Sorry, Zox, looks like a speckled wall to me. Like painted concrete with lime effervescing through, which is not a bad effect in itself.
I've had this happen on matte board buildings and on locos. I'm usually generous with the Dullcoat. Usually goes away with another mist coat or two or three. I am mystified as to the cause or cure.
I suspected humidity, sitting on the shelf way too long, or paint incompatibility, or perhaps something in the matte board, like formaldehyde in the glue. As I recall, there are esters of banana oil in Dullcoat, so maybe they don't like being preserved.
I have noticed that exposure to 91% isopropryl alcohol was involved in more than one case.
Again, it usually went away with another coat or two. Now preserving the look . . . well, put varnish over it.