Mr. Deven Soni reports

MATADOR TECHNOLOGIES PROVIDES CORPORATE UPDATE HIGHLIGHTING ACCELERATED BITCOIN ACCUMULATION AND STRENGTHENED CAPITAL POSITION

Matador Technologies Inc. has highlighted progress across its core strategic pillars. Since its qualifying transaction less than one year ago, Matador has grown its bitcoin holdings, improved its balance sheet and expanded its market listings, all in support of its long-term objective of increasing bitcoin per share (BPS). These achievements support Matador's long-term objective to maximize bitcoin per share and, over time, target ownership of approximately 1 per cent of bitcoin's fixed 21-million-coin supply.

Key highlights

• Bitcoin treasury: Since the qualifying transaction (QT) on Dec. 10, 2024, Matador has completed 15 purchase transactions totaling approximately 155 bitcoin and now holds approximately 175 bitcoin (and bitcoin equivalents).
• Bitcoin per share (BPS): BPS (calculated as total bitcoin divided by basic shares outstanding) was approximately 0.0000002 BTC per share at the time of the QT and approximately 0.0000014 BTC per share as of Nov. 18, 2025.
• Capital and financing: Closed the first $10.5-million (U.S.) draw (Nov. 10, 2025) under a $100-million (U.S.) secured convertible note facility with ATW Partners; raised $7.6-million in equity capital this year; added new strategic investors including Arrington Capital and Bitcoin Opportunity Fund; and filed an amended and restated $500-million base shelf prospectus (Oct. 8, 2025).
• Market listings: Since its QT, Matador has gained OTCQB listing (March 18, 2025), DTC eligibility with a ticker change to MATAF (April 28, 2025) and Frankfurt Stock Exchange listing (June 3, 2025).
• Institutional infrastructure: Engaged BitGo Trust for bitcoin custody (Feb. 10, 2025) and joined MicroStrategy's Bitcoin for Corporations initiative (Jan. 10, 2025).
• Governance and outreach: Formed a strategic advisory board (June 9, 2025) and entered into agreements with third parties to assist with investor relations and marketing activities.

Bitcoin treasury expansion

At the time of the QT, Matador held approximately 20 bitcoin (and bitcoin equivalents) in its treasury. As of Nov. 18, 2025, the company holds approximately 175 bitcoin (and bitcoin equivalents), reflecting an increase of 767 per cent. Over this period, BPS changed from approximately 0.0000002 BTC per share at the time of the QT to approximately 0.0000014 BTC per share, representing an increase of approximately 558 per cent. BPS will fluctuate over time based on changes in bitcoin holdings, bitcoin prices and the number of shares outstanding.

With the formal closing of the $100-million (U.S.) secured convertible note facility with ATW Partners (Nov. 10, 2025), Matador has added long-term capacity for continued bitcoin allocation, subject to market conditions, liquidity and applicable approvals.

Strategic capital and financing progress

During the second quarter of 2025, Matador raised $7.6-million across three private placement tranches. These financings added several institutional investors to Matador's shareholder base, including Arrington Capital, Bitcoin Opportunity Fund and UTXO Management, alongside a $1.5-million investment by Arrington Capital on May 30, 2025.

On Oct. 8, 2025, the company filed an amended and restated $500-million preliminary base shelf prospectus, which, subject to regulatory approval, will give Matador a 25-month window to issue equity or debt in one or more tranches. Together with the ATW facility, the base shelf is intended to provide the company with potential access to capital that could be used for bitcoin purchases and general corporate purposes, subject to market conditions and regulatory and internal approvals.

Market listings and regulatory filings

Since completing its QT on Dec. 10, 2024, Matador has obtained the following market listings and related approvals:

• OTCQB listing: March 18, 2025;
• DTC eligibility and United States ticker change to MATAF: April 28, 2025;
• Frankfurt Stock Exchange listing: June 3, 2025.

Final approval of the company's change of business to a hybrid technology/investment issuer (July 2, 2025) formally positions bitcoin at the centre of Matador's corporate mandate. With listings on the TSX Venture Exchange (MATA), OTCQB (MATAF) and FSE (IU3), Matador now offers expanded trading access for global investors seeking exposure to a publicly traded bitcoin company. On Sept. 29, 2025, Matador confidentially submitted a draft registration statement on Form 20-F to the U.S. Securities and Exchange Commission in connection with its plan to pursue a listing on The Nasdaq Stock Market, which remains subject to SEC review and Nasdaq approval.

HODL systems update

Matador continues to support the progress of HODL Systems ahead of the launch of its digital-asset treasury strategy in India. HODL's management team is advancing regulatory and legal preparations, and Matador intends to consummate its proposed investment upon completion of required processes.

Infrastructure and governance enhancements

To support its bitcoin treasury operations:

• On Jan. 10, 2025, the company joined MicroStrategy's Bitcoin for Corporations initiative, a program that provides educational resources regarding corporate bitcoin treasury practices.
• On Feb. 10, 2025, Matador appointed BitGo Trust Company as custodian for all bitcoin reserves.

On June 9, 2025, the company established a strategic advisory board that includes David Bailey (founder of Nakamoto Inc., CEO of BTC Inc. and founder of Bitcoin Magazine) and David Forestell (chair of the Alcohol and Gaming Commission of Ontario and former executive at Barrick Gold). The company has also engaged third party service providers, including Alpha Nine Ventures, Outside The Box Capital, DroomDroom and Team Dyno, to assist with investor relations and marketing activities.

Deven Soni, chief executive officer

"On Nov. 10, 2025, we completed the initial $10.5-million (U.S.) draw under our $100-million (U.S.) facility. Together with purchases since the Dec. 10, 2024, qualifying transaction, we now hold approximately 175 BTC. We will evaluate additional allocations in light of bitcoin's price volatility, liquidity and applicable approvals, with a focus on increasing bitcoin per share over time."

Mark Moss, chief visionary officer

"Bitcoin is a volatile asset with evolving adoption. Our approach is to manage the treasury with a long-term view, hold assets in qualified custody at BitGo Trust, and deploy capital in measured steps."

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 Technologies 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 participation in digital asset infrastructure, with a focus on driving long-term shareholder value while maintaining capital efficiency.

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 up to a 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.