Mr. Donato Sferra reports

MATADOR TECHNOLOGIES FILES QUARTERLY ATM PROGRAM REPORT DETAILING $1.1 MILLION IN GROSS PROCEEDS AND $2.3 MILLION RAISED SINCE PROGRAM INCEPTION

Matador Technologies Inc. has filed its quarterly report on activity under its market equity program for the reporting period from May 1, 2026, to July 31, 2026.

Quarterly ATM program activity

Over the reporting period, the company issued an aggregate of 18,102,400 common shares under the ATM program at an average issue price of 3.98 cents per share, producing gross proceeds of $1,068,515.58. Following agent commissions of $26,712.89, net proceeds to the company for the period were $1,041,802.69. No new insider or control person was created as a result of issuances under the ATM program during the reporting period.

Cumulative ATM program activity since inception

Since the ATM program commenced on Feb. 4, 2026, the company has issued a cumulative total of 33,510,400 common shares at a weighted-average issue price of 6.78 cents per share, generating aggregate gross proceeds of $2,270,639.27. Cumulative agent commissions total $56,765.98 and cumulative net proceeds to the company total $2,213,873.29. Aggregate gross proceeds raised to date represent approximately 7.6 per cent of the $30-million maximum available under the ATM program, leaving approximately $27.7-million of unutilized capacity.

The ATM program was established pursuant to an equity distribution agreement with ATB Cormark Capital Markets announced on Feb. 3, 2026. The ATM program permits the company to offer and sell common shares for aggregate gross proceeds of up to $30-million, with sales effected at prevailing market prices on the TSX Venture Exchange. The company retains complete discretion over the timing and volume of any sales made under the ATM program.

Capital deployment under the ATM program

Net proceeds raised under the ATM program are applied in furtherance of the company's bitcoin treasury strategy. Capital deployment under the ATM program supports bitcoin acquisition and, as a separate and independent use, the company's bitcoin yield generation strategy conducted in collaboration with Galaxy Digital Holdings Ltd. Neither use is conditional on the other, and Matador allocates between them as market conditions and treasury requirements warrant.

Pursuant to an ISDA agreement with Galaxy, Matador actively pursues bitcoin yield generation on its treasury holdings, principally through the systematic execution of covered calls, alongside other supplementary options and yield generation strategies facilitated by Galaxy.

Strategic context

The ATM program affords Matador a measured and opportunistic means of raising equity capital, permitting the company to convert fiat into bitcoin during periods it considers favourable while limiting dilution through disciplined, market responsive issuances. By pairing ATM program proceeds with the company's approach to digital asset treasury management, Matador continues to advance a capital cycle designed to: (i) accumulate bitcoin in a cost-efficient manner; (ii) finance the bitcoin yield generation strategy conducted with Galaxy; and (iii) manage the company's cost of capital through disciplined, market responsive issuance. The company's activity under the ATM program forms part of its broader participation across blockchain and digital assets infrastructure.

Donato Sferra, chief executive officer of Matador, commented: "Two full reporting periods of ATM activity now show what a disciplined capital program looks like in practice. We have raised over $2.2-million on a net basis since February and directed it into bitcoin and into our yield generation framework, without reaching for capital on terms we did not consider favourable."

Capital and financing framework

The ATM program operates under the company's $800million base shelf prospectus, in respect of which the Ontario Securities Commission issued a final receipt on Dec. 22, 2025. Taken together with the company's $100-million (U.S.) secured convertible note facility with ATW Partners, this framework provides Matador with programmatic agility to convert equity into bitcoin and strategic assets efficiently.

Matador may, from time to time, allocate available capital toward bitcoin purchases or other corporate purposes, depending on market conditions, regulatory requirements, the company's financial position and other factors. There can be no assurance as to the amount or timing of any future bitcoin purchases or other capital allocation decisions.

About Matador Technologies Inc.

Matador is a publicly traded bitcoin ecosystem company focused on holding bitcoin as its primary treasury asset and building products to enhance the bitcoin network. Matador's strategy combines strategic bitcoin accumulation, bitcoin native product development and digital asset treasury management, with active participation across blockchain and digital asset infrastructure, all with a focus on disciplined capital allocation and cost-efficient treasury management.

Matador has recently proposed to expand its global footprint by entering into an agreement to invest in Hodl Systems, one of India's first digital asset treasury companies, securing an up-to-24-per-cent ownership stake. This investment strengthens Matador's position as a leading bitcoin treasury company and underscores its commitment to the worldwide adoption of bitcoin as a reserve asset.

With a bitcoin first strategy and a clear focus on innovation, Matador is shaping the future of financial infrastructure on bitcoin.

We seek Safe Harbor.