MATSA RESOURCES LIMITED — Investor Presentation 2021

Feb 17, 2021

Corporate Presentation RIU – February 2021

Paul Poli and Pascal Blampain

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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 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 Geoscience (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.

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Corporate Overview

CORPORATE SNAPSHOT

TICKER	SHARES ON ISSUE	UNLISTED OPTIONS	MARKET CAPITALISATION	CASH AND LIQUIDS
ASX:MAT	271.14	77.78M	A$26.03M	A$5.38M
		@ $0.17 - $0.35	@ $0.096 (18 Feb 2021)	(31 Dec 2020)

KEY SHAREHOLDERS (AS AT 31 Jan 2021)

MAT: TWELVE MONTH SHAREPRICE

JP Morgan Ltd	16.75 %
BNP Paribas Nominees	13.22 %
Sparta AG (Deutsche Balaton)	7.06 %
Paul Poli	4.53 %
Top 20 Shareholders	~57.21 %

DIRECTORS

Paul Poli Executive Chairman, Managing Director Pascal Blampain Executive Director Frank Sibbel Non Executive Director

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Andrew Chapman Executive Director & Company Secretary

Source: ASX

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MATSA RESOURCES RIU Presentation Feb 2021

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

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• 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 !

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MATSA RESOURCES RIU Presentation Feb 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

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MATSA RESOURCES RIU Presentation Feb 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$1,483oz gold

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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)
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• Further improvements expected

Significant upside potential exists

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MATSA RESOURCES RIU Presentation Feb 2021

Devon - Developing our 3[rd] mining centre

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• Permitted Mining Lease

• Less than 15km to Red October and

Fortitude

• Currently finalising Devon pit model for optimisation

Feasibility study due Q2/3 2021

Widespread shallow gold anomalism with untapped potential at depth

• Minimal drilling deeper than 200m

• Abundance of old workings

• Excellent 2020 drilling results

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MATSA RESOURCES RIU Presentation Feb 2021

Operational Readiness: 2021 – 2022 Actions

Red October

• MSO MI&I Resource 173koz - mine designs • Growth in-mine, East & West targets • Model mineralisation below East pit

Fortitude

• Improve final pit mine designs

• • Tendering and contracts

• • Increase mineable reserves - reoptimisations

Devon

• Devon pit model, optimisation, mine designs

• • MSO to explore UG potential

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

• Hill East, Gallant & Bindah supergene zones Immediate • Fortitude North • opportunities Olympic OP/UG

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Mill
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• Site selection

• • Final designs, costings and permitting

• Contractor selection

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MATSA RESOURCES RIU Presentation Feb 2021

Planned Work Schedule

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Q1
2021
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Q3
2021
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H2
2022
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RO MSO Mine designs Drilling Red October Devon pit model & opti Red October drilling Gallant model Res Def drilling 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 MSO Mine designs RO LTP Mine plan Lake Carey LOM plan RO east pit model Drilling Red October Drilling Red October Hill East (HE) supergene model Devon pit feasibility FF/BE/FH drilling Devon SAM survey extension Res Def drilling Jubilee/Wilga trend drilling Fortitude North SAM Fortitude North model BE trend drilling

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MATSA RESOURCES RIU Presentation Feb 2021

Mr Pascal Blampain - Significant Step Change for Matsa

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Mr Pascal Blampain is a seasoned geologist with 27 years experience within the exploration and mining industry

Pascal will take responsibility for and lead the geological advancement of the Lake Carey Gold Project to meet the Company’s ambitious growth plans in becoming a mid-tier gold producer

Mr Blampain has served as Chief Geologist/Geology Manager at Plutonic (Superior Gold), Mount Monger-Mt Belches (Silverlake Resources), Darlot (Goldfields Australia) and Lawlers (Barrick Gold)

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MATSA RESOURCES RIU Presentation Feb 2021

Lake Carey Gold Resources

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

• 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

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MATSA RESOURCES RIU Presentation Feb 2021

Matsa’s Exploration Targets

EXPLORATION TARGETS*

		Lower Case Target	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	7,670,000	2.7	670,000	15,500,000	2.7	1,350,000
		RESOURCES as of 31 DEC		2020
Fortitude	6,289,000	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 .

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MATSA RESOURCES RIU Presentation Feb 2021

Strategy

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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
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• Underpinned by Red October and Fortitude mining projects and developing our 3[rd] project at Devon

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

• A centralised plant within 10km of Red October, Fortitude and Devon Gold Mines

• Initial capacity 600ktpa (upgradable to +1Mtpa)

• 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

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MATSA RESOURCES RIU Presentation Feb 2021

Roadmap to Support Continuous Mining

Fortitude Red Discovery and Stage 2 + October + Devon + upgrades

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2023
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Ready to go LOM planning Modelling

Exploring

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MATSA RESOURCES RIU Presentation Feb 2021

Exploration and Development Pipeline

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• 503km[2] highly high quality tenement

package

• Significant exploration pipeline of projects

• Favourable structural locations along major

faults have been targeted

• Matsa has discovered new gold

mineralisation at BE 1, BE 4 and Fortitude

North

• Set along Barnicoat East Fault between

Fortitude to the south and Kerringal to the

north

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MATSA RESOURCES RIU Presentation Feb 2021

2021 – 2022 Exploration Planning

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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 Gallant Bindah

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MATSA RESOURCES RIU Presentation Feb 2021

Devon Pit

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Granted mining lease, progressing to feasibility study

• Resource modelling and optimisations Q1

• Mining studies Q2

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MATSA RESOURCES RIU Presentation Feb 2021

Devon Prospects – LIN 1

LIN1 - Strong 1.1km coincident Au, As, Te, TFEM anomaly Limited historical drilling with healthy grade intercepts

As Te

TFEM (SAM)

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MATSA RESOURCES RIU Presentation Feb 2021

Red October Exploration Targets

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Lion
Nemos Costello
Fish Bruce
Splay / Anchor
Marlin 410
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MATSA RESOURCES RIU Presentation Feb 2021

Red October - Revised Outlook

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• 173koz Au in Measured, Indicated

• & Inferred*

• Exploration and mining potential demonstrated in Mine Shape Optimisations

• Numerous in-mine and brownfields exploration targets

*As of 31 Dec 2020

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MATSA RESOURCES RIU Presentation Feb 2021

Red October: Two Pits but only 1 UG Mine

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Why
??
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MATSA RESOURCES RIU Presentation Feb 2021

March 2020 – Successful Seismic Survey

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ROSZ
Marlin
Looking south west
Strong western
structure
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Curtin Uni – Distributed Acoustic Sensing (DAS) technology under MERIWA research program, MINEX CRC

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MATSA RESOURCES RIU Presentation Feb 2021

Red October - 2D Seismic Section

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Eastern target dipping
ROSZ dipping to west
Steep western structure 70deg
Marlin
Seismic line
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MATSA RESOURCES RIU Presentation Feb 2021

Two ‘new’ Large Footprint Exploration Targets

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Looking grid North
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• Coincident seismic and SAM (Southern Geoscience 2014 survey) anomalies

• 2 holes + 3 wedges pin these ‘new’ structures at depth

• Drilling results indicate strong alteration assemblage (qtz/carb/ser) + anomalous gold

• Drill testing planned (in white) from existing UG development

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MATSA RESOURCES RIU Presentation Feb 2021

Summary

• Focus and commitment to transform Matsa over the coming 24 months

• Experienced Board and Mining/Exploration team

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

• Access to oxide/transitional and fresh ores

• Number of walk up drill ready targets

• Extensive project pipeline across exploration stages

• 600,000tpa mill strategy with supporting mine and amenities infrastructure/permitting in place

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MATSA RESOURCES RIU Presentation Feb 2021

Success in Mining and Exploration will Deliver Shareholder Value

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MATSA RESOURCES RIU Presentation Feb 2021