Matsa Resources LtdASX: MAT

Updated Fortitude Study Increases Surplus to A$95M

· Issued by Matsa Resources Ltd

Filed with ASX · · 9 pages · English

• Strong results from updated optimisation study enhances Fortitude’s value by effectively doubling mine life, production output and cash flow for the Fortitude Gold Mine: o Total operating cash surplus grows to A$95M over 4 years (+72% increase) o Mine production of ~132,000 oz Au at 1.6g/t (up from 58koz) o 95% of the ounces are in the Measured and Indicated resource category o 2.7Mt of ore (up

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