# MAT - Matsa Resources



## YOUNG_TRADER (14 April 2009)

Hey guys, heres a real cheap goldie I found last week

code is MAT, formerly KAL

10c looks like bottom and there was a placement/cap raising just done at 10c so would think thats the floor, but in these mkts who knows, what is refreshing is unlike most goldies which have rallied 50% of their lows MAT is yet to run, perhaps that is due to a lack of coverage/awareness, perhaps it is due to the cap raising at 10c ie profit taking holding it back, perhaps its just because

Company has a rather largish gold resource (although low grade) in W.A. *26.5Mts@1.7g/t Au = 1.5M oz's Gold*

*at an EV of $15 - $30 oz Au = $22.5m - $45m
with 90m shares on issue = 25c - 50c value*

But thats on rough EV

company is looking to toll treat its ore, they have done scoping studies on 2 of the deposits and estimate profit to be *$27m - $50m (with cap ex of $2m) = 30c - 55c cash per share*

At 11c I think its a real sleeper and due for a bounce at the very least, but I could be wrong, I thinki any news of toll treatment etc being discussed will be the catalyst for a re-rating

thoughts etc appreciated


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## YOUNG_TRADER (14 April 2009)

Also been looking at the location of the deposit and it is surprisingly located in the southern past of the very golld rich  Eastern Goldfields region http://www.matsa.com.au/our-projects/norseman-gold.php

20kms to the North is Avoca Resources with its flagship Trident Gold project

http://www.avocaresources.com.au/images/projects/trident-map.gif

interestingly AVO has been buying up alot of the grounds surrounding its Trident deposit (ie the purchase of Challice Golds grounds)http://www.avocaresources.com.au/projects.php and today has made a tilt at Dioro Gold whose main assets are the Frogs Leg and South Kalgoorie gold deposits located to the North of AVO's operations http://www.dioro.com.au/Operations.aspx

Immediately next door to MAT's prjoect are the Bulleen and Harelquin Gold Mines

Harlequin is owned and operated by Noresman Gold Plc http://www.norsemangold.com/key-projects/norseman-project/mining/exploration-potential/


The point is on a first glance I thought that perhaps MAT's gold was in the middle of nowhere ie isolated etc but given its proximity to existing operations (especially Noresman Gold Plc's) and AVO's rationalisation of the area, MAT does look confusingly cheap


Not much cash though like $2.5m, then again they reckon with toll treatment they can get up and going with as little as $1M Cap Ex, not sure how believable that is


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## oldblue (14 April 2009)

Hi Y T

I'd love to think that you're right but my instinct tell me that MAT is a lost cause.
I once had 50,000 KAL, bought around 7c as a small spec on a promising low grade gold prospect. Following a quasi reverse takeover/re-organisation and a one for five share consolidation, that stake has shrunk considerably and the flow of encouraging news from the company has ceased, except to offer shares in an SPP at 10c - equivalent to 2c on the old basis.
I'm sceptical that a company which struggled in the good times can make a success of things in today's conditions. But as I said, I'd love to be proved wrong.


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## oldblue (14 April 2009)

Not much cash though like $@.5m, then again they reckon with toll treatment they can get up and going with as little as $1M Cap Ex, not sure how believable that is. QUOTE.

That cash figure won't take account of the recent SPP which closed recently.
On 3 April, company announced that $1,873,000 had been raised between the SPP and a private placement.


__________________


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## YOUNG_TRADER (14 April 2009)

Whoops was meant to be $2.5m cash little bit of an error there lol


Hmmmm interesting didn't fully follow the reverse take over etc 

It was the Scoping Studies of the high grade open pit resources at Mt Henry and North Scotia that got my interest,

I am not a big fan of the overall development at Noresman, I know that at current gold prices the NPV is like $200m but I am not a fan of the $70m-$80m Cap Ex

I much much prefer the High Grade Open Pit Toll Treatment development option

You gotta remember the gold price is alot higher in AUD terms than it was when mkts were good, but yeah I think Kenna said most of the directors were dealers as opposed to diggers which will present a problem for a mining operation


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## YOUNG_TRADER (18 April 2009)

Still very little interest in this goldie, think the company needs to do a roadshow or get broker coverage with a valuation or price target, but these days broker reports are only good for wipping your **** with, but it would be better than nothing I suppose

I still think this will get re-rated hard when the sign a toll treatment deal or even begin discussions, 11c - 16c = 50% 11c-22c = 100% not saying it will happen but just shows the upside and given the free cash flow from the high grade open pit operation could yield $27m - $50m= 30c - 55c there is plenty of upside with limited downside, though I could be wrong


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## oldblue (21 April 2009)

The announcement of the Scoping Study on 1 April contained too many conditions and provisos to generate much market excitement at this stage, IMO.
We need to see some definite plan of action with timelines.


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## YOUNG_TRADER (22 April 2009)

Agree completely which is why the stock is languishing near all time lows and near where the recent placement/SPP was done

But once they firm up plans for getting that gold out of the ground the upside potential will start to be reflected in MAT by hopefully share price appreciation.

With that in mind I prefer to buy now and wait for a possible re-rating as opposed to buy on the re-rating and pay up, but thats just me

In a high gold price environment where all other gold companies are up 50% off their lows its hard to imagine a company with *1.5Moz's of gold trading at an EV of $5oz located so close to infrastructure and operating mines*

I mean what is the finding/exploration cost per oz these days? $10 - $20an oz?


Time will tell


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## YOUNG_TRADER (1 May 2009)

Well I'm probably the only one following this unloved gold stock but I still like what I see as highlighted by the qtrly


North Scotia resource upgrade and scoping study
show $15-20 Million cash surplus potential with
average grades of 6.8 to 7.3g/t.
• Mt Henry – Near surface resource scoping study add
further projected cash surplus potential of $12-30
Million.


According to that study, the current gold price of approximately
A$1,300/oz indicates that the project is
capable of producing a cash surplus of A$300
million, equating to an *NPV of A$210 million*
at a discount rate of 10%.



Small Scale Mining Operations Studies
As mentioned, two further scoping studies have
been initiated by the Company in order to
establish the potential for high grade gold
mining operations, *utilising nearby milling
facilities.*At Mt Henry the mining study show that Nodes
1&2 can be developed in two scenarios, which
take into account two or more, milling
scenarios. The low cost estimates show the
potential for 560,000 tonnes at 2.8g/t for
50,000 ounces of production with cash costs of
$660 per ounce. The high cost study shows
260,000 tonnes at 3.2g/t for 25,000 ounces of
production with cash costs of $730 per ounce.
At North Scotia the results from the scoping
study show between 90,000 and 120,000
tonnes production within open pit
optimisations at average grades of 6.8 to 7.3g/t
with cash operating costs estimated in the
range of $570 to $610 per ounce.
The Company has estimated the *maximum
startup operational cash requirement to bring
the North Scotia Small Scale Mining operation
into production to be $1,000,000 *including
$350,000 capital expense and a similar scenario
for Mount Henry.


Planned Activities
Activities in the next quarter will primarily focus
on work required to bring the North Scotia and
Mt Henry resources into production and
*negotiate suitable terms for toll treatment at
third party facilities*. This work will include
drilling to confirm resources and provide
metallurgical and geotechnical information.
*Drilling activities commenced on the 21st of
April 2009*.


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## YOUNG_TRADER (1 May 2009)

Oh an almost forgot this bit



Finally, the Company has identified the
potential for both magnetite and hematite Iron
Ore within the Norseman project area and
intends to implement exploration to quantify
this as soon as possible. The presence of
extensive infrastructure in the region
significantly enhances the economic potential
should Iron Ore resources be defined.


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## Sean K (1 May 2009)

Hey LN, any idea what these 'nearby treatment facilities' and 'third parties' are. Where's the spare capcity? 

Looks to be respecting the .10 line pretty well. Accumulating there looks pretty safe, until it drops through...


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## oldblue (1 May 2009)

An encouraging report but still a long way to go to actually mining anything!
Talk of reviewing scoping studies and hiring consultants for amongst other things, preparing material for Notice of Intent to Mine, indicates to me that even the (possible)small scale mining operations are well in the future. How long does it take to get environmental approval?
I hope the company doesn't get blindsided by this iron ore business and spend money chasing that rainbow when the attention is supposed to be on gold.
Speaking of money, I see that almost $2m was raised in the quarter but cash only increased by $526k at quarter's end, ie over $1.4m spent in the period of which $559k went on "Administration". It won't be long before there is another cash call at that rate.


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## YOUNG_TRADER (1 May 2009)

kennas said:


> Hey LN, any idea what these 'nearby treatment facilities' and 'third parties' are. Where's the spare capcity?
> 
> Looks to be respecting the .10 line pretty well. Accumulating there looks pretty safe, until it drops through...




Hey Kenna, I already answered the question of where nearby treatment options are      (see below)

And yeah loos like 10c is being well respected as support

For me its just a matter of being patient and waiting for the boxes to get ticked

Old Blue agree completely but $1m cap ex aint much to get a $30M NPV Toll Treatment operation going, here's hoping   






YOUNG_TRADER said:


> Also been looking at the location of the deposit and it is surprisingly located in the southern past of the very golld rich  Eastern Goldfields region http://www.matsa.com.au/our-projects/norseman-gold.php
> 
> 20kms to the North is Avoca Resources with its flagship Trident Gold project
> 
> ...


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## Sean K (1 May 2009)

YOUNG_TRADER said:


> Hey Kenna, I already answered the question of where nearby treatment options are      (see below)



Ah, thanks LN. Good work. Sorry I missed that. 

They must have an incredibly small MC to oz au price, maybe the smallest in the game. AZM is on around $14 which is the smallest I know of, and hence why I hold. 

MAT have about 90m @ .11 = $9.9m / 1.5m oz au = $6.60 per ounce.

Bit of a disconnect on that part you'd think.


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## YOUNG_TRADER (1 May 2009)

All good Kenna, with the amount of rum under your belt I'm surprised you can read at all :

Yeah Its so freaking cheap on an EV/0Z basis, it makes much more sense for someone like Avoca or one of those international goldies nearby to just swallow them up as I'm sure the exploration cost of discovering an oz Au is much higher than that


Anyhoo while it maybe sometime till they get toll treatment going I can't help but wonder where the SP will be once they get there, *with a potential $30m - $50m Profit form the small scale NPV = 33c-55c all the way up to a total project NPV of $210m = $2.30* 

One would assume the closer they get to a production scenario the closer the SP will reach the potential profit scenarios, hence why I have bought now before the potential run up


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## johannlo (1 May 2009)

Kenna + young trader, I must admit you guys are schooling me big time with your analysis and number crunching. Its very educational indeed. Keep it up for the rest of us newbies!


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## YOUNG_TRADER (4 May 2009)

A little bit of interest in MAT today it seems,

Still ridiculously cheap IMO for the potential upside toll treatment could offer and support seems pretty strong at 10c both from placement/SPP point of view and trading/chart view

Lets see if it continues


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## YOUNG_TRADER (6 May 2009)

Just noticed MAT is up a little bit

Good to see volume/interest picking up, still cheap on an EV basis to its peers

Need to firm up the toll treatment to get this really moving


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## YOUNG_TRADER (19 May 2009)

Looks like its still stuck in that 10c-15c channel Kenna

Will take something special to get it going, an update about development options wouldn't go astray and would be welcomed by most 

C'mon guys got strike while the gold price is good and stays good


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## fureien (19 May 2009)

doesnt this count as a potential break out. have there been any news or indicators that they might strike soon. i mean its been a month already...


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## Sean K (20 May 2009)

YOUNG_TRADER said:


> Looks like its still stuck in that 10c-15c channel Kenna
> 
> Will take something special to get it going, an update about development options wouldn't go astray and would be welcomed by most
> 
> C'mon guys got strike while the gold price is good and stays good



Yeah, tracking sideways, and you're right, might take a surprise for them to break up, or a good run on POG through $1000 again. 

Will be a potential breakout closer to the top resistance line at 15c fureien.


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## fureien (20 May 2009)

haha sorry i keep getting confused guess i meant theres "potential" for a "potential breakout", if you know what i mean


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## maverick11 (25 May 2009)

I've been picking up a few of these lately - can't believe how cheap they are.  5 projects that are well positioned and a small market cap.  I have a feeling it will take a bit of attention for a re-rating though.  Either way, they are hoping to sink the bucket into the ground before the end of the year.  And some of the intersects are so shallow which is great for early cash flow and their IRR should be strong.  Hopefully they have engaged consultants for their sample pit design, I wonder if I can find that out.


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## oldblue (1 June 2009)

MAT SP making nice little gains these last few days. I guess it's just the PoG but it would be a good time for the company to come out with some firm development plans, or at least, as Young Trader has said, development options.


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## happytown (10 June 2009)

matsa ann out regarding the norseman (100% matsa) high grade feasability work at the mt henry and nth scotia deposits



> Feasibility work program on‐track for Mining approval before the end of 2009.
> 
> Metallurgical and in‐fill drilling program on Mount Henry Small Scale Mining operation completed.
> 
> ...



cheers


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## jman2007 (10 June 2009)

It would be interesting to know what haulage options are available to MAT, and how far the potential haulage would be. If a company constructs its own haul road(s), they are entitled to a substansial diesel rebate which they would not be eligible for using a public road. Plus there would be the local shire to contend with. 

A word of warning, miscellaneous licence applications for haul roads are a major, major obstacle to overcome, and involve in-depth flora and fauna surveys before the DMP would consider granting one. If MAT are lucky enough not to have to go through this process, then mining before the end of the year could be possible. If not, then imo their chances would be slim.


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## maverick11 (25 June 2009)

Y_T are you still holding?

Looks like this one is going to need some news on development to start heading north.


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## maverick11 (23 July 2009)

Not too many people seem to be following this one.

It's been creeping up slightly these last few days and I can't believe how cheap their market cap is.  Would be a cheap pickup for one of the large neighbouring goldies!  Mt Henry project requires no further drilling and they have had some very shallow intercepts in their core drilling.

I'm hanging in there for some development news and this one potentially breaking upwards.  They are supposedly on track for mining approval before the end of the year.


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## oldblue (23 July 2009)

maverick11 said:


> Not too many people seem to be following this one.
> 
> It's been creeping up slightly these last few days and I can't believe how cheap their market cap is.  Would be a cheap pickup for one of the large neighbouring goldies!  Mt Henry project requires no further drilling and they have had some very shallow intercepts in their core drilling.
> 
> I'm hanging in there for some development news and this one potentially breaking upwards.  They are supposedly on track for mining approval before the end of the year.




A small market cap isn't necessarily "cheap" but here's hoping!

June quarter report will be interesting, firstly in terms of progress made and secondly re finances. Another call on shareholders at this stage wouldn't be welcome, I imagine.


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## maverick11 (23 July 2009)

It is given what they have in the ground 

Cash will be interesting.  I hope they are progressing well.


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## maverick11 (23 July 2009)

What the hell's going on all of a sudden, volume and SP has really creeped up??

Surely it wouldn't be ASF members?


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## Sean K (27 July 2009)

Looks like a pretty outstanding breakout from that sidways movement. Something must be up here you'd think.


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## oldblue (27 July 2009)

An optimistic quarterly report coming up, I suspect!

Let's hope there's more to it than just optimism.


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## Whiskers (27 July 2009)

oldblue said:


> An optimistic quarterly report coming up, I suspect!
> 
> Let's hope there's more to it than just optimism.




Yes, there seems to be some urgency to get into production... but from my discussion with them earlier, I got the impression they were always confident they could improve resourse and grade at current prospects as well as having some other interesting highly regarded grass roots areas to develop later. 

Those higher grade shoots have not been well explored and could significantly improve the economics.


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## YOUNG_TRADER (29 July 2009)

I actually sold most of my MAT yesterday around the 20c level

I've been holding for ages since 10c-11c and well I just got sick and tired of waiting and hey 100% profit is nothing to scoff at

Still holding a few just in case


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## YOUNG_TRADER (12 August 2009)

Its nice to be right

I knew MAT was a safe entry around the 10c level and guessed it would probably get re-rated up well before any toll treatment deal was announced and it did to the tune of 100%

And now finally here's the toll treatment deal



YOUNG_TRADER said:


> Hey guys, heres a real cheap goldie I found last week
> 
> *At 11c I think its a real sleeper and due for a bounce at the very least, but I could be wrong, I thinki any news of toll treatment etc being discussed will be the catalyst for a re-rating*
> 
> thoughts etc appreciated






YOUNG_TRADER said:


> *I still think this will get re-rated hard when the sign a toll treatment deal or even begin discussions, 11c - 16c = 50% 11c-22c = 100% not saying it will happen but just shows the upside and given the free cash flow from the high grade open pit operation could yield $27m - $50m= 30c - 55c there is plenty of upside with limited downside, though I could be wrong*





Just having a bit of a gloat


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## oldblue (12 August 2009)

Congrats, YT! Well picked.

I'm still holding mine but that's more a matter of inertia than conviction.

I see that the Focus plant has yet to be commissioned. Where are we at with environmental approvals, roading/haulage arrangements/approvals ?


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## maverick11 (12 August 2009)

Looked like a few people in the know too I'd say, by the way it rocketed a couple weeks ago.


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## oldblue (30 August 2009)

I see that MAT's had a couple of good days on reasonably high volume.

Can we expect some more good news?


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## YOUNG_TRADER (31 August 2009)

I sold all my MAT last week, not for any other reason than the stock has done exactly what I wanted it to do

ie re-rate and give me a 100% return on my money so as hard as it was to not be greedy have banked those profits and moved on to other plays which present re-rate opportunities

ps someones keen to get some at 19c!


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## oldblue (2 September 2009)

MAT trading up at 24-25c on relatively high volume.

Stand by for some good news ? Possibly some confirmation/update on the milling agreement with Focus.


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## YOUNG_TRADER (2 September 2009)

YOUNG_TRADER said:


> I sold all my MAT last week, not for any other reason than the stock has done exactly what I wanted it to do
> 
> ie re-rate and give me a 100% return on my money so as hard as it was to not be greedy have banked those profits and moved on to other plays which present re-rate opportunities
> 
> ps someones keen to get some at 19c!




just gotta keep telling myself that 100% was a good return lol we always hate to leave some behind dont we


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## Whiskers (9 September 2009)

YOUNG_TRADER said:


> just gotta keep telling myself that 100% was a good return lol we always hate to leave some behind dont we




Yeah... I know the feeling YT. I got out of GCR when they broke 3.0... er that is I had a sell order from last Feb that I forgot to cancell and they went. A bit peeved at myself, but haven't bought back in yet. 

Holding on to this one for a bit longer yet though. All other things being equal, since it's close to production and it's economics improve exponentionally with the rise in gold, it should keep going up with the POG. 

Any further positive developments in terms of resource upgrades should give it an extra kick along.


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## oldblue (10 September 2009)

There was a positive update from Focus Minerals (FML) yesterday regarding the progress on refurbishing their Three Mile mill. MAT announced a few weeks ago that they were in negotiations with FML to treat ore from the North Scotia deposit at Three Mile starting early next year.

Let's hope that the good news rubs off on MAT's SP!


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## oldblue (16 November 2009)

There's been some strength in the MAT SP recently.

No announcement so I assume it's the PoG plus the fact that FML's Three Mike Hill plant is proceeding to schedule and that MAT expects to start producing in a few months time?


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## Whiskers (16 November 2009)

I sold about 1/4 of my holding last week... just in case I got it wrong and it back-tracked further.

Frowning a bit at about $400 lost profit... and I'm thinking looking at the charts it's probably got a little bit more to go in this leg up before having another breather.


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## oldblue (25 November 2009)

I see that FML is going to make a live webcast tomorrow.

MAT shareholders will be hoping that it will have good news about the commissioning of the Three Mile Hill mill which MAT are relying on to process their ore in the new year.


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## Whiskers (26 November 2009)

Now this is what I've been waiting for... ASX announcement just out. Summary below.

Some news about that WA gold ore processing agreement in the near future will set up a bright future here.


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## oldblue (26 November 2009)

So how significant is this announcement really?

MAT have secured some more ground in Thailand, only prospects at this stage, a lot of time and expense before anything is proved, let alone mined.

Personally, I'd be happier to see them concentrate on becoming a producing, profitable gold miner in the next year or so. Should be feasible if their W A deposits live up to their billing.


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## oldblue (26 November 2009)

It's a bit of a worry that things seem to have gone quiet on the Norseman front.

Nothing from either MAT or FML on the plan to use FML's Three Mile Hill mill to toll treat MAT ore early in the new year. On re-reading the August press release, I see that the option was with FML to conclude an agreement.

An update on this, or an alternative arrangement to get the Norseman deposits into production, would be of more interest than news of some future iron ore prospecting in Thailand.


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## Whiskers (26 November 2009)

Yes, I think they really need to kick-in some local processing asap, and I think there is a definite emphasis on that in their business plan, as they have expressed, it will give them further exploration capital (hopefully without having to go to the market to raise a lot of capital)... but they also have good contacts in SE Asia and recognise the potential there.

If the reports are correct, in their judgement any Fe deposits there have a cost advantage in that they are relatively short road or rail trips direct to steel mills. Inital reports seem to suggest good potential for high grade DSO and economic resources that may be developed quickly.

Throw in a bit more gold, copper etc by-product potential in the area and the prospects of MAT becoming a significant producer of Au and Fe and a dividend paying company maybe within a few years, escalates.

The bottom line for me is the directors seem pretty conservative in the information they present and are focusing on projects where they can get positive early cash flows before venturing into larger scale developments.


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## oldblue (30 November 2009)

I was a bit afraid that this would happen.

MAT announces a SPP at 25c and SP promptly drops 2.5c to 25.5c.

Funds required to progress the Norseman project, including a possible large scale operation some time down the track. Oh, and some cash needed for the Thailand prospects.

Ominously, the small scale Norseman project is now talked of as producing "next year". The previous time frame of "early 2010" seems to have slipped?


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## oldblue (1 December 2009)

The resignation of director Michael Atkins removes the last of the KAL era, although the new MAT team has been firmly in control since the merger/reverse takeover.

The jury's still out on them as far as I'm concerned. A more definite time plan to get the Norseman deposits into production would be a good sign.


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## oldblue (10 December 2009)

Executive Chairman Paul Poli has indicated his confidence ahead of the SPP, buying 255,000 shares at 27c to add to his holding of several million.

With the SP currently slipping a bit and markets and the PoG under a bit of pressure, the SPP at 25c may struggle to succeed.


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## Whiskers (11 December 2009)

Yes, the SPP closes on the 18th from memory. Still time for them to trot out some good news to generate some interest.

But I think what's needed now is for the AUD to drop off a bit more sooner rather than later, to offsett the fall in the USD POG and make the economics look better.

Still holding more than half of my original holding, but doubt I will bother with the SPP.


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## oldblue (18 December 2009)

And Paul Poli buys another 245k at 26c on market.

Showing confidence in the company or encouragment to support the SPP?

Either way, I think I'll let the SPP pass. A few other more attractive prospects out there at present, IMO.


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## oldblue (5 January 2010)

Looks like another bad decision of mine to pass up the SPP!

I'd like to see some announcement regarding finalisation of an agreement with FML for toll treating of MAT's ore. Oh, and an announcement from FML that the Three Mile Mill plant was commissioned on time last month wouldn't go amiss!


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## oldblue (7 January 2010)

oldblue said:


> Looks like another bad decision of mine to pass up the SPP!
> 
> I'd like to see some announcement regarding finalisation of an agreement with FML for toll treating of MAT's ore. Oh, and an announcement from FML that the Three Mile Mill plant was commissioned on time last month wouldn't go amiss!




A nice 13% increase in the MAT SP so far today!

Just the general effect of firmer prices for metals or could it be that an announcement is on its way?


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## Whiskers (7 January 2010)

Yeah, I passed on the SPP too, but I had already taken some profits in deciding to scale back my holding. 

Looking fairly strong up 4.5 cents at 39 cents today on reasonably low volume.


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## oldblue (18 January 2010)

FML have announced the first gold pour from the reburbished Three Mile Hill mill. Interview with the MD mentioned plans to toll treat other companies' ore as part of the process of ramping up to full production. Let's hope that MAT are included in these plans!


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## McCoy Pauley (29 January 2010)

Trading halt pending the announcement of a proposed capital raising.  Wonder how the market will react to a new capital raising about 5-6 weeks after the share purchase plan closed?


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## Whiskers (29 January 2010)

McCoy Pauley said:


> Trading halt pending the announcement of a proposed capital raising.  Wonder how the market will react to a new capital raising about 5-6 weeks after the share purchase plan closed?




Well, let's hope they have some agreement to start processing and the capital raising is to expedite that.

In light of the Chairmans comments in the Oct 09 Annual Report, (below) and comments last Dec that they had enough to advance the Norsman gold project, I'm guessing that it's either a ramping up of that gold processing plan or possibly to start evaluation of their iron ore projects either in Thialand or Aus.



> *The identification and implementation of a model for the development of small scale high grade mining opportunities
> which can be brought into production quickly *and provide immediate cash flow benefits to the Company. We are extremely
> pleased to have been able to quickly identify two opportunities for small scale mining on the Norseman tenements which
> when combined can deliver in excess of 40,000 ounces of gold during a 12 month period and produce healthy profits, even
> ...


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## oldblue (29 January 2010)

If it's anything other than the Norseman project I think I'll jump ship here.

This company is showing worrying signs of trying to become just a little too big, too quickly, for my liking. Today Norseman, tomorrow the World?


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## oldblue (2 February 2010)

Matsa to do a deal with a Chinese Group.

The SP has a jump so I've bailed out at almost evens. Not a bad result considering that at one stage I was staring down the barrel of a 75% loss.

Good luck to holders.


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## Whiskers (16 April 2010)

A big buy order (400,000) entered at .32 yesterday morning with only 1,598 taken up before others out bid at .325 and no volume in a hurry to sell.

Interesting to see what news develops in the next few days.


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## springhill (16 July 2012)

I am not across MAT but a research report lobbed in my inbox, so for those interested.
http://www.breakawayresearch.com/breakaway_research_matsa_resources_update

Key Points
● JV agreement at Mt Henry with Panoramic Resources provides cash injection for Matsa while retaining a 30% free carry through the BFS
● Liquid assets (cash + shares) now greater than current market cap
● Additional exploration potential at Mt Henry with drilling to commence imminently
● Nearby Dundas iron ore project has +300Mt potential
● Thailand projects provide longer term opportunities


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## springhill (31 July 2012)

*Matsa Accelerates Exploration in Response to Nova Discovery by Sirius Resources NL*

-Matsa’s Symons Hill application covers 96km² within two kilometres of Sirius Resources NL’s tenement containing the recently announced Nova Discovery. 
-The Nova discovery hole is reported close to a SSW trending fault (Symons Hill Fault) which can be seen in aeromagnetic data to extend into Matsa’s tenement. Matsa believes that this potential structural link is significant. -Matsa to commence exploration in proximity to the highly prospective Symons Hill Fault and other identified targets. 
-Matsa’s strong financial position will fund the aggressive Symons Hill exploration program.


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## burglar (31 July 2012)

springhill said:


> ... Matsa’s Symons Hill application covers 96km² within two kilometres of Sirius Resources NL’s tenement containing the recently announced Nova Discovery. ...




"Communist with knife and fork wishes to meet with a capitalist with steak and kidney pie!"


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## springhill (24 September 2013)

Keep an eye on MAT over the next week or so. As part of their cap raising it was mentioned project acquisition is on the cards, there may even be news from Symonds Hill.


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## springhill (25 September 2013)

MAT in trading halt pending release of results from Symonds Hill


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## springhill (26 September 2013)

Strong Nickel in Aircore Drilling at Symons Hill, Fraser Range

Highlights
Strongly anomalous nickel values received, up to 0.68% Ni within the 2km long SHG02 soil geochemical anomaly at Symons Hill Nickel rich saprolite and weathered gabbro at least 0.8km long and up to 300m wide intersected by recent aircore drilling
Nickel rich zone of interest open along strike and at depth and is partly coincident with ground EM conductor Plate3
Nickel values of similar tenor to reported early exploration results in weathered profile at Nova/Bollinger
Geology at SHG02 is interpreted to be favorable for associated nickel sulphide mineralisation at depth based on the Voisey’s Bay and Nova/Bollinger models
Diamond and RC and further aircore holes being planned as a result of this encouraging aircore programme
Matsa Resources Limited (“Matsa” or “the Company” ASX:MAT) advises that assay results from 71 first-pass aircore drill holes, which commenced on the 12th August 2013 have been received. These results relate to 10 lines of aircore drillholes for a total of 2,615m completed over soil geochemical targets SHG01, SHG02, SHG04 and SHG06


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## springhill (3 April 2014)

*New Nickel and Copper Anomalies at Symons Hill*
Highlights 

* 5 new bedrock Ni and Cu geochemical anomalies identified by aircore drilling, significantly increasing the opportunities for Ni-Cu sulphide mineralisation at Symons Hill. 
* MLEM survey underway to better define a potential deep conductor directly underlying previously announced strong Ni enrichment (up to 1.1% Ni) in weathered olivine metagabbro at SHG02. 
* 14,400m aircore drilling programme is 60% complete with 223 drillholes completed to date. 
* 3 new bedrock Ni and Cu anomalies (SHG07 – SHG09) which were not previously detected by soil sampling returned handheld XRF results as follows: 
 SHGO7 - Ni value of 669ppm Ni and 177ppm Cu 
 SHG08 - Ni value of 469ppm Ni and 165ppm Cu 
 SHG09 - Cu value of 243ppm Cu identified beneath transported cover north of SHG01. 

* 2 new bedrock Ni and Cu anomalies were discovered which coincide with soil geochemical targets SHG04 and SHG05 as follows: 
* SHGO4 – elevated Ni and Cu values in 7 drill holes (including coincident values of 598 ppm Ni and 445ppm Cu) identified in interpreted fold closure in metagabbro unit. 
* SHGO5 - elevated Cu values (maximum 359ppm Cu) in three drillholes at SHG05 on aircore lines spaced 400m apart 
* Ground EM surveys over VTEM targets VA1 and VA2 are complete with surveying underway at VTEM target VA15. Drill targets have been developed at VA1 and VA2. 
* Planning underway for deep drilling by integration of drilling results with detailed geophysical data (EM, Gravity and Aeromagnetics) 

Link to the latest MAT presentation.
http://www.asx.com.au/asxpdf/20140303/pdf/42n3ys1ftx67ch.pdf


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## springhill (8 May 2014)

MAT took a nice stroll from 22.5c up to 29.5c today, closing at 29c, on the back of the following;

*High Priority Nickel-Copper Target at SHG02 Symons Hill*
 Highlights 

- High priority Ni-Cu target identified with potential for sulphide mineralisation at SHG02 close to and along strike from 2 deep complex conductors (+350m depth), planning underway for immediate diamond drilling 
- Target directly beneath significantly enriched Ni (108m @ 0.27% Ni, 43ppm Cu) in unweathered olivine metagabbro which contains trace disseminated sulphides 
- Target also directly beneath strongly enriched Ni (12m @ 0.72% Ni, 108ppm Cu including values up to 1.08% Ni) in weathered olivine metagabbro 
- Target lies proximal to strongly enriched Ni values and 2 deep complex conductors 
- Scenario presents that the targeted chargeability anomaly at SHG02 may be a disseminated sulphide “halo” to massive sulphide mineralisation as described in the hanging wall at Nova-Bollinger 
- Ongoing assessment and reinterpretation of recent IP and MLTEM data in conjunction with drilling data continues

Matsa is very pleased to report that an IP anomaly has been identified directly below and coincident with strongly 
enriched Ni values at SHG02. The importance of this chargeability anomaly was highlighted by a detailed 
interpretation of MLTEM and IP surveys integrated with all other exploration work completed to date at SHG02. 

The significance of this interpretation can be summarised as follows: 
- The presence of IP and EM anomalies in association with strongly enriched Ni values has defined a high priority 
drill target at SHG02. 
- An 8 mV/V chargeability anomaly evident in the IP survey data may reflect the presence of disseminated 
sulphides (including Ni and Cu sulphides) at depth. 
- The anomaly is located directly below strongly Ni enriched aircore results including 1.2% Ni, 0.012% Cu, 
0.001% Co (SHAC117) in weathered olivine bearing metagabbro and high Ni values in bedrock including 108m 
@ 0.27% Ni, 0.004% Cu (SHRC06) accompanied by trace disseminated sulphides in unweathered olivine 
metagabbro in the 1.2km long SHG02 target zone. 
- If the source of the IP anomaly is disseminated sulphides then this significantly increases the potential for 
massive sulphides associated with complex conductivity responses directly along strike and at a similar depth 
at VA15 as recently announced. (MAT announcement to the ASX 28th April 2014)


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## springhill (12 May 2014)

*Second High Priority Nickel-Copper Target (SHG03) Symons Hill *

Highlights 

● A second Ni-Cu target identified at Symons Hill also with potential for sulphide mineralisation at SHG03, planning for immediate diamond drilling underway 
● Target directly beneath significantly enriched aircore Ni values (13m @ 1.52% Ni, 0.01% Cu, 0.04% Co) in weathered olivine metagabbro 
● Target is along strike of high RC Ni values (56m @ 0.39% Ni, 0.02% Cu) extending into unweathered olivine metagabbro 
● Similar to SHG02, the chargeability anomaly at SHG03 may be caused by disseminated sulphides including Ni-Cu sulphides


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## springhill (20 May 2014)

*Third New High Priority Nickel-Copper Target Symons Hill *

Highlights 

- A third high priority target at Symons Hill with potential for Ni-Cu sulphide mineralisation defined within the Gloucester Corridor. 
- 2 steeply east dipping conductor plates identified immediately adjacent to and along strike from strongly enriched Ni values at SHG11 at depths of 125m below surface to a depth of 800m, giving the target a depth extent of ~675. 
- High priority target lies within the Gloucester Corridor along strike from recently announced high aircore Ni values at SHG11. (4m @ 0.72% Ni, 0.026% Cu, 0.030% Co to BOH) 
- Diamond drilling is planned to test target at a depth of ~250m vertical depth below surface with provision for further target definition by downhole EM surveys.


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## Telamelo (22 June 2016)

MAT - nice bullish candle close on it's high @ .155c (+6.9%)
Stochastic Oscillator
%K(14,3): 80.0+ %D(3): 73.3+ 
RSI (14) : 50.0+

http://au.investing.com/equities/matsa-resources-ltd (shows most indicator's have turned bullish)

MAT has 144m shares on issue, holds cash, receivables and liquid assets of $9 million at end of March quarter & no debt. Top 20 hold about 52.15% of all shares on issue.

----------------------------------

21/06/16 Matsa Resources Limited (MAT) is pleased to announce that an Induced Polarisation (IP) survey has commenced today at the Killaloe project located 25km NW of Norseman. 

The survey will test 5 gold targets which lie within and adjacent to an interpreted structural/stratigraphic gold corridor extending to the SE from S2 Resources Ltd’s (ASX:S2R) Polar Bear gold project (Refer MAT ASX announcements dated 21st April 2016 and 25th May 2016).

The IP survey will be carried out in E63/1018 which is a joint venture project between Matsa Resources Ltd and Cullen Resources Ltd (MAT 80%, CUL 20%).

The survey is planned to cover 5 targets (Windy Hill, Cashel, Shinboner North, Shinboner South and Duke) where anomalous gold has been previously intersected in shallow drill holes.


● The gold potential at Killaloe was highlighted by recent announcements made by S2 Resources Ltd (S2R), of high grade gold intersections in their Polar Bear project adjoining the Killaloe project

● The IP survey will cover strongly anomalous gold values including 2m @ 6g/t Au in shallow drill holes, within and adjacent to an interpreted 20km extension of S2R’s Polar Bear gold corridor

● Audio-frequency magneto-telluric (AMT) data will be recovered to measure natural “telluric” signals and will form part of research and development to determine it’s potential to increase the effectiveness of the IP survey


Please dyor as always ....................  Cheers tela


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## Telamelo (27 June 2016)

27/06/16 Significant IP Results at Killaloe Gold Project!
● 2 significant Induced Polarisation (IP) anomalies identified along strike at the Duke Prospect within the Killaloe project, proximal to recent S2R Nanook discovery,

o Duke IP01 is located at a depth of ~30m to 50m
o Duke IP02 is located at a depth of ~100-150m.

● The IP Duke IPO1 anomaly at the Duke prospect is associated with known gold mineralisation at shallow depth >1g/t Au.

● The survey will now be extended to the south in order to fully define the Duke IP02 anomaly for immediate drilling.

● Only one line completed, a further four gold prospects to be tested under the IP survey following completion of the survey at Duke

Please DYOR ....................  Cheers tela


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## Telamelo (27 June 2016)

Telamelo said:


> 27/06/16 Significant IP Results at Killaloe Gold Project!
> ● 2 significant Induced Polarisation (IP) anomalies identified along strike at the Duke Prospect within the Killaloe project, proximal to recent S2R Nanook discovery,
> 
> o Duke IP01 is located at a depth of ~30m to 50m
> ...




strong close @ .165c (+17.86%) on gaining volume/momentum and with our aud gold price nudging $1,800oz this one could easily move north of .20c+ very quickly imo 

Cash and Liquid assets calc
Cash - $1,578,000 as of 31st March 2016
Expected spending is $988,000 this qtr leaving about $600,000 remaining

Assets
BNR - 174mil / 27.37% = 47,625,000 * 0.072 = $3,428,000
MLX – 4 mil shares * 1.43 = $5,720,000
PAN – 6mil shares * 0.12 = $720,000
PNR – 4.425mil shares * 0.125 = $555,000

Liquid Assets – 10.423mil and Cash 600k

Total Assets – 11mil

Please dyor as always........   Cheers tela


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## noirua (3 April 2017)

Matsa are in 'Trading Halt' for assay results at Lake Carey Gold Project.

Quite often, in fact very often, these gold assay results come in with Bonanza Results.  The market looks at them and scarcely moves the stock price. Par for the course.

Hopefully I'm wrong this time - I hold quite a lot of stock - however, not confident is the order of the day.


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## noirua (5 April 2017)

Gold results look to be only significant and no sign of the word Bonanza:  http://www.asx.com.au/asxpdf/20170405/pdf/43h9l4n9mg8n3n.pdf

Why they request a Trading Halt beats me on these occasions.


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## noirua (14 April 2017)

noirua said:


> Gold results look to be only significant and no sign of the word Bonanza:  http://www.asx.com.au/asxpdf/20170405/pdf/43h9l4n9mg8n3n.pdf
> 
> Why they request a Trading Halt beats me on these occasions.




And so it came to pass. The results proved quite ordinary and only a very big mine would prove to be profitable. So on we go hoping for excellent results. Matsa are a fairly good mining company and should come good one day.


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## noirua (20 May 2017)

Another Trading Halt concerning a progress update on the Lake Carey Project. To be released by next Wednesday. Hopefully better results this time to justify it. Or as pointed out, it could also be bad results to justify it. Crossing my fingers after a very long hold from about 44c a share.
http://www.asx.com.au/asxpdf/20170519/pdf/43jd1zjwpzm38y.pdf


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## noirua (23 May 2017)

Visible Gold in First Diamond Drill Hole BE 1 - 
Lake Carey Gold Project
http://www.asx.com.au/asxpdf/20170523/pdf/43jg1518v5tylr.pdf


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## Tumbarumba (1 February 2020)

Recent gold drill results and mining activity are excellent but have been ignored by the market. Also the recent acquisition of the 119 sq. km lease in the Fraser Ranges (nickel/copper) adjacent to existing outstanding finds should not be ignored, although its effect on the share price is likely to be later in the year.
My top tip.


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## The Triangle (18 March 2021)

Tumbarumba said:


> Recent gold drill results and mining activity are excellent but have been ignored by the market. Also the recent acquisition of the 119 sq. km lease in the Fraser Ranges (nickel/copper) adjacent to existing outstanding finds should not be ignored, although its effect on the share price is likely to be later in the year.
> My top tip.



Have been researching small gold players lately with the sharp drop in gold price.   MAT came up when I was looking at DCN - agree here some really good grades ignored by the market (must be a reason?).  Looks like they have lots of projects on the go, probably too many for such a small company?

Balance sheet not great, cash-flow and current ratio need to be much better and looks in dire need of a recapitalization.   Would have some interest if that happens.


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## Sean K (18 March 2021)

The Triangle said:


> some really good grades ignored by the market (must be a reason?).




Good grades, but not much gold.


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## barney (18 March 2021)

Never owned MAT but Paul Poli and Frank Sibbel (also Directors of BNR)  had a hand in the in speci deal with PNR many years back

MAT are still a major shareholder of BNR ( Recently sold down from 27% to 20% of the Co.) 

Paul and Co. swung a pretty good deal for we BNR shareholders back then so no complaints about that

With that said, I'm really glad the original deal with MAT taking over the Nicholson tenements from BNR did not eventuate

They seem to take a long time getting things to the home plate for some reason


On the flip side:

The current SP looks to be about as low as it should get

Only about *270 million SOI

Top 20* S/H's  own approx. *55%*

Realistically, it should not take a lot to get it moving.


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## The Triangle (31 March 2021)

barney said:


> Never owned MAT but Paul Poli and Frank Sibbel (also Directors of BNR)  had a hand in the in speci deal with PNR many years back
> 
> MAT are still a major shareholder of BNR ( Recently sold down from 27% to 20% of the Co.)
> 
> ...



I see a cap raising for 8 cents to generate 2 million has been announced and the SP is at 7.7- They've had good grade hits and its _not _got moving. That's the concern. I think it will take a lot to get moving.

Current ratio is 0.45, dropped from 0.8.  Take out exploration valuations, etc. and net assets is in the negatives.   There are plenty of similar MC juniors cashed up with 5+ million in minimal debt (I'm now looking at PRX and CAZ).


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## debtfree (5 April 2022)

MAT looks to be turning around a little with some showing interest and higher prices. Have they found a little Lithium on site.


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## The Triangle (4 October 2022)

Just was thinking about MAT while posting on BCN.

Only a few short days ago they released a statement suggesting their deal to sell leases had essentially fallen through and $4 million of debt was due end of November, now they have lithium bearing pegmatites in Thailand yet not a single grade is in the release?   A liquidity event for the recent capital raising maybe?   Should be interesting to see how they finish the day.


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## noirua (8 October 2022)

Matsa Resources (ASX:MAT) forms JV with Linden Gold Alliance for Devon, WA
					

Matsa Resources (ASX:MAT) is entering a joint venture with Linden Gold Alliance to advance the Devon project into production.




					themarketherald.com.au
				



Matsa Resources (MAT) has executed an indicative term sheet with Linden Gold Alliance to advance the Devon project in Western Australia.

The companies entered a sale and purchase agreement (SPA) in December last year for the sale of the Red October and Devon pits and associated tenements within Matsa’s broader Lake Carey project.


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