What Matsa Resources does

Matsa Resources Limited (ASX: MAT) is a West Australian gold producer and multi-commodity explorer headquartered in Perth with a regional office in Bangkok. The company operates a portfolio of gold mining and exploration assets within the 450km² Lake Carey Gold Project in the West Australian Goldfields, anchored by the high-grade Devon Pit Gold Mine (309kt @ 4.6g/t Au), the underground Red October Gold Mine (244koz @ 5.6g/t Au), the Fortitude Stage 2 open pit (58,100oz reserve, 489,000oz resource), and the Fortitude North exploration target (643koz to 1.85Moz). Across Lake Carey the company holds a 936,000 oz Au global mineral resource, with Devon producing on a 50,000t batch campaign basis since mid-2025 and achieving maiden gold pour in September 2025.

Beyond gold, Matsa maintains a 1,744km² footprint across Thailand covering 1,160km² of lithium-prospective ground (Kanchanaburi, Phang Nga, Ratchaburi) targeting lepidolite and polylithionite deposits, and 584km² of base metals ground in the Loei Fold Belt. The Thailand lithium pathway was validated by Yongxing Special Materials extracting above 95% lithium recoveries from Matsa's lepidolite samples in Jiangxi, China. The company also holds a 20% interest in the Lake Rebecca JV with Bulletin Resources and the Symons Hill JV with IGO.

Matsa generates revenue through direct gold sales at market prices from Devon Pit production, with ore processed under a toll milling agreement with FMR Investments' Greenfields Mill and mining executed by Blue Cap Mining. Revenue mechanics are commodity-driven with no disclosed offtake contracts, making the company dependent on a single producing mine and prevailing AUD gold prices during the current campaign. Capital is raised through ASX-listed equity, including an A$260,035 underwritten rights issue in October 2024 underwritten by Westar Capital Limited.

Name

Matsa Resources

Legal name

Matsa Resources Limited

Website

https://matsa.com.au

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Matsa Resources is an ASX-listed (MAT) West Australian gold producer operating the high-grade Devon Pit Gold Mine within the Lake Carey Gold Project (936koz Au resource), with a multi-commodity exploration portfolio spanning Thailand lithium and base metals assets. Revenue is generated through direct gold sales from production campaigns.

Ownership category

akta.pro rank

Product category

Gold Mining

NAICS

Gold Ore and Silver Ore Mining (21222), Gold Ore and Silver Ore Mining (212220)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industry

Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

Keywords

• Gold mining operations
• Gold exploration
• Lithium exploration
• Mineral resources
• Open pit mining

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Production and Sales: Primary revenue stream from mining and selling gold. Devon Pit Gold Mine produces gold through sequential mining campaigns with ore hauled and processed on 50,000t batch campaign basis. Gold sold at market prices.
2. Gold Exploration and Development: Exploration activities to grow mineral resources and reserves at Lake Carey Gold Project and Thailand lithium assets, supporting long-term production growth.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Matsa Resources is a West Australian gold producer that extracts and sells gold from its mining operations, with primary production from the Devon Pit Gold Mine within the Lake Carey Gold Project. Ore is processed via a Toll Milling Agreement at FMR's Greenfields Mill and refined gold is sold directly to market. The company also holds a portfolio of exploration assets including the Red October underground gold mine, Fortitude Stage 2 gold mine, Fortitude North exploration target, and Thailand-based lithium and base metals projects.

Product overview

Matsa Resources is a West Australian gold producer operating a portfolio of mining and exploration assets. The core offering comprises four gold operations within the Lake Carey Gold Project: the Devon Pit Gold Mine (near-surface open pit), Red October Gold Mine (high-grade underground), Fortitude Stage 2 Gold Mine (open pit), and Fortitude North Gold Project (greenfields exploration). The company also holds Thailand-based lithium and base metals exploration projects. These assets work together to deliver near-term gold production cashflow while funding exploration growth across the broader Lake Carey landholding.

Differentiator

Problem solved

Functional benefit

Products and services

• Devon Pit Gold Mine A high-grade, near-surface open pit gold mine operating as Matsa Resources' flagship production asset within the Lake Carey Gold Camp in Western Australia. The mine is structured as a short-term campaign-based operation mining approximately 309kt @ 4.6g/t Au reserve, with ore processed via toll milling agreement at FMR's Greenfields Mill and total ore production estimated at 40,000oz Au over 18 months (mid-2025 to end-2026).
• Red October Gold Mine A complex structurally controlled narrow vein high-grade underground gold deposit located in the Laverton Greenstone Belt in Western Australia, with a JORC resource of 244,000oz @ 5.6g/t Au. Part of Matsa's Lake Carey Gold Project portfolio of future production assets.
• Fortitude Stage 2 Gold Mine An open pit gold mining operation located 220km northeast of Kalgoorlie-Boulder in Western Australia with a JORC 2012 compliant Reserve of 58,100oz and Resource of 489,000oz of contained gold. Projected to produce 132,000oz over 4 years with operating cash surplus of A$95M based on A$2,400/oz gold price.
• Fortitude North Gold Project A greenfields gold exploration discovery within the Lake Carey Gold Project comprising a 1.7km long mineralised zone with exploration target ranging between 10Mt @ 2g/t Au for 643koz and 23Mt @ 2.5g/t Au for 1.85Moz, remaining open along strike and depth.
• Thailand Lithium Projects Lithium exploration assets in Thailand covering 1,160km² with lepidolite discoveries at Kanchanaburi and Phang Nga, and polylithionite discoveries at Kanchanaburi and Ratchaburi. Includes the Rose Panther, Pink Panther, Black Panther, and Spotted Panther prospects with lepidolite processing testwork achieving above 95% lithium recoveries.
• Thailand Base Metals Projects Exploration assets prospective for gold and base metals (copper, lead) in Thailand covering 584km² in the Loei Fold Belt, including the Thali High Grade Silver-Lead Project, Chang Copper Project, and Siam Copper Project.

Quantifiable outcome

• 936,000 oz Au global mineral resource
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Yongxing Special Materials Co. LtdcoreStrategic or Co-development Partner · 1 March 2023Successfully extracted lithium from Matsa's Pink Panther and Rose Panther lepidolite samples at their commercial mining operation and processing facilities in Jiangxi province, southern China. Achieved above 95% lithium recoveries. Discussions ongoing for potential arrangements and cooperative exploration and development.
• Blue Cap Mining (BCM)coreImplementation/ SI/ Consulting PartnerDesignated development and operations contractor for Devon Pit Gold Mine with vast experience in open pit mines including projects with similarities to the Devon Mine.
• FMR Investments Pty Ltd (FMR)coreChannel Partner/ Reseller/ DistributorFormal Toll Milling Agreement (TMA) for treatment of gold ore extracted from Devon Pit Gold Mine at FMR's Greenfields Mill located 3km east of Coolgardie.
• Bulletin Resources Limited (BNR)minorStrategic or Co-development PartnerJoint venture partner at Lake Rebecca project where Matsa holds 20% interest (BNR 80%).

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Ramelius Resources: Ramelius Resources is a mid-tier Australian gold producer with operations including Mt Magnet, Edna May, and the recently consolidated King of the Hills mine. As a larger player with broader geographic and operational scope, Ramelius sets the relevant scale and cost benchmark Matsa is aspiring toward within WA gold.
• Westgold Resources: Westgold Resources is a mid-tier Western Australian gold producer operating multiple mines across the Goldfields, including the Tuckabianna, Fortnum, and Higginsville operations. As a larger established producer in the same WA goldfields region, Westgold competes for capital, infrastructure and skilled labour with Matsa's Lake Carey and Devon operations.

Direct peers

• Capricorn Metals: Capricorn Metals operates the Mt Gibson gold mine in Western Australia and is developing the Karlawinda gold project. As a small-mid WA gold producer focused on a single flagship operation, Capricorn's asset profile and scale closely mirror Matsa's Devon-driven production model.
• Red 5 Limited: Red 5 Limited is a Western Australian gold producer operating the King of the Hills mine in the Eastern Goldfields. With a comparable scale and WA-focused production profile, Red 5 represents one of the closest direct sub-mid-tier peer comparables to Matsa.
• Calidus Resources: Calidus Resources is a Western Australian gold developer and producer operating the Warrawoona gold project in the Pilbara region. As a similar early-stage to mid-stage WA gold producer with comparable resource scale and capex profile, Calidus is a relevant direct peer for benchmarking.
• Silver Lake Resources: Silver Lake Resources is a small-mid cap Western Australian gold producer focused on the Mt Monger-Mt Belches operations in the Eastern Goldfields. Matsa Executive Director Pascal Blampain previously held senior geology roles at Silver Lake, indicating direct technical and asset overlap in WA gold geology.
• Pan Asia Metals: Pan Asia Metals is an ASX-listed exploration company focused on lithium projects in Thailand, including lepidolite-style deposits in similar geological provinces to Matsa's Kanchanaburi and Phang Nga tenements. Pan Asia is the most directly comparable lithium peer for Matsa's Thai lithium portfolio.

Others

• Bulletin Resources: Bulletin Resources is an ASX-listed junior exploration company that is Matsa's joint venture partner (80% BNR / 20% Matsa) at the Lake Rebecca gold project in Western Australia. Bulletin is an ecosystem/partner comparable rather than a competitor but is directly relevant to Matsa's exploration pipeline.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/matsa-resources-limited
• Xx.com/matsaresources

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Matsa Resources