Odin Metals : Quarterly Activities Report & Appendix 5B

ASX / MEDIA RELEASE

31 January 2022

QUARTERLY REPORT DECEMBER 2021

The Koonenberry Project is an emerging, district scale, Copper and Base Metals exploration package located 80km east of Broken Hill, New South Wales. The Company considers the Koonenberry Belt to be highly prospective for a number of styles of mineralisation including VMS hosted Cu-Zn-Au-Ag deposits (which is substantiated by the presence of the Grasmere deposit), magmatic Ni-Cu-PGE, epithermal Ag- Pb-Cu and orogenic Au.

ForThe Koonenberry Project covers 2600km2 of land holding, ~150km strike of the significantly under- explored Koonenberry Belt which is considered highly prospective for VMS-hostedCu-Zn-Ag-Au, magmatic Ni-Cu-PGE, epithermal Ag-Pb-Cu and orogenic Au.

Grasmere

The largest copper rich massive sulphide zone identified to date in Western NSW. Grasmere contains an Indicated and Inferred Mineral Resource Estimate reported in accordance with JORC (2004) totalling 5.75 Mt @ 1.03% Cu, 0.35% Zn, 0.05 g/t Au and 2.3 g/t Ag1.

Grasmere is hosted in a semi continuous mineralised zone over a strike length of 4km and defined by 75 drill holes and is open at depth. EM results confirm higher magnitude anomalism along strike and in proximity to the Grasmere deposit, highlighting the potential association with increased sulphide mineralisation.

Odin Metals Limited

ABN: 32 141 804 104 35 Richardson Street, West Perth WA 6005

Cymbric Vale

Minimal modern exploration has identified significant copper prospectively at Cymbric Vale with a shear hosted Cu system and similar structural and geological setting to Grasmere. EM survey results confirm onlytargets have been identified at Cymbric Vale over >7km of strike and incorporating known copper

mineralisation that extends over >1.2km of strike.

Wertago

Historic mining trend, highly prospective for VMS along strike, a further untested anomalous "Western" trend has been identified that extends for over 12km and includes 2 high priority targets.

For usepersonal

Figure 1: HeliTEM EM targets at the Koonenberry Cu Project (Airborne Magnetics Background, NE Shaded TMI Image)

Odin Metals Limited

ABN: 32 141 804 104 35 Richardson Street, West Perth WA 6005

DRILLING

Odin's maiden ~2,800m drilling programme was completed in December 2021. Drilling intersected shallow onlyoxide copper in most holes at Cymbric Vale with a deeper hole completed to the north of the most southern hole intersecting visual Copper sulphide mineralisation over approximately 12m from 84m, assays pending. Initial drilling at Grasmere intersected mineralisation as ODM continues to scope and confirm the

resource and to extend the known mineralised footprint.

Odin has continued to engage a NSW based RC drilling contractor and will re-commence drilling at the Koonenberry project with technical team and drill rig due to arrive on site in the first week of February.

The company plans to drill a minimum of 5,000m RC drilling prior to May as well as diamond core drilling initially targeting Grasmere, followed by Cymbric Vale and Wertago.

useGrasmere

Drilling focussed on the HeliTEM priority targets that were identified along strike to the SSE of the Grasmere Deposit and under the southern end of the Deposit (Indicated and Inferred Mineral Resource Estimate totalling 5.75 Mt @ 1.03% Cu1).

Cymbric Vale

personalOdin has targeted drilling at Cymbric Vale within an area where the HeliTEM survey identified targets over >7km of strike. RC drilling was completed proximal to a southern historic RC hole and mine working (20m

t 0.73% Cu). Drilling intersected shallow visual oxide Cu mineralisation in most holes (<60m deep) with a deeper hole completed to the north (100m along strike) of the southern historic hole intersecting visual Cu sulphide mineralisation (chalcopyrite) over approximately 12m from 84m.

Forigure 2: A small section of Copper mineralisation (chalcopyrite) intersected in RC chips from hole CV0010, 87 to 94m shown of a broader mineralised interval of 84 to 96m

Wertago

Odin plans to commence Pattern Geochemical Auger Drilling post the RC drilling program to specifically drill the newly identified anomalous EM trends identified at Wertago that extend for over 10km, including two high priority targets that are ~1,200 metres apart.

Odin Metals Limited

ABN: 32 141 804 104 35 Richardson Street, West Perth WA 6005

FINANCIAL COMMENTARY

The Quarterly Cashflow Report (Appendix 5B) for the period ending 31 December 2021 provides an overview of the Company's financial activities. The Company was in a strong financial position at the end onlyof the quarter with $2.2 million in cash. This will be sufficient to fund corporate costs for the remainder of

2022 and also facilitate further exploration activities.

Expenditure on exploration during the reporting period amounted to A$243k, including drilling costs of A$165k. A further $210k of payments were made in January 2022 relating to Odin's maiden ~2,800m

drilling programme which was completed in December 2021, including drilling costs f A$145k. Payments for administration and corporate costs amounted to $165K and related to costs for and associated with director's fees, listing and compliance, legal fees, corporate advisory and consulting fees. The aggregate amount of payments to related parties and their associates included in

the current quarter cash flows from operating activities was $64k (refer to Table 1).

Notes on Release:

This ASX release was authorised by the Board of the Company

For further information please contact info@odinmetals.com.au

Competent Persons Statement:

The information in this report that relates to Exploration results is an accurate representation of the available data and is based on information compiled by Mr Simon Mottram who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mottram is a Director of Odin Metals Limited. Mr Mottram has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP)

Odin Metals Limited

ABN: 32 141 804 104 35 Richardson Street, West Perth WA 6005

Odin Metals Limited

ABN: 32 141 804 104 35 Richardson Street, West Perth WA 6005