AuMEGA Metals Limited — AGM Information 2021

Nov 11, 2021

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ASX Announcement
12 November 2021 ǀ ASX: MZZ; OTCQX: MZZMF; FSE: MA3
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Chair’s Address to the Annual General Meeting

Good morning ladies and gentlemen,

My name is Ian Murray and, as Matador’s Executive Chair, I’d like to welcome you to the 2021 Matador Annual General Meeting.

I am currently in Canada attending via video link. I would like to introduce the other Matador representatives in attendance today:

• In the room we have Justin Osborne , one of our non-executive directors, our Company Secretaries, Carol Marinkovich and Stuart McKenzie , our CFO, Chris Bath , and our External Auditor, Chris Nicoloff

• Attending through Zoom we have Mick Wilkes , another of our non-executive directors.

Our remaining non-executive director, Nicole Adshead-Bell is based in Vancouver and is currently attending a mining conference in Europe so is unable to attend today’s meeting.

Today’s meeting provides an excellent opportunity to update you on the stellar progress being made by your company in exploring the very exciting Cape Ray Gold Project, as well as our recently pegged Hermitage tenements, in Newfoundland, Canada. I have been fortunate to visit the site several times in recent months and am very positive about what is taking shape here, and the quality team that is making it happen.

Before I discuss that, it’s worth first noting that the gold price has had a volatile twelve months, topping US$1,950 in January, only to decline to US$1,685 two months later, and overall, trending lower over the year, and was sitting 6% below the prevailing price at last year’s AGM, prior to the nice correction this week. This headwind has hit gold stocks, and in particular the juniors, with the Gold Junior Miners ETF (GDXJ) down by almost 25% over the same time frame.

Your company has, however, held firm against this sector-wide trend. Owing to the terrific work carried out by our team during the past twelve months, Matador shares are currently trading at the same price that they were 12 months ago. This relative outperformance sets us up well to lead the sector when the gold price resumes its uptrend, which I believe is ever-more likely given the growing evidence of inflation globally.

With a strong and dedicated on-the-ground team, a robust balance sheet and an exceptional pipeline of prospects and targets, we are well positioned to capitalise on the vast opportunity in front of us over the coming 12 months.

Regarding our team, we have added some serious firepower in the last year, with a particular emphasis on strengthening our Newfoundland based team. Crispin Pike has come on as Principal Geologist and Country Manager having worked for the Geological Survey of Newfoundland and Labrador for six years, and prior to that with 9 years with INCO/Vale on projects across North and South America.

Giles Dodds has joined as Senior Geologist, also bringing Newfoundland experience with his 10 year experience in Australia and North America.

Matador Mining Limited Emerald House,1202 Hay Street, www.matadormining.com.au ABN 45 612 912 393 West Perth, WA, 6005 info@matadormining.com.au ASX:MZZ; OTCQX: MZZMF; FSE: MA3 T: +61 (0) 8 6117 0478

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Greg Soper has come on as Health, Safety, Environment and Community Superintendent with over 30 years’ experience in occupational health, safety and environmental management in heavy industrial construction, mining, mineral exploration and military sectors.

In addition, Kerry Sparkes joined us as Technical Advisor to the Board, previously working as VP Geology for Franco Nevada, a royalty streaming company with a market cap of US $27 billion. Kerry is a highly respected geologist, and is based in St John’s, Newfoundland. Kerry actually worked on the Cape Ray Gold Project in early 2000 and adds valuable insight to our exploration thinking.

COVID-19 travel restrictions have beset explorers worldwide over the last twelve months, and we have endeavoured to work around these. Fortunately, I received an exemption to leave Australia, and was also granted a Canadian visa. When this allowed me to finally visit the project, I was deeply impressed by the breadth and commitment of the team on the ground, the excitement of what they were systematically discovering, and their “can do” attitude.

This included the adaptation of the ‘ Winkie Drill’[1] , which is a conventional auger rig mounted on the back of a caterpillar-tracked All-Terrain Vehicle. This simple combination allows the team to efficiently and costeffectively access new drill sites, and drill through the 8-10 metres of glacial till cover to sample the bedrock. It also included running 16,000 line-kilometers of helimag survey[2] at 30-metre spaced lines, just 25 metres above the ground, which provided us with high resolution magnetic data that has immediately identified three exciting, and large targets to assess. The team also arranged an independent, mobile sample preparation unit to be installed on-site[3] , more than halving the assay turnaround times and accelerating exploration decision making. These creative solutions put the company in a good shape to advance the project rapidly and intelligently. All of this work allows us to feed the pipeline of projects through strategic filters and to the two diamond drill rigs which are part way through the 45,000 metre drill program[4] to which we are fully committed.

Also in good shape is Matador’s balance sheet, with $17.2 million of cash at the end of September 2021[5] . This was bolstered by a $16 million placement completed in June 2021, which brought two North American institutions, CI Financial and Franklin Templeton, onto the register as substantial shareholders.

This strong position has allowed us to undertake the largest exploration program ever carried out at the Cape Ray Gold Project, and to continue to build the pipeline of targets, which is in the best shape it has ever been. We are particularly excited by the potential at the Window Glass Hill Granite[6] and Isle aux Morts[7] , both of which have already generated some outstanding results, as well as some of our regional targets such as Benton, Malachite Lake and Stag Hill[6] .

We continue to have positive engagement with local communities and government officials in Newfoundland, who have shown significant support for the Cape Ray Gold Project, with the expectation that it will be a material source of employment and opportunity in the future. Likewise, our meetings with the First Nation communities regarding the Project have been positive and constructive. Matador’s environmental baseline studies are now nearing completion. These studies will form the basis for the Environmental Impact Statement which is on track for completion and submission to both Federal and Provincial regulators in the second half of 2022.

In summary, the Board and I are extremely pleased about the commitment and progress made by the team over the past twelve months and are increasingly convinced that there is significant scope to increase Matador’s existing 837,000 ounce[8] resource base through systematic exploration across our vast 120 kilometre strike length of tenements held on the Cape Ray Shear. The Board and I thank you for your patience and support as we execute our strategy and strive to deliver meaningful value to our shareholders.

1 Refer ASX Announcements 29 April 2021 and 12 May 2021 2 Refer ASX Announcement 21 April 2021

3 Refer ASX Announcement 24 May 2021

4 Refer ASX Announcement 30 June 2021

5 Refer ASX Announcement 28 October 2021 (Quarterly Report)

6 Refer ASX Announcement 12 October 2021

7 Refer ASX Announcement 1 February 2021

8 Refer ASX announcement 6 May 2020

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Thank you.

Ian Murray Executive Chair

This announcement has been authorised for release by the Company’s Board of Directors.

To learn more about the Company, please visit www.matadormining.com.au , or contact:

Ian Murray – Executive Chairman Alex Cowie – Investor Relations Phone: +61 8 6117 0478 Phone: +61 412 952 610 Email: info@matadormining.com.au Email: alexc@nwrcommunications.com.au

Reference to Previous ASX Announcements

In relation to the exploration results included in this announcement, the dates of which are referenced, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements.

In relation to the Mineral Resource estimate announced on 6 May 2020 (see Table 2), Matador confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate in the announcement of 6 May 2020 continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

In relation to the results of the Scoping Study which were announced on 6 May 2020, Matador confirms that all material assumptions underpinning the production target and forecast financial information included in that announcement continue to apply and have not materially changed.

About the Company

Matador Mining Limited (ASX: MZZ; OTCQX: MZZMF; FSE: MA3) is a gold exploration company with tenure covering 120 kilometres of continuous strike along the highly prospective, yet largely under-explored Cape Ray Shear in Newfoundland, Canada. The Company released a Scoping Study which outlined an initial potential seven-year mine life, with a forecast strong IRR (51% post Tax), rapid payback (1.75 year) and LOM AISC of US$776/oz Au (ASX announcement 6 May 2020). The Company is currently undertaking the largest exploration program carried out at Cape Ray, with upwards of 45,000 metres of diamond drilling, targeting brownfield expansion and greenfield exploration. Matador acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador, Canada.

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