Matsa Resources Ltd · ASX:MAT
Matsa Resources — RIU Explorers Conference 2025
31 slides from Matsa Resources's conference presentation, Feb 19, 2025
Slide 1: Corporate Presentation: Near Term Gold Production
Corporate Presentation Near Term Gold Production RIU Explorers Conference | 18-20 February, 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 5.0c 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: Lake Carey Gold Project – Fortitude North Drilling 2025
Lake Carey Gold Project Fortitude North Drilling 2025
Slide 5: Matsa is subject to a Takeover Bid
Matsa is subject to a Takeover Bid Unsolicited takeover bid announced Monday 10th February 2025 TAKE NO ACTION • Bid of $0.045 per share values Matsa at $33M • Current market cap of $37M (closing price of 5.0c on 17 February 2025) • Devon Feasibility shows the project makes $73M (at current gold pri
Slide 6: Lake Carey Gold Project – 949,000oz Au
Lake Carey Gold Project – 949,000oz Au “Refer ASX announcement dated 30 April 2024. There has been no change to the mineral resource since this release.
Slide 7: 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 8: Devon – Realising the Value
Devon – Realising the Value # BullionVault website 6 February 2025
Slide 9: Devon – Realising the Value
Devon – Realising the Value To be(a miner) or not to be(impatient) In a rising gold price Matsa has not been afraid to not take the first deal
Slide 10: Devon Pit – High Grade
Devon Pit – High Grade February 2025 Base Case Upside Case Feasibility Study (pre-tax) ($4,250/oz) ($4,550/oz) 340kt @ 4.6 g/t Au for Mining inventory 50,267 ounces (contained) Life of mine (LOM) 18 months LOM Revenue net royalties ($M) $179.2M $191.9M LOM CAPEX ($M) $3.0M $3.0M LOM OPEX ($M) $116M
Slide 11: Mine Ready
Mine Ready • Mining of West Lode can occur concurrently with dewatering of Main Lode • No lead time to ore production
Slide 12: 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 13: 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 14: 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* Stage
Slide 15: Devon Has Strong Upside
Devon Has Strong Upside Significant Historical Gold Results in Costeans (Drilling set to commence) • No drilling in the costeans and between costeans and mine • Suggests both Main Lode and West Lode continue north • Pit optimisation to the north limited by data • Exploration drill designs and planni
Slide 16: 12 Month Strategic Roadmap
12 Month Strategic Roadmap Devon Pit Gold Mine fully permitted and mine ready Insitu gold resource 82koz @ 5.22g/t => maiden reserve* 46,000oz @ 4.6g/t Au Today June 2025 October 2025 Q2 2025 Q3 2025 Q4 2024 Q1 2025 • First ore deliveries • Steady state mining, ✓ Permitting • Site setup processing a
Slide 17: Lake Carey Gold Project: A substantial golden opportunity
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 18: Lake Carey Gold Project: A substantial golden opportunity
Lake Carey Gold Project A substantial golden opportunity Indepth discussions have been occurring with AngloGold Ashanti since July 2024, with regard to a potential corporate transaction at Lake Carey which excludes Devon Pit Gold Mine and the Fortitude North exploration site. Matsa believes an outco
Slide 19: Fortitude North - Matsa Discovery
Fortitude North - Matsa Discovery • 1.7km long mineralised zone open along strike with strong potential to increase with drilling expected to commence in the near term Fortitude North • Along strike and 6km north of Fortitude Gold Mine (0.5Moz) • Regional structure >30km strike • Mineralisation stru
Slide 20: EIS / Drilling and Targeting
EIS / Drilling and Targeting 700m hole • Proof of concept drilling to test for potential mineralised structures below current drilling • Known prospectivity with Fortitude North coincident magnetic and mineralisation seismic signatures below existing mineralisation • Multiple targets • Supported by
Slide 21: Grade
Grade
Slide 22: 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 23: Successfully Predicted
Successfully Predicted MATSA Long Section Fortitude North 400 RL Lake sediments Area of 2023 drilling @ 300 RL e@ 200RL @ Open Po 100 metres [e) NS High grade plunging lodes 24FNDDO10 m~—y 22m @ 9.19g/t Au com @ Previous drilling e/ open O New drilling 762000E 6762100E 6762200E 6762300E 6762400E 676
Slide 24: Expanded Fortitude Gold Mine
Expanded Fortitude Gold Mine Fortitude Gold Mine: • Fully permitted and mine ready • An amalgamation of 3 trial pits, completed by Matsa in 2018 Fully permitted and mine ready
Slide 25: 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 26: What's Next?
What’s Next ? • Address the takeover action • Commencement of mining at Devon • Further drilling at Fortitude North • Drilling for growth (extensions) at Devon • Plenty to talk about in Thailand
Slide 27: 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 28: 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 28
Slide 29: 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 30: 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 31: 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