Matsa Resources Posts $28.74M Gold Sales, 4,074 Ounces Produced in Campaign 2
Matsa Resources has reported a strong finish to Campaign 2 at its Devon Pit Gold Mine, doubling gold production and generating nearly $29 million in sales. Campaign 3 mining is now underway, signalling continued momentum.
- Campaign 2 gold sales reach $28.74 million
- Gold production doubles to 4,074 ounces with improved grade and recovery
- Average gold price rises to $7,054 per ounce
- Mining for Campaign 3 underway, processing to start late May
- Company holds $18.59 million in cash reserves
Campaign 2 Delivers Strong Results
Matsa Resources Limited has announced the final results from Campaign 2 at its Devon Pit Gold Mine, revealing a marked improvement over the previous campaign. The company produced 4,074 ounces of gold from 51,562 dry tonnes processed, generating $28.74 million in sales at an average price of $7,054 per ounce. This represents more than double the gold output and sales revenue compared to Campaign 1.
The improved outcome is attributed to a higher reconciled head grade of 2.86 grams per tonne and an increased recovery rate of 86.16%, both of which contributed positively to the final figures. Campaign 2 ran for 19 days in January 2026, with the final reconciliation completed in early March.
Operational Confidence Builds
Executive Chairman Paul Poli expressed satisfaction with the results, highlighting that a better understood orebody and enhanced mining performance have boosted confidence in the project’s future. "A stronger gold price coupled with improved grades and recoveries have led to the generation of approximately $29 million in gold sales," Poli said.
These results not only reflect operational improvements but also suggest that Matsa is effectively leveraging its processing facility at FMR Greenfields. The company’s cash position remains healthy at $18.59 million, providing a solid financial foundation for upcoming activities.
Looking Ahead to Campaign 3
Mining for Campaign 3 is already underway, with processing scheduled to commence on 28 May 2026 and expected to run for around 13 days. The positive momentum from Campaign 2 sets a promising stage for this next phase, as Matsa aims to sustain or improve upon its recent performance.
While the company has not provided explicit guidance on future production or costs, the improved metrics and strong cash reserves position Matsa well to navigate the typical risks associated with gold mining, including price fluctuations and operational challenges.
Bottom Line?
With Campaign 3 underway, Matsa’s ability to maintain its improved production metrics will be key to sustaining investor confidence.
Questions in the middle?
- Will Campaign 3 match or exceed the improved grades and recovery rates seen in Campaign 2?
- How will fluctuations in the gold price impact Matsa’s revenue and profitability going forward?
- What operational challenges might arise as mining progresses deeper into the Devon Pit orebody?
