ASX: MAT

Matsa Resources Limited Symons Hill Project Update

March 2013

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Forward Looking Statements

The material used in this presentation is intended to be a summary of selected geological data, current and proposed activities, as well as resource estimates based on information available to Matsa Resources Limited (“Matsa” or “the Company”) at the time.

It does not include all available information and should not be used in isolation as a basis to invest in Matsa Resources.

This presentation may include information and graphics relating to a conceptual mining study, completed independent 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 risk.

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 presentation 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 publically available reports on the ASX website and seek independent advice before considering investing in the company.

Competent Persons Statements The information in this report that relates to Exploration results, is based on information compiled by David Fielding, who is a Fellow of the Australasian Institute of Mining and Metallurgy. David Fielding is a full time employee of Matsa Resources Limited. David Fielding has sufficient experience which is relevant to the style of mineralisation and the type of ore deposit under consideration and the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. David Fielding consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Mineral resources and reserves The information in this report that relates to mineral resources and reserves, is based on information compiled by Richard Breyley, who is a member of the Australasian Institute of Mining and Metallurgy. Richard Breyley is a full time employee of Matsa Resources Limited. Richard Breyley has sufficient experience which is relevant to the style of mineralisation and the type of ore deposit under consideration and the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Richard Breyley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

2 www.matsa.com.au Matsa Resources Limited ABN 48 106 732 487

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Undervalued and Tightly Held

Shares on Issue 134.62 million Director/Employee Options (Unlisted 31 - 45 cents) 13.05 million Top 20 Shareholders 51.5%

Major Shareholders JP Morgan 12.00% HF Resources 8.74%

Paul Poli 7.87% RASL 6.30%

Directors Paul Poli – B.Com FCPA

Frank Sibbel - BE Hons FAusIMM

Andrew Chapman – B.Bus CA Ffin

One Company - Diversified Portfolio

3 www.matsa.com.au Symons Hill Project Exploration Update – March 2013

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Seven Projects – One Company

Mt Henry Gold JV – BFS Underway

Symons Hill Fraser Range - Exploration

Dunnsville Gold – Exploration

Dundas Iron Ore – Phase 2 Exploration

Siam Copper – Soil Sampling

Paisali Iron Ore – Ground Magnetics

KT Gold – Anomaly Definition

4 www.matsa.com.au Symons Hill Project Exploration Update - March 2013

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Symons Hill Project Exploration Update - March 2013 www.matsa.com.au

4,520km2 Portfolio - WA

• 3,695km2 in Fraser Range and NE Goldfields

Symons Hill Project 96km2

Fraser Ranger North 354km2

• Mt Henry JV BFS underway

• Mt Henry JV Brownfields exploration progressing

• Killaloe and Dunnsville gold projects progressing

• Minigwal – applications along strike from St George Mining’s Cambridge Ni Prospect

• Fraser Range Far North – target Tropicana Style Au

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Mt Henry 1.5Moz Gold – BFS Underway

6

635,438 ounces

746,356 ounces

60,000 ounces

1) All Resources are reported to a lower cut-off grade of 1.0g/t. 2) Rounding, conforming with the JORC code may cause computational errors.

Mt Henry Gold Project Resources (100% Basis)

(>1g/t Au)

Tonnes Grade Ounces

(g/t)

Indicated

Mt Henry 5,874,000 1.93 364,500

Selene 11,776,000 1.59 602,000

North Scotia 214,000 5.20 35,800

Total 17,864,000 1.75 1,002,300

Inferred

Mt Henry 5,099,000 1.76 288,500

Selene 3,119,000 1.44 144,400

North Scotia 344,000 2.17 24,000

Total 8,561,000 1.66 456,900

Grand Total 26,426,000 1.72 1,459,400

www.matsa.com.au Symons Hill Project Exploration Update - March 2013

High Exploration Potential • Farm - in – Killaloe, Duke, Cashel & Bulldania • Review of existing and new Tenements reveals exciting targets to

add to 1.5Moz Resource • Existing high grade deposits open at depth

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Symons Hill Project Exploration Update - March 2013 www.matsa.com.au

Mt Henry Scoping Study (Source: PAN ASX Release Dec 2012) F

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Symons Hill Project Exploration Update – March 2013

• E69/3070 Application Granted

• Native Title Heritage Agreement Signed

• Environmental - Flora Survey concludes there is no impact on Priority Ecological Communities (PEC’s)

• Programmes of Work (POW’s) applied for to enable vehicle access and line clearing for ground EM surveys

www.matsa.com.au

Symons Hill 100% Matsa Owned F

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• Sirius drilling discovers Bollinger deposit 200m East of Nova

• Auger sampling by Boadicea close to Nova, assays awaited

• VTEM completed by Buxton identifies Widowmaker

• VTEM by Sheffield identifies Red Bull Targets

• IP and soils over Plato Prospect Enterprise

Symons Hill Project Exploration Update - March 2013 www.matsa.com.au

Symons Hill Neighbours

Matsa Fraser Range North JV

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• 833 Soil Samples have identified 5 Geochemical Targets (SH01 – SH05)

Coincident Ni Cu Targets (SH01 and SH04)

Ni only targets (SH02 and SH03)

Cu only target (SH05)

• Infill Sampling completed SH01 and Part of SH04

• Close association with Symons Hill Fault Zone

Symons Hill Project Exploration Update - March 2013 www.matsa.com.au

Nickel Soil Geochemistry F

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• Coincident Ni Cu Targets (SH01 and SH04)

Coincident Ni Cu commonly indicates the presence of Nickel Sulphide

Mineralisation

• 1 Cu only target (SH05) and 2 Ni only targets (SH02 and SH03) indicate potential for other base metal styles

• Infill Soil Sampling of remaining targets will re-commence when access tracks are in place

Nickel Soils Copper Soils

Symons Hill Project Exploration Update - March 2013 www.matsa.com.au

Copper Soil Geochemistry F

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• New magnetic data clearly defines Symons Hill fault zone

• Magnetic features define layering in basement gneisses

• Distinctive hook shaped magnetic anomaly defines Eastern and Southern margins of SH01

• Key Geochemical anomalies within and close to Symons Hill Fault Zone

• Coincident Ni Cu targets are highest priority for follow-up exploration

• Infill soil sampling to recommence to better define drill targets

Symons Hill Project Exploration Update - March 2013 www.matsa.com.au

Ni Cu Geochemistry over Magnetics F

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• Total of 622 Line km surveyed for EM and Magnetics

• >20 EM conductors including 6 Priority 1 (SH_VA1-6)

• 2 Priority 1 conductors (SHVA4 and SHVA5) close to SH01

• 1 priority 1 conductor (SHVA3) close to SH04

• Priority conductors within and close to Symons Hill Fault Zone

• Conductive Palaeochannel underlying SH01 may have obscured further targets

• Ground EM planned over 6 priority 1 conductors and SH01

Symons Hill Project Exploration Update – March 2013 www.matsa.com.au

Ni Cu Geochemistry over Heli - VTEM F

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• Programme Of Works (POW) lodged for Access and Ground EM Surveys

• Ground clearing and EM surveys planned to commence on 6 priority VTEM targets and SH01 in ~10 days

• Additional infill soil sampling to better define SH02 - SH05

• Drill targets to be defined with drilling commencing as soon as possible post ground EM survey results

Symons Hill Project Exploration Update - March 2013 www.matsa.com.au

Symons Hill Project Schedule F

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Symons Hill is an exciting project which

is progressing well and could add

significant value to shareholders

Symons Hill Project Exploration Update - March 2013 www.matsa.com.au

Summary F

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