A drill bit may include a matrix bit body and a plurality of cutting elements coupled to an exterior portion of the matrix bit body, wherein the matrix bit body includes matrix particles and precipitated intermetallic particles dispersed in a binder, at least some of the matrix particles having a diameter of 50 microns or greater, and at least some of the precipitated intermetallic particles having at least one dimension of 1 micron to 30 microns.