Earnings release
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JUNE 2025 QUARTERLY REPORT Odyssey Gold Limited (ASX: ODY) (“Odyssey” or “Company”) is pleased to present its quarterly report for the quarter ended 30 June 2025 . The Company’s focus remains on the continued advancement of its flagship Tuckanarra Gold Project (“Project”) in the prolific Murchison Goldfields of Western Australia. HIGHLIGHTS • Executed a Memorandum of Understanding for Mill Access and Collaboration (“MOU”) with Monument Murchison Pty Ltd (“Monument”) for their nearby Burnakura gold processing plant; • Commenced a Technical Study (“Study”) to assess options for mining at Tuckanarra and processing at Burnakura. Goldfields Technical Services, who are managing the Technical Study, completed a site visit during the quarter; • Identified multiple priority targets from an airborne electromagnetic (“EM”) survey completed on the Project in the previous quarter; • The survey identified EM anomalies coincident with all known mineral resources within the survey area confirming the effectiveness of the technique in identifying the sulphide alteration associated with gold mineralisation; • Numerous new anomalies have been identified along strike of the existing resources in the same favourable stratigraphy. Many anomalies are under cover and have no previous soil sampling or drilling; • Completed fixed loop EM (“FLEM”) surveys to refine the initial target conductors generated from the airborne EM survey; • Commenced initial reverse circulation (“RC”) drilling of up to six new targets at the Project, as well as significant potential extensions of known high grade mineralisation; • Commenced infill RC drilling to upgrade existing Inferred Mineral Resources to Indicated Mineral Resources, as part of the Tuckanarra Technical Study currently underway; and • The Company announced a share placement to raise gross proceeds of $4 million to fund ongoing exploration and development, supported by a range of new and existing institutional and sophisticated investors. For further information, please contact: Matt Syme Executive Director: +61 8 9322 6322 info@odysseygold.com.au ASX ANNOUNCEMENT 30 July 2025 For personal use only
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Page 2 TUCKANARRA GOLD PROJECT The Company holds an 80% interest in the Tuckanarra Gold Project (“Tuckanarra” or the “Project”), which comprises 80% of the Tuckanarra gold project (with the remaining 20% interest held by Monument Murchison Pty Ltd) and 80% of the Stakewell gold project. Tuckanarra is part of the prolific Murchison Goldfields , which is host to a +35Moz gold endowment (historic production plus current resources). The Project straddles the Great Northern Highway approximately 40km north of Cue and 680km north northeast of Perth. Five shallow oxide pits were mined at Tuckanarra in the 1990’s producing ~101koz at an average grade of 3.9g/t Au. Additionally, ~40koz were produced at an average grade of 7.2g/t Au from the only modern underground mine on the Project. Previous resource d evelopment and open pit mining was focused on laterite and oxide mineralisation due to low gold prices. Odyssey has recognised the potential for significant strike and plunge extensions to the mineralisation. Figure 1 - Odyssey located in the heart of the Murchison Gold District surrounded by 7.5Mtpa of processing capacity. For personal use only
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Page 3 The Tuckanarra Gold Project currently has a Mineral Resource estimate of 5.14Mt @ 2.5g/t for 407,000oz (reported in accordance with the JORC Code, 2012 Edition). Shallow, open pittable, oxide gold deposits with a grade of more than 2g/t Au are increasingly rare assets in the Western Australian goldfields. Approximately 311koz of Odyssey’s Mineral Resources are located on existing Mining Leases and all are within two kilometres of the Great Northen Highway. There is a nominal processing capacity of 7.5Mtpa within 120km of the Project, largely accessible by sealed roads. Odyssey has been engaging with the owners of the process ing plants as well as potential mining partners who may provide a low-cost pathway to monetise the existing Mineral Resources. These discussions will continue as Odyssey progresses the Project and continues to explore the deeper leads. BURNAKURA MILL ACCESS AND COLLABORATION AGREEMENT During the quarter, the Company executed a Memorandum of Understanding for Mill Access and Collaboration (“MOU”) with its Tuckanarra joint venture partner, Monument, to collaborate on studying options to process ore from Tuckanarra at Monument’s nearby Bur nakura gold processing plant. Figure 2 - Burnakura gold processing plant The Burnakura plant is currently on care and maintenance and is permitted and configured to process 260,000tpa. Monument is considering restarting the mill with options to upgrade the plant up to 750,000tpa capacity to allow processing of third -party ore in the area, including from Tuckanarra. The Company’s Tuckanarra Gold Project is approximately 30km west of the Burnakura plant (Figure 2). For personal use only
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Page 4 TECHNICAL STUDY The Company has commenced a Technical Study to assess the options for mining the existing high grade, open pit resources at Tuckanarra, for potential processing at the nearby Burnakura plant. The Technical Study is being undertaken as part of the MOU with Monument. The current gold price environment is very supportive for junior gold developers and Tuckanarra has a number of important advantages which support a compelling mining proposition: • High grade, mostly open pit mineral resources – 5.1Mt @ 2.5g/t Au for 407,000oz • Fast track to production - 311,000oz of which are on granted Mining Leases (“ML’s”) • Many of the open pit resources are in previously disturbed areas facilitating permitting of mining • Positive historic metallurgical testwork supporting a simple process route • Fast approvals pathway with existing environmental baseline studies • No significant Native Title or known heritage issues • Easy haulage to over 7.5Mt of processing capacity within 120km The Study will consider a range of options for processing, including toll treating and processing joint ventures, at Burnakura. The Study will initially focus on the resources within ML’s but will also investigate potential scenarios for mining the Highway and Bottle Dump deposits (located partly on Exploration Licences) in due course. A considerable amount of useful work was previously undertaken by a previous owner, Phosphate Australia Limited, in 2014 as part of an approved Mining Proposal and this will assist in expediting the Study process. Odyssey has engaged Goldfields Technical Services (“GTS”) to manage the Study. GTS are a highly regarded mining engineering and project management consultancy with considerable experience in small gold mining operations in Western Australia. The Study is expected to be completed in August 2025. AIRBORNE ELECTROMAGNETIC SURVEY The recognition of the relationship between gold mineralisation and the sulphide replacement of nearby sediments over the last year has opened up the use of electrical geophysical techniques for deeper drill targeting of fresh rock gold mineralisation at Tuckanarra. Down hole EM (“DHEM”) and moving loop (“MLEM”) anomalies and modelled conductors have correlated very well with sulphide alteration minerals, including pyrrhotite and pyrite, in the fresh rock at Bottle Dump, the Highway Zone and Bollard. Based on the success of downhole EM and moving loop EM, an extensive airborne EM survey was completed across the Project area (Figure 3), including the fold hinge target area. Following quality control, specialist geophysical consultants SGC picked EM anomalies from individual flight line profiles. Anomalies were categorised and ranked to deprioritise features like IP effects and anthropogenic sources. Strong anomalies demonstra ting good spatial definition and an elevated late time amplitude were ranked highest. The 32 anomalies were presented to Odyssey for further evaluation (Figure 3). For personal use only
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Page 5 Figure 3 - Tuckanarra geology map with VTEM anomalies and modelled conductors. An initial subset of targets was then selected for modelling by SGC and evaluation by Odyssey geologists. These targets represent examples of a range of interpreted mineralisation styles, rock types and structural settings, not necessarily the largest or most intense conductors. This selection will build the understanding of the EM responses as the Company assesses which of the 32 anomalies warrant further work. Six versatile time domain EM (“ VTEM”) anomalies were surveyed with fixed loop EM to optimise the design of drilling to test the targets. For personal use only
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Page 6 RC Drilling RC drilling is underway, with 15 holes for 2,485m completed so far subsequent to quarter end. Drilling is focused on initial testing of EM conductors and infill drilling of Inferred Mineral Resources at the Cable Pit aiming to upgrade these to Indicated Mineral Resources. Drilling and downhole EM surveys are continuing. Historic Stockpiles During the quarter soil and auger sampling of historic tailings dams was completed. Ore was processed through the Tuckanarra Battery intermittently from 1898 to 1941. At least 20,000m3 of tails remain from this period in two bunded stockpiles at Tuckanarra i. The presence of a plastic liner in both stockpiles suggests the tailings have been subsequently treated in some form. Assay results from the sampling of the historic tailings are pending. PLANNED WORK PROGRAMS Activities underway or planned at Tuckanarra includes: • RC drilling of conductors defined in the airborne EM survey; • Downhole EM on RC drilling into EM targets; • Drilling of Inferred Mineral Resources to upgrade to Indicated Resources; • Preliminary geotechnical testwork to refine parameters used in open pit staging and conceptual pit design; • Gap analysis on the environmental studies completed in the approved mining proposal to determine requirements to expand the footprint of mining in future development; and • Sighter tests on representative samples of ore from Tuckanarra as part of the Technical Study process FINANCIAL POSITION During the quarter, the Company announced that it had secured commitments from a range of existing and new Australian and international investors for a share placement to raise gross proceeds of $4.0 million (“Placement”). Directors of the Company have subscribed for 16,900,000 New Shares to raise $0.3 millio n under the Placement, subject to shareholder approval. Proceeds from the Placement will allow the Company to accelerate and expand its drilling and exploration programs addressing the outstanding potential for significant additional resources at Tuckanarra, as well as completing the necessary studies to unders tand the near -term development potential of the Project. The Placement comprised the issue of 222,222,222 new ordinary shares in the Company at an issue price of $0.018 per share (“New Shares”), together with 1 free attaching option for every 2 New Shares subscribed for (“Options”). The Options will be exercisab le at $0.036 each, expiring 2 years from date of issue. The Options will be subject to shareholder approval and are intended to be listed subject to satisfaction of the ASX quotation requirements. Argonaut Securities Pty Limited and Taylor Collison Limited acted as Joint Lead Managers to the Placement. For personal use only
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Page 7 MINERAL RESOURCES The Company’s Mineral Resource Estimate (“MRE”) for the Company’s Tuckanarra Project in the Murchison Goldfields of Western Australia totals 5.14 million tonnes at 2.5 g/t Au for a total 407,000 ounces of gold. The project MRE includes the Highway Zone which comprises an Inferred Mineral Resource of 0.79Mt @ 3.8g/t Au for 97,000 ounces of gold including an underground Mineral Resource of 65,000 ounces of gold at 5.8g/t Au which remains open down plunge. Importantly, 4.2Mt @ 2.3g/t for 311,000 ounces of gold is located on granted mining leases and only occupies a small portion of the Tuckanarra Project tenement package leading to clear potential for substantial MRE growth through near-resource and regional drilling. The MRE is based on a total of 5,212m aircore, 16,320m diamond core and 61,150m reverse circulation (“RC”) drilling. The MRE is reported above 0.9g/t Au cut -off grade less than 140 - 180m below surface and above 2g/t Au cut-off grade more than 180m below surface or fresh rock at the Highway Zone. The MRE for Highway Zone was prepared by independent consultants, Snowden Optiro, and is reported in accordance with the JORC Code (2012 Edition). Table 1 – Tuckanarra Project Mineral Resources (100%) (February 2024) Deposit Category Tonnes (Mt) Grade (g/t Au) Ounces (oz Au) Open pit Inferred 3.97 2.1 271,000 Indicated 0.79 2.4 62,000 Total open pit 4.76 2.2 333,000 Underground Inferred 0.38 6.1 74,000 Total 5.14 2.5 407,000 Note: Totals may not add up due to rounding. Open pit resources are reported above 0.9g/t Au cut-off for material less than 140-180m below surface, except the Highway Zone which is reported above 0.9g/t Au cut-off for oxide and transitional material. Underground resources are reported above 2.0g/t Au cut-off for material more than 180m below surface or fresh rock. Resources are reported on a 100% project basis. For personal use only
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Page 8 Table 2 - Tuckanarra Project Mineral Resource Estimate by Deposit (100%) (February 2024) Deposit Category Mining Method Tonnes (Mt) Grade (g/t Au) Ounces (kOz) C P Bottle Dump Indicated Pit 0.15 3.4 17 1 Inferred Pit 0.76 2.2 54 Total 0.91 2.4 70 Bollard Indicated Pit 0.15 1.9 9 2 Inferred Pit 0.53 2.2 37 Total 0.68 2.1 46 Cable Indicated Pit 0.40 2.3 29 2 Inferred Pit 1.30 2.2 94 Total 1.69 2.3 123 Highway Zone Inferred Pit 0.44 2.3 32 4 Inferred UG 0.35 5.8 65 Total 0.79 3.8 97 Kohinoor Inferred Pit 0.16 2.4 12 3 Inferred UG 0.03 9.1 9 Total 0.19 3.5 22 Lucknow Inferred Pit 0.22 1.3 9 2 Maybelle Indicated Pit 0.09 2.3 7 2 Inferred Pit 0.57 1.8 34 Total 0.66 1.9 41 Grand Total 5.14 2.5 407 5 1 - Ian Glacken - Snowden Optiro 2 - Brian Wolfe - International Resource Solutions 3 - Andrew Bewsher – BMGS 4 - Matthew Walker and Justine Tracey - Snowden Optiro 5 - Matt Briggs – Odyssey Totals may not add up due to rounding. Resources are reported on a 100% project basis. Pit resources reported above ~180m vertical below surface except Maybelle and Lucknow reported above 140m vertical below surface and Highway Zone reported for oxide and transitional only. For personal use only
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Page 9 ASX ADDITIONAL INFORMATION Mining Exploration Tenements As of 30 June 2025 , Odyssey holds an interest in the following mining and exploration tenements: Project Name Permit Number Percentage Interest Status Tuckanarra Gold Project, Western Australia M20/527 80% Granted E20/782 80% Granted E20/783 80% Granted P20/2399 80% Granted P20/2400 80% Granted P20/2401 80% Granted P20/2415 80% Granted P20/2416 80% Granted P20/2417 80% Granted P20/2418 80% Granted E20/924 100% Granted E20/925 100% Granted E20/996 100% Granted Stakewell Gold Project, Western Australia E51/1806 80% Granted L51/27 80% Granted L51/28 80% Granted L51/32 80% Granted P51/2869 80% Granted P51/2870 80% Granted M51/908 80% Granted No interests in mining or exploration tenements were acquired or disposed of during the quarter. Mining Exploration Expenditures During the quarter, the Company made the following payments in relation to mining exploration activities: Activity A$000 Surveys (7) Consultants (57) Assays (5) Field Supplies, equipment, vehicles, travel & accommodation, etc. (14) Tenement rents, rates, management & other (5) Total as reported in Appendix 5B (88) There were no mining or production activities and expenses incurred during the quarter. Related Party Payments During the quarter ended 30 June 2025 , the Company made payments of approximately A$201,000 to related parties and their associates. These payments relate to executive remuneration, director fees and superannuation. For personal use only
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Page 10 Competent Persons Statement The information in this announcement that relates to Mineral Resources is extracted from announcements dated 2 August 2023 and 15 February 2024 and entitled ‘Maiden Shallow Mineral Resource at Tuckanarra Gold Project’ and ‘Odyssey Increases Mineral Resources to 407koz at 2.5g/t Au’ respectively, which are available to view at www.odysseygold.com.au and is based on, and fairly represents information compiled by the relevant Competent Persons’, Messrs Matthew Walker, Ian Glacken, Andrew Bewsher, Brian Wolfe, and Matthew Briggs and Ms Justine Tracey. The information in this announcement that relates to Exploration Results is extracted from announcements dated 27 November 2020, 18 February 2025, 14 April 2025 and 10 June 2025 respectively, which are available to view at www.odysseygold.com.au and is based on, and fairly represents information compiled by the relevant Competent Person, Mr Matthew Briggs. The Company confirms that: (a) it is not aware of any new information or data that materially affects the information included in the original announcements; (b) all material assumptions included in the original announcements continue to apply and have not materially changed; and (c) the form and context in which the relevant Competent Persons’ findings are presented in this announcement have not been materially changed from the original announcements. Forward Looking Statements Statements regarding plans with respect to Odyssey’s project are forward-looking statements. There can be no assurance that the Company’s plans for development of its projects will proceed as currently expected. These forward -looking statements are based on the Company’s expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements. The Company makes no undertaking to subsequently update or revise the forward-looking statements made in this announcement, to reflect the circumstances or events after the date of that announcement. This ASX Announcement has been approved in accordance with the Company’s published continuous disclosure policy and authorised for release by the Executive Director, Matthew Syme. i Refer ASX announcement dated 27 November 2020 For personal use only
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Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 11 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity ODYSSEY GOLD LIMITED ABN Quarter ended (“current quarter”) 73 116 151 636 30 June 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (88) (990) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (235) (765) (e) administration and corporate costs (126) (453) 1.3 Dividends received (see note 3) - - 1.4 Interest received 10 78 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other – GST inflow/(outflow) (3) (20) Other – business development - (38) 1.9 Net cash from / (used in) operating activities (442) (2,188) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - (2) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 12 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities - (2) 3. Cash flows from financing activities 3,696 3,696 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities (229) (231) 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities 3,467 3,465 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,193 2,943 4.2 Net cash from / (used in) operating activities (item 1.9 above) (442) (2,188) For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 13 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (12 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.6 above) - (2) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 3,467 3,465 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 4,218 4,218 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 10 14 5.2 Call deposits 4,208 1,179 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 4,218 1,193 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 201 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 14 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (442) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (442) 8.4 Cash and cash equivalents at quarter end (item 4.6) 4,218 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 4,218 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 9.5 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: Not applicable. 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: Not applicable. For personal use only
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Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 15 + See chapter 19 of the ASX Listing Rules for defined terms. 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Not applicable. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 July 2025 Authorised by: Company Secretary (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entit y’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity tha t wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair vie w of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which i s operating effectively. For personal use only