Matador Mining Limited announced the discovery of anomalous gold mineralisation following receipt of assays from its 2022 prospecting program at the Bunker Hill target area, which is located along the Cape Ray Shear Zone (‘CRSZ') in Newfoundland, Canada. In 2022, the Company conducted a comprehensive prospecting campaign along the CRSZ including the Malachite1, Bunker Hill and Grand Bay target areas. These activities followed the results of the Company's 2021 surficial geochemistry program and a comprehensive historical data review spanning the entire CRSZ that was completed early in 2022.

The Bunker Hill target area was highly ranked primarily due to the major east-west structural bend in the CRSZ and historical work indicating the area to host favorable lithologies for gold deposition including windows of the highly prospective Windsor Point Group sediments, and highly anomalous gold and pathfinder elements. It is situated immediately east of the Company's Malachite target area and extends eastward for 24 kilometers along the multi-million-ounce CRSZ to the Company's Intersection target area. In addition to the first pass prospecting, the Company completed a limited gold grain untill sampling program (assays pending) at Bunker Hill in 2022, however, this program was prematurely curtailed due to weather constraints.

Prospecting Results: Prospecting activities at Bunker Hill focused on specific areas based on historical data and with limited outcrop, and incised valleys and streams where bedrock geology is exposed. The BHL01 target (formerly `Benton 5: BF_1' 3) consists of several historic samples grading up to 18.67 g/t gold and was the Company's initial area of focus for the 2022 prospecting program at Bunker Hill. Based on recent assays received, the mineralised footprint around this historic sample area has increased to now measure approximately 2.5 kilometers in strike.

The Bunker Hill 2022 peak gold assay received of 3.52 g/t gold (MR001250 - float) was collected 900 meters from the historic BHL01 high-grade sample. Vein textures and mineralogy are consistent in all anomalous samples, indicating the potential for a larger continuous mineral system under the thin cover. These results are consistent with historic assays and sample descriptions, increasing the Company's confidence in the areas potential for a significant discovery.

Matador has also confirmed a strong correlation between anomalous gold with pathfinder elements silver, lead, and zinc at BHL- 01. Further east, historic work 15 km from BHL-01 also confirmed anomalous gold up to 17.05 g/t associated with increased levels of silver and copper. In this area copper is more anomalous than anywhere else on the Project with 30 rock samples assaying > 1 % Cu, while 28 rock samples assayed silver > 10 g/t Ag.

The footprint of this coincident pathfinder anomaly extends more than 1 km of strike, similar in scale to the BHL-01 target. The change in pathfinder element geochemistry from lead and zinc to copper may indicate a different, but highly anomalous hydrothermal system further east. The confirmation of the historic work to the west through the 2022 mapping and prospecting program has encouraged Matador to follow-up the historic results to the east.

The Company believes Bunker Hill may deliver multiple highly prospective drill targets on completion of the follow-up field work planned. Historic Overview: The first significant discovery of mineralisation at Bunker Hill was by RIOCANEX in 1980 which found an outcropping set of sulphide-bearing quartz veins containing up to 0.5 g/t gold, 20.6 g/t silver, and 17.9 % copper. Approximately half a kilometre from the original RIOCANEX showing, Noranda and Andina (Mercator) sampled multi-gram gold bearing float samples containing up to 17.05 g/t which have not yet been sourced (and table 2).

Silver is equally anomalous in the vicinity with assays up to 407.5 g/t in float. Supplementary geochemical surveys identified large anomalous pathfinder trends in soils, highlighted by a strong silver, copper, lead and zinc association. These pathfinder elements have known gold associations along the CRSZ, however, this historical work was never assayed for gold due to the primary focus on base metal sulphide mineralisation at that time by Noranda.

In the early 2000's, Cornerstone followed up with some anomalous grab samples collected at the eastern edge of Bunker Hill up to 18.67 g/t gold with corresponding pathfinder elements up to 35.3 g/t silver and 1.6 % copper. In the 2010's, Benton Resources followed this work up, further confirming the presence of anomalous gold at BHL01. In 2011, Marathon Gold completed a prospecting program at the eastern edge of Bunker Hill which was followed up by a VTEM survey in 2012.

Marathon Gold sampled outcropping gold, silver, and copper up to 0.898 g/t gold, 34.1 g/t silver, and 57% copper. Only four drill holes historically have been completed in the Bunker Hill target area. Planned 2023 Exploration Activities: In 2023, the Company plans for continuing the regional prospecting, mapping and surficial geochemistry campaigns.

In addition, an Induced Polarization survey is planned at BHL01 to delineate the sulphide bearing system sub-surface and generate targets for future diamond drilling.