Matador Mining : Multiple High Grade Gold Intersections at Window Glass Hill

ASX Announcement

18 March 2022 ǀ ASX: MZZ; OTCQX: MZZMF; FSE: MA3

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Multiple High Grade Gold Intersections at

Window Glass Hill

Matador Mining Limited (ASX: MZZ; OTCQX: MZZMF; FSE: MA3) ("Matador" or the "Company") is pleased to announce the final outstanding assay results from diamond drilling completed in late 2021 at the Cape Ray Gold Project (the "Project") Newfoundland, Canada.

Highlights:

• CRD318 (WGH-Infill):
• • 14 metres at 4.5 g/t Au from 88 metres (incl. 1 metre at 27.4 g/t Au from 90 metres and 1 metre at 17 g/t Au from 91 metres)
  • 15 metres at 2.9 g/t Au from 10 metres (incl. 1 metre at 24.1 g/t Au from 18 metres) and
  • 1 metre at 3.5 g/t Au from 72 metres
• CRD322 (WGH-Infill):
• • 23 metres at 2.3 g/t Au from 22 metres (incl. 1 metre at 16.6 g/t Au from 38 metres) and
  • 7 metres at 0.9 g/t Au from 78 metres (incl. 1 metre at 2.1 g/t Au from 84 metres)
• Gold mineralisation remains open to the south and south-west of the WGH-Infillhigh-grade mineralisation intersected in CRD322
• CRD313 (WGHG-HSP): 0.9 metres at 13.2 g/t Au from 9.4 metres
• CRD313 demonstrates near-surface gold potential of the previously undrilled WGHG Heart Shaped Pond ("HSP") target adjacent to existing WGH Mineral Resource.

Figure 1: CRD318 High-Grade Gold Highlights: 1 metre at 24.1 g/t Au from 18 metres, 1 metre at 27.4 g/t

Au from 90 metres and 1 metre at 17 g/t Au from 91 metres (2 metres @ 22.2 g/t Au from 90m)

Matador Mining Limited	Level 20, 140 St George's Terrace
ABN 45 612 912 393	www.matadormining.com.au
Perth, WA, 6000
ASX:MZZ; OTCQX: MZZMF; FSE: MA3	[e-mail]
T: [phone]

1

Matador's Chief Geologist Warren Potma commented:

"The final 2021 WGH infill drill hole assay results have exceeded our expectations.

For personal use only

CRD318 intersected multiple high-grade gold zones within two wide intervals of mineralisation consistent with our interpreted position of a higher-grade plunging shoot at the core of the WGH deposit.

CRD322 is particularly encouraging as this hole was drilled to the south and on the periphery of this same high- grade shoot and surprised us with the quality of a 23 metre intercept grading 2.3 g/t Au. Gold mineralisation is open for at least 80 metres south and south-west of CRD322 presenting a high priority follow-up target that may eventually link up with the WGHG Margin target area identified through 2021 to the south-west.

The first results from drill holes targeting a historic drilling gap, just west of the WGH Resource, at Heart Shaped Pond ("WGHG-HSP") also delivered an encouraging high grade gold intercept (CRD 313) that is open for at least 80 metres in all directions."

Figure 2: Assay highlights from WGH Infill, Granite Margin and Heart-Shaped Pond Drilling

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WGH Mineral Resource Infill Drilling Results

CRD318 intersected two broad mineralised corridors, which contained internal high grade gold intervals (15 metres at 2.9 g/t Au from 10 metres including 1 metre at 24.1 g/t Au, and 14 metres at 4.5 g/t Au from 88 metres including consecutive 1 metre at 27.4 g/t Au and 1 metre at 17 g/t Au intervals) (Figure ).

These results reinforce Matador's confidence in the consistency of an interpreted higher-grade plunging shoot at the core of the WGH Mineral Resource. This domain hosts a higher frequency of mineralised veins, with infill drilling both confirming and extending the dimensions of this zone.

Figure 3: Cross section A-A' containing WGH infill hole CRD318

The positive results from CRD322 (23 metres at 2.3 g/t Au from 22 metres including 4 metre at 8.8 g/t Au) (Figure 4) demonstrate the potential for this domain to extend further south than previously recognized, and potentially link with the WGHG Granite Margin Target to the south-west1.

Drilling south and west of CRD322 remains broadly spaced with further infill and extension drilling planned for the 2022 summer season (Figure 2).

1 ASX announcements 1 March 2022, 30 November 2021, 21 September 2021, 26 August 2021

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Figure 4: Cross section B-B' containing WGH infill hole CRD322

Initial drill results from the previously untested WGHG-HSP area, north-west of the WGH Mineral Resource high-grade zone, returned a significant intercept of 0.9 metre at 13.2 g/t Au from 9.4 metres (CRD313). CRD313 redrilled (twinned) another hole (CRD313A) which had to be abandoned due to drilling conditions but returned 4 metres at 3.0 g/t Au from 9 metres (incl. 2 metres at 3.9 g/t Au and 2 metres at 2.2 g/t Au) in two 2-metre sample intervals affected by core loss. Several other holes from the WGHG-HSP drilling returned significant gold intercepts >0.5 g/t cutoff (see Appendix 1 Table 2).

The final results from 2021 drilling at the WGHG Margin target and Big Pond are also reported in Appendix 1 Table 2.

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Figure 5: High grade gold association with increased density and width of sulphide-rich quartz stockwork

and sheeted veins in CRD318

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