Matsa Resources Ltd · ASX:MAT
Matsa Resources — Australian Gold Conference 2025
28 slides from Matsa Resources's conference presentation, Oct 15, 2025
Slide 1: Corporate Presentation: Gold Production Commenced
Corporate Presentation Gold Production Commenced Corporate Presentation | October 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 @ 920.63M @ Paul Poli Executive Chairman 2.5 g/t 2.4 g/t 13c 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
& VI A [ SAN RESOURCES WA °y Project 949,000 Ounces of Gold With A Twist Of Lithium
Slide 4: Its been a very busy 2025
Its been a very busy 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 (27/02/2
Slide 5: Looking ahead – strategic plan
Looking ahead – strategic plan Mine and bank the revenue from Devon 2026 Progress AngloGold Option Agreement 2026 Exploration drilling at Fortitude North and BE1 2025/26 Mining studies for greater Lake Carey Gold Project => +10year mine life 2025/26 Obtain approvals for a Matsa owned processing plan
Slide 6: Delivering shareholder wealth
Delivering shareholder wealth Culmination of the past 2 years of strategic planning, determination and hard work Low of 2.4c In 18 months 5 x investment price Source: ASX website 10 October 2025
Slide 7: Lake Carey Gold Project
Lake Carey Gold Project Drilling at Devon June 2025
Slide 8: Devon Mine Plan is Coming Together
Devon Mine Plan is Coming Together
Slide 9: Devon Mine Plan is Coming Together
Devon Mine Plan is Coming Together
Slide 10: Devon Mine – Fortuitous Timing
Devon Mine – Fortuitous Timing
Slide 11: Devon Mine Plan is Coming Together
Devon Mine Plan is Coming Together ✓ Maiden gold reserve at Devon (24/01/25) ✓ Feasibility study for Devon released (19/02/25) ✓ Mining Agreement with BCM (28/03/25) / Processing Agreement with FMR (28/04/25) ✓ Mining Fleet mobilised and mine/camp infrastructure in place (27/06/25) ✓ Mining commence
Slide 12: 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 $207.8M LOM OPEX (A$M) $116M $
Slide 13: 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 14: Devon Pit October 2025
Devon Pit October 2025 ✓ Mined 59kt ore ✓ ~2,300oz gold (produced + on stock) ✓ Re optimised mine design using AUD$4,900oz gold price ✓ 50kt ore processed at FMR mill during Sept in line with budget ❑ GIC and mint out turns pending
Slide 15: Devon Pit December 2025 Quarter
Devon Pit December 2025 Quarter ❑ Gold sales from Campaign 1 ❑ Revenue est. $10-$12M AUD ❑ Mining on West Lode and Main Lode provides operation flexibility ❑ 2nd 50kt processing campaign commencing 31 Dec ❑ Steady state mining
Slide 16: Lake Carey Gold Project
Lake Carey Gold Project A substantial golden opportunity • 3 Gold Mines oFortitude Gold Mine oDevon Pit Gold Mine oRed October Underground Gold Mine • A world class exploration target oFortitude North • Pipeline of quality greenfields and brownfields exploration targets to be drilled including: oFor
Slide 17: 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 18: 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 19: 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 20: Successfully Predicted
Successfully Predicted ween RESOURCES 400 RL 25FN2011 25FNDDO12 10.35m @ 3.4g/tAu 10.5m @ 6.57g/t Au 0.35m @ 12.06g/t Au BBO 100 metres _ High grade plunging lodes / i ani New drilling ooRL @ Previous drilling DaENDDTO 2025 Drilling Target Area 22m @ 9.19g/t Au 17m@ 3.01g/tAu O New drill intercepts
Slide 21: AngloGold Option Agreement
AngloGold Option Agreement ✓ Option Agreement signed (27/02/25) ✓ First option fee AUD$500,000 received (27/02/25) ✓ All Conditions Precedent met, Agreement now unconditional (23/06/25) ✓ AUD$4.5M Option fee paid to Matsa (25/04/25) ✓ AGA select tenements to proceed next stage of Options Agreement (
Slide 22: AngloGold Option Agreement
AngloGold Option Agreement ✓ AGA drilling on boundary of M39/411 ✓ PoWs (Program of Works) for drilling lodged with Mines Dept and approved ✓ Heritage surveys undertaken ✓ Gravity survey (geophysics) with 3,729 stations completed last quarter and going ❑ $1.5M Option fee payable December 2025
Slide 23: AngloGold Option Agreement
AngloGold Option Agreement Matsajaitstrip Da
Slide 24: What’s Next ?
What’s Next ? Using A$4,550/oz gold price • Set Devon mine for next ore campaigns • 2nd ore processing campaign scheduled to commence 31 December 2025 • Further drilling at Fortitude North • Lake Carey exploration including BE1 • Lake Carey Optimisations • Progress the Anglo transaction • Plenty to
Slide 25: 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 26: 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 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