MATSA RESOURCES LIMITED — Capital/Financing Update 2021

Mar 28, 2021

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ASX Announcement

29 March 2021

Despatch of Renounceable Rights Issue Offer Documents

On 22 March 2021 Matsa Resources Limited ( Matsa or the Company ASX: MAT) announced that it would undertake a renounceable rights issue ( Rights Issue ) to raise up to $2.17M before costs ( Offer ).

All Eligible Shareholders will be offered 1 New Share in the Company for every 10 Existing Shares held by the Eligible Shareholder, at an issue price of $0.08 per New Share and 1 New Option for every 2 New Shares issued.

The Offer is now open to all Eligible Shareholders who have a registered address within Australia, New Zealand, Singapore and Germany ( Eligible Shareholders ) and who held Shares at 5pm (WST) on Friday 26 March 2021 ( Record Date ). The Offer will close at 5pm (WST) Friday 16 April 2021 (unless extended).

Eligible Shareholders may take up any shortfall under the Offer in addition to their entitlements under the Offer. Applications for securities under the Offer can be made by electronic funds transfer or BPAY®.

Each of the Company’s Directors intend to participate in the Offer.

Rights trading ends on Tuesday 9 April 2021. Eligible Shareholders are encouraged to participate in the Offer.

The Company confirms that the Prospectus, together with personalised Entitlement and Acceptance Forms, have today been despatched to Eligible Shareholders.

Any questions concerning the Offer should be directed to the Company Secretary on +61 8 9230 3555.

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

CORPORATE SUMMARY

Executive Chairman

Paul Poli

Directors

Frank Sibbel Pascal Blampain

Director & Company Secretary

Andrew Chapman

Shares on Issue

271.14 million

Unlisted Options

77.48 million @ $0.17 - $0.35

Top 20 shareholders

Hold 58.24%

Share Price on 26 March 2021

7.9 cents

Market Capitalisation

$21.42 million

For further information please contact:

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

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