Matsa Resources Limited outline a new business strategy and strategic pathway centred on resource growth through a targeted exploration drive to support a proposed 100% Matsa owned, 600,000tpa treatment plant. The Matsa Board believes that the strategy of becoming a mid-tier gold producer through exploration and construction of Matsa's own gold-ore treatment plant will create significant shareholder value and appeal. As a result, the Board is committed to making the necessary changes to achieve this strategy. To deliver the strategy, Matsa will focus on: Growing the Company's resources and reserves to enable the construction and successful operation of a proposed 600,000tpa treatment plant; Commencing background works such as site location, environmental and permitting activities to expedite the Company's mining and processing objectives; Securing the funding to explore and unlock value from the Company's Lake Carey Gold project; Re-optimisation and mine designs at Fortitude and Devon and develop a robust long term mine plan at Red October through exploration, grade control drilling and mine designs; Key board and management appointments to be made to deliver the strategy. Matsa holds 503km2 of highly prospective ground at Lake Carey which is located in the prolific Laverton Tectonic zone (LTZ) with a regional gold endowment in excess of 20Moz hosting the Sunrise Dam, Granny Smith, Red October and Fortitude Gold Mines. The project hosts numerous historical workings that have not been adequately explored. Recent drilling results at Red October3, Devon4 and other prospects provides confidence that the Company's objective of building a sustainable resource base and become a mid-tier producer can be achieved through further exploration. A number of key prospect areas have been identified for comprehensive exploration work programs planned over 2021-2022. Recent drilling: Model updates are underway for Red October and Devon5 following the recent drilling completed by Matsa. A number of other prospects such as Gallant, which have historical shallow drilling with gold mineralisation, will also be updated to JORC 2012 compliance so that the Company can complete optimisation studies as well as undertake additional exploratory drilling. The Company recently announced results of drilling and an updated Resource for Red October. The drilling has highlighted the opportunity to find new gold occurrences at Red October and Matsa is committed to undertaking a significant exploration program within the mine. Drilling targets include the traditional mining areas such as the Marlin and ROSZ as well as the recently targeted Lion Fish, Dory & Nemo lodes. Drill drives are being prepared to enable underground drilling to the north and south of existing mine workings to test for mineralised extensions to the Lionfish, ROSZ and Marlin structures along strike. Infill drilling of the Dory, Nemo and other areas are expected to provide sufficient drill intercepts to enable model updates for these supplementary lode structures that are currently not in the resource. In addition to the above Exploration Target and stepping away from the main mine workings, two new large footprint targets have been identified parallel to the ROSZ, Marlin and Lion Fish lodes. The targets are the result of interpretation of seismic and SAM (Sub-Audio Magnetic) surveys where coincident geophysical responses are interpreted to represent significant structures. The two newly identified structures are located 250m east of the main workings and 350m to the west of the main workings respectively and provide considerable exploration potential in areas that have had limited drilling. Each one of these structures has the potential to significantly alter the outlook for Red October in terms of mining and development options.