Matsa Resources receives License to Take Water for Devon Pit Gold Mine

Matsa Resources Limited (ASX: $MAT) has been issued a License to Take Water from The Department of Water and Environmental Regulation for the dewatering and dust suppression activities at the Devon Pit Gold Mine. This license permits the commencement of dewatering and water usage in line with the operating strategy for the mining of the Devon Pit Gold Mine. The remaining regulatory approvals are expected to be received by 30 June 2024. Matsa and BML Ventures Pty Ltd expect to finalize the formal profit share agreement for the mining of the Devon Pit Gold Mine by the end of March 2024.

Executive Commentary on License Approval

The License to Take Water from The Department of Water and Environmental Regulation is a significant milestone for Matsa Resources Limited. It allows us to proceed with the planned dewatering and dust suppression activities at the Devon Pit Gold Mine, bringing us closer to the commencement of mining operations. We are also making progress towards finalizing the profit share agreement with BML Ventures Pty Ltd, and we look forward to providing further updates on approvals, feasibility, and mining studies results as they become available.

Summary of License Approval and Future Plans

Matsa Resources Limited has successfully obtained the License to Take Water for dewatering and dust suppression activities at the Devon Pit Gold Mine, marking a significant step towards the commencement of mining operations. The company anticipates receiving the remaining regulatory approvals by the end of H1 CY2024 and finalizing the profit share agreement with BML Ventures Pty Ltd by the end of March 2024. With a Mineral Resource Estimate of 467kt at 4.6g/t for 69koz Au at the Devon Pit Gold Mine, Matsa is targeting a near-term restart of the mine, leveraging the existing infrastructure in place. The company remains committed to providing further updates on approvals, feasibility, and mining studies results, demonstrating its dedication to advancing the Devon Pit Gold Mine project.