AUD 1,000 DSO ore or concentrate AUD 500 AUD 0 domestic 3-4% domestic 4-5% domestic 6% con 1.5-2% con 2-2.5% con 3-4% con 5-5.5% * S
Slide 26: Upcoming
Upcoming Gold (Australia – Lake Carey) Finalise discussions with AngloGold Ashanti Finalise regulatory approvals for Devon Pit Monetise / extract value from Devon Pit & Red October gold mines Exploration / resource drilling at Fortitude North and Hill East areas Grow gold resources (target
Slide 27: Contact Us
Contact Us Paul Poli Executive Chairman reception@matsa.com.au 27
Slide 28: Appendix 1: Pre-production WA Gold M&A Peer Comparison
Appendix 1: Pre-production WA Gold M&A Peer Comparison Information & References Acquirer Target Stage Date Deal Value EV/oz MEASURED INDICATED INFERRED TOTAL GRADE Source ($Am) ($AUD/oz) (Koz) (Koz) (Koz) RESOURCE (g/t) (Koz) Northern Star Strickland Minerals Limited Resource Development Jun-23 $61.