MATSA RESOURCES LIMITED — Investor Presentation 2021

Jun 23, 2021

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Becoming a Gold Producer

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matsa.com.au Pascal Blampain | June 2021

Disclaimer

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Disclaimer and Forward Looking Statements

This presentation has been prepared by Matsa Resources Limited (“Matsa” or the “Company”). It should not be considered as an offer or invitation or inducement to subscribe for or the purchase of any securities in the Company. This presentation may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on Matsa’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Actual results and developments may differ materially from those expressed or implied.

The material in this presentation is intended to be a summary of current and proposed activities, selected geological data and Mineral Resource estimates. This data is based on information available at the time. It does not include all available information and should not be used in isolation as a basis to invest in the Company. This overview of Matsa does not purport to be all-inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

This presentation includes information and graphics relating to a conceptual mining study, completed Mineral Resource estimate and a scoping study and includes “forward looking statements” which include, without limitation, estimates of gold production based on mineral resources that are currently being evaluated.

While the Company has a reasonable basis on which to express these estimates, any forward looking statement is subject to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Risks include, without limitation, gold metal prices, foreign exchange rate movements, project funding capacity and estimates of future capital and operating costs. The Company does not undertake to release publicly any revisions to forward looking statements included in this report to reflect events or results after the date of this presentation, except as may be required under applicable securities regulations.

Any potential investor should refer to publicly available reports on the ASX website and seek independent advice before considering investing in the Company.

Production Targets and Forecast Financial Information

The information in this presentation that relates to production targets and financial information is extracted from ASX announcements dated 22 January 2021 (Concept Study 600,000tpa Treatment Plant Lake Carey Project) and 14 April 2021 (Devon Pit Scoping Study Delivers Excellent Results). Matsa confirms that all material assumptions underpinning the production targets and forecast financial information derived from production targets set out in those announcements, including the cost and pricing assumptions, continue to apply and have not materially changed.

Competent Persons Statements

The information contained within this presentation that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on, and fairly represents information prepared by Mr Pascal Blampain, a Competent Person who is a Member of the Australian Institute of Mining and Metallurgy (AusIMM) and Australian Institute of Geoscientists (AIG). Mr Blampain is a Director of Matsa Resources Limited and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves”. Mr Blampain consents to the inclusion in this presentation of the matters based on his information in the form and context in which it appears.

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Corporate Presentation

Corporate Overview

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CORPORATE 315.96M 94.6M at $0.17 – 0.35 A$24.33M at $0.07717/06/21 A$4.52M SNAPSHOT SHARES ON ISSUE OPTIONS MARKET CAPITALISATION CASH & LIQUIDS

MAT: TWELVE MONTH SHAREPRICE

Source: ASX 17 June 2021

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KEY SHAREHOLDERS as at 17/6/21

DIRECTORS

KEY SHAREHOLDERS as	at 17/6/21
JP Morgan Nominees	15.51%
BNP Paribas Nominees	11.81%
Deutsche Balaton	6.66%
Paul Poli	4.32%
Top 20 Shareholders	~54.44%

Paul Poli Executive Chairman & Managing Director Pascal Blampain Executive Director Frank Sibbel Non-Executive Director Andrew Chapman Executive Director & Company Secretary

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Corporate Presentation

New Strategy – building gold inventory, a new plant and shareholder value

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• Mineral Resources of 694,000oz*

• 503km[2] target rich tenement package in Western Australia

• Three mines - Fortitude Stage 2, Devon Pit and Red October

• Bindah and other potential mines rapidly advancing

• Excellent exploration pipeline with proven high-grades

• Concept study on 600ktpa standalone plant highlighted significant economic benefits

• Devon high grades support processing optionality

• Excellent potential to become a significant mid-tier Australian gold producer

– Projected A$96.15M Surplus[#] Fortitude / Devon alone

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• See slide 6 for full Mineral Resource details

Corporate Presentation

Based on Devon Pit Scoping Study and concept study for Matsa 600,000tpa processing plant (refer ASX announcements 22 January 2021 and 14 April 2021)

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Lake Carey
Sunrise Dam Laverton
Wallaby
Granny Smith
Kerringal
Red October
Fortitude
Butchers Well
Red October Village
Devon Pit
Gallant Bindah
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Corporate Presentation

Lake Carey – 694,000oz gold resource

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Project	Cutoff g/t Au	Measured	Measured	Indicated	Indicated	Inferred	Inferred	Total Resource	Total Resource	Total Resource
		(‘000t) g/t Au		(‘000t) g/t Au		(‘000t) g/t Au		(‘000t) g/t Au (‘000 oz)
Red October 2.0 71 8.8 445 5.0 416 6.1 932 5.8 173 Red October UG
Red October Subtotal 71 8.8 445 5.0 416 6.1 932 5.8 173
Devon Devon Pit Olympic Hill East	1.0 1.0 1.0	- - -	- - -	341 - -	4.8 - -	102 171 633	3.6 2.8 1.7	443 171 633	4.6 2.8 1.7	65 15 35
Devon Subtotal - - 341 4.8 906 2.1 1247 2.9 115
Fortitude Fortitude Stage 2 Gallant Bindah	1.0 1.0 1.0	- - -	- - -	2,945 - 43	1.8 - 3.3	2,503 341 483	2.1 2.1 2.3	5,449 341 526	2.0 2.1 2.4	343 23 40
Fortitude Subtotal - 2,988 1.8 3,328 2.1 6,316 2.0 406
Total 71 8.8 3,774 2.5 4,650 3.0 8,495 2.5 694

Pathway to building our own mill

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Corporate Presentation

Lake Carey – delivering growth

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694,000oz
+40,000oz
+58,000oz
Bindah (40koz)
Gallant (23koz)
+80,000oz Hill East (35koz)
Olympic (15koz)
+74,000oz Devon (65koz)
Red October Exploration
441,600oz 99koz → 173koz
Target
Total Mineral 666 – 1,333koz Au
Red October Resources
(99koz) (694koz)
Fortitude
(343koz)
Sept 2020 Dec 2020 Apr 2021 Apr 2021 Jun 2021 Jun 2021
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Mineral Resources up 57% in nine months and growing!

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2021-2022
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Corporate Presentation
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• See slide 8 for full exploration target details

Matsa’s Exploration Targets *

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	EXPLORATION TARGETS*	EXPLORATION TARGETS*	EXPLORATION TARGETS*	EXPLORATION TARGETS*	EXPLORATION TARGETS*	EXPLORATION TARGETS*
EXPLORATION TARGET	Lower Case Target			Upper Case Target
	Tonnes	Grade	Ounces Gold	Tonnes	Grade	Ounces Gold
Red October	900,000 1,040,000 180,000 1,130,000 1,350,000 60,000 252,000 280,000	6.9 3.0 4 4.7 3.2 1.7 1.7 2.2	200,000 100,000 20,000 70,000 140,000 3,000 13,000 20,000	1,740,000 2,600,000 560,000 2,020,000 2,810,000 120,000 470,000 350,000	6.1 3.0 6 4.7 3.2 1.7 1.7 2.2	340,000 250,000 110,000 310,000 290,000 6,000 6,000 25,000
Devon
Olympic
Fortitude North Supergene
Fortitude North Primary
Hill East (HE 1)
Hill East Exploration Target
Gallant
TOTALS	5,190,000	4.0	666,000	10,670,000	3.9	1,357,000

*ASX Announcement 18 August 2020

The Exploration Target is an important tool whereby available information can be used to guide exploration and prioritise drill hole planning. The potential quantity and grade of an Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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Corporate Presentation

Matsa’s Focus – our own mill

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Third Party Fortitude Olympic & Hill East
Ore Stage 2 [1] Prospects [4]
Devon UG [4]
Devon pit [3]
Third Party
Proposed Matsa
Processing Plant Red October [2] Processing Plant Fortitude North
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Strategic pathway to long term production

• Underpinned by Fortitude Stage 2 and Devon mines

• Strong prospect pipeline with significant Exploration Targets*

• Positive concept study for 600,000tpa centralised gold processing plant within a 10km radius

• Multiple high grade open pit and underground ore sources

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Corporate Presentation

• Refer to slide 21 for full details of Exploration Targets, 1 – mining studies completed & fully permitted project, 2 – recent operation, 3 – currently modelling, 4 – exploration ongoing

Matsa owned and operated 600ktpa plant is the pathway to shareholder value

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• Study shows a 100% owned plant significantly and positively impacts Matsa

Plant Cost ~ A$42.5M Other Costs ~ A$16.3M Ore Processing Costs ~A$32.50/t

• Fortitude Stage 2 positive cashflow from mining increases to A$55.4M and Devon to A$40.75M

• Planning and construction could be completed within 18 months from lodgement of permitting applications

A Matsa owned treatment facility has the potential to also unlock regional mining opportunities and produce gold from several low grade stockpiles

Key Features Granted mining leases 694,000 oz gold resource

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72 person camp

Haul roads in place

Experienced team Significant exploration upside

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Corporate Presentation

• Refer to slides 11 & 12 for full details

Fortitude Stage 2 delivers A$55.4M

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• Cash surplus of A$55.4M* at A$2,500/oz

• Expected 22-month mine life

Month Surplus and Cash Flow

• Fully permitted and development ready

• Previous trial mine provides high level of confidence

• Production of 54,400oz gold at 93% recovery with potential to increase

• Capital outlay of A$6.6M, which includes prestripping

• Maximum cash exposure A$8.4M

• Operating cash cost of A$1,483/oz gold

• Further improvements expected

Significant upside potential exists

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$12,000,000 $60,000,000
$10,000,000 $50,000,000
$8,000,000 $40,000,000
$6,000,000 $30,000,000
$4,000,000 $20,000,000
$2,000,000 $10,000,000
$0 $-
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
MONTH
-$2,000,000 $(10,000,000)
-$4,000,000 $(20,000,000)
MONTH SURPLUS
PROJECT CASHFLOW
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• Based on concept study for Matsa 600,000tpa processing plant (refer ASX announcement 22 January 2021)

Corporate Presentation

Devon Open Pit delivers A$40.75M

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Month Surplus and Cash Flow
$8,000,000
$7,000,000 $40,000,000
$6,000,000
$30,000,000
$5,000,000
$4,000,000
$20,000,000
$3,000,000
$2,000,000
$10,000,000
$1,000,000
$0
$0
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
($1,000,000)
($2,000,000) ($10,000,000)
MONTH
SURPLUS CASH FLOW
MONTH SURPLUS
PROJECT CASH FLOW
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• Cash surplus of A$40.75M* at A$2,250/oz

• Expected 12-month mine life

• Granted mining lease

• Previous GME operated mine provides high level of confidence

• Planned production of 36,737 oz Au at 93% recovery with potential to increase

• Operating cash cost of A$1,144/oz Au

• Further improvements expected through increased drilling

Further exploration has strong potential to deliver substantial upside

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Corporate Presentation

*Refer Devon Pit scoping study ASX announcement 14 April 2021

Bindah – newest Mineral Resource Estimate

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• Bindah is located 2km south of Fortitude Mine

• New Mineral Resource of 526kt @ 2.4g/t Au for 40,000oz Au

• Further exploration potential remains along strike to the northwest and downdip

• Single lode of mineralisation with relatively consistent strike extent

• Historically mined in two campaigns with high oxide grades of 6.8g/t Au - 7.5g/t Au

• Located partially on a Mining Lease and partially on a Prospecting Lease easily converted to a Mining Lease

Mining feasibility studies underway

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Corporate Presentation

Red October Gold Mine

• Existing Mineral Resource 932,000t @ 5.8 g/t Au for 173,000oz Au[1]

• Red October is a high-grade structurally controlled narrow vein gold deposit with significant exploration upside potential

• March 2021 quarterly production of 1,576 oz gold at C1 cash costs of A$1,259 oz and AISC A$2,272 oz

• Production is winding down to allow for major exploration programs to build long life mine plan

• New substantial exploration targets parallel to the east and west, extensions to current mining fronts to the north and south also targeted

• Mining fleet, surface and underground equipment 100% Matsa owned and remain in place

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Red October has significant value and is poised to grow

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Corporate Presentation

1. Refer to slide 6 for Mineral Resource details

Red October Exploration Targets

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0.8m @ 8.3g/t Au
7.3m @ 4.8g/t Au
11m @ 28.9g/t Au
2m @ 91.0g/t Au
2m @ 26.3g/t Au
12m @ 23.8g/t Au
3.1m @ 94.9g/t Au
5.8m @ 8.3g/t Au
0.8m @ 37.7g/t Au
0.7m @ 9.0g/t Au
0 250m
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Sensational past drilling results

Nemos

12m @ 23.8g/t Au RCRD023 11m @ 28.9g/t Au ROC104: 3.1m @ 94.9g/t Au ROGEX032

Lion Fish

• 2m @ 91.0g/t Au ROEX041 7.3m @ 4.8g/t Au RORD106

Bruce

• 2m @ 26.3g/t Au ROC164

• 0.8m @ 8.3g/t Au RORD029

Splay/Anchor

• 5.8m @ 8.3g/t Au

RORD058

Marlin 410

• 0.8m @ 37.7g/t Au ROEX047w2

• 0.7m @ 9.0g/t Au ROEX047w1

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Corporate Presentation

1. Refer to slide 6 for Mineral Resource details

Upcoming news flow

✓ Devon regional exploration drilling results

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• ✓ Bindah mining study

• ✓ Red October model updates (Lion Fish, Marlin, Nautilus)

✓ Fortitude Stage 2 update model

• ✓ Devon / Hill east update models

• ✓ Matsa ore processing plant progress update

• ✓ Fortitude North initial model

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Delivering shareholder growth through action

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Corporate Presentation

Lake Carey regional potential

• 503km[2] high quality area in north east goldfields region surrounded by world class mines

• Multiple corridors along an extensive 69km of strike

• Significant pipeline of 30 exploration targets ready for drilling

• Favourable structural settings along major faults

• Salt lakes have seen little previous exploration

• Matsa’s new discoveries include

• BE 1, BE 4, FF1 and Fortitude North

• 2nd and 3rd order structures host Sunrise Dam, Red October and Wallaby mines

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Corporate Presentation

Matsa’s Exploration Targets*

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	EXPLORATION TARGETS*	EXPLORATION TARGETS*	EXPLORATION TARGETS*	EXPLORATION TARGETS*	EXPLORATION TARGETS*	EXPLORATION TARGETS*
EXPLORATION TARGET	Lower Case Target			Upper Case Target
	Tonnes	Grade	Ounces Gold	Tonnes	Grade	Ounces Gold
Red October	900,000 1,040,000 180,000 1,130,000 1,350,000 60,000 252,000 280,000	6.9 3.0 4 4.7 3.2 1.7 1.7 2.2	200,000 100,000 20,000 70,000 140,000 3,000 13,000 20,000	1,740,000 2,600,000 560,000 2,020,000 2,810,000 120,000 470,000 350,000	6.1 3.0 6 4.7 3.2 1.7 1.7 2.2	340,000 250,000 110,000 310,000 290,000 6,000 6,000 25,000
Devon
Olympic
Fortitude North Supergene
Fortitude North Primary
Hill East (HE 1)
Hill East Exploration Target
Gallant
TOTALS	5,190,000	4.0	666,000	10,670,000	3.9	1,357,000

*ASX Announcement 18 August 2020

The Exploration Target is an important tool whereby available information can be used to guide exploration and prioritise drill hole planning. The potential quantity and grade of an Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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Corporate Presentation

Significant Regional Prospectivity

Devon Hub

Devon Pit – strong exploration potential remains at depth

– Hill East >1km gold-in-soil anomaly, numerous historical workings, shallow drill tested

Fortitude Hub

– Fortitude North Matsa discovery, 7km north of Fortitude pit – Bindah / Gallant trend 1.3km shear zone bookended by Bindah and Gallant

Red October Hub

– Red October New targets interpreted from seismic and magnetics – Nautilus 1.5km trend anomalous gold parallel to Red October

Lake Carey Regional

Over 30 prospects identified and prioritised for drill testing

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Corporate Presentation

Fortitude North – a Substantial Discovery

• BIG system - 1.5km strike, 600koz gold exploration target*

• Previous drilling results include:

incl. 47m @ 2.55 g/t Au 5m @ 17 g/t Au

18FNAC071

incl. 26m @ 1.95 g/t Au 5m @ 5.41 g/t Au

18FNAC036

incl. 8m @ 2.94 g/t Au 5.8m @ 3.8g/t Au

19FNDD001

• and

• 3.4m @ 12.28 g/t Au 17.2m @ 3.4g/t Au

20FNDD003

10.3m @ 3.48 g/t Au

20FNDD004

• Potential to substantially enhance production profile at

• Matsa’s 100% owned gold processing plant

• ~7km north of Fortitude Gold Mine

Potential for a large new gold mine

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Corporate Presentation

• See slide 18 for full exploration target details

Fortitude North

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• Very strong early indications of multiple lode system with intercepts between 50m and 200m below surface

• Lake exploration historically challenging – provides a largely untapped exploration frontier

• Less than 50% of strike tested below aircore refusal

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Corporate Presentation

• See slide 18 for full exploration target details

Devon – May 2021 drilling*

• Potential NW extensions to Devon pit Hanging wall lode

• Testing potential linking structure between HE1 and HE2

• Testing geophysics anomaly that could extend HE5 resource to SE

• First pass exploration drilling to test LIN1 coincident Geochem and geophysical anomaly

• Drill testing for potential extensions to various historical shafts and

• costeans

• Drilling to test other geophysical responses

Drilling results expected July 2021

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Corporate Presentation

• Drilling areas referenced by yellow arrows, assay results expected July 2021

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Red October - New Western and Eastern Targets

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Matsa will drill test from existing underground development

• (traces shown in white)

• Co-incident seismic and sub-audio magnetic (SAM) anomalies

• Limited previous drilling consists of only 2 holes and 3 wedges, which intersected these ‘new’ structures at depth - all of which show strong alteration assemblages (quartz / carbonate / sericite) with anomalous gold

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Corporate Presentation

Planned Work Schedule

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Q2 2021
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Q3 2021
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Q4 2021
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H1 2022
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H2 2022
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Optimisation and mine design
Red October East pit model
Red October Project
Drilling
LTP mine plan
SAM survey extension
Extensional & resource drilling
Devon Project
Open pit feasibility
Hill East supergene model
Fortitude North SAM survey
Fortitude Project Fortitude North drilling
Fortitude Stage 2 model upgrade
Gallant/BE drilling
Lake Carey Bindah model
Gold Project BE/FF trend drilling
Lake Carey LOM plan
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Corporate Presentation
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• Priorities may change depending on results

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Exploration will deliver shareholder value

• Focus and commitment to transform Matsa to mid tier gold producer

• Fortitude and Devon alone deliver potential A$96M, with more to come

• Two existing mining centres (Red October & Fortitude) with 3rd developing (Devon) on granted MLs

• High-grade Devon deposit can be developed through own plant or sooner through third party mill

• 600,000tpa mill strategy also unlocks many regional opportunities

• Number of walk-up drill ready targets

• Extensive project pipeline across exploration stages

• Supporting mine and amenities infrastructure/permitting in place

• New processing centre offers opportunities to capture value from regionally stranded assets

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Corporate Presentation

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CONTACT

Paul Poli Executive Chairman Suite 11, 139 Newcastle Street Perth, WesternAustralia 6000 +61 8 9230 3555 reception@matsa.com.au

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Corporate Presentation
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