MATSA RESOURCES LIMITED — Capital/Financing Update 2022

Jun 30, 2022

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ASX Announcement

1[st] July 2022

Update on Linden Gold Sale Transaction

CORPORATE SUMMARY

Matsa Resources Limited (“Matsa”, “Company”) has been advised by Linden Gold Alliance Limited (“Linden”), that it has not received conditional approval for admission to the ASX by 30 June 2022 as required under the terms of the Sale and Purchase Agreement (“SPA”) and subsequent amendments to that SPA.

Accordingly, LGA has not been able to settle the purchase of the Devon and Red October projects on 30 June 2022.

Linden has provided to Matsa a formal notice advising that as a result of events beyond the control of Linden it has not received conditional approval for admission to the ASX and consequently, pursuant to the SPA, Linden claims to be entitled to an automatic extension for a further period of up to 90 days.

Matsa will provide further updates as and when further information comes to hand.

Matsa has received $3,000,000 from Linden as non-refundable payments in respect of this transaction.

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

Executive Chairman

Paul Poli

Directors

Frank Sibbel Pascal Blampain Andrew Chapman

Shares on Issue

358.95 million

Listed Options

49.22 million @ $0.17

Unlisted Options

59.08 million @ $0.17 - $0.35

Top 20 shareholders

Hold 61.84%

Share Price on 30[th] June 2022

4.3 cents

Market Capitalisation

A$15.43 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