Matador Technologies — Capital/Financing Update 2026

Feb 4, 2026

GOWLING WLG

February 3, 2026

DELIVERED VIA SEDAR+

Ontario Securities Commission (Principal Jurisdiction)
Alberta Securities Commission
British Columbia Securities Commission
Financial and Consumer Affairs Authority of Saskatchewan
Manitoba Securities Commission
Financial and Consumer Services Division (Prince Edward Island)
Financial and Consumer Services Commission (New Brunswick)
Nova Scotia Securities Commission
Office of the Superintendent of Securities Service, Newfoundland and Labrador
Autorité des marchés financiers
The Office of the Superintendent of Securities (Northwest Territories)
Office of the Yukon Superintendent of Securities
Office of the Superintendent of Securities, Nunavut

Dear Sirs/Mesdames:

Re: MATADOR TECHNOLOGIES INC.

Prospectus Supplement dated February 3, 2026 to a 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 offering of up to $30,000,000 of common shares of the Corporation.

We hereby consent to the reference to our firm name under the heading “Legal Matters” and the reference to our firm name and the use of our opinion under the heading “Eligibility for Investment” in the Prospectus Supplement.

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

This is a consent contemplated by Section 7.2 of National Instrument 44-102 – Shelf Distributions and we disclaim any liability beyond the statutory liability provisions of Canadian securities legislation applicable to the Prospectus Supplement.

Yours very truly,

(signed) “Gowling WLG (Canada) LLP”

Gowling WLG (Canada) LLP
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