MATSA RESOURCES LIMITED — Capital/Financing Update 2025

Aug 11, 2025

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ASX Announcement

Gold Ore Haulage for Processing Commences Devon Pit Gold Mine

HIGHLIGHTS

• Ore haulage from the Devon Pit Gold Mine to FMR’s Greenfields processing plant has commenced as planned

• Matsa’s first ore processing campaign of 50,000t is scheduled to commence 17 September 2025

• First gold pour is expected within 7 days of commencing processing with delivery of gold doré to the Perth mint for refining immediately thereafter

• Mining activities at Devon remain on track with previously established mine plans and schedules

12[th] August 2025

CORPORATE SUMMARY

Directors

Paul Poli - Executive Chairman Pascal Blampain Andrew Chapman

Shares on Issue

749.73 million

Unlisted Options

224.04 million @ $0.05 - $0.10

Top 20 shareholders

Hold 67.51%

Share Price on 11[th] August 2025

7.5 cents

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Market Capitalisation

A$56.23 million

Drone view of Devon ROM Pad showing ore stocks and road train (left in photo – 6 August 2025)

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

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OVERVIEW

Matsa Resources Limited (“Matsa” or “the Company” ASX: MAT) is pleased to announce the commencement of ore haulage from the Devon Pit Gold Mine (“Devon”) to FMR’s Greenfields processing plant for processing in September 2025.

The Devon mine is now fully operational and ore is being mined and stockpiled at site. Haulage to the FMR processing plant has now commenced and the first 2,000t of a planned 50,000t parcel has been delivered this week.

Executive Chairman, Paul Poli said “I am really pleased with this milestone achievement. The development progress at Devon has been excellent and now that we’re hauling to FMR for processing, things are getting really exciting. The mine setup, infrastructure and material and equipment movement planning has fallen into place nicely and whilst results so far are very pleasing, we are not getting distracted from ensuring the first 50,000t parcel of high grade ore from Devon is delivered on time for a September quarter processing campaign, and importantly, our first gold sales.

Road train haulage to FMR is now running around the clock currently running 6 road trains and ramping up to 10 in the later part of August and into September and I look forward to reporting on our first processing campaign and gold sales shortly in September.

Once this first campaign has been completed, Matsa will assess it’s other projects for opportunities to bring them into production leveraging off the current Devon operation. Matsa is in a good position right now, has a great project in Lake Carey and we’re excited with the prospects ahead as we transition into a producer.”

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Loading a 4 trailer road train (quad) of approx. 100t at the Devon Pit Gold Mine (7 August 2025)

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

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Devin Pit Gold Mine ROM loader and road train (7 August 2025)

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

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Road Train enroute to FMRs’ Greenfields processing plant (7 August 2025)

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

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Visual ore (brown streak) marked out in the Devon Pit floor between grey waste rock (7 August 2025)

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First deliveries of ore at the FMR ROM Pad (7 August 2025)

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

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The mine currently is expected to operate for approximately 18 months, selling in excess of 40,000 Oz gold. Matsa’s second processing campaign is scheduled to commence mid-December 2025.

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

Competent Person Statement

The information in this report that relates to Exploration results, Mineral Resources, Ore Reserves or Feasibility Studies is based on information and compiled by Pascal Blampain, who is a Member of the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Blampain serves on the Board and is a full time employee of Matsa Resources Limited. Mr Blampain has sufficient experience which is relevant to the style of mineralisation and the type of ore deposit under consideration and the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Blampain consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

This ASX announcement may contain forward looking statements that are subject to risk factors associated with gold exploration, mining and production businesses. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, drilling and production results , Reserve estimations , loss of market, industry competition , environmental risks, physical risks, legislative, fiscal and regulatory changes , economic and financial market conditions in various countries and regions, political risks, project delay or advancement , approvals and cost estimates.

Forward-looking statements, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Matsa Resources Limited. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward looking statements or other forecast.

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