Earnings release
Page 1
SEPTEMBER 2025 QUARTERLY REPORT Odyssey Gold Limited (ASX: ODY) (“Odyssey” or “Company”) is pleased to present its quarterly report for the quarter ended 30 September 2025. The Company’s focus remains on the continued advancement of its flagship Tuckanarra Gold Project in the prolific Murchison Goldfields of Western Australia. HIGHLIGHTS • Completed a Mining Technical Study to assess options for mining at Tuckanarra and processing at the nearby Burnakura Processing Plant. • The positive study results provide strong support for development of the Project and the Company will now proceed to undertake a Scoping Study. • Preliminary metallurgical testwork yielded excellent results, with t otal LeachWELL TM recoveries being typically 95-97% across both oxide and fresh rock samples. • Completed a 5,232-metre reverse circulation (“RC”) infill drilling program at Tuckanarra to upgrade existing Inferred Mineral Resources to Indicated Mineral Resources, and drilling VTEM targets. • Drilling intersected 20m @ 7.1g/t Au from 47m (CBRC0199) in a new mineralised structure in the hanging wall west of the main Cable East and Cable West structures. • Other highlights from reported drill results during the quarter include: o 22m @ 2.8g/t Au from 6m (CBRC0179) o 9m @ 4.7g/t Au from 44m (CBRC0177) o 15m @ 2.3g/t Au from 38m (CBRC0182) o 7m @ 8.3g/t Au from 83m (CBRC0175) o 18m @ 4.3g/t Au from 7m (CBRC0178) o 11m @ 3.8g/t Au from 73m (Cable East) (CBRC0194) o 4m @ 7.5g/t Au from 84m (Cable West) (CBRC0191) o 2m @ 10.3g/t Au from 157m (Cable West) (CBRC0185) • Commenced a new 5,000-metre RC drilling program at Tuckanarra focussed on infill and extensional drilling at the Highway deposit and further defining the new Cable hanging wall structure. • Completed a placement to raise proceeds of $4 million to fund ongoing exploration and development, supported by a range of new and existing institutions. For further information, please contact: Matt Syme Executive Director: +61 8 9322 6322 info@odysseygold.com.au ASX ANNOUNCEMENT 29 October 2025 For personal use only
Page 2
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. Figure 1 - Odyssey located in the heart of the Murchison Gold District surrounded by 7.5Mtpa of processing capacity. For personal use only
Page 3
Page 3 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. The Tuckanarra Gold Project currently has a Mineral Resource Estimate (“MRE”) 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 West Australian goldfields. Approximately 311koz of Odyssey Gold’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 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. MINING TECHNICAL STUDY Subsequent to the end of the quarter, the Company reported the results of its Mining Technical Study (“Study”) which provided strong support for development of the Project and the Company will now proceed to undertake a Scoping Study. The Company engaged highly regarded mining engineering and project management consultants, Goldfields Technical Services Pty Ltd (“GTS”), to undertake the Study to assess the options for mining open pit ore resources at Tuckanarra for potential processing at Burnakura, pursuant to a memorandum of understanding (“MOU”) between the parties (refer to ASX announcement dated 29 April 2025). The Tuckanarra Gold Project has a number of important advantages which the Technical Study considered: • High grade, mostly open pit MRE – 5.1Mt @ 2.5g/t Au for 407,000oz. • Approximately 4.2Mt @ 2.3g/t Au for 311koz is on granted Mining Leases (“ML’s”). The Bottle Dump deposit and part of the Highway Zone deposit are currently on Exploration Licences (“EL’s”). • Most of the open pit resources are in previously mined areas, facilitating permitting. • The apparent stability of historic pits provides good geotechnical data for the pit designs incorporated in the Study. • Deep weathering to 70m generates laterite, oxide and transitional ore types. • Positive historical metallurgical testwork supports a simple process route. • Fast approvals pathway with existing environmental baseline studies. • No significant Native Title or known heritage issues on the granted ML’s. • All deposits within 2km of the Great Northern Highway with easy haulage to over 7.5Mt of processing capacity within 120km. The Study considered the benefits of mining the deposits on the existing ML’s while the ML application process is completed for Highway and Bottle Dump. Excavation of the Highway deposit by open pit would also require realignment of the Great Northern Highway. For personal use only
Page 4
Page 4 Mining on the ML’s is likely to be possible considerably sooner than for EL’s. Figure 2 - Cable Bollard Collar Map for recently completed infill and exploration drilling. GTS rebuilt the resource models based on the same data as the Company’s existing MRE reported in accordance with the JORC Code (2012 Edition) (see ASX Announcements dated 2 August 2023 and 15 February 2024) and ran pit optimisations based on current industry standard costs and a range of gold prices. For personal use only
Page 5
Page 5 After reviewing the optimisations in view of a range of input data and assumptions about mining fleet capabilities and costs, and based on an assumed processing cost at Burnakura, GTS then prepared pit designs and a conceptual mining schedule. The positive Study results provides strong support for development of the Project and Odyssey will now proceed to undertake a Scoping Study. The Company cautions that the Study referred to in this announcement is not reported in accordance with the JORC Code (2012 Edition). The Study has been completed for internal purposes only, is conceptual in nature, is based on low -level technical and econ omic assessments, and is based on a majority of Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources. DRILLING Cable Infill Drilling The Cable Pit area currently has an Inferred and Indicated Resource of 0.69Mt @ 2.3g/t Au for 123koz i of gold. The area was mined in the mid -1990’s and much of the resource was extensively drilled prior to this. Metana Minerals NL drilled the pit and areas proximal to the pit to 20 x 10m spacing with RC drilling. Areas outside the target laterite and oxide mineralisation were drilled to 80 x 20m spacing. In 2012 Phosphate Australia Ltd further drilled the laterite and some of the oxide to 20 x 20m spacing. Odyssey’s subsequent RC and diamond drilling has targeted fresh rock extensions to this mineralisation. This was initially targeted on a 120 x 40m spacing with selected infill. To progress towards upgrading of the Cable Pit Resource to Indicated category the Cable West and Cable East mineralisation is being drilled to a 40 x 40m spacing to infill the previous drilling and to confirm key results in historical drilling. This program has targeted areas reliant on historical drilling and areas with broader spaced drilling which precludes Indicated category or even resource classification. The depth of drilling is being guided by $3,500 -5,000/oz conceptual open pit optimisations. A program of 36 holes for ~3,400m has been drilled at Cable, infilling and extending the open pit resource area. Eight holes were abandoned due to hole deviation, bogged rods or the intersection of voids. One hole intersected a void in the projected shallow Cable West position. The completed RC program was predominantly drilled from the west (hanging wall) designed to intersect mineralisation in the laterite, supergene and Cable West. Holes are often extended to drill less consistent structures (such as Domain 23) and to test the Cable East mineralisation at depth. Although all structures dip steeply to the west or south, holes are occasionally drilled towards the west due to access limitations from the historic pit or where the section has been extensively drilled and the structure is near vertical. Cable West Hangingwall Structure Drilling is consistently intersecting veining associated with gold mineralisation in a structure 40-50m west of the Cable West structure and outside the current MRE. o 20m @ 7.1g/t Au from 47m including 10m @ 12.9g/t Au from 54m (CBRC0199) o 7m @ 2.0g/t Au from 36m (CBRC0202) o 11m @ 0.7g/t Au from 34m (CBRC0197) CBRC0199 intersected massive quartz veining within high Mg basalts, the same style of mineralisation as Cable West. It is possible that hole CBRC0198, drilled on the same section For personal use only
Page 6
Page 6 as CBRC0199, also intersected this structure in oxide however assays are pending for part of the target interval. A previously reported hole within the current program also intersected this Cable West Hangingwall structure with a result of: o 7m @ 2.2g/t Au from 15m (CBRC0175) Figure 3 - Cross section 1 through Cable highlighting recent results in CBRC0179, CBRC0198 and CBRC0199 (recent results in yellow boxes) The Cable West Hangingwall structure is now defined with RC drilling for 150m of strike and is also intersected in historic aircore and RAB drilling a further 150m to the south (5m @ 4.6g/t Au from 49m in PAC165) and TPH0710 (8m @ 0.7g/t from 20m). The upper part of the Cable West Hangingwall structure falls within the pit optimisations (Figures 3 and 4) generated as part of the Mining Technical Study underway. Cable West Structure The Cable West structure is a consistent massive quartz vein that extends from Cable to Bollard and likely to the Highway Resource area. Infrequently the vein has a small interval of laminated texture towards the margin and/or trace galena. Where vein lami nations or galena are observed individual samples can exceed 200g/t. The high -grade shoots have a shallow southerly plunge. Immediately west of the Cable Pit a steep plunge is observed coincident with the intersection with a northeast trending crosscutting fault (Tuckanarra Break). The local controls are poorly understood as most RC is within the highly oxidised zone. A quartz zone is predicably intersected in all holes targeting the structure however it is variably mineralised with gold. Results returning are consistent with those expected when drilling a high nugget high grade gold vein within an Inferred Resource where local controls on mineralisation are being understood. Typical results for the higher-grade parts of the vein include: For personal use only
Page 7
Page 7 o 7m @ 6.4g/t Au from 15m (CBRC0179) o 9m @ 4.7g/t Au from 44m including 2m @ 18.6g/t Au from 45m (CBRC0177) o 5m @ 3.2g/t Au from 91m (CBRC0197) o 1m @ 5g/t Au from 110m (CBRC0199) Outside of the high grade shoot the vein is intersected however with narrower or lower grades such as: o 6m @ 0.4g/t Au from 87m (CBRC0202) o 1m @ 1.1g/t Au from 88m (CBRC0198) Figure 4 – Cross section 2 through Cable highlighting recent results in CBRC0197 and CBRC0177 (recent results in yellow boxes) Cable East Structure A single hole has returned drilling the Cable East sulphide mineralisation. This hole is infilling on the Inferred Resource and confirms results seen in adjacent historic holes increasing confidence in the grade and geological continuity in this area: o 15m @ 2.3g/t Au from 38m (CBRC0182) Domain 23 Structure A narrow steep dipping structure immediately to the east and running parallel to Cable West was previously interpreted but not included in the current resource due to uncertainty about For personal use only
Page 8
Page 8 the continuity. As drill density is increasing this structure is proving to be consistent for 300m along strike. The structure remains open to the south. Recent results in this structure include: o 7m @ 2.3g/t Au from 109m including 2m @ 6.8g/t Au from 110m (CBRC0202) o 3m @ 2.3g/t Au from 86m (CBRC0177) o 3m @ 1.0g/t Au from 75m (CBRC0201) Laterite Mineralisation Laterite mineralisation is best developed above ultramafic and high Mg basalts which occur west of the marker banded iron formation. They also occur sporadically to the east of the sediment. Gold mineralisation within the laterites occurs in a horizontal blanket to wards the base of pisolites close to the saprolite boundary. The mineralisation occurs consistently and is typically 2 -6m thick at 0.4 -1.5g/t Au occurring 2 -15m below surface. Within this interval narrower zones of >1g/t Au are common. Elevated grades occur within the surface projection of bedrock structures where relict quartz veins are observed. While most east dipping holes intersect laterite mineralisation example results are: o 10m @ 0.6g/t Au from 10m (CBRC0198) o 5m @ 1.0g/t Au from 11m (CBRC0201) o 6m @ 0.6g/t Au from 11m (CBRC0181) Anchor – Trilby Zone Multiple mineralised vein structures are known to the west of the Cable -Bollard-Highway Trend, including those hosting the historical Anchor and Trilby underground workings. These structures are often masked by laterite development, alluvial sediments, and widespread soil gold anomalism from the gold mineralisation upslope at Cable shedding downhill. Shallow underground mining from Anchor -Trilby in 1897 -1908 yielded 6032oz from 7230t ii, from structures up to 200m west of the Cable Pit. Metana and Gold Mines of Australia sporadically drilled the area from 1987 -1993. Subsequently exploration was limited to the resource areas at Cable and Anchor despite encouraging results in the 1987-1993 shallow RAB drilling. RC drilling by Metana targeting Trilby appears to have drilled the previously stoped area. No attempts to drill Trilby outside the area mined are known. Overall, there has been very limited angle drilling to effectively test potential depth extensions of the mineralised structures below or adjacent to the historical Trilby and Anchor workings, or generally along the 1km+ potential strike extent. Notably, Odyssey successfully intersected the continuation of the Trilby structures 150m to the south of the Trilby Mine in CBRC0082 of 4m @ 3.9g/tiii from 24m. As drilling defines the Cable West structure at increasing depth these structures are expected to be intersected, as is seen with the Cable West Hangingwall structure. While underground mining occurred in several areas, historic mining records report that stoping was limited to be above the water table, which occurs at a depth of ~35m. Underground stoping is not substantial, with a total of ~4,100tiv processed from the historic mines within the Cable MRE, compared to the current Cable MRE are totalling 1.6Mt over the same area. For personal use only
Page 9
Page 9 Additional Results from Cable Infill Drilling Final results from the Company’s recently completed 5,232m RC drilling program at Tuckanarra have been received and are included in this announcement, including results for holes drilled into the Cable West and Cable East structures towards the south end of the optimised pit and the remaining 4m composites from holes previously reported. Several styles of gold mineralisation are observed at Cable including: 1. Quartz veining within or cross-cutting various lithological groups: mafic/ultramafic units, banded iron formation (“ BIF”), and interflow sediments (Cable West, Cable West Hangingwall and Domain 23). a. Located in ultramafic sitting above the footwall tholeiitic basalt. b. Parallel to stratigraphy, typically steeply west dipping and locally overturned. c. Typically, massive quartz veining with zones of thin frequent veining to wide veins of up to 20m downhole. Veins are most often massive though minor laminations and galena occasionally coincident with higher grade samples towards the base of veins. d. Vein grades are nuggety with barren veins and extreme high -grades of over 100g/t. High grades are locally unpredictable. High -grade subdomains can average 5g/t or more. 2. Sulphide replacement of BIF where intercepted by faults/shears + -quartz veining. Predominantly pyrrhotite (>98%) with minor pyrite and trace chalcopyrite. Mineralisation is generally 0.3g/t – 3.5g/t with infrequent higher grades (Cable East). 3. Supergene oxide enrichment immediately above quartz vein mineralisation in ultramafic and high Mg basalts, and BIF hosted mineralisation. One or two laterally continuous horizons occasionally separated by a gold leached zone. 4. Like the oxide mineralisation, a mineralised laterite horizon occurs proximal to primary mineralisation at or near surface. The laterite mineralisation is typically 1-4m thick and extends as far as 150m laterally from primary mineralisation. 5. Cable East and Cable West mineralisation generally runs parallel, variably 30 -60m apart, from North of the Cable Pit through the Bollard Pit and then east to the Highway deposit. Notable results from the recent results are: o 11m @ 1.9g/t Au from 37m (CBRC0180) in Cable West oxide o 4m @ 2.1g/t Au from 60m (CBRC0189) in Cable East o 3m @ 0.8g/t Au from 87m (CBRC0188) in Cable East Although not considered material, the drilling results continue to intersect mineralisation in the targeted position confirming the current interpretation. For personal use only
Page 10
Page 10 Figure 5 - Coss section through Cable hole CBRC0180 (2025 RC drilling results in yellow boxes) Sulphide EM targets Odyssey has drilled exploration RC holes to test 6 sulphide EM targets v. Sulphide was successfully intersected in all holes other than Judy’s East which was unable to be completed after a bit disintegrated. The hole will likely be completed with a diamond tail in the future. The sulphide, predominantly pyrrhotite, mineralisat ion and subsequent downhole validate d the VTEM conductors. Results have returned for the failed hole that ended before target and Judys East and two holes drilled into the Regal conductor. The two holes are Regal successfully intersected sulphide but failed to intersect and gold anomalism associated with the sulphide intervals. No further work is planned on the Regal target. PLANNED WORK PROGRAMS Activities underway or planned at the Tuckanarra Project includes: • Infill drilling of the Highway open pit optimisation with a hole spacing planned to convert part of the resource to Indicated resources, • Drilling of the Cable West Hanging Wall structure to define the strike and dip continuity. • Geological modelling of the area west of Cable to identify additional targets in the Trilby- Anchor area. For personal use only
Page 11
Page 11 FINANCIAL POSITION During the quarter, the Company completed a share placement to existing and new Australian and international investors to raise gross proceeds of $4.0 million (“Placement”). Directors of the Company subscribed for $0.3 million under the Placement, following 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. Argonaut Securities Pty Limited and Taylor Collison Limited acted as Joint Lead Managers to the Placement. MINERAL RESOURCES The Company’s 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 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
Page 12
Page 12 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
Page 13
Page 13 ASX ADDITIONAL INFORMATION Mining Exploration Tenements As of 30 September 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 P20/2415 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 Prospecting Licence P20/2401 expired during the quarter. The area is covered by Exploration License E20/783 which is part of the Tuckanarra JV project. Mining Exploration Expenditures During the quarter, the Company made the following payments in relation to mining exploration activities: Activity A$000 Consultants (244) Assays (69) Drilling (629) Field Supplies, equipment, vehicles, travel & accommodation, etc. (53) Tenement rents, rates, management & other (41) Total as reported in Appendix 5B (1,036) There were no mining or production activities and expenses incurred during the quarter. Related Party Payments During the quarter ended 30 September 2025, the Company made payments of approximately A$214,000 to related parties and their associates. These payments relate to executive remuneration, director fees and superannuation. For personal use only
Page 14
Page 14 Competent Persons Statement The information in this announcement that relates to Exploration Results is based on, and fairly represents, information and supporting documentation that was compiled by Mr. Matt Briggs who is a Fellow of the AusIMM and an employee of the Company. Mr. Bri ggs, who is a shareholder and performance rights holder, has sufficient experience which is relevant to the styles of mineralisation and types of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Briggs consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. 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 are based on, and fairly represents information compiled by the relevant Competent Persons. The information in this announcement that relates to previous Exploration Results and Metallurgical Testwork is extracted from announcements dated 27 November 2020, 21 July 2021, 20 December 2021, 20 January 2022, 25 August 2025 , 1 September 2025, and 25 September 2025, which are available to view at www.odysseygold.com.au and are based on, and fairly represents information compiled by the relevant Competent Person. 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 diff er 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. For personal use only
Page 15
Page 15 Table 3. 2025 Cable Regal and Judys East RC Drilling Collar Table BHID Hole Type East North RL Azimuth Dip EOH Depth Tenement Comment CBRC0173 RC 608860 7001825 493 105 -61 114 M 20/527 CBRC0173A RC 608860 7001825 493 104 -61 6 M 20/527 Abandoned CBRC0174 RC 608864 7001824 492 106 -50 114 M 20/527 CBRC0174A RC 608864 7001824 492 106 -55 6 M 20/527 Abandoned CBRC0175 RC 608809 7001716 492 101 -59 114 M 20/527 CBRC0175A RC 608808 7001717 492 100 -60 6 M 20/527 Abandoned CBRC0175B RC 608807 7001717 492 100 -60 6 M 20/527 Abandoned CBRC0176 RC 608819 7001703 492 107 -55 168 M 20/527 CBRC0176A RC 608819 7001702 492 99 -55 6 M 20/527 Abandoned CBRC0177 RC 608805 7001663 492 99 -62 126 M 20/527 CBRC0178 RC 608815 7001664 492 108 -60 156 M 20/527 Hole Failed CBRC0179 RC 608792 7001605 488 100 -64 66 M 20/527 CBRC0180 RC 608752 7001562 489 110 -61 84 M 20/527 CBRC0181 RC 608758 7001560 489 109 -57 60 M 20/527 CBRC0182 RC 608899 7001623 492 294 -64 126 M 20/527 CBRC0183 RC 608857 7001567 492 285 -62 48 M 20/527 CBRC0184 RC 608876 7001560 492 289 -58 60 M 20/527 CBRC0184A RC 608876 7001560 492 287 -64 6 M 20/527 Redrilled CBRC0185 RC 608708 7001240 489 101 -56 234 M 20/527 CBRC0185A RC 608708 7001241 489 97 -56 6 M 20/527 Abandoned CBRC0186 RC 608706 7000952 486 56 -61 14 M 20/527 CBRC0186A RC 608698 7000942 486 57 -56 252 M 20/527 CBRC0188 RC 608874 7001358 493 289 -61 114 M 20/527 CBRC0189 RC 608863 7001386 492 289 -61 102 M 20/527 CBRC0190 RC 608881 7001416 493 288 -60 114 M 20/527 CBRC0191 RC 608868 7001426 492 289 -60 96 M 20/527 CBRC0192 RC 608932 7001608 496 288 -61 150 M 20/527 CBRC0193 RC 608944 7001604 496 289 -60 140 M 20/527 CBRC0194 RC 608980 7001733 498 291 -59 84 M 20/527 Hole Failed CBRC0195 RC 608900 7001850 494 104 -60 72 M 20/527 CBRC0196 RC 608775 7001719 490 107 -60 150 M 20/527 CBRC0197 RC 608783 7001678 488 108 -59 120 M 20/527 CBRC0198 RC 608765 7001617 488 103 -61 102 M 20/527 CBRC0199 RC 608745 701620 490 103 -63 138 M 20/527 CBRC0201 RC 608799 7001634 492 108 -61 120 M 20/527 CBRC0202 RC 608772 7001639 491 109 -60 120 M 20/527 RGRC0001 RC 608295 7005205 488 270 -60 120 E20/924 RGRC0002 RC 608312 7005304 488 270 -60 150 E20/924 TCKRC0244 RC 609582 6997672 506 80 -70 214 E20/783 Hole Failed Coordinates are MGA 54 Zone 50 . All coordinates are handheld GPS. Collars will be surveyed by a licensed surveyor at the end of the program. For personal use only
Page 16
Page 16 Figure 6 - Cable 2025 RC drilling collar map For personal use only
Page 17
Page 17 Table 4. Cable, Judys East and Regal Significant Assay Results Hole_ID From (m) Length (m) True Width (m) Grade (Au g/t) Sample Recovery (%) Interval includes 4m Composites Comment New result this announcement CBRC0173 0 3 2.5 1 40 Laterite CBRC0173 27 1 0.7 1.5 Oxide * CBRC0173 72 5 4.3 0.5 100 Cable West CBRC0173 92 3 2.5 1 100 * CBRC0174 0 4 3.5 0.7 40 Laterite CBRC0174 51 3 2.5 0.9 100 Cable West CBRC0175 15 7 6.1 2.2 100 CBRC0175 35 3 2.5 0.8 100 CBRC0175 83 7 6 8.3 100 Cable West CBRC0176 4 12 10.4 0.5 60 Laterite CBRC0176 37 7 4 1.7 100 Cable West CBRC0176 140 4 3.1 0.5 Yes CBRC0176 150 3 2.3 1.7 100 CBRC0176 156 2 1.5 1.4 100 CBRC0177 8 4 3.5 0.5 38 Laterite CBRC0177 14 4 3.5 1.1 81 CBRC0177 44 9 7.7 4.7 100 Cable West including 45 2 1.7 18.6 100 Cable West CBRC0177 86 3 2.6 2.3 100 Domain 23 CBRC0178 7 18 15.6 4.3 70 Laterite + Cable West including 18 5 4.3 14.2 100 Cable West CBRC0178 31 3 2.5 2.4 100 CBRC0178 38 7 6 0.9 100 CBRC0178 56 2 1.7 0.5 100 CBRC0179 6 22 18.9 2.8 59 Laterite + Cable West including 15 7 6 6.4 83 Cable West CBRC0179 41 4 3.5 1.1 100 CBRC0179 55 2 1.7 1.1 100 CBRC0180 37 11 8.5 1.9 100 Cable West oxide * CBRC0180 64 2 1.6 0.6 100 * CBRC0181 11 6 5.2 0.6 75 Laterite CBRC0181 24 4 3.5 2.1 100 CBRC0181 31 10 8.6 0.7 100 CBRC0182 38 15 12.9 2.3 100 Cable East CBRC0183 7 4 3.5 0.3 100 Laterite CBRC0184 6 4 3.5 0.4 75 Laterite For personal use only
Page 18
Page 18 Hole_ID From (m) Length (m) True Width (m) Grade (Au g/t) Sample Recovery (%) Interval includes 4m Composites Comment New result this announcement CBRC0184 33 17 14 0.5 100 Cable East including 41 3 2.5 1.1 100 CBRC0184 48 2 1.6 0.5 100 CBRC0185 15 4 3.3 0.5 100 Laterite CBRC0185 157 2 1.8 10.3 100 Cable West CBRC0185 196 2 1.8 1.4 100 Cable East CBRC0186A 9 5 4.3 1.5 80 Laterite CBRC0186A 40 4 3.5 0.4 100 Supergene CBRC0186A 107 1 0.9 3.8 100 Cable East CBRC0186A 211 10 8.7 2.1 100 CBRC0188 87 3 2.3 0.8 100 Cable East * CBRC0189 0 2 1.5 0.5 75 Laterite * CBRC0189 60 4 3.0 2.1 100 Cable East * CBRC0190 33 2 1.7 0.7 100 CBRC0191 0 3 2.6 0.7 75 Laterite CBRC0191 20 3 2.6 0.8 100 CBRC0191 84 4 3.5 7.5 100 Cable East CBRC0193 111 11 9.5 2.3 100 Cable East CBRC0193 125 1 0.9 1.3 100 CBRC0194 1 3 2.6 0.5 75 Laterite CBRC0194 73 11 7.0 3.8 100 Cable East – hole failed in mineralisation CBRC0195 0 4 3.5 0.6 75 Laterite CBRC0195 12 4 3.5 0.4 100 CBRC0195 18 4 3.5 NSA 100 Stoped Cable West CBRC0195 26 3 2.6 0.5 100 CBRC0195 32 6 5.2 0.7 100 CBRC0195 41 5 4.3 1.1 100 CBRC0195 53 3 2.5 1.1 100 CBRC0196 5 6 5.2 0.5 88 Laterite CBRC0196 130 1 0.9 0.6 100 Cable West CBRC0197 34 11 9.5 0.7 100 Cable West Hangingwall CBRC0197 64 2 1.7 0.8 100 CBRC0197 83 5 4.3 1.0 100 CBRC0197 91 5 4.3 3.2 100 Cable West CBRC0198 10 10 8.6 0.6 64 Laterite CBRC0198 88 1 0.9 1.1 100 Cable West For personal use only
Page 19
Page 19 Hole_ID From (m) Length (m) True Width (m) Grade (Au g/t) Sample Recovery (%) Interval includes 4m Composites Comment New result this announcement CBRC0199 15 4 3.5 0.9 100 CBRC0199 47 20 17.2 7.1 100 Cable West Hangingwall including 54 10 8.6 12.9 100 Cable West Hangingwall CBRC0199 110 1 0.8 5.0 100 Cable West CBRC0199 130 4 3.5 0.6 100 Domain 23 CBRC0201 11 5 4.3 1.0 45 Laterite CBRC0201 37 7 6.0 1.0 71 CBRC0201 75 3 2.6 1.0 100 Domain 23 CBRC0202 8 4 3.5 0.4 50 Laterite CBRC0202 14 6 5.2 0.5 75 CBRC0202 36 7 6.0 2.0 100 Cable West Hangingwall CBRC0202 65 10 8.6 0.5 100 CBRC0202 87 6 5.2 0.4 100 Cable West CBRC0202 109 7 6.0 2.3 100 Domain 23 including 110 2 1.7 6.8 100 Domain 23 RGRC0001 68 4 3 NSA 100 Sulphide Conductor * RGRC0001 75 7 5 NSA 100 Sulphide Conductor * TCKRC0244 NSA Failed before target * For personal use only
Page 20
Page 20 APPENDIX 1 - JORC Code, 2012 Edition – Table 1 Section 1 Sampling Techniques and Data - RC Drilling (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Commentary Sampling techniques Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. RC samples are split using a cone splitter into calico bags representing the 1m interval. RC hole diameter starting at 5¾ inch diameter reducing as the hole progresses. Individual samples weigh less than 5kg. The sample size is deemed appropriate for the grain size of the material being sampled. 1m intervals were selectively composited into 4m intervals as described below. 4m composites included in intersections are flagg ed in the results table. All samples are routinely scanned with a portable XRF. The is initially used to identify the footwall tholeiitic basalt. Include reference to measures taken to ensure sample representation and the appropriate calibration of any measurement tools or systems used. Sampling was carried out under the ODY protocols and QAQC. See further details below. Sampling is supervised by a geologist and/or trained field technician. Rig inspections document chain markings of metre intervals, rig setup, splitter and cyclone cleanliness, consistency of sampling and adherence to company procedures. Sample recovery and moisture levels are estimated and recorded. Holes are terminated once two wet samples are generated to ensure sample quality. Certified standards and blanks were inserted into the assay batches. For Photon analyses 400g of standard material (CRM) has been supplied to ALS for insertion into batches. These standard samples are used multiple times by the laboratory, and periodically homogenised. Sample recovery was impacted at surface as noted in the results table. Aspects of the determination of mineralisation that are Material to the Public Report. Mineralisation is generally associated with foliation, quartz veining, galena and pyrrhotite in ultramafic rocks, and pyrrhotite and quartz veining in banded iron formation. The mineralisation in oxide is not visual unless associated with more iron ric h clays or quartz veining. The presence of these indicators or gold assay grades above 0.5g/t are used to report mineralisation. To avoid including more than 2m of below 0.5g/t Au within an intersection the intervals of mineralisation are subdivided. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanatio n may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. Samples are sent to the NATA accredited ALS Laboratory in Canning Vale, Perth and analysed via Photon Assay technique (method code PAAU2) along with quality control samples. Individual samples are assayed for gold after drying and crushing to nominally 85% passing 2mm and 450 -500g split taken for PhotonAssay). The PhotonAssay technique was developed by CSIRO and Chrysos Corporation and is a fast, chemical free non-destructive, alternative using high-energy X- rays to traditional fire assay and uses a significantly larger sample size (500g v’s 50g for fire assay). This technique is accredited by the National Association of Testing Authorities (NATA). Repeat assays are routinely taken of elevated gold samples. Composites are analysed by 30g fire assay. 1m Samples within composite intervals of interest are subsequently replaced by photon assays of the 1m intervals. Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). RC drilling has been undertaken by Frontline or Topdrill Drilling Contractors - Kalgoorlie, with a truck mounted Schramm RC rig with booster compressor. RC hole diameter starting at 5 ¾ inch diameter reducing as the hole progresses. Downhole surveys for RC drilling were recorded using a Reflex gyro Omnix24 survey tool. Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed. All samples for mineralised intervals were reported to be dry. Ground water ingress occurred in some holes at the rod change but overall, the holes were kept dry. Typically, drilling operators ensured water was lifted from the face of the hole at each rod change to ensure water did not interfere with drilling and to make sure samples were collected dry. Sample recoveries were acceptable. Some losses occurred before the holes were cased as noted in the results table. Samples are monitored for possible contamination during the drilling process by Company geologists. Measures taken to maximise sample recovery and ensure representative nature of the samples. Drilling is carried out orthogonal to the mineralisation to get representative samples of the mineralisation. See commentary in the announcement text Standard practices for RC drilling are used. For personal use only
Page 21
Page 21 Criteria JORC Code explanation Commentary Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. No relationship between recovery and grade have been identified. This is not seen to be a material risk with the drilling methods and approach to sampling being undertaken. Logging Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. All RC chips are logged onsite by geologists to a level of detail to support future Mineral Resource Estimation and mining studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. Logging is qualitative and records lithology, grain size, texture, weathering, structure, alteration, veining and sulphides. Chips are digitally photographed. Samples are routinely scanned with a Vanta pXRF. The total length and percentage of the relevant intersections logged All holes are logged in full, including the reported intersections. Sub- sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken. No core in this program yet. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. 1m RC samples are split using a cone splitter. Unmineralised areas are composite RC samples collected by scoop and combined into 4m composite samples. Most samples are dry. Drilling of a hole is terminated if dry samples cannot be produced. No wet samples were noted in this program. For all sample types, the nature, quality and appropriateness of the sample preparation technique. 1m RC samples are submitted to ALS/Minanalytical Laboratory Perth where samples are coarse crushed to 2-3mm and split. A 450-500g sample was assayed by Photon Assay. 4m composites are milled to homogenise the sample and a 30g charge is fire assayed. These are subsequently replaced by fire assay prior to inclusion in resource estimates. The sample preparation procedures carried out are considered acceptable. All photon tubs and coarse rejects are retained at the laboratory. Quality control procedures adopted for all sub- sampling stages to maximise representation of samples. Sampling is supervised by a geologist and sample recovery and moisture content noted. A checklist to ensure ongoing checking for sample quality and to avoid contamination has been implemented. The geologist monitors samples for contamination during drilling. Drill crews are required to routinely clean the cyclone, typically after each rod. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Samples are inspected for contamination. The RC cyclone is routinely cleaned. RC field duplicates are collected on intervals that have been identified as geologically prospective by the field geologist at the time of drilling. The duplicate samples are col lected directly from the second chute from the on-rig cone splitter. Whether sample sizes are appropriate to the grain size of the material being sampled. Sample sizes are considered appropriate to give an indication of mineralisation. Once a meaningful population of samples is collected per sample domain, an assessment will be made of the appropriate weight and number of samples to allow the classification of mineral resources. Quality of assay data and laboratory tests The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. All samples were submitted to ALS/Minanalytical Laboratory Perth where a 450 -500g sample was assayed by Photon Assay for gold. The PhotonAssay technique was developed by CSIRO and Chrysos Corporation and is a fast, chemical free non -destructive, alternative using high -energy X -rays to traditional fire assay and uses a significantly larger sample size (500g v’s 50g for fire assay). This technique is accredited by the National Association of Testing Authorities (NATA). Repeat assays are routinely taken of ele vated gold samples. Photon is considered total. Composites are analysed through 30g fire assay. This is considered total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. No geophysical surveys reported in this release. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. Certified reference material (CRM) samples sourced from Geostats , are supplied to ALS and are inserted every 20 samples. 400g of CRM are supplied and analysed by Photon analyses. ALS analyse the supplied CRMs multiple times in the frequency and order determined by Odyssey Gold. External lab check assays have not been completed for the current program. For personal use only
Page 22
Page 22 Criteria JORC Code explanation Commentary Verification of sampling and assaying The verification of significant intersections by either independent or alternative company personnel. All assays are reviewed by Odyssey Gold and significant intercepts are calculated as composites and reported using a nominal 0.5g/t Au cut-off grade; however, intercepts may be reported within sub -grade mineralisation if dictated by a geological domain. A maximum of 3m consecutive internal waste is nominally allowed in composites. All significant intercepts are checked by the Competent Person. Previous announced intersections may vary with a change in interpretation. A reannouncement of previous results wil l not occur unless the Competent Person decides the change is material. The competent person routinely inspects drilling, chips, and the geologists logging to ensure correlation with assay results. The use of twinned holes. Dedicated twin holes have not been drilled. Drilling is aiming to confirm some historical holes therefore some partial twinning of holes occurs. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. All drill hole logging is completed on digital logging templates with built-in validation. Logging spreadsheets are uploaded and validated in a central MS Access database. All original logging spreadsheets are also kept in archive. Duplicated copies of the database and drillhole data is routinely backed up through cloud server backups. Logging of key intersections has been reviewed by the Competent Person. Discuss any adjustment to assay data. No assay data was adjusted. Location of data points Accuracy and quality of surveys used to locate drill holes (collar and down -hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Drill hole collars are located using handheld GPS with 3-5m accuracy. Downhole surveys are recorded using a True North seeking GYRO survey tool. After completion of the drill program, collars are surveyed by a licensed surveyor. Specification of the grid system used. The project currently uses the MGA94, Zone 50 grid system. Migration to MGA 2020 is underway. Quality and adequacy of topographic control. The site topographic surveys including the pit surveys match well with the drill hole collars. Detailed aerial photography over the region has aided the locating of historical drillhole collars. An updated digital terrain model has been generated from a UAV drone survey to validate GPS RL surveys. Data spacing and distribution Data spacing for reporting of Exploration Results. Drill hole spacing for the 2025 drill program is variable as most drilling to date is either first pass drilling of new exploration targets or infill resource drilling. In general, drill hole collar spacing for the reported drillholes is 100m spaced on exploration targets and 40x40m for infill drilling. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Drilling at Cable is on a spacing which is sufficient to test the grade continuity of mineralisation for this style of mineralisation. The current data set is considered potentially appropriate for use in a future Mineral Resource. Whether sample compositing has been applied. 4m sample composites are used. Where reported intervals are composites this is disclosed in the announcement. All significant 4m composites are subsequently replaced with the assays from 1m samples. Intersections reported as length weighted averages. Orientation of data in relation to geological structure Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. Drilling is designed to be perpendicular to the strike of mineralisation on a hole by hole or section by section basis. The current program has successfully achieved this. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. The bulk of the intercepts appear to be orthogonal to the mineralisation +/- 25 degrees unless otherwise stated in the intercepts table. Assay intercepts are stated as down -hole lengths. Previous resource modelled work has highlighted grade bias in holes d rilled down the mineralisation. Sample security The measures taken to ensure sample security. RC samples are collected in prenumbered calico bags. Samples are delivered to the lab directly by Odyssey personnel or freighted via an independent freight provider. For personal use only
Page 23
Page 23 Criteria JORC Code explanation Commentary Audits or reviews The results of any audits or reviews of sampling techniques and data. All QAQC data is reviewed to ensure quality of assays; batches containing standards that report greater than 2 standard deviations from expected values are re-assayed. The competent person audited the laboratory in November 2024. Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. Odyssey’s subsidiary, Tuckanarra Resources Pty Ltd, owns an 80% interest in the Tuckanarra JV Project. A 1% royalty is payable to Monument Mining on Odyssey’s interest in the project. Cable and drilling undertaken was within in M20/527. Native title is extinguished in M20/527 and some surrounding areas vi. A cemetery reserve falls within M20/527 but does not impact the resource area currently. Judys East drilling was within E20/783 which is part of the Tuckanarra JV Project. Regal drilling was within E20/924, 100% held by Odyssey Gold. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. The tenement package is understood to be in good standing with the WA DMPE. Exploration done by other parties Acknowledgment and appraisal of exploration by other parties. Refer to the body of the report and to previous announcements. Exploration History Gold was discovered at Tuckanarra in the late 1890s by prospectors searching further afield from Cue and Mt Magnet, with the first mine (Nemesis) discovered and developed in 1900. Subsequent exploration and development located additional deposits in the general area with the majority of deposits being developed as small underground mines exploiting narrow, highly mineralised quartz veins associated with Banded Iron Formation lithologies. In general, these historical gold mines were mined down to the water table, which is approximately 20m deep at Tuckanarra. 1980 to 1987: Tuckanarra Minerals By the mid -1980s Tuckanarra Minerals had completed in excess of 64 RAB holes, defining gold mineralisation at the Maybelle prospect and identifying numerous additional areas which were prospective for gold resources. They concluded that the area hosted excellent potential for the delineation of small‐to-medium gold mines and noted that little drilling had been completed at depth. Following the 1987 stock market crash, Metana Minerals purchased the Tuckanarra group of tenements. 1988 to 1996: Metana Minerals (Gold Mines of Australia) Between 1988 and 1990 Metana Minerals (renamed Gold Mines of Australia (“GMA”)) completed a systematic 200m x 40m soil geochemistry program over a large portion of their tenement holding, including Tuckanarra. Between 1990 and 1995 GMA undertook numerous drilling programs encompassing Rotary Air Blast (“RAB”), Reverse Circulation (“RC”) and Diamond Drilling (“DD”) over the defined gold anomalies and historic al workings. This resulted in the delineation of gold mineral resources at the Maybelle, Bollard, Bottle Dump and Cable Prospects, which were mined between 1990‐1994. 1996 to 2003: St Barbara Mines Limited In 1996 St Barbara Gold Mines (“St Barbara”) purchased the Reedys plant and tenements from GMA. Minimal exploration was undertaken until Anglo Gold Australia (“Anglo”) became managing joint venture partner in late 2000. Anglo focused on the central Tuckana rra tenement area and completed detailed GIS compilation, soil sampling, rock chip sampling and the drilling of a total of 21 RC holes for 3512 metres and the drilling of 109 aircore and RAB holes for 5127 metres. 2003 to 2006: Mercator Gold Pty Ltd Following the withdrawal of Anglo from the joint venture, St Barbara entered into a joint venture with Mercator Gold Australia Pty Ltd (“Mercator”). Mercator completed GIS compilation work, mapped the existing pits and completed a number of lines of geophysical induced polarisation to test for the presence of chargeable zones that may For personal use only
Page 24
Page 24 Criteria JORC Code explanation Commentary have a gold‐sulphide association. 2006 to 2011: No field work was carried out on the Tuckanarra gold project post 2006. The Tuckanarra tenement package was acquired by Phosphate Australia in late 2011. Phosphate Australia focused on drilling laterite and oxide resources on the Cable -Bollard Trend, and Anchor with aircore drilling before selling the project to Monument mining in 2015. Odyssey Gold acquired the project in late 2020. Geology Deposit type, geological setting and style of mineralisation. The Project area is located within the Meekatharra -Wydgee Greenstone belt within the north -eastern Murchison Domain. The majority of greenstones within the Meekatharra -Wydgee belt have been stratigraphically placed within the Polelle Group and the Norie Group of the Murchison Supergroup. The Project area covers Archean basement rocks assigned to the 2815-2805 Ma basal Norie group of the Murchison Supergroup, which covers the eastern margin of the Meekatharra -Wydgee greenstone belt. The Norie group comprises a thick succession of pillowed a nd massive tholeiitic basalts of the Muroulli Basalt, and conformably overlying and mafic schist and felsic volcanoclastics with interbedded BIF and felsic volcanic rocks of the Yaloginda Formation (Van Kranendonk et al, 2013). These rocks are folded around the south - plunging Besley Anticline. Adjacent to these rocks are the mafic sequences of the Meekatharra Formation (Polelle Group). Granitoids in the Project area comprises the Jungar Suite and Annean Supersuite to the east and the Munarra Monzogranite of the Tuckanarra Suite to the west. The Jungar Suite consists of foliated to strongly sheared K -feldspar-porphyritic monzogranites. These rocks are characterized by strong shear fabrics that suggest they may have been emplaced during, or just before, shearing. The Annean Supersuite includes hornblende tonalite and monzogranitic rocks. The Tuckanarra Suite consists of strongly foliated and locally magmatically layered granodiorite to monzogranitic rocks. The Project is situated within the ‘Meekatharra structural zone’, a major regional, NE-trending shear dominated zone, about 50 to 60km wide, stretching from Meekatharra through the Cue region as far south as Mount Magnet. This major shear zone is dominated by north and northeast-trending folds and shears (e.g. Kohinoor shear). The Mt Magnet fault is the major east- bounding structure of the Meekatharra structural zone. The mineralised zones of the Project are located in the Tuckanarra greenstone belt comprising a series of mafic and inter -banded mafic and iron formations, with a variable component of clastic sediments, (greywackes and minor shales). The sequence is folded into a south‐ westerly plunging anticline with a well-developed axial plane cleavage and numerous fractures, bedding parallel faults and shears. The belt extends northwards to Stake Well and east towards the Reedys mining centre. The area has four small open pits, extensive minor gold workings, and prospecting pits principally associated with mafic lithologies and Altered Ferruginous Transitional (AFT) and Altered Ferruginous Fresh (AFF) material which were originally banded iron formations. The magnetite content within the AFT/AFF’s has been destroyed and predominantly altered to an assemblage of hematite with the relic structure of the banded iron intact. Where mineralised veins intersect major competency contrasts such as high magnesium basalt or AFT/AFF, veining becomes layer parallel resulting in larger deposits such as the Bollard and Cable deposits. A number of styles of gold mineralisation have been identified in the area including: • Mineralised AFT and AFF material ± quartz veining (Cable East, Cable Central); • Quartz veins ± altered ultramafic and basalts (Cable West, Highway, Lucknow, Maybelle, Maybelle North, Miners’ Dream); and • Gold mineralisation within laterite (Anchor, Bollard, Drogue). Below the base of complete oxidation (~40m) gold mineralisation is For personal use only
Page 25
Page 25 Criteria JORC Code explanation Commentary commonly seen associated with quartz‐pyrrhotite veins and pyrrhotite replacement of the host rocks. Prospective models for the discovery of additional gold deposits in the area are related to the intersection of shear zones with prospective lithologies. Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: ▪ easting and northing of the drill hole collar ▪ elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar ▪ dip and azimuth of the hole ▪ down hole length and interception depth ▪ hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Drill hole details are provided in Appendix 1. Results that are interpreted to be discontinuous, or outside the areas of interest may not be highlighted in the announcement. Data aggregation methods In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Significant intercepts are reported as down -hole length -weighted averages of grades above a nominal 0.5 g/t Au; or according to geological/mineralised units in occasional cases where warranted. No top cuts have been applied to the reporting of the assay results. Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. Higher grade intervals are included in the reported grade intervals; and have also been split out on a case-by-case basis where relevant. The assumptions used for any reporting of metal equivalent values should be clearly stated. No metal equivalent values are used. Dear reader, thanks for reading this far. Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). The bulk of the exploration drilling was conducted so that results would be close to orthogonal to the mineralisation as understood at the time; however, the true relationship to the mineralisation is not accurately determined. Due to restrictions of access, such as from historical open pits, the drill angle may be compromised. Cross sections are included in the announcement to illustrate the interpreted orientation of the drillhole to the mineralisation. True widths of intersections in this announcement are interpreted to be ~70-80% of the downhole width. Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. Refer to Figures in the body of this announcement and Appendix 1. For personal use only
Page 26
Page 26 Criteria JORC Code explanation Commentary Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. Balanced reporting has been used. The exploration results should be considered indicative of mineralisation styles in the region. Exploration results illustrated may be highlights of the drilling and are not meant to represent prospect scale mineralisation. As the projects are brownfields exploration targets, and there are large numbers of holes drilled over the region, it is considered appropriate to illustrate mineralised and non -mineralised drill holes using diagrams, with reference to the table of significant intercepts. RC grade control holes are not displayed within the open pit and off section RC and RAB holes may not be displayed for clarity. Removing the off -section holes does not materially change the interpretation from the that displayed. Incomplete results are being reported due to the , the executive director guiding that the CBRC0199 is material result to the company and the Competent Person will shortly be out of communication for an extended period. Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. No other meaningful data is required to be presented other than what has been presented in the body of this announcement. The reader is referred to the Independent Geologists Report in the Odyssey Gold Prospectus and subsequent announcements. Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. Exploration and infill RC drilling and the mining technical studies are continuing. Assessment of the reliability of historic al samples in domains now drilled by ODY holes. Additional drilling in planned to upgrade Inferred Resources to Indicated based on the outcome of the mining study. Similarly conventional testwork will be prioritised based on the mining study and will include SMC, bond abrasion Index determination, grind optimisation, gravity separation, and magnetic separation along with direct cyanidation with oxygenation. See commentary in the body of the text. i Refer ASX announcement dated 2 August 2024 ii List of cancelled gold mining leases which have produced gold, Western Australia Department of Mines page 58 https://nla.gov.au/nla.obj-2855989124 iii Refer ASX announcement dated 15 June 2022 iv List of cancelled gold mining leases which have produced gold, Western Australia Department of Mines page 58 https://nla.gov.au/nla.obj-2855989124 v Refer ASX Announcement dated 10 June 2025 vi Gilla on behalf of the Yugunga-Nya People v State of Western Australia (No 3) [2021] FCA 1338 For personal use only
Page 27
Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 27 + 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 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (1,036) (1,036) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (215) (215) (e) administration and corporate costs (167) (167) 1.3 Dividends received (see note 3) - - 1.4 Interest received 33 33 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) (79) (79) Other – business development (3) (3) 1.9 Net cash from / (used in) operating activities (1,467) (1,467) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - For personal use only
Page 28
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 28 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 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 - - 3. Cash flows from financing activities 304 304 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 (45) (45) 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 259 259 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 4,218 4,218 4.2 Net cash from / (used in) operating activities (item 1.9 above) (1,467) (1,467) For personal use only
Page 29
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 29 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.3 Net cash from / (used in) investing activities (item 2.6 above) - - 4.4 Net cash from / (used in) financing activities (item 3.10 above) 259 259 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 3,010 3,010 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 2,980 10 5.2 Call deposits 30 4,208 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) 3,010 4,218 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 1 214 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
Page 30
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 30 + 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) (1,467) 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) (1,467) 8.4 Cash and cash equivalents at quarter end (item 4.6) 3,010 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 3,010 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.1 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
Page 31
Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 31 + 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: 29 October 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