BULLETIN RESOURCES LIMITED — Capital/Financing Update 2021

Feb 7, 2021

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Matsa Resources Limited
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ASX Announcement

8[th] February 2021

Partial Sale of Lake Rebecca Gold Project

Receipt of AOP Shares

Highlights

• Confirmation 10,750,000 AOP shares have been issued to Bulletin Resources Limited (Bulletin, BNR) and Matsa Resources Limited (Matsa, MAT) under the 80/20 joint venture, for the sale of a 400m wide strip (1.35km[2] ) of the Lake Rebecca Gold project

• The AOP shares have a total market value of $3.7M on the date of issue

• The total value of consideration for the transaction is $6,545,000 incl. GST, comprising AOP shares and cash payments

• In addition to the above consideration also comprises:

• $250,000 plus GST, expected to be received mid-March on satisfaction of certain conditions

• $1.0M on the earlier of the granting of a Mining Lease to AOP over the sale area or 24 months from signing, payable in cash or AOP shares at AOP’s election

• $1.0M on earlier of AOP decision to mine the Rebecca Deposit or 48 months from signing, payable in cash or AOP shares at AOP’s election

CORPORATE SUMMARY

Executive Chairman

Paul Poli

Director

Frank Sibbel

Director & Company Secretary

Andrew Chapman

Shares on Issue

271.14 million

Unlisted Options

77.78 million @ $0.17 - $0.35

Top 20 shareholders

Hold 56.86%

Share Price on 5[st] February 2021

10 cents

Market Capitalisation

$27.11 million

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au

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Matsa Resources Limited
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Matsa Resources Limited (“Matsa” or “the Company” ( ASX: MAT ) is pleased to advise that it and Bulletin Resources Limited (“Bulletin”, “BNR”), following the announcement of the sale of a 400m wide strip of land totalling 1.35km[2] in area to Apollo Consolidated Limited (“Apollo”; ASX: AOP)[1] that AOP has now issued a combined total of 10,750,000 fully paid ordinary shares as the upfront consideration.

At the date of issue the 10,750,000 shares has a combined market value of $3.7M. The issue of the AOP shares marks receipt of the upfront consideration. 50% of the AOP shares issued are escrowed for 6 months and 50% escrowed for 12 months.

In addition to the above, total consideration receivable also comprises the following deferred consideration:

• $250,000 plus GST, expected to be received mid-March on satisfaction of certain conditions

• $1.0M on the earlier of the granting of a Mining Lease to AOP over the sale area or 24 months from signing, payable in cash or AOP shares at AOP’s election

• $1.0M on earlier of AOP decision to mine the Rebecca Deposit or 48 months from signing, payable in cash or AOP shares at AOP’s election

The sale of a 400m wide strip of land totalling 1.35km[2] area of tenement E28/2600 is part of the BNR/MAT joint venture (80%/20%).

This ASX announcement is authorised for release by the Board of Matsa Resources Limited.

For further information please contact:

Paul Poli Executive Chairman T 08 9230 3555 E reception@matsa.com.au

1 ASX Announcement 2 February 2021 - $5.6M Partial Sale of Lake Rebecca Project

Matsa Resources Limited | www.matsa.com.au | ABN 48 106 732 487

Head office: 11/139 Newcastle Street, Perth Western Australia 6000 | T 08 9230 3555 | reception@matsa.com.au