Matrix Metals | Copper Production and Exploration

Rights Issue Completed & Debt Erased

Sep 9th 2002

The Directors of Matrix Metals Limited are pleased to announce the completion of its fully underwritten rights issue, which raised $8,252,732 by the issue of 183,394,054 shares at 4.5 cents per share (the "Issue"). The Issue was fully underwritten by Hartleys Limited. In addition, the completion of the Issue will also result in the $3.25 million debt owed to Constellation Copper Corporation (previously Summo Minerals Corporation) being converted to equity. The directors are delighted that Constellation agreed to convert the debt at a conversion price of 16 cents per share. Constellation also subscribed to $3 million of the Issue, and with the conversion of the debt, Constellation remains Matrix's major shareholder. The combination of the rights issue and debt conversion will result in total new equity of 11.5 million dollars being injected into the Company. The majority of the funds raised from the Issue will be applied to an aggressive exploration and pre-development program at the Company's Mt Cuthbert (incl Mt Watson) and White Range project areas. This will position Matrix to enhance shareholder returns by growing its oxide copper resource inventory at both Mt Cuthbert and the White Range Project. In so doing, this targeted growth of the resource inventory will provide the foundation for increasing the Company's production economies of scale, allowing for a profitable and sustainable long term copper production profile. A portion of the funds will also be applied to the final acquisition payment for the White Range Project, various statutory and acquisition related costs and for working capital purposes. Initial activities, have already commenced with a sampling and geological mapping program underway in the Mt Watson area. It is envisaged drilling will proceed upon completion of this program, estimated to be in early October 2002. Resource delineation drilling programs are scheduled to be carried out at both Mt Watson and White Range prior to the end of 2002 calendar year. The Directors take the opportunity to acknowledge the efforts of Hartleys Limited, corporate adviser to the Company, and underwriter to the Issue. The Directors would also like to extend a welcome to the new shareholders of the Company who have entered the share register through their respective sub-underwriting positions. These shareholders include a number of Australian Institutions and professional investors. Yours sincerely, Andrew Chapman Chief Executive Officer

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Exploration Re-commences at Mt Watson

Aug 20th 2002

Matrix Metals Limited is pleased to announce that after a period of office based interpretation and analysis work, exploration activities at the Mt Watson site have recommenced today. Initial field activities will include mapping and soil sampling of the strike extension areas that have been identified around the existing Mt Watson resource, with the aim of firming up the targets for the next round of scout and resource definition drilling. Particular focus will be given to the new mineralised zone directly to the south of Mt Watson that was identified in the successful March 2002 drilling program. Following this initial work, drilling at Mt Watson is programmed to commence following completion of the current Rights Issue. The initiation of this phase of the exploration program signifies the commencement of the concerted exploration effort to be undertaken by Matrix. Matrix is targeting to achieve a major increase in the Company's oxide copper resource inventory to facilitate a significant increase in the economies of scale at Mt Cuthbert. Yours sincerely, Andrew Chapman Chief Executive Officer

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Matrix Embarks on Significant Growth Program

Jul 18th 2002

Matrix Metals Limited today lodged a prospectus for a 2 for 1 renounceable pro rata offer to shareholders of 183,394,054 shares at an issue price of 4.5 cents per share, to raise in excess of $8 million (the "Issue"). The Issue is fully underwritten by Hartleys Limited. Summo Minerals Corporation, the Company's major shareholder will, following the Issue, convert its $3.25 million loan to Matrix into equity at a conversion price of 16 cents per share, leaving the Company debt free. Summo will also subscribe $3 million pursuant to the Issue. While Matrix has proven its ability to produce premium quality copper cathode from its Mt Cuthbert Operation, the project's relatively limited economy of scale, combined with the weak copper price, has resulted in the achievement of limited operational returns. Matrix has had to service significant debt and accordingly has had minimal funds to apply towards exploration and development activities. Matrix is delighted to announce that following the Issue it will commence an extensive and principally brownfields exploration program aimed at substantially increasing its oxide copper resources at Mt Watson and at other known copper deposits in the region. Achieving the resultant increase in resource inventory, and a simultaneous upgrade of the Mt Cuthbert plant, will allow the Company to significantly enhance the project's economics, targeting a profitable and sustainable long-term copper production profile. It is also intended that the funds raised will be applied to exploration and pre-development activities including finalising the feasibility study at the Company's White Range Project at a copper cathode production capacity greater than previously envisaged. Matrix's copper reserves are unhedged, and the Company is well positioned to take advantage of the anticipated upturn in the world copper price. Summo CEO Greg Hahn said today "Our initial investment in Matrix was based on our view that the Company had outstanding production capability and tremendous potential for growing its copper resources. Since that time our vision has been confirmed. We believe that Matrix will move to become a very significant mid-tier producer of copper cathode". Full details of the Issue are presented in the Prospectus, which will be dispatched to Shareholders on 6 August 2002. Yours sincerely, Andrew Chapman Chief Executive Officer

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Mt Watson Deposit 50% Increase In Eastern Zone Resource Tonnes "Measured Resource " Categorisation Achieved

May 9th 2002

Matrix Metals Limited is pleased to announce that the Reverse Circulation (RC) drilling program completed in March 2002 has resulted in the Eastern zone resource being increased to 1,000,000 tonnes @ 1.0% copper at a 0.5% cut off grade. This represent a 50% increase in the Eastern zone resource tonnes, which when combined with the other existing resources in the Western and Central zones, represents a 23% increase in total resource tonnes to: 1,600,000 tonnes @ 1.1% copper at a 0.5% cut off. The Western and Central resource zones are yet to be drill tested to the base of oxidation and hence the resource size and categorisation in these zones is as yet unchanged. As a measure of perspective on the resource, the 1,600,000 tonnes identified to date is now approximately equal to the total amount of ore tonnes that has been treated at Mt Cuthbert since the commissioning of the project in 1996. The Eastern zone resource, which was calculated by the Kriging Method, is now predominately (80%) categorised as Measured Resource achieving the prime aim of the March RC drilling program. A summary table of the Mt Watson resources is presented below: Mt Watson Deposit Summary Table of Resources Cutoff % Grade Tonnage tonnes Grade %Cu Measured 0.5 775,000 1.0% Indicated 0.5 470,000 1.0% Inferred 0.5 350,000 1.2% Total 0.5 1,600,000 1.1% The drilling program and subsequent analysis work has been successful in providing confirmation of the geological interpretation of the Eastern zone resource area. The resource is characterised by being continuous to the base of oxidation, continuous over its entire 500m length and indicating healthy mining widths of between 20 and 50 m. Oxide copper deposits, by definition are, in relative terms, shallow. The confirmation of the base of oxidation, and hence the bottom of the oxide portion of the ore-body at approximately 50 to 60 m, is typical of known oxide copper deposits in the region. In terms of the ongoing growth potential for oxide resources, the target is lateral (not depth) extensions to the mineralisation. To this extent, the current Mt Watson resource area and the greater Mt Watson region, now defined as the "Surprise Creek" area, is demonstrating robust potential for lateral extensions to the existing defined resource zones within the areas of mineralisation and mapped structure/strike extension totalling some 20 km. Demonstrating this potential, the current Eastern resource zone is open to the west, east and north. The Western and Central zones are open to west and east and possibly to the north. The recent RC drilling program recorded a strongly mineralised intersection in what is interpreted to be a parallel zone of mineralisation approximately 50m south of the current resource area. This new southern area is open in all directions. In addition, resource grade mineralisation has been identified in areas 500m east and 500m west of the resource area. Further, in the overall Mt Watson and Surprise Creek area, mapping has confirmed structure, mineralised strike and copper rich outcrop over a semi continuous 20 km length. It is therefore expected that ongoing exploration along this defined strike length will continue to grow the resource inventory in the Mt Watson and Surprise Creek area. Drilling programs are being finalised to further test the Eastern, Western and Central resource zones, to evaluate the immediate strike extensions to the current Resource area and to test the new southern parallel zone of mineralisation. Significant intersections recorded in the March 2002 RC drilling program (previously reported to ASX on 4 April 2002) that have resulted in the Resource upgrade being achieved, are presented on the following page: Mt Watson Deposit - March 2002 Drilling Program Highlighted Intersections MWDD01 15.8 m @ 1.70 % Copper from 0.0 m MWDD02 7.3 m @ 1.75 % Copper from 16.5 m MWDD03 16.3 m @ 3.34 % Copper from 1.5 m MWDD04 14.0 m @ 1.28 % Copper from 8.8 m MWRC01 10.0 m @ 1.27 % Copper from 16.0 m MWRC07 29.0 m @ 1.68 % Copper from 15.0 m MWRC11 19.0 m @ 1.92 % Copper from 5.0 m MWRC13 12.0 m @ 2.16 % Copper from 10.0 m MWRC13 10.0 m @ 1.21 % Copper from 28.0 m MWRC14 12.0 m @ 1.09 % Copper from 19.0 m MWRC15 12.0 m @ 1.15 % Copper from 15.0 m MWRC17 11.0 m @ 1.40 % Copper from 29.0 m MWRC19 6.0 m @ 3.04 % Copper from 43.0 m MWRC21 5.0 m @ 2.17 % Copper from 22.0 m MWRC22 8.0 m @ 1.15 % Copper from 22.0 m MWRC24 9.0 m @ 1.66 % Copper from 20.0 m MWRC24 11.0 m @ 1.10 % Copper from 35.0 m MWRC26 6.0 m @ 1.82 % Copper from 30.0 m MWRC27 10.0 m @ 1.10 % Copper from 1.0 m MWRC28 18.0 m @ 1.11 % Copper from 33.0 m MWRC29 22.0 m @ 1.44 % Copper from 16.0 m MWRC31 14.0 m @ 1.87 % Copper from 3.0 m MWRC32 11.0 m @ 1.00 % Copper from 37.0 m The Mt Watson Deposit is located 25 km from the Company's copper production facility at Mt Cuthbert in north-west Queensland. The Deposit is envisaged to provide an ongoing ore supply to the Mt Cuthbert production facility. Yours sincerely, Andrew Chapman Chief Executive Officer The geological information in this report is based on information compiled by the Company's Senior project Geologist, Mr Phil Frank and the Company's Operations Manager, Mr Bob Dennis both of whom are employees of Matrix Metals Limited. Messrs Frank and Dennis each have a minimum of 5 years experience in estimation, assessment of, and evaluation of Mineral Resources and Ore Reserves, which are relevant to the style of mineralisation under consideration.

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Mt Cuthbert Operation Production Upgrade Feasibility Study Commences

Feb 26th 2002

The Company is pleased to announce that a Feasibility Study for a production upgrade at the Company's Mt Cuthbert Operation has been commissioned. The decision to proceed with the Feasibility Study is based on the ongoing exploration success being achieved at the Mt Watson Deposit and the demonstrated potential for the resource inventory to continue to increase. It is envisaged that the Mt Watson Deposit will supply ore to the Mt Cuthbert plant on an ongoing basis, commencing late 2002 or early 2003. The Study will be conducted by engineering consultancy Sinclair Knight Merz (SKM) and will study upgrading the Mt Cuthbert production rate from its current nameplate capacity of 5,500 tonnes per annum (tpa), to approximately 8,500 tpa. This represents a 55% increase to the current production rate. Results of the Study are due to be received from SKM in April/May 2002. Yours sincerely, Andrew Chapman Chief Executive Officer The geological information in this report is based on information compiled by the Company's Senior project Geologist, Mr Phil Frank and the Company's Operations Manager, Mr Bob Dennis both of whom are employees of Matrix Metals Limited. Messrs Frank and Dennis each have a minimum of 5 years experience in estimation, assessment of, and evaluation of Mineral Resources and Ore Reserves, which are relevant to the style of mineralisation under consideration.

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Mt Watson Deposit Commencement Of Deep Drilling Program

Feb 18th 2002

The Company is pleased to announce the program of Reverse Circulation (RC) and diamond drilling at the Mt Watson Deposit commenced on Saturday 16 February 2002. The first deep hole completed over the weekend contained visible copper mineralisation over the entire length drilled. The objective of the RC component of the program is to test the depth extensions to the 1,100 m strike length of the current resource area. The depth of the holes will range from 50 m to 100 m. The previous two programs, which resulted in the current resource being estimated (1.3 million tonnes @ 1.3 % Cu), only tested the strike length to a vertical depth of 22 m. In addition to the RC drilling, the program will comprise four diamond drill holes to recover core to provide samples for metallurgical testwork and geotechnical evaluation purposes. The four diamond holes will range in depth from 30 to 40 m. The first drill hole in the program, being one of the diamond core holes, was completed over the weekend. The core from the hole contained visible copper (malachite and azurite) over the entire 34 m length of the hole. The hole finished in mineralisation at its target depth of 34 m. This result is highly significant in terms of the aims of the deep drilling program to confirm the depth extensions of the zones of resource grade mineralisation thus providing for further increases to the resource inventory at the Mt Watson Deposit. Details of the first drill hole completed are, 10100 E, 4940 N, Dip 60o, Azimuth 180 o and drilled to a depth of 34 m. Yours sincerely, Andrew Chapman Chief Executive Officer The geological information in this report is based on information compiled by the Company's Senior project Geologist, Mr Phil Frank and the Company's Operations Manager, Mr Bob Dennis both of whom are employees of Matrix Metals Limited. Messrs Frank and Dennis each have a minimum of 5 years experience in estimation, assessment of, and evaluation of Mineral Resources and Ore Reserves, which are relevant to the style of mineralisation under consideration.

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Mt Watson Prospect Further Extensions To Mineralised Zone Defined

Jan 31st 2002

The Company is pleased to announce the results from the scout-drilling that was the final phase of the December 2001 program. The scout program was designed to test structural and geological targets located significant distances along strike from the defined resource area. The drilling, to a maximum vertical depth of only 22metres, tested areas 650 metres to the west and 400 metres to the east of the resource area. This drilling has resulted in semi-continuous resource grade mineralisation now being identified over a total strike length of 2,300metres. The results are highly encouraging with anomalous levels of copper mineralisation recorded in 36 of the 46 holes, with 6 holes reporting intersections of resource grade mineralisation. As has been the trend with the previous drilling results, copper grades are increasing with depth. Continuous widths of mineralisation of 70 metres and 60 metres respectively were defined at the eastern and western areas. These results complete the remaining 46 holes of the 82 hole programme drilled in late December 2001. This drilling has defined new targets for future drilling and has also provided valuable geological information to assist with an interpretation of the overall Mt Watson prospect. In addition to the deep Reverse Circulation drilling program under the resource area scheduled to commence in February 2002, a drilling program to further test these new areas of mineralisation to the east and west of the resource area is now being designed. Mt Watson Prospect -Status Report The following summary of the overall status of the Mt Watson Prospect is provided for information: The December 2001 drilling program has resulted in the resource being increased by 55% to 1.3 million tonne @ 1.3 % Copper. Maximum vertical depth of drilling to date is only 22m. The resource area, which now extends over a strike length of 1,100m, remains open to the east, west and most significantly at depth. The scout-drilling program to the east and west of the resource area has resulted in resource grade mineralisation now being identified over a semi-continuous total strike length of 2,300m (which includes the 1,100m resource area). 36 of the 46 holes comprising the scout-drilling program reported strong anomalous copper mineralisation. Resource grade mineralisation was reported in 6 holes with continuous width of mineralisation of up to 70m defined. The program of Reverse Circulation drilling scheduled to commence in early February will test the depth extensions under the resource area down to 100m, targeting further increases to the resource inventory. Yours sincerely, Andrew Chapman Chief Executive Officer The geological information in this report is based on information compiled by the Company's Senior project Geologist, Mr Phil Frank and the Company's Operations Manager, Mr Bob Dennis both of whom are employees of Matrix Metals Limited. Messrs Frank and Dennis each have a minimum of 5 years experience in estimation, assessment of, and evaluation of Mineral Resources and Ore Reserves, which are relevant to the style of mineralisation under consideration.

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Mt Watson Prospect 55% Increase In Resource

Jan 23rd 2002

Matrix Metals Limited is pleased to announce a 55% increase in the copper resource at the Company's Mt Watson Prospect. The increased resource follows the drilling results announced on 15 January 2002 and now totals: 1.3 million tonnes @ 1.3 % copper, at 0.5% cut-off. The previous resource was 837,000t @ 1.3 % Copper. The resource is categorised as indicated and inferred and relates to holes drilled to a maximum vertical depth of only 22m. The Company considers this resource increase highly significant in terms of Mt Watson continuing to demonstrate quantified performance, together with offering uncapped potential for further resource increases. The resource area remains open to the east, west and at depth and now extends over a strike length of 1,100 metres. Diamond drilling during the late 1960's demonstrated oxidation extending to a depth of 90 metres below the surface. Malachite (copper carbonate) and native copper were observed in the core to this depth but the records indicate the samples were not assayed. This highlights the potential for discovering substantial resources below the 22 metres depth, drill tested by Matrix to date. A program of deeper reverse circulation and diamond drilling to test for depth extensions of the mineralisation down to 100m has been designed and is scheduled to commence in February 2002. This drilling is designed to provide the data to further increase the resource tonnes and to upgrade the resource to the measured and indicated categories and enable reserve estimations and pit design studies to be undertaken. Criteria applied to the current resource estimations are consistent with that used for the previous estimation detailed in an announcement dated 3 July 2001. RESOURCE TABLE Indicated Resource: Location Tonnes Copper Grade % Western Zone 332,000 1.1 Eastern Zone 546,000 1.5 Sub total 878,000 1.3 Inferred Resource: Location Tonnes Copper Grade % Western Zone 59,000 0.9 Central Zone 248,000 1.3 Eastern Zone 109,000 1.3 Sub total 416,000 1.2 Total 1,294,000 1.3 Yours sincerely, Andrew Chapman Chief Executive Officer The geological information in this report is based on information compiled by the Company's Senior project Geologist, Mr Phil Frank and the Company's Operations Manager, Mr Bob Dennis both of whom are employees of Matrix Metals Limited. Messrs Frank and Dennis each have a minimum of 5 years experience in estimation, assessment of, and evaluation of Mineral Resources and Ore Reserves, which are relevant to the style of mineralisation under consideration.

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Mt Watson Drilling Results Mineralised Strike Extended By 65%

Jan 15th 2002

Matrix Metals Limited is pleased to report the results of the first 36 holes from the 82 hole drilling program completed at the Mt Watson Prospect in late December 2001. The Mt Watson Prospect is located 25 km away from the Company's cathode copper production facility at Mt Cuthbert in north west Queensland. These initial results have extended the area containing resource grade intersections from 650 to approximately 1,100 metres of strike length. A resource upgrade is currently being estimated and will be reported when completed. Significant intercepts reported from the first 36 holes are: (Maximum hole depth 25.5 m) Table As summarised above, these results confirm extensions of strongly mineralised zones to the east and west of the existing resource area. The sections containing resource grade and width mineralisation have now been drilled from 9,350 m East to 10,425 m East on the local grid. The resulting new resource area will extend, with minor sub-resource grade/width intervals, for approximately 1.1 kilometres of strike length. Table 1.0 reports the drill hole location of the first 36 holes. Table 1.0 Results for the remaining 46 holes, which tested for mineralisation in areas 400m to the east and 650m to the west of the resource area, are due over the next week and will be reported when received. The total strike length tested by this, and the previous drilling campaign, now totals approximately 2.1 kilometres. Yours sincerely, Andrew Chapman Chief Executive Officer The geological information in this report is based on information compiled by the Company's Senior project Geologist, Mr Phil Frank and the Company's Operations Manager, Mr Bob Dennis both of whom are employees of Matrix Metals Limited. Messrs Frank and Dennis each have a minimum of 5 years experience in estimation, assessment of, and evaluation of Mineral Resources and Ore Reserves, which are relevant to the style of mineralisation under consideration.

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