Matsa Resources Limited (“Matsa”, “Company”) advises that it has executed a formal binding profitsharing Joint Venture Agreement (“JVA”) with Linden Gold Alliance Limited (“Linden”), in respect of a joint venture over the Devon Gold Pit.

Under the terms of the JVA, Linden is now required to pay Matsa $3,900,000 as a non-recourse prepayment within 4 weeks of the execution date of the formal JVA, being no later than 9 December 2022.

In June 2021, the results of Matsa’s mining studies for the Devon Pit indicated a positive surplus of $40M under a Matsa owned and operated processing plant scenario. Linden has advised that they have completed additional scoping work on a pit restart including diamond infill drilling and further pit optimisations. Linden will complete a Definitive Feasibility Study on the Devon Pit restart with resource infill and expansion drilling to commence imminently, subject to approval from the JV committee. Matsa looks forward to updating the market as results come to hand.