Matsa Resources : Brisbane Mining Energy & Minerals Conference 24 March 2022

onlyuseTowards 1Moz and beyond

nalBrisb ne Mining Energy and Minerals Investor Conference Corporate Presentation | 23 - 24 March 2022

Disclaimer

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.

onlyThe 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 i clude, 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, pr ject 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.

useAny 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 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

naldefined 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.

Overview

Corporate Overview

DIRECTORS

Paul Poli

Executive Chairman

only	Mr Poli is a CPA with over 34 years of business and corporate experience. He
	founded Matsa Resources and has spearheaded M&A deals with Panoramic,
	Bulletin, Westgold, Pantoro and IGO.
	Pascal Blampain
	Executive Director
	Mr Blampain is a geologist with over 27 years experience across Australia and
	Papua New Guinea having held senior positions with global miners including
	Barrick Gold and Goldfields Australia.
	Frank Sibbel
use	Non-Executive Director
Mr Sibbel is a mining engineer 40 years of operational and managerial
experience across mining development and production projects. He was
	formerly Operations Director at Tanami Gold NL.
	Andrew Chapman
	Executive Director & Company Secretary
	Mr Chapman is a chartered accountant with 25 years experience in publicly
	listed companies in the mineral resources, oil and gas and technology sectors.
	Ratha Kheowkhamsaeng
nal	Thailand subsidiary Managing Director
Mr Kheowkhamsaeng holds a BA (USA) and has 25 years management

experience. He is a former director of 5 Thai and Thai/Japanese companies and brings extensive experience in law, culture and business in Thailand.

All currency expressed in Australian dollars unless otherwise stated

Gold Resource*		Resource Grade		Top 20 Ownership
553,000 oz		1.9 g/t		55.26%
Shares on Issue		Share Price (15 Mar 2022)		Market Cap
358m		$0.064		$23M

* 314koz at Red October and Devon (not quoted above) subject to LGA Sale and Purchase Agreement (ASX release 20 December 2021)

Overview

A Reinvigorated Matsa

onlyuse	2 Significant Developments
nal

All currency expressed in Australian dollars unless otherwise stated

Divestment

$20M Partial Lake Carey Sale

Transaction

• Matsa to receive $20M in cash and shares, whilst retaining 553Koz resource

• Red October and Devon tenement package sold (314koz @

$64/resource oz) to Linden Gold ("LGA")

• Cash injection into Matsa:

only	• Upper case -> $15.5M cash
•	Lower case -> $11M cash

• Between $4.5M-$9M in shares at LGA's election upon listing

• $1M instalment on signing SPA (received in Dec 2021)
• $400k instalment paid 1 Mar 2022, $600k due 25 Mar 2022
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•	LGA currently preparing prospectus to lodge with ASX
• Listing scheduled for mid 2022 subject to ASX approvals
• LGA now assuming care and maintenance expenditure at
	Red October and Devon
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