Matsa Commences Mining at Red October

• AISC of approximately A$1,300 per ounce for a cash surplus of A$4.075M is anticipated. • Mining expected to continue beyond the initial seven month period as operations ramp up – and represents the start of Matsa’s plan to develop the Project into a long-term mining operation Unlisted Options operation • Key staffing appointments finalised • Toll milling/ore sale agreement discussions continuing