Board Change • May 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Technical Director & Executive Director Pascal Blampain was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • May 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$15m free cash flow). Earnings have declined by 48% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Market cap is less than US$100m (AU$84.5m market cap, or US$61.3m). Board Change • May 01
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Technical Director & Executive Director Pascal Blampain was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Dec 24
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Technical Director & Executive Director Pascal Blampain was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 09
Matsa Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million. Matsa Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 10 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 100,000,000
Price\Range: AUD 0.1
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 03
Matsa Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 10 million. Matsa Resources Limited has filed a Follow-on Equity Offering in the amount of AUD 10 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 100,000,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Oct 01
Matsa Resources Limited, Annual General Meeting, Nov 26, 2025 Matsa Resources Limited, Annual General Meeting, Nov 26, 2025. Board Change • Aug 18
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Technical Director & Executive Director Pascal Blampain was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Feb 11
Patronus Resources Limited (ASX:PTN) proposed to acquire an additional 80.43% stake in Matsa Resources Limited (ASX:MAT) from Paul Poli, Pacal Blampain, Andrew Chapman, Bulletin Resources Limited (ASX:BNR) and WACC Pty Ltd ATF Flagship Fund for AUD 26.5 million. Patronus Resources Limited (ASX:PTN) proposed to acquire an additional 80.43% stake in Matsa Resources Limited (ASX:MAT) from Paul Poli, Pacal Blampain, Andrew Chapman, Bulletin Resources Limited (ASX:BNR) and WACC Pty Ltd ATF Flagship Fund for AUD 26.5 million on February 10, 2025. A cash consideration valued at AUD 0.045 per share will be paid by Patronus Resources Limited. Upon completion, Patronus Resources Limited will own 83.22% stake in Matsa Resources Limited. The transaction will be financed through own resources. If Patronus becomes entitled to compulsorily acquire Your Matsa Shares, it does not currently intend to proceed with the compulsory acquisition which means Matsa may remain listed on the ASX.
The expected completion of the transaction is March 24, 2025.
Sternship Advisers Pty Ltd. acted as financial advisor for Patronus Resources Limited. Blackwall Legal LLP acted as legal advisor for Patronus Resources Limited. Thomson Geer acted as legal advisor for Matsa Resources Limited. Board Change • Feb 04
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Technical Director & Executive Director Pascal Blampain was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Jan 30
Matsa Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.129798 million. Matsa Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 3.129798 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 82,363,105
Price\Range: AUD 0.038
Transaction Features: Subsequent Direct Listing Board Change • Dec 24
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (3 non-independent directors). Technical Director & Executive Director Pascal Blampain was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Oct 29
Matsa Resources Limited has completed a Derivatives Offering in the amount of AUD 0.260035 million. Matsa Resources Limited has completed a Derivatives Offering in the amount of AUD 0.260035 million.
Security Name: Loyalty Options
Security Type: Equity Option
Securities Offered: 130,017,500
Price\Range: AUD 0.002
Discount Per Security: AUD 0.00012
Transaction Features: Rights Offering Announcement • Oct 09
Matsa Resources Limited has announced a Derivatives Offering in the amount of AUD 0.325044 million. Matsa Resources Limited has announced a Derivatives Offering in the amount of AUD 0.325044 million.
Security Name: Loyalty Options
Security Type: Equity Option
Securities Offered: 130,017,500
Price\Range: AUD 0.0025
Discount Per Security: AUD 0.00015
Transaction Features: Rights Offering Announcement • Sep 16
Matsa Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.374233 million. Matsa Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.374233 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 84,794,022
Price\Range: AUD 0.028
Transaction Features: Subsequent Direct Listing Announcement • Apr 30
Matsa Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.149533 million. Matsa Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 2.149533 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 71,651,105
Price\Range: AUD 0.03
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Mar 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$5.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$5.3m free cash flow). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.4m market cap, or US$8.80m). Minor Risk Shareholders have been diluted in the past year (16% increase in shares outstanding). Announcement • Sep 20
Matsa Resources Limited, Annual General Meeting, Oct 03, 2023 Matsa Resources Limited, Annual General Meeting, Oct 03, 2023. New Risk • Aug 31
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 17% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (17% increase in shares outstanding). Market cap is less than US$100m (AU$17.7m market cap, or US$11.5m). Announcement • Jan 12
Matsa Resources Limited Announces Commencement of RC Drilling at Fortitude North - Lake Carey Matsa Resources Limited reported that drilling has recommenced at the Fortitude North prospect at Lake Carey. This focussed RC drilling of an initial 3,310 metres program will target shallow, high-grade gold mineralisation identified and modelled through recent drilling and is aimed at providing sufficient drilling to establish a maiden resource for the northern portion of the prospect. First assay results from this drilling are expected late in the March 2023 quarter and will be released on an ongoing basis. Board Change • Nov 18
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Technical Director & Executive Director Pascal Blampain was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 18
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Executive Director Pascal Blampain was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Executive Director Pascal Blampain was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 01
Full year 2021 earnings released: AU$0.036 loss per share (vs AU$0.025 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: AU$8.39m (down 25% from FY 2020). Net loss: AU$9.66m (loss widened 84% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 25% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 02
Full year earnings released - AU$0.025 loss per share Over the last 12 months the company has reported total losses of AU$5.24m, with losses widening by 5.5% from the prior year. Total revenue was AU$11.3m over the last 12 months, down 4.7% from the prior year. 
