Mr. Deven Soni reports

MATADOR TECHNOLOGIES ACQUIRES 2 BITCOIN USING ATM PROGRAM PROCEEDS AND DEPLOYS HOLDINGS INTO YIELD GENERATION STRATEGY WITH GALAXY

Matador Technologies Inc. has acquired 2.0 bitcoin using proceeds from its $30-million at-the-market equity program (the ATM program), with the acquired bitcoin being allocated to the company's recently launched yield generation strategy in collaboration with Galaxy Digital Holdings Ltd.

Strategic bitcoin acquisition

The company acquired 2.0 bitcoin at an average price of approximately $74,906 (U.S.) per bitcoin, inclusive of fees and expenses. The acquisition was funded using proceeds raised under the ATM program, which was established pursuant to an equity distribution agreement with ATB Cormark Capital Markets announced on Feb. 3, 2026. Following this acquisition, the company holds approximately 168.2 bitcoin and 7.4 bitcoin equivalents, for a combined total of approximately 175.6 bitcoin and bitcoin equivalents. Bitcoin equivalents are calculated as the book value of the company's Satoshi assets divided by the underlying bitcoin price at the time of calculation.

The ATM program provides Matador with the flexibility to raise equity capital in a measured and opportunistic manner, enabling the company to convert fiat into bitcoin during periods it considers to be favourable, while minimizing dilution through disciplined, market-responsive issuances. Under the ATM program, the company may offer and sell common shares to raise aggregate gross proceeds of up to $30-million, with sales conducted at prevailing market prices on the TSX Venture Exchange. The company retains full discretion over the timing and volume of any sales under the ATM program.

Bitcoin per share update

The company remains focused on increasing bitcoin per share (BPS), which management considers a key operational metric in evaluating the company's bitcoin treasury strategy. BPS is calculated as the company's total bitcoin and bitcoin equivalents divided by the basic number of common shares outstanding.

Following the acquisition described above, the company holds approximately 175.6 bitcoin and bitcoin equivalents. Based on 118,617,101 common shares outstanding as of April 16, 2026, BPS stands at approximately 0.00000148 bitcoin per share. This represents an increase of approximately 101 per cent in BPS compared with approximately 0.00000074 bitcoin per share as at Oct. 31, 2025, the company's most recent audited fiscal year-end.

Over the same period, the company's total bitcoin and bitcoin equivalents holdings grew by approximately 122 per cent since fiscal year-end Oct. 31, 2025. The growth in BPS demonstrates that the company's accumulation strategy has outpaced share issuance over the measurement period, consistent with management's stated objective of maximizing bitcoin per share over time. BPS is not a measure of financial performance under IFRS (international financial reporting standards). Increases in BPS do not necessarily result in increased earnings, share price appreciation or returns to shareholders. BPS will fluctuate over time based on changes in bitcoin holdings, bitcoin prices and the number of shares outstanding.

Integration with bitcoin yield generation strategy

The newly acquired bitcoin is intended to be allocated to the company's bitcoin yield generation strategy, which was announced on March 31, 2026. Under an ISDA agreement with Galaxy, Matador actively generates yield on its treasury holdings primarily through the systematic execution of covered calls, alongside other supplementary options and yield generation strategies facilitated by Galaxy. The company has allocated up to 22.0 bitcoin to this initiative.

This acquisition demonstrates the strategic integration of Matador's capital markets infrastructure with its active treasury management approach. By deploying ATM proceeds into bitcoin and channelling those holdings into a yield-generating framework, the company is executing on a disciplined capital cycle designed to: (i) accumulate bitcoin in a cost-efficient manner; (ii) put those holdings to productive use through its yield strategy with Galaxy; and (iii) drive long-term shareholder value while maintaining capital efficiency.

Deven Soni, chairman and chief executive officer of Matador, commented: "This acquisition reflects our ability to move opportunistically, deploying capital raised through our ATM program directly into bitcoin during what we view as a favourable accumulation window. By immediately allocating these holdings into our yield generation strategy with Galaxy, we are ensuring that every bitcoin on our balance sheet is working toward enhancing returns for shareholders. This is the integrated treasury model in action: raise capital efficiently, acquire bitcoin strategically and generate yield systematically."

Mark Moss, chief visionary officer of Matador, added: "Our approach has always been to build a compounding treasury model around bitcoin. The ATM program gives us the flexibility to be patient and disciplined, and our partnership with Galaxy allows us to enhance the utility of our holdings without compromising our long-term positioning. As we continue to progress toward our target of 1,000 bitcoin in treasury, each acquisition is being deployed with a view to maximizing bitcoin per share over time."

Capital and financing framework

The ATM program was established under the company's $80-million base shelf prospectus, which received final receipt from the Ontario Securities Commission on Dec. 22, 2025. This financing framework, combined with the company's $100-million (U.S.) secured convertible note facility with ATW Partners, provides Matador with programmatic agility to efficiently convert equity into bitcoin and strategic assets as it continues its path toward holding 1,000 bitcoin in treasury by the end of 2026.

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.