Matsa Resources Limited announces mining agreement with BML Ventures Pty Ltd for Devon Pit Gold Mine

Matsa Resources Limited (ASX: $MAT) has entered into a binding Heads of Agreement with BML Ventures Pty Ltd for the mining of the Devon Pit Gold Mine. BML, a Kalgoorlie based mining contractor, will be responsible for managing and funding all mining activities, including capital and operating costs. The mining is anticipated to commence in the second half of 2024 with completion expected by late 2025. After the recovery of all costs, the profits will be split on a 50/50 basis between Matsa and BML. Formal agreement, mining schedules, feasibility, and cashflow studies are expected to be agreed upon within 21 days. Preliminary mining plans demonstrate a mine life of 9-10 months, with mining studies to be released upon completion and agreement between the parties.

Executive Commentary on the Mining Agreement

The binding Heads of Agreement with BML Ventures Pty Ltd marks a significant milestone for Matsa Resources Limited. This agreement allows us to leverage the expertise and funding capabilities of BML to advance the mining activities at the Devon Pit Gold Mine. We are confident in BML's track record and look forward to the commencement of mining later this year. The 50/50 profit split provides a fair and mutually beneficial arrangement for both parties, and we are committed to working closely with BML to ensure the successful execution of the mining project.

Summary of Mining Agreement and Outlook

Matsa Resources Limited's execution of the mining agreement with BML Ventures Pty Ltd for the Devon Pit Gold Mine signifies a strategic move towards realizing the commercial potential of the project. With BML's expertise and funding, the company aims to commence mining activities later this year, with a 50/50 profit split arrangement. The preliminary mining plans indicate a mine life of 9-10 months, and discussions with third-party processing plants are underway. Regulatory approvals for key environmental permits and mining are progressing, with anticipated completion in the first half of 2024. The company looks forward to providing further updates on approvals, feasibility, and mining studies as they progress, demonstrating its commitment to advancing the Devon Pit Gold Mine project.