Matador Technologies — Capital/Financing Update 2026

Feb 4, 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

February 3, 2026

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
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

Dear Sirs/Mesdames:

RE: MATADOR TECHNOLOGIES INC.

Prospectus Supplement dated February 3, 2026 to Short Form Base Shelf Prospectus and Amended and Restated Short Form Base Shelf Prospectus dated January 28, 2026 (the "Prospectus Supplement")

We refer to the Prospectus Supplement of Matador Technologies Inc. (the "Corporation") relating to the issue sale of up to $30,000,000 common shares.

We hereby consent to the use of and reference to our firm name on page 2, and under the headings "Legal Matters", "Agent for Service of Process" and "Eligibility for Investment" in the Prospectus Supplement of the Corporation, and to our firm opinions under the headings "Legal Matters" and "Eligibility for Investment".

We confirm that we have read the Prospectus Supplement and all information incorporated by reference therein, and have no reason to believe that there are any misrepresentations in the information contained therein that are derived from our opinions referred to above, or that is within our knowledge as a result of the services we performed in connection with such opinions provided as at the date of the Prospectus Supplement.

Yours very truly,

fogler, Rubinoff LLP