EXPLORING IN A PROVEN MULTI-MILLION OUNCE GOLD SYSTEM IN NEWFOUNDLAND, CANADA

CAPE RAY GOLD PROJECT

April 2022

ASX: MZZ OTCQX: MZZMF FSE: MA3

DISCLAIMER

Disclaimer and Forward Looking Statements

This 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 and does not contain all information necessary for investment decisions. In making investment decisions, investors should rely on their own examination of Matador Mining Limited (Matador or the Company) and consult with their own legal, tax, business and/or financial advisers in connection with any acquisition of securities or interest in the Company. The information contained in this presentation has 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 or other 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 which may 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 the Company, 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 applicable law. The occurrence of events in the future are subject to risks, uncertainties and other factors that may alter the Company's actual results, performance or achievements to differ from those referred to in 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 accordingly no 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 the property 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 property described in this presentation. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and you should satisfy yourself in relation to such matters.

Mineral Resources

The information in this Presentation that relates to the Mineral Resource estimate for the Cape Ray Gold Project was announced on 6 May 2020. Matador confirms that it is not aware of any new information or data that materially affects the information included in the announcement of 6 May 2020 and that all material assumptions and technical parameters underpinning the Mineral Resource estimate in that announcement continue to apply and have not materially changed.

Scoping Study

The information in this Presentation that relates to the Scoping Study on the Cape Ray Gold Project was announced on 6 May 2020. Matador confirms that all material assumptions underpinning the production target and forecast financial information included in that announcement continue to apply and have not materially changed.

Exploration Results

The information in this Presentation that relates to exploration results at the Cape Ray Gold Project was announced on 6 October 2020, 29 October 2020, 11 November

2020, 16 December 2020, 1 February 2021, 9 February 2021, 17 February 2021, 17

17 March 2021, 12 May 2021, 3 June 2021, 11 August 2021, 26 August 2021, 7

September 2021, 21 September 2021, 12 October 2021, 30 November 2021, 14 December 2021, 7 February 2022, 1 March 2022 and 18 March 2022. Matador confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

ONE OF THE WORLD'S HIGHEST-GRADE OPEN PIT PROJECTS WITH MAJOR EXPLORATION UPSIDE

Established Platform

One of the highest-grade undeveloped open pit projects in a first world jurisdiction1,2

  • • Resource - 837,000oz Au at 2g/t (96% < 200m from surface)3

  • • Permitting, licensing and development work - advanced and ongoing

World Class Location and Infrastructure

Newfoundland, Canada - 25km from an established town and deep-water port

  • • Low-cost renewable grid power, drive-in drive-out workforce, government support

Major Exploration Upside 120km of continuous strike along proven multi-million oz gold structure

  • • ~ 88% of strike (105km) with only 25 diamond drill holes

  • • No effective exploration under "till" covered areas - 90% of the total project area

  • • 2021/2022 Exploration program - 45,000m diamond drill program & 5 power auger rigs

Access to Funds - Charity Flow Through and Hard Dollars

~A$11M (Dec. '21) - Funded for 2021/22 exploration seasons

  • • Capital raising completed in July '21 (Charity Flow through)

  • • Franklin Templeton and Sentry/CI Global Asset Management cornerstoned the placement

1 - Average head grade Yr 1 - 4 - 2.6g/t Au (Scoping Study - May 2020); 2 - Developed nations (Australia, Canada, USA); 3 - ASX announcement 6 May 2020; 4 - as at 31 December 2021 ; 5 - as at 8 March 2022

CAPITAL STRUCTURE

~A$60M

US$45M

Market Cap at A$0.27

~A$11M4

US$8M

Cash

31 Dec. 2021

217M5

Shares on

Issue

29M5

Options

(A$0.23 - 0.63)

BOARD AND MANAGEMENT

Strong team with significant experience in gold exploration and development

MANAGEMENT

Ian Murray FCA and MAICD

EXECUTIVE CHAIRMAN

Over 25 years mining industry experience in senior leadership positions.

Past - Executive Chairman and Managing Director of Gold Road Resources Ltd and DRDGold Ltd (NYSE & JSE: DRD).

Warren Potma BSc, MSc, MAIG, M AusIMM

CHIEF GEOLOGIST

Over 25 years international experience specializing in structural and economic geology, geochemistry and geometallurgy. Broad experience across exploration, feasibility and mining functions.

Crispin Pike BSc, MSc

VP DISCOVERY

Over 17 years international experience in structural geology and geophysics applied to mineral exploration, and Newfoundland geology expert.

Kerry Sparkes

TECHNICAL ADVISOR TO THE BOARD

Over 30 years international experience in the mineral exploration business as both an exploration geologist and executive.

Past - VP Geology for Franco-Nevada Corp.

DIRECTORS & INCOMING CEO

Justin Osborne BSc(Hons) Geology, FAusIMM, FSEG, MAICD

NON-EXECUTIVE DIRECTOR

Over 30 years experience as a mining & exploration geologist. Past - Executive Director at Gold Road Resources.

Current - Non-Executive Director of Hamelin Gold & Anglo Australia Resources.

Mick Wilkes Bachelor's degree in Mining Engineering and an MBA

NON-EXECUTIVE DIRECTOR

Successful career in mining company leadership spanning over 35 years. Past - CEO and President of dual listed (ASX/TSX) OceanaGold.

Current - Non-Executive Chairman of Kingston Resources Ltd & Director of Dacian Gold.

Dr Nicole Adshead-Bell Ph.D., Structural & Economic Geology

NON-EXECUTIVE DIRECTOR

Over 24 years experience in technical, corporate, institutional investor and investment banking segments of the mining sector.

Current - President of Cupel Advisory Corp and Non-Executive Director of Altius Minerals Corp and Non-Executive Chair of Hot Chilli.

Sam Pazuki P. Eng; M. Fin

CHIEF EXECUTIVE OFFICER w.e.f. 1 May 2022

Toronto based; Over 20 years mining industry experience in senior leadership positions.

Past - Senior VP Strategy & Corporate Development at OceanaGold Corp (TSX: OGC), Ernst Young Advisory Services & Enbridge Inc.

Experience in strategy, M&A, capital markets and investor relations.

GLOBAL HOT SPOT FOR GOLD EXPLORATION

Limited gold exploration compared to the rest of Canada

  • • Total historical gold production - 2.3Moz Au

  • • Newfoundland 2016 drilling: < 70,000 metres

  • • Newfoundland 2021 drilling: ~400,000 metres

Gold renaissance underway

New, SHALLOW, high-grade discoveries = increased investor awareness and increased exploration activities

New Found Gold (NFG.TSXV) ~C$1.3BN market cap

  • • Greenfield project - 19m @ 92.9 g/t Au & 25.6 @ 146.2g/t Au

Marathon Gold (MOZ.TSX) ~C$700M market cap

  • • Valentine Lake - 4.8Moz @ 1.72g/t Au and growing

Other Newfoundland Gold Explorers:

  • • Multiple TSXV Newfoundland explorers A$50M - A$250M market capitalisation

Matador Mining - ASX

Significant discount to Newfoundland Gold peers

  • • OTCQX - Listing on North American exchange

  • • Only stock on the ASX with exposure to Newfoundland

mamtadtaodromrimningin.cgo.cmo.mau.au 5

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Matador Mining Ltd. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 23:45:41 UTC.