Golden Matrix Group (GMGI) Eliminates $9.5M Debt Through Equity Conversion

Golden Matrix Group Inc. (NASDAQ: GMGI) (GMGI or the Company) today announced that Aleksandar Milovanovic, Zoran Milosevic, and Snezana Bozovic, founders of GMGIs wholly owned subsidiary Meridianbet, have converted an aggregate of $9,570,460 in acquisition-related debt into equity.

The converted amount was originally part of the 12-Month Non-Contingent Post-Closing Cash Consideration outlined in the acquisition agreement. Following this conversion, the remaining balance of this 12-month contingency, owed to the Meridianbet founders has been reduced to $250,000.

This strategic move significantly strengthens GMGIs balance sheet and underscores the Meridianbet founders confidence in the Companys performance and future growth trajectory.

"This move sends a strong message to the market and our shareholders," said Brian Goodman, CEO of Golden Matrix Group, who continued, "Mr. Milovanovic, Mr. Milosevic, and Ms. Bozovics decision to convert their debt to equity reflects both their personal belief and the Companys confidence in Golden Matrixs short- and long-term growth trajectory. In addition to strengthening our financial position, this conversion reinforces the positive momentum weve achieved. The management team is deeply grateful for their continued support and belief in our vision."

The decision to convert debt into equity was equally driven by the Meridianbet founders long-term alignment with GMGIs strategy.

Weve seen firsthand the operational strength and strategic vision that continue to drive Golden Matrix forward," said Zoran Milosevic, CEO of Meridianbet, who continued, "This conversion isnt just a financial decision - it reflects our deep confidence in the Companys underlying performance and the growth opportunities ahead. Were committed to GMGIs long-term vision and proud to be part of its ongoing success.

The equity conversion improves GMGIs already strong Net Debt Leverage and is expected to provide enhanced financial flexibility as the Company advances its global growth strategy and continues executing on key strategic initiatives.

GMGI remains focused on creating long-term value for shareholders while maintaining strong partnerships with key stakeholders across its growing international footprint.

Additional information about the transaction can be found in the Current Report on Form 8-K filed today with the Securities and Exchange Commission.

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