Matador Mining : MZZ Intersects High Grade Gold Mineralisation @ Central Zone

ASX Announcement

26 May 2022 ǀ ASX: MZZ; OTCQX: MZZMF; FSE: MA3

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Matador Intersects High Grade Gold Mineralisation at

Central Zone, Cape Ray Gold Project

Matador Mining Limited (ASX: MZZ; OTCQX: MZZMF; FSE: MA3) ("Matador" or the "Company") is pleased to announce the first assay results from the winter 2022 diamond drilling program at the Central Zone in the Cape Ray Gold Project (the "Project") Newfoundland, Canada.

Highlights:

• Matador has received the first assays from the inaugural winter drill program, conducted between February 2022 and April 2022.
• CRD352:
• • 6 metres at 13.3 g/t Au from 214m (incl. 1 metre at 45.8 g/t Au from 217 metres and 1 metre at 11.7 g/t Au from 219 metres); and
  • 6 metres at 7.1 g/t Au from 228m (incl. 1 metre at 22.4 g/t Au from 229 metres)
• CRD351:
• • 5 metres at 5.4 g/t Au from 53 metres (incl. 2.9 metres at 8.9 g/t Au from 53 metres); and
  • 2 metres at 11.1 g/t Au from 64m (incl. 1 metre at 13.6 g/t Au from 64 metres)
• Results are still pending for 29 exploration diamond holes at the Window Glass Hill Granite, PW East and Stag Hill targets; four Central Zone geotechnical drill holes; remainder of the Stag Hill Power Auger sampling program1 and 96 gold grain samples from the Malachite greenfield reconnaissance program2.

Matador's Chief Geologist Warren Potma commented:

"We are very pleased with the initial set of drill results from the first winter diamond campaign completed by Matador. Drilling at Central Zone has returned positive results from drill hole CRD352 with two separate zones of high-grade mineralisation recorded in an 80 metre gap in the previous Mineral Resource drilling. It appears some of the historic drilling in this area may have reported anomalously low grades relating to variable core recovery associated with the highly sheared host rocks. These new results indicate potential for higher grades and increased widths compared to the current Mineral Resource estimate. The Central Zone drill results have increased our understanding of the structural controls of gold mineralisation at Cape Ray, which is particularly important as we step out to explore new Greenfields targets such as Malachite."

1	ASX announcement 18 November 2021
2	ASX announcement 20 April 2022
	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]

For personal use only

Figure 1: Collar Plan of Reported Central Zone DDH

Drill Hole CRD352

Gold mineralisation at the Central Zone deposits occurs as quartz veins and vein arrays parallel to and splaying off the Cape Ray Shear Zone. The gold bearing quartz veins dip moderately to steeply towards the south-east, and typically develop within sediments at or near the contact with a footwall graphitic schist, as can be observed in Figure 3.

Drill hole CRD352 tested an identified 80 metre wide gap within the current mineral resource drilling. The drill hole successfully returned multiple intercepts with assays totaling 130.4 sum grams x metres Au (uncut3), confirming the interpreted upward continuation of a wide mineralised zone encountered at depth (see cross section Figure 3).

Two significant zones of mineralisation were intersected, reporting 6 metres at 13.3 g/t Au from 214m (incl. 1 metre at 45.8 g/t Au from 217 metres and 1 metre at 11.7 g/t Au from 219 metres), and 6 metres at 7.1 g/t

Au from 228m (incl. 1 metre at 22.4 g/t Au from 229 metres and 1 metre at 7.9 g/t Au from 231 metres).

3 Sum of Au grams x metres for the entire drill hole

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Figure 2: Detailed assays for CRD352 mineralised zones

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Figure 3: Cross section of CRD352 displaying interpreted mineralised corridor

Hole CRD351

Drill hole CRD351 was designed to twin historic drill hole M14-01 to provide supplementary structural information on the mineralisation controls. Drilling conditions associated with a highly sheared country rock were difficult, resulting in core loss and poor core orientation results. However, the hole successfully intersected the targeted mineralized zone, and returned high-grade intercepts of 5 metres at 5.38 g/t Au from 53 metres (incl. 2.9 metres at 8.9 g/t Au from 53 metres), and 2 metres at 11.1 g/t Au from 64 metres (incl. 1

metre at 13.6 g/t Au from 64 metres).

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Figure 4: Detailed assays for CRD351 mineralised zone

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:

Sam Pazuki - Managing Director & CEO	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). 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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