Matador Technologies — Capital/Financing Update 2026

Jan 12, 2026

fogler, Rubinoff LLP

Lawyers

Scotia Plaza

40 King Street West, Suite 2400

P.O. Box #215

Toronto, ON M5H 3Y2

t: 416.864.9700 | f: 416.941.8852

foglers.com

January 12, 2026

Reply To: Jennifer Campbell
Direct: (416) 941-8804
E-mail: jcampbell@foglers.com
Our File No. 250167

DELIVERED VIA SEDAR+

TO: Ontario Securities Commission (Principal Jurisdiction)
Alberta Securities Commission
British Columbia Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
The Manitoba Securities Commission
Prince Edward Island Office of the Superintendent of Securities Office
Financial and Consumer Services Commission (New Brunswick)
Nova Scotia Securities Commission
Office of the Superintendent of Securities, Service Newfoundland & Labrador
(the "Original Jurisdictions")

AND TO: Autorité des marchés financiers
The Office of the Superintendent of Securities, Northwest Territories
Office of the Yukon Superintendent of Securities
Department of Justice, Government of Nunavut
(the "Additional Jurisdictions")

Dear Sirs/Mesdames:

RE: MATADOR TECHNOLOGIES INC.

Preliminary Base Shelf Prospectus filed in the Additional Jurisdictions and Draft Amended and Restated Final Short Form Base Shelf Prospectus filed in the Original Jurisdictions and Final Prospectus in the Additional Jurisdictions

In connection with Matator Technologies Inc. (the "Issuer") filing a Preliminary Base Shelf Prospectus to be filed in the Additional Jurisdictions and Draft Amended and Restated Final Short Form Base Shelf Prospectus to be filed in the Original Jurisdictions and Additional Jurisdictions, the following documents incorporated by reference thereto are being filed today in the Additional Jurisdictions, together with applicable filing fees, in accordance with Section 7.2(2)(a) and (b) of National Policy 11-202 – Process for Prospectus Reviews in Multiple Jurisdictions:

a) the annual information form of the Corporation for the year ended October 31, 2024 dated as of July 2, 2025;

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b) the audited consolidated annual financial statements of the Corporation for the fiscal years ended October 31, 2024 and 2023, together with the independent auditors' reports thereon and the notes thereto;
c) the unaudited consolidated interim financial statements of the Corporation for the nine month periods ended July 31, 2025 and July 31, 2024, together with the notes thereto;
d) the management's discussion and analysis of the Corporation in respect of the Annual Financial Statements;
e) the management's discussion and analysis of the Corporation in respect of the Interim Financial Statements
f) the management information circular of the Corporation dated June 3, 2025 in respect of the annual and special shareholders meeting of the Corporation held on July 28, 2025;
g) the filing statement of the Corporation dated November 29, 2024 in respect of the Arrangement (as defined herein);
h) the material change report of the Corporation dated November 11, 2025 regarding the closing of the first tranche of convertible notes under the ATW Facility;
i) the material change report of the Corporation dated November 11, 2025 regarding the amended terms of the ATW Facility;
j) the material change report of the Corporation dated September 30, 2025 regarding the departure of Sunny Ray as President of the Corporation;
k) the material change reports of the Corporation dated August 8 and August 22, 2025 regarding the appointment of Antoine de Vuyst as Chief Technology Officer of the Corporation;
l) the material change report of the Corporation dated July 23, 2025 regarding the ATW Facility;
m) the material change report of the Corporation dated June 6, 2025 in respect of the issuance of the June Units;
n) the material change report of the Corporation dated May 29, 2025 in respect of the issuance of the May Units; and
o) the material change report of the Corporation dated December 17, 2024 in respect of the completion of the Arrangement.

Please do not hesitate to contact the undersigned with any questions.

Best regards,

FOGLER, RUBINOFF LLP

Per: /s/ "Anna Matanovic

Anna Matanovic
Securities Law Clerk
JC/am

4898-5052-1219.2