MATSA RESOURCES LIMITED — Investor Presentation 2021

Mar 17, 2021

Australian Energy & Minerals Investor Conference

Brisbane March 2021

Paul Poli

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 to 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.

Competent Persons Statements

The scientific and technical information contained within this Presentation 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 Ltd 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.

2

Corporate Overview

CORPORATE SNAPSHOT

TICKER	SHARES ON ISSUE	UNLISTED OPTIONS	MARKET CAPITALISATION	CASH AND LIQUIDS
ASX:MAT	271.14	77.48M	A$24.13M	A$5.38M
		@ $0.17 - $0.35	@ $0.09 (16 Mar 2021)	(31 Dec 2020)

KEY SHAREHOLDERS (AS AT 5 Mar 2021)

==> picture [113 x 41] intentionally omitted <==

MAT: TWELVE MONTH SHAREPRICE

JP Morgan Ltd 15.30 % BNP Paribas Nominees 13.58 % Sparta AG (Deutsche Balaton) 8.00 % Paul Poli 4.56 % Top 20 Shareholders ~59.26 % DIRECTORS Paul Poli Executive Chairman, Managing Director Pascal Blampain Executive Director

==> picture [386 x 151] intentionally omitted <==

Frank Sibbel Non Executive Director

Andrew Chapman Executive Director & Company Secretary

Source: ASX 16 Mar 2021

3

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

New Outlook and New Strategy Building Gold Resources for 600ktpa Plant

==> picture [229 x 297] intentionally omitted <==

• Build on existing 515,000oz gold resource

• 2 current mining projects in Red October and Fortitude

• Rapidly progressing 3[rd] mining project – Devon

• Excellent exploration pipeline with proven high grade potential

• from recent drilling campaigns

• 503km[2 ] target rich tenement package in Laverton belt

• Significant drilling planned out and ready to execute

• We will drill, drill and keep drilling this wonderful project, it’s the

only way to build resources, you gotta drill it !

4

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Red October Gold Mine

• Existing resource 173,000oz @ 5.8 g/t Au

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

• Matsa’s last quarter production of 1,576 oz gold at C1 cash costs of A$1,259 oz and AISC A$2,272 oz sets a good scene

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

• Development for exploration development will continue with some gold production

• Mining fleet, surface and underground equipment 100% Matsa owned and remain insitu for immediate restart

5

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Fortitude Stage 2- Ready to go

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

• Expected 22-month mine life

• Fully permitted and ready to go

• Previous trial mine provides high level of

confidence

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

• Capital outlay of A$6.6M which includes pre-

stripping

• Maximum cash exposure A$8.4M

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

• Further improvements expected

==> picture [341 x 289] intentionally omitted <==

----- Start of picture text -----

Month Surplus and Cash Flow
$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 10111213141516171819202122
-$2,000,000 $(10,000,000)
-$4,000,000 $(20,000,000)
----- End of picture text -----

Significant upside potential exists

6

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Devon - Developing our 3[rd] mining centre

==> picture [405 x 468] intentionally omitted <==

Permitted Mining Lease

15km to Red October and Fortitude

Devon pit model ready for optimisation Feasibility study due Q2/3 2021 Widespread shallow gold anomalism Untapped potential at depth Minimal drilling deeper than 200m Abundance of old workings Excellent 2020 drilling results

7

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Operational Readiness: 2021 – 2022 Work

• MSO MI&I Resource 173koz - mine designs

• •

• Red October Growth in-mine, East & West targets • Modelling recent drilling

Fortitude

• Improve final pit mine designs

• • Tendering and contracts

• • Ore continuity improves with depth

Devon

• Devon pit model, optimisation, mine designs

• • MSO to explore UG potential

• • Exploration prospects (HE 1-7, LIN1-3 etc)

Immediate opportunities

• Hill East, Gallant & Bindah supergene zones

• • Fortitude North

• • Olympic OP/UG

• Site selection

Mill

• Final designs, costings and permitting

• • Contractor selection

8

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Planned Work Schedule

==> picture [112 x 63] intentionally omitted <==

----- Start of picture text -----

Q1
2021
----- End of picture text -----

==> picture [111 x 63] intentionally omitted <==

----- Start of picture text -----

Q3
2021
----- End of picture text -----

==> picture [111 x 63] intentionally omitted <==

----- Start of picture text -----

H1
2022
----- End of picture text -----

==> picture [111 x 47] intentionally omitted <==

----- Start of picture text -----

2023
----- End of picture text -----

==> picture [13 x 181] intentionally omitted <==

==> picture [12 x 181] intentionally omitted <==

==> picture [12 x 181] intentionally omitted <==

• RO MSO Mine designs

• Drilling Red October

• Devon pit model & opti

• Red October drilling

• Res Def drilling

• Gallant model

• Devon ext/res drilling

• FF trend drilling

• BOH regional sampling

• Fortitude North drilling

• Lake Carey LOM feas

• LIN1 / HE3/4 drilling

• Gallant/BE drilling

• Devon pit feasibility

• Bindah model

• RO LTP Mine plan

• Lake Carey LOM plan

• RO MSO Mine designs

• Drilling Red October

• RO east pit model

• Drilling Red October

• Devon pit feasibility

• FF/BE/FH drilling

• Hill East (HE) supergene model

• Res Def drilling

• Jubilee/Wilga trend drilling

• Devon SAM survey extension

• Fortitude North model

• Fortitude North SAM

• BE trend drilling

9

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Lake Carey Gold Resources

	T('000)	Aug/t	Oz('000)
Fortitude	5,448	2.0	342
Red October	932	5.8	173
Total Resource*	6,380	2.5	515

Significant Resource Growth to be delivered in 2021

• Underpinned by Red October and Fortitude – healthy grades

• Modelling Devon (mining studies planned completion Q2 2021)

• Gallant, Hill East to follow

* As of 31 Dec 2020

10

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Matsa’s Exploration Targets*

		EXPLORATION TARGETS*	EXPLORATION TARGETS*	EXPLORATION TARGETS*
		Lower Case Target			Upper Case	Target
EXPLORATION TARGET
	Tonnes	Grade	Ounces Gold	Tonnes	Grade	Ounces Gold
Red October	900,000	6.9	200,000	1,740,000	6.1	340,000
Devon	1,040,000	3.0	100,000	2,600,000	3.0	250,000
Olympic	180,000	4	20,000	560,000	6	110,000
Fortitude North Supergene	1,130,000	4.7	170,000	2,020,000	4.7	310,000
Fortitude North Primary	1,350,000	3.2	140,000	2,810,000	3.2	290,000
Hill East (HE 1)	60,000	1.7	3,000	120,000	1.7	6,000
Hill East Exploration Target	252,000	1.7	13,000	470,000	1.7	26,000
Gallant	280,000	2.2	20,000	350,000	2.2	25,000
TOTALS	5,190,000	4.0	666,000	10,670,000	3.9	1,357,000
		GOLD RESOURCES		( at 31 DEC 2020 )
Fortitude				5,448,000	2.0	342,600
Red October				932,000	5.8	173,000
TOTAL EXISTING RESOURCES				6,380,000	2.5	515,000

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 .

11

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Matsa’s Focus

==> picture [375 x 257] intentionally omitted <==

----- Start of picture text -----

Olympic & Hill East
Devon UG [4] prospects [4]
Fortitude
Devon
Stage 2 [1]
pit [3]
Proposed
Red Matsa Fortitude
October [2] Processing Nth [4]
Plant
----- End of picture text -----

Strategic pathway to production

• Underpinned by Red October and Fortitude Stage 2 and developing our 3[rd] mine at Devon

• Strong prospect pipeline building to 1,500,000 ounces gold*

• A centralised plant likely within 10km radius of Red October, Fortitude and Devon

• Initial capacity 600,000tpa (upgradable to +1Mtpa)

• Multiple high grade open pit and underground ore sources

* Aggressive exploration planned for resource growth, 1 – mining studies completed & fully permitted project, 2 – current operation, 3 – currently modelling, 4 – exploration ongoing

12

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Roadmap to Continuous Mining

Fortitude Discovery + Red October + Devon + Stage 2 upgrades 2023 Ready to go LOM planning Modelling Exploring (Gallant, Hill East)

13

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Exploration and Development Pipeline

==> picture [336 x 469] intentionally omitted <==

• 503km[2] high quality historically under explored

tenement package

• Significant pipeline of 30 exploration projects

• 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

• Barnicoat East Fault trend is 69km long

Kerringal to the north - Fortitude to the south

• 2[nd] and 3[rd] order structures host Sunrise Dam, Red

October and Wallaby

14

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

2021 – 2022 Exploration Planning

==> picture [122 x 7] intentionally omitted <==

==> picture [123 x 7] intentionally omitted <==

==> picture [123 x 7] intentionally omitted <==

==> picture [123 x 7] intentionally omitted <==

==> picture [126 x 29] intentionally omitted <==

Target generation Drill testing Advanced prospects Resource definition

Fortitude Fault trend LIN1 Hill East (supergene) Red October Bindah trend Hill East (fresh) Olympic Devon ROSZ trend (N & S) RO East Fortitude North Fortitude Jubilee trend RO West Costello Gallant Bindah

15

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Devon Pit

Granted mining lease, progressing to feasibility study

• Resource modelling and optimisations expected soon

• Mining studies underway and expected Q2

==> picture [189 x 141] intentionally omitted <==

==> picture [720 x 337] intentionally omitted <==

16

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Devon SAM

• 38 strong Sub-audio magnetic (SAM) anomalies identified immediately south of Devon pit

• 3 walk up drill targets supported by anomalous geophysics and geochemistry

LIN1, MMC HE1, MMC HE5 – drilling being organised as we speak, results expected soon

==> picture [309 x 353] intentionally omitted <==

==> picture [270 x 352] intentionally omitted <==

17

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

LIN 1- Newly Discovered Target

• LIN1 – A strong 1.1km coincident Au, As, Te, TFEM anomaly

• Limited historical drilling with healthy grades (1m @ 4.35g/t and 1m @ 3.04g/t) drilled in wrong direction!

==> picture [482 x 356] intentionally omitted <==

----- Start of picture text -----

As Te
----- End of picture text -----

==> picture [241 x 355] intentionally omitted <==

----- Start of picture text -----

TFEM (SAM)
----- End of picture text -----

18

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Hill East

==> picture [453 x 464] intentionally omitted <==

• Large gold soil anomaly >1km

• Open along strike and at depth

• Numerous high grade old workings

• • Drilling being organised as we speak

• • Shallow drilling to date, only 2 holes deeper than 101m

• Highlight drill results include: 5m @ 4.01 g/t Au from 6m

9m @ 3.04 g/t Au from surface 6m @ 3.43 g/t Au from 15m

27m @ 2.04 g/t Au from 2m 4m @ 6.3 g/t Au from 13m 13m @ 1.86 g/t Au

19

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Fortitude North a Matsa Discovery

==> picture [328 x 430] intentionally omitted <==

• Recent newly discovered 1,500m long gold anomaly

• ~7km north of Fortitude Gold Mine

47m @ 2.55 g/t Au

incl 5m @ 17 g/t Au (18AC071)

26m @ 1.95 g/t Au

incl 5m @ 5.14 g/t Au (18AC036)

10.3m @ 3.48 g/t Au (20FNDD004)

• 7 out of 8 holes over northern 800m returned significant gold intercepts

• Remaining 700m to be drilled ASAP

==> picture [219 x 126] intentionally omitted <==

20

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Red October Exploration Targets

==> picture [545 x 423] intentionally omitted <==

----- Start of picture text -----

Lion
Nemos Costello
Fish Bruce
Splay / Anchor
Marlin 410
----- End of picture text -----

21

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Red October - Revised Outlook

==> picture [376 x 397] intentionally omitted <==

• 173koz Au in Measured, Indicated & Inferred*

• Strong exploration and mining potential demonstrated in MSO

• Numerous in-mine and brownfields exploration targets

*As of 31 Dec 2020

22

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

2 Pits but only 1 Underground Mine

Why ?? • Accepted model – palaeochannel gold as seen at Sunrise Dam, Wallaby

23

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Successful Seismic Survey - March 2020

Strong structures in seismic which line-up with Marlin and Rosz

ROSZ

Looking south west

==> picture [85 x 91] intentionally omitted <==

----- Start of picture text -----

Marlin
----- End of picture text -----

==> picture [81 x 56] intentionally omitted <==

Strong western structure

Curtin University – Distributed Acoustic Sensing (DAS) technology under MERIWA research program, MINEX CRC

24

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Red October - 2D Seismic Section

Centre structures line up with ROSZ, strong evidence of 2 new targets

==> picture [703 x 372] intentionally omitted <==

----- Start of picture text -----

Western target ROSZ Eastern target
Marlin
Seismic line
----- End of picture text -----

25

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Two ‘NEW’ Large Footprint Exploration Targets

==> picture [242 x 295] intentionally omitted <==

==> picture [211 x 296] intentionally omitted <==

----- Start of picture text -----

Looking grid North
----- End of picture text -----

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

• Limited previous drilling consists of only 2 holes + 3 wedges, which pin these ‘new’ structures at depth

• and show strong alteration assemblages (quartz/carbonate/sericite) with anomalous gold

Matsa will drill test from existing UG development (in white)

26

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

Success in Exploration Will Deliver Shareholder Value

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

• Experienced Board and Mining/Exploration team

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

• 600,000tpa mill strategy in place

• Access to oxide/transitional and fresh ores

• Number of walk up drill ready targets

• Extensive project pipeline across exploration stages

• Supporting mine and amenities infrastructure/permitting in place

27

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021

==> picture [88 x 77] intentionally omitted <==

28

MATSA RESOURCES AUSTRALIAN ENERGY & MINERALS INVESTOR CONFERENCE MARCH 2021