CAPE RAY GOLD PROJECT · • MOZ.TSX - Market Cap ~$140m • +3.2Moz Au gold camp immediately along the Cape Ray Shear from Cape Ray • 2.1 Moz Au at 1.99 g/t M&I • 1.1 Moz Au

CAPE RAY GOLD PROJECTAN EMERGING GOLD PROVINCE

July 2018 – Nth American & Australia Roadshow

DisclaimerDisclaimer and Forward Looking StatementsThis presentation is not a prospectus nor an offer of securities for subscription or sale in any jurisdiction nor a securities recommendation. The information in this presentation is an overview anddoes not contain all information necessary for investment decisions. In making investment decisions, investors should rely on their own examination of Matador Mining Limited (Company) andconsult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities or interest in the Cape Ray Project. The information contained in this presentationhas been prepared in good faith by the Company. However, no representation or warranty, express or implied, is made as to the completeness or adequacy of any statements, estimates, opinions orother information contained in this presentation. To the maximum extent permitted by law, the Company, its directors, officers, employees and agents disclaim liability for any loss or damage whichmay be suffered by any person through the use of, or reliance on, anything contained in or omitted from this presentation. Certain information in this presentation refers to the intentions of theCompany, but these are not intended to be forecasts, forward looking statements, or statements about future matters for the purposes of the Corporations Act 2001 (Cth) or any other applicablelaw. The occurrence of events in the future are subject to risks, uncertainties and other factors that may the Company’s actual results, performance or achievements to differ from those referred toin this presentation to occur as contemplated. The presentation contains only a synopsis of more detailed information available in relation to the matters described in this document and accordinglyno reliance may be placed for any purpose whatsoever on the sufficiency or completeness of such information and to do so could potentially expose you to a significant risk of losing any of theproperty invested by you or incurring by you of additional liability. Recipients of this presentation should conduct their own investigation, evaluation and analysis of the business, data and propertydescribed in this presentation. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions andyou should satisfy yourself in relation to such matters.

Competent Person StatementThe Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the ‘JORC Code’) sets out minimum standards, recommendations and guidelines for Public Reportingin Australasia of Exploration Results, Mineral Resources and Ore Reserves.The Information contained in this announcement is an accurate representation of the available data and studies for the Cape Ray Gold Project areas.The information contained in this announcement that relates to geology, exploration results (including historical drilling) and foreign estimates is based, and fairly reflects, information compiled byMr Alfred Gillman, who is a Fellow and Chartered Professional of the Australian Institute of Mining and Metallurgy. Mr Gillman is a consultant to Matador Mining Ltd and is an employee of OdessaResources Ltd. Mr Gillman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as aCompetent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Gillman consents to the inclusion in thisannouncement of the matters based on his information in the form and context in which it appears.All parties have consented to the inclusion of their work for the purposes of this announcement. The interpretations and conclusions reached in this announcement are based on current geologicaltheory and the best evidence available to the authors at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however highthese probabilities might be, they make no claim for absolute certainty. Any economic decisions which might be taken on the basis of interpretations or conclusions contained in this announcementwill therefore carry an element of risks.References in this presentation to the publicly quoted exploration results and resource tonnes and grade of the Project are foreign in nature and not reported in accordance with the JORC Code2012. The competent person has not done sufficient work to classify the resource estimate as mineral resources or ore reserves in accordance with the JORC Code 2012. It is uncertain that followingevaluation and/or further exploration work that the foreign resource estimates of mineralisation will be able to be reported as mineral resources or ore reserves in accordance with the JORC Code2012.

Cautionary StatementIn respect of the Company’s foreign estimate being its existing NI 43-101 indicated and inferred resource base of 6.9Mt at 2.4 g/t Au for 525,000oz Au at a 1.0 g/t cut-off, first released to the marketin accordance with listing rule 5.12 on 5 April 2018, references in this announcement to the publicly quoted resource tonnes and grade of the Project are foreign in nature and not reported inaccordance with the JORC Code 2012. A competent person has not done sufficient work to classify the resource estimate as mineral resources or ore reserves in accordance with the JORC Code2012. It is uncertain that following evaluation and/or further exploration work that the foreign resource estimates of mineralisation will be able to be reported as mineral resources or ore reserves inaccordance with the JORC Code 2012. The entity is not in possession of any new information or data relating to the foreign estimate that materially impacts on the reliability of the estimate orMatador Mining Limited’s ability to verify the foreign estimate in accordance with Appendix 5A (JORC Code). The information contained in the 5 April 2018 announcement referred to in listing rule5.12 continues to apply and has not materially changed 2

Cape Ray Gold Project

3

• Tenure covering over 65km of the Cape Ray

Shear Zone - a regional gold-bearing structure in

an under-explored gold belt with >200km of

strike and hosting existing deposits of >3Moz

• Virgin gold province with limited systematic

large scale exploration – limited exploration

completed since discovery in 1977 by Rio Tinto

• Existing NI 43-101 indicated and inferred resource

base of 6.9Mt at 2.4 g/t Au for 525,000oz Au at a

1.0 g/t cut-off

• Good response in Met Testwork (+95%Recovery)

Significant gold occurrences present

along entire 65km shear zone strike with

60km untested

• Known mineralisation extends to surface over 1.8km of drilled strike - Resource remains open at

depth and along strike

• Critical infrastructure - hydro power and roads provide year round access for exploration

activities

Why Canada?

4

• Matador has acquired an exciting high

grade Canadian gold opportunity in first

world mining jurisdiction

• Canada poised to become second

largest gold producer globally

• Canadian gold sector dominated by

“Majors” >500koz production p/a

• Mid tier sector (100-200koz p/a) non

existent on TSX

• Junior exploration sector has been

starved of capital – survived from flow

through funding

• Canadian speculative market focussed on

crypto, technology and medicinal cannabis

• Multiple opportunities identified for

further gold consolidation

Newfoundland

Fraser Institute investment attractiveness rankings

• Newfoundland is an extremely pro mining, heavily endowed, emerging mineral province

• Newfoundland is the forgotten mining province of Canada

• Newfoundland ranks 11th in global Fraser Institute investment attractiveness index

• Archaic concession system has locked up much of the land until late 1980’s – recently optimised

• Established a Junior Exploration Assistance Program (JEA)

• Access to cheap hydro power supplying Newfoundland and Quebec

5

Emerging New Gold Province

6

• MOZ.TSX - Market Cap ~$140m

• +3.2Moz Au gold camp immediately

along the Cape Ray Shear from Cape

Ray

• 2.1 Moz Au at 1.99 g/t M&I

• 1.1 Moz Au at 1.99 g/t Inferred

• 97% gold recovery by flotation

• Starting resource of 500,000oz Au

grown to + 3Moz Au

• Reported discovery cost of less than

$14/oz - year round exploration

Marathon

• Existing resource of 6.9Mt @ 2.4 g/t Au

for 525,000oz Au*

• Resources open along strike and at

depth with potential for large scale gold

camp

• Significant gold occurrences present

along entire 65km shear zone strike

• Limited to no exploration for >20 years

Matador

Ref 1 - Jutras, M., Petrina, M., and Folinsbee, J. 2017. NI 43-101 Technical Report

Ref 2 – John T Boyd Company 2018 Ni 43-101 Technical Report prepared for Marathon Gold

Ref 3 - Mercator Geological Services Limited 2015 NI 43-101 eport prepared for First Mining Gold Corp*NI 43-101 estimate refer to slide 4.

7

Site Infrastructure – established

• Existing exploration camp and core shed

on site now in use for current campaign

• Direct road access to the Cape Ray via a

22km long gravel road – recently

resurfaced

• 25km northeast of the town of Channel-

Port aux Basques

• Access to hydro-power 25km from site

• Amenable to year round activities

• Ready workforce with mining jobs the

preferred employment opportunity

8

Historical Exploration

• Matador controls 65km of a major crustal gold bearing shear zone of which ~60km remains

undrilled with significant gold occurrences across entire length of strike

• Average drill depth of 120m only, with limited exploration drilling since 1989

• Previous surface exploration (soils, rock chip) concentrated around WGH and Zones 04,41,51,

regional exploration targets require work

• Limited to no exploration southwest from Big Pond and North East from Window Glass Hill along

shear zone - majority of drilling completed by Rio Tinto in 1977

• Matador is targeting a large scale gold camp with potential to expand all deposits along

strike and at depth as well as identifying true greenfields targets on a prospective belt

Year Company No. of Holes Metres Drilled Highlights

1977-1980 Rio Tinto 172 24,054 Discovered 04,41,51 & Window Glass Hill

1986-1989 Corona Dolphin Exploration 189 37,219 Discovered Bigpond

1989-2003 Tenacity 86 7,575 Drilling predominantly focused on Isle Aux Mort

1996 Royal Oak Mines 17 963 Completed 17 holes at Isle Aux Mort and ground MAG-VLF

2003-2004 Terra Nova 20 4,677 IP and minor drilling at 04 Deposit, relinquished project

2004-2006 Cornerstone 28 2,520 Drilling focused on Window Glass Hill

2014 Benton Resources 19 3,264 Drilling focused on 04 and PW zone (discovery)

2016 Nordmin 29 5,004 Drilling focused on PEA study

Total 560 85,276

9

WGH to 04 Zone – Host for existing resources

Exciting potential for 4.5km of continuous high grade mineralisation

along Cape Ray Shear – average drill depth limited to 120m

For further information, please see ASX announcement of 5 April 2018. The Company is not aware of any new information or data that materially affects the information contained in the 5 April 2018 announcement.

04 Deposit Long Section

Indicated and inferred resource -193,000oz Au

11For further information, please see ASX announcement of 5 April 2018. The Company is not aware of any new information or data that materially affects the information contained in the 5 April 2018 announcement.


Indicated and inferred resource - 92,000oz Au



Indicated and inferred resource -150,000oz Au


13

Untested Drill Core

• Vast majority of historical holes selectively sampled only on visual shows of sulphides

• Un-sampled intervals remain on site and at extensive core farms in Pasadena and Buchans,

Newfoundland

• A program of resampling these intervals is ongoing

• Intervals sampled to date have confirmed existing resource base and in several cases, highlighted

opportunities to define additional mineralization.

• A significant opportunity in total intercept sampling to create greater understanding of the geological

model, identify new mineralized zones & potentially increase the size of the global resource

• Resampling program ongoing, further results expected in Q3.

14

Untested Drill Core (cont.)

Examples of Incomplete Core Sampling at Cape Ray

Drill core previously visually selectively sampled – opportunity

exists to sample whole of hole to further define non visual

mineralization

15


Example from recent campaign of resampling at Isle aux Mort

16


Example from recent campaign of resampling at Window Glass Hill

17

Nearby Multiple Drill Ready Targets Defined

Areas of limited

drilling &

multiple coincident IP

and soil geochemical

targets exist outside

of the “known” and

previously drilled

areas

• All historical drilling limited

to areas immediately

surrounding known

deposits

• Represents only 5.5km of

entire 65km strike

• Multiple IP and soil

anomalies

18

Geochemical Sampling Program –Q3

• Initially targeting areas

between 04, 41 & 51

Zones

• Along shear up to Isle

aux Mort

• To be performed with

experienced

Newfoundland

consultant

• Will inform Q3/Q4 drill

programs

19

Limited Infill Drilling Along Strike

Gold mineralisation drill defined over 15km strike


20

Regional Exploration

o 27km of strike largely

untested by drilling

o Includes historical Bigpond

deposit

o Host to Bigpond West, Cape

Ray South, Cape Ray Coast

and Grand Bay Pond Brook

prospects - all yet to be

drilled

1

o Historical focus of all

exploration activities across

5.5km strike

2

o 12.5km of strike largely

untested by drilling

o Includes historical Isle aux

Mort deposit

o Host to Cape Ray East with

historical grabs of 181g/t

with no follow up drilling

3

Mineralisation identified along 65km strike of shear largely untested

1

2

3


Corporate & Exploration Strategy

21

• Expand Current NI 43-101 resource of 525koz at

2.4 g/t Au via sampling and drilling at Zones 04,

41, 51 and WGH

• Assessment (sampling and drilling) and addition of

deposits such as Isle aux Mort and Big Pond to

the resource base

• Aggressive exploration program to expand current

resource and test regional potential for large scale

gold camp. Field activities commenced Q3

• Existing positive PEA provides great confidence in

working conditions and resource robustness

• Seeking to replicate Marathon’s exploration

success

CORPORATE STRATEGY

EXPLORATION & GROWTH STRATEGY

• Complete acquisition of exciting gold exploration

• Build world class exploration and development team

• Complete P

• Underway P

• Pursue additional opportunistic international gold

opportunities• Underway P

• Underway, drilling to commence in AugustP

• Underway P

• Soil Geochem program commenced Q3P

• Ready to be leveraged off P

• Right jurisdiction P

Exploration Plan – CY 2018

22

Activity Status Jul Aug Sep Oct Nov Dec

All claims transferred to Matador completed

Regional data processing completed

Field Activities inc. mapping commenced

Core Resampling ongoing

Maiden JORC2012 Resource

Results from geochemical program

Exploration drilling program

Drilling assay results

Source: Raymond James July 2018

EV / Resources (A$/oz AuEq)

23

ATTRACTIVE VALUATION

Matador Investment Summary

24

• Exciting new high grade gold opportunity in emerging juristiction

• Aggressive exploration program to test regional potential with

current baseline resource of >500koz

• Significant gold occurrences present along entire largely

untested 65km shear zone strike

• Established mining friendly jurisdiction with access to critical

infrastructure

• Experienced team to deliver results backed by tight register and

supportive shareholder base

• Strong pipeline of news flow for 2018 and fully funded for all

planned activities

• Under valued on industry accepted metrics

2

1

3

4

5

6

7

Appendix 1 – Mineral Resources

25

Deposit

Indicated Inferred

TonnesAu

(g/t)

Oz

(Au)

Ag

(g/t)

Oz

(Ag)Tonnes

Au

(g/t)

Oz

(Au)

Ag

(g/t)

Oz

(Ag)

Zone 51 967,665 3.90 121,333 11.17 347,511 321,250 2.77 28,610 7.58 78,289

Zone 41 1,108,486 2.18 77,692 10.44 372,067 287,703 1.64 15,170 13.58 125,613

Zone 04 2,071,751 2.52 167,853 8.74 582,157 453,604 1.76 25,667 5.93 86,481

Window

Glass Hill- - - - - 1,707,510 1.61 88,385 5.37 294,801

Total * 4,147,902 2.75 366,879 9.76 1,301,736 2,770,067 1.77 157,832 6.57 585,185

* Based on 1.0 g/t Au cut-offIn respect of the Company’s foreign estimate being its existing NI 43-101 indicated and inferred resource base of 6.9Mt at 2.4 g/t Au for 525,000oz Au at a 1.0 g/t

cut-off, first released to the market in accordance with listing rule 5.12 on 5 April 2018, references in this announcement to the publicly quoted resource tonnes and

grade of the Project are foreign in nature and not reported in accordance with the JORC Code 2012. A competent person has not done sufficient work to classify

the resource estimate as mineral resources or ore reserves in accordance with the JORC Code 2012. It is uncertain that following evaluation and/or further

exploration work that the foreign resource estimates of mineralisation will be able to be reported as mineral resources or ore reserves in accordance with the

JORC Code 2012. The entity is not in possession of any new information or data relating to the foreign estimate that materially impacts on the reliability of the

estimate or Matador Mining Limited’s ability to verify the foreign estimate in accordance with Appendix 5A (JORC Code). The information contained in the 5 April

2018 announcement referred to in listing rule 5.12 continues to apply and has not materially changed

NI 43-101 Indicated & Inferred Resource

Appendix 2 – Company Snapshot

Capital Structure

Shares On Issue (post acquisition)

Options (unlisted)

(exercise price $0.20-$0.70)

Market Cap (at $0.25)

Cash (post raising)

ASX Ticker

Listed Options (ASX:MZZO)

(exercise price $0.20)

53.7

Million

20.0

Million

~A$13.4

Million

~A$4.0

Million

MZZ

15.9

Million

Paul Criddle – Managing DirectorMr Criddle is a metallurgist, with many years of operating and project development experience in

West Africa. Currently he is the COO of Rox Gold Inc, where he was responsible for the

development of the Yaramoko Gold Project in Burkina Faso, one of the worlds highest grade gold

projects. Prior to this Mr Criddle was the COO at Azimuth Resources Ltd where he was responsible

for resource growth and development studies. Prior to this he was the Acting Chief Operating

Officer of Perseus Mining Ltd where he was responsible for operations at the Edikan Gold Mine in

Ghana and the Definitive Feasibility Study for the Tengrela Gold Project in Cote D'Ivoire. Before

joining Perseus, Mr Criddle managed the construction, commissioning and operation of the

Sabodala Gold Project for Mineral Deposits Ltd. He has also held a variety of senior technical roles

at Placer Dome/Barrick in Australia, Papua New Guinea and Tanzania

Grant Davey – Non Executive DirectorMr Davey is a mining engineer with over 25 years of senior management and operational

experience in the construction and operation of gold, platinum and coal mines in Africa, Australia,

South America and Russia. More recently, he has been involved in venture capital investments in

several exploration and mining projects and he has been instrumental in developing the Panda Hill

niobium project as well as the Honeymoon uranium project. His focus is in securing first class

mining projects in world class mining jurisdictions.

Mr Davey is currently a Director for Superior Lake Resources (SUP), Boss Resources Limited

(BOE), Cradle Resources Limited (CXX) and Graphex Mining Limited (GPX) and is a member of

the Australian Institute of Company Directors (AICD).

Dr Marat Abzalov – Non-Executive Director

Peter Woods – Non-Executive Director

Board of Directors

6

Appendix 3 – Transaction Overview

Benton Resources

Transaction

• Matador to pay Benton A$50,000 Exclusivity fee to acquire its interests in the Cape Ray Project

• Matador to pay a further A$3,200,000 in cash and issue to Benton 8,000,000 fully paid ordinary

shares and 833,333 options exercisable at $0.30, exercisable on or before the date two years

after the date.

• Acquisition of the Benton interest will be subject to shareholder approval.

Summary

Nordmin Transaction

• Upon Completion of the Benton Transaction Matador will acquire Nordmin’s 20% interest in

selected Cape Ray tenements.

• Nordmin to receive A$250,000 cash and be issued 833,333 fully paid ordinary shares and

2,666,667 options with an expiry date of two years and an exercise price at a premium to

Matador's trading price at the time of issue.

Capital Raising• Matador to raise a minimum of A$5,000,000 at an issue price of $0.25

• Capital raising subject to shareholder approval

Maple Mining Joint

Venture

• In consideration for acquiring the Project Option, Matador will issue to Maple Mining Pty Ltd, a

20% interest in Matador Canada (Minority Interest). The Minority Interest will be free carried by

Matador until at the earlier of an initial total spend of $A15,000,000 or a bankable feasibility study

is completed by Matador Canada in relation to the Project

• At the end of the free carry period Matador and Maple to enter into joint venture arrangement

based on industry standard terms

• Grant Davey to join the Matador Board as Non-Executive Director and receive 9,000,000 options

in 3 tranches and exercisable at $0.40, $0.55 and $0.70 respectively 3 years from the date of

issue

20

Appendix 4 -Australian Asset Overview

28

• Matador’s Australian exploration portfolio includes 3

ELs & 3 PLs covering the Oriental, Copper Hills,

Laverton West & Snake Hill projects.

• Copper Hills has both historical mining and extensive

exploration undertaken for copper which has outlined

a number of targets warranting further exploration.

• Soil sampling complete awaiting assays

• Drilling program planned for Q4

• Laverton West is surrounded by historical & current

gold mines with prospectivity for further discoveries.

• Soil Sampling program planned for Q4

• Snake Hill has small scale historical gold ops located

within the licence which require further investigation

• Oriental is located in a well known gold district

however recent drilling has resulted in further works

on the project being suspended

Notes

29

ContactPaul Criddle

Managing Director

[email protected]

Matador Mining LtdSuite 23

513 Hay Street

Subiaco WA 6008

mailto:[email protected]

Documents

CAPE RAY GOLD PROJECT · • MOZ.TSX - Market Cap ~$140m • +3.2Moz Au gold camp immediately along the Cape Ray Shear from Cape Ray • 2.1 Moz Au at 1.99 g/t M&I • 1.1 Moz Au