Matador Mining : Drilling highlights grade continuity & further growth at WGH

ASX Announcement

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

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Infill drilling highlights grade continuity and opportunities for further Mineral Resource growth at Window Glass Hill

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

Highlights:

• Mineral Resource infill drilling at WGH has confirmed grade continuity, substantiating the robustness of the resource model
• Gold mineralisation remains open and untested in multiple directions at the south-west extremity of the 232,000 ounce WGH Mineral Resource, highlighting further opportunities for growth
• Holes drilled at the periphery of the resource returned better than expected mineralised intercepts, highlighting the potential for further lateral growth of the WGH Mineral Resource
• CRD265: 1 metre at 3.9 g/t Au from 24 metres and 2 metres at 5.7 g/t Au from 46 metres
• CRD315: 17 metres at 0.9 g/t Au from 7 metres and 5 metres at 1.1 g/t Au from 100 metres
• CRD293: 2 metres at 4.0 g/t Au from 126 metres
• CRD269: 6 metres at 1.5 g/t Au from 56 metres
• Winter drilling is progressing well at PW-East, currently focused on testing the newly identified three- kilometre north-eastern extension of the Window Glass Hill Granite ("WGHG") immediately north of, and parallel to, the 526,000 oz Central Zone Mineral Resources
• Assays from 25 diamond holes from the 2021 program are expected in coming weeks

Matador's Chief Geologist Warren Potma commented:

"The infill drilling within the WGH Mineral Resource is providing critical insights into the geometry and structural controls on gold mineralisation across the six-kilometre-long WGHG gold system. This recent drilling also confirms the continuity of mineralisation defined by the existing wider spaced resource drilling and is expected to contribute to increased future Mineral Resource classification confidence.

It is particularly encouraging to see good gold intercepts near the periphery of the current WGH Mineral Resource, reinforcing our belief in the potential for more gold to be hosted within the manifestly under-explored WGHG mineral system, where less than 15% of the six-kilometre-long WGHG has been tested by diamond drilling, despite widespread gold anomalism in rock chip and basement power auger geochemistry.

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

Winter drilling is also progressing well, with results eagerly anticipated from drilling of the newly identified extension of the WGHG north-east of the PW deposit, as well as assays from the remaining 25 holes from the 2021 drilling program and 1,200 till samples from the Malachite Lake greenfield target"

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WGH Mineral Resource Infill Drilling Results

Results have been received for ten of the twelve remaining unreported WGH Mineral Resource infill holes from the 2021 drilling program (Figure 1). Infill drilling continues to demonstrate strong grade continuity consistent with past drilling results in the WGH sheeted and stockwork vein system and should contribute to increased future Mineral Resource estimation confidence.

Most of the new infill drill holes reported are on the margins of the higher-grade core of the WGH deposit. Better mineralisation appears to be directly related to the intensity of veining which tends to decrease laterally away from the higher-grade core of the WGH deposit. Several holes drilled at the periphery of the resource (CRD293, CRD297 and CRD306) have returned better than expected mineralised intercepts, highlighting the potential for further lateral growth of the WGH Mineral Resource. Hole CRD293, in particular, hints at the potential for mineralisation continuity between the WGH Resource and the new WGHG Margin discovery.

Figure 1: New WGH Mineral Resource infill drilling results

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Assays Pending from Summer Drill Program

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Assay results are imminent from the final 25 diamond holes outstanding from the 2021 summer drilling season (Figure 2) including the following targets:

• 10 greenfield diamond drill holes assessing the WGHG Heart-Shaped Pond ("HSP") target area. Although this area, immediately west of the main WGH Mineral Resource had no previous drilling, new Power Auger geochemistry delivered multi-grambottom-of-hole gold intercepts, prompting a reassessment of the prospectivity of the target area leading to this latest round of diamond drilling;
• 6 greenfield diamond drill holes testing for along-strike extensions of the WGHG Margin mineralisation to the north-east;
• 3 greenfield diamond drill holes from the Big Pond Area;
• 2 infill drill holes within the WGH Mineral Resource; and
• 4 geotechnical drill holes undertaken at Central Zone.

Results are also pending for 1,200 conventional till samples from the Malachite Lake greenfield reconnaissance program and the remainder of the Stag Hill Power Auger sampling program1.

Winter drilling is also currently underway. The Company anticipates regular news flow throughout the March and June 2022 Quarters with winter drilling results anticipated following the reporting of the remaining 2021 assays.

Figure 2: 2021-22 Exploration target areas and outstanding assay results from 2021

1 ASX announcement 18 November 2021

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This announcement has been authorised for release by the Company's Board of Directors.

To learn more about the Company, please visit www.matadormining.com.au, or contact:

Ian Murray - Executive Chair	Alex Cowie - Investor Relations
Phone: [phone]	Phone: [phone]
Email:[e-mail]	Email: [e-mail]

About the Company

Matador Mining Limited (ASX: MZZ; OTCQX: MZZMF; FSE: MA3) is a gold exploration company with tenure covering 120 kilometres of continuous strike along the highly prospective, yet largely under-exploredCape Ray Shear in Newfoundland, Canada. In November 2021 Matador was the recipient of the CIM NL Prospector/Explorer of the Year award. The Company released a Scoping Study which outlined an initial potential seven-yearmine life, with a forecast strong IRR (51% post Tax), rapid payback (1.75 year) and LOM AISC of US$776/oz Au (ASX announcement 6 May 2020). The Company is currently undertaking the largest exploration program carried out at Cape Ray, with upwards of 45,000 metres of diamond drilling, targeting brownfield expansion and greenfields exploration. Matador acknowledges the financial support of the Junior Exploration Assistance Program, Department of Industry, Energy and Technology, Provincial Government of Newfoundland and Labrador, Canada.

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Reference to Previous ASX Announcements

In relation to the results of the Scoping Study which were 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.

In relation to the Mineral Resource estimate announced on 6 May 2020, the Company confirms that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

In relation to the exploration results included in this announcement, the dates of which are referenced, the Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Mineral Resource Estimate - May 2020

• All Mineral Resources are completed in accordance with the JORC Code 2012 Edition
• All figures are rounded to reflect appropriate levels of confidence. Apparent differences may occur due to rounding
• Cut-offgrade assumptions approximately reflect a US $1,550 per ounce gold price as per the Cape Ray Scoping Study
• Open Pit Mineral Resources are reported at various cut-off grades to reflect assumed Reasonable Prospects of Eventual Economic Extraction as derived from the Cape Ray Gold Project Scoping Study: Z4/41 - 0.50 g/t Au cut-off above 100mRL; Z51 - 0.5 g/t Au cut-off above 200mRL; HZ, IAM and WGH all reported at 0.5 g/t Au cut-off with no constraint; Big Pond and PW reported at 0.25 g/t Au cut-off with no constraint
• Underground Mineral Resources are reported at a 2.0 g/t Au cut-off grade to reflect assumed Reasonable Prospects of Eventual Economic Extraction as derived from the Cape Ray Gold Project Scoping Study: Z4/41 - 2.0 g/t Au cut-off below 100mRL; Z51 - 2.0 g/t Au cut-off below 200mRL

Competent Person's Statement

The information contained in this announcement that relates to exploration results is based upon information compiled by Mr Warren Potma, who is an employee of Matador Mining Limited in the position of Exploration Manager. Mr Potma is a Member of the Australian Institute of Geoscientists and 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 a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code 2012"). Mr Potma consents to the inclusion in the announcement of the matters based upon the information in the form and context in which it appears.

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