An additive manufacturing method for making a metal matrix composite component includes melting a powdered mixture with an electron beam. The powdered mixture comprises powdered tungsten carbide in an amount of 45 wt% to 72 wt% of the powdered mixture and a powdered binder in an amount of 28 wt% to 55 wt% of the powdered mixture. The powdered binder contains boron, silicon, and nickel. A metal matrix and an earth boring drill coated a bit body made of such matrix matrix also are also claimed.