Odin Metals : Quarterly Activities Report & Appendix 5B

ASX / MEDIA RELEASE

29 July 2022

QUARTERLY REPORT JUNE 2022

Geochemical and EM Survey

During the quarter Odin completed a ground Electromatic Survey (EM) programme over the Grasmere Deposit (5.75 mt grading 1.03% Cu, 0.35% Zn, 2.3 g/t Ag & 0.05 g/t Au).

The EM Survey was conducted to direct future drilling after a review of HeliTem data and historic EM surveys identified open anomalism occurs within the mineralised strike at Grasmere and the potential to expand the lateral and depth extents to the Grasmere Resource.

ForThe EM programme was completed in May 2022 and is currently being processed and interpreted by a specialist EM Geophysicist. Initial indications support the belief that the modern EM survey has mapped the mineralised trend as well as delineate the better parts of it and aid further drilling.

urther to the EM survey, a gridded large Scale Geochemical Survey, the first of its scale and extent within Odin's Tenure commenced over known VMS trends. The survey is planned to be completed by September covering prioritised areas of interest within the northern section of Odin's Tenure. The survey has been designed to provide evidence of mineralisation and to accelerate and focus planned drilling. To date two thirds of the sampling has been completed.

Phase 1 of the of the geochemical programme has been completed over identified VMS trends west of Grasmere with >2000 samples dispatched for analysis. Phase 2 was completed over Cymbric Vale area with ~1900 samples awaiting analysis. Phase 3 of the programme covering the historic lead, silver and copper mining areas of Wertago is planned to commence by mid August.

Odin Metals Limited

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

Drilling

Odin plans to recommence drilling late September at the Wertago prospect, stepping out the drilling down plunge and along trend at Grasmere and further testing of the Cymbric Vale mineralised trend.

onlyGrasmere will see a multi-phase drilling programme designed to scope out further mineralisation within the current resource envelope of 3.3km of the resource estimate, testing along strike, down dip, at depth and infilling gaps in the drilling to enable an upgrade to the existing resource.

The Wertago prospect hosts the Wertago Copper Field and the Nuntherungie Silver Field, which were historically worked for copper, lead, and silver after their discovery in the 1870's. The Wertago prospect has been identified as having excellent potential to rapidly develop into a maiden resource.

Grasmere

useDuring the quarter significant copper assays from RC drilling at Grasmere completed in February 2022 were received, confirming both the presence of high-grade zones of copper mineralisation within the existing mineral resource and demonstrated that the mineralised system is not closed off and remains open in multiple directions.

Drilling completed at Grasmere targeted:

• The potential expansion of the current mineral resource both along strike and down plunge/dip
• The continuity of higher-grade zones of mineralisation to lift the underlying grade of the mineral resource, and to,
• Provide confidence in previous drilling at the Grasmere deposit and the reported JORC (2004) resource of 5.75 million tonnes grading 1.03% Cu, 0.35% Zn, 2.3 g/t Ag & 0.05 g/t Au with infill drilling1

Results include:

Drilling completed in February 2022, successfully demonstrated that the eastern-most extent of the historic mineral resource within the Peveril lode remains strongly mineralised on the periphery, where drill holes GS0007 and GS0022 intersected 6m at 2.70% Cu and 3m at 1.76% Cu respectively

Odin Metals Limited

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

Confidence has been gained in targeting further mineralisation at Grasmere with the significant intersection rate significantly improved from the 2022 drilling and identified:

Cymbric Vale

Odin completed two (2) RC holes CV0013-14 for 252m on the "Historic Trend" at Cymbric Vale in March. Drilling targeted significant copper mineralisation that was intersected in two shallow (<30m) historic RC

usexploration holes drilled ~600m apart.

Drilling focussed on extending the known shallow copper mineralisation ~85m along strike to the north (Figure 9 insert) of drilling completed in 2021 (CV0001-10). Drilling successfully extended the mineralisation to over 300m of strike returning:

• 7m at 0.51% Cu from 66m - CV0013
• 2m at 0.76% Cu from 118m - CV0014

personalGranted regulatory approvals at the time restricted the company to only drilling two holes, approvals have now been received and further drilling is planned as part of the September drilling campaign.

As part of the September drilling campaign, ODM plans to extend the scout programme completed at Cymbric Vale, focussing on sulphide copper mineralisation and extending drill coverage to the north of the recent drilling where a recent HeliTEM survey identified potential sulphide mineralisation.

Exploration Manager Appointment

During the Quarter, Alan Till was appointed as Exploration Manager to advance the Koonenberry Project. Alan brings a wealth of experience to Odin, with more than 15 years across several diverse mineral xploration projects across Australia and overseas. While working for Black Rock Mining, Mr Till lead a small, highly effective team mapping the Ulanga region, Tanzania, and was responsible for the discovery and drill-out of the Ulanzi & Cascade graphitic orebodies that now comprise the world class Mahenge graphite deposit. More recently Mr Till's projects have included massive sulphide deposits in the Albany-

Fraser Orogen, as well as gold mineralisation along the Stawell corridor.

ABOUT THE KOONENBERRY COPPER PROJECT

ForThe 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.

The Koonenberry Project covers ~2,600km2 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.

Odin Metals Limited

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

Grasmere

The largest copper rich massive sulphide zone identified to date in Far Western NSW. Grasmere contains an Indicated and Inferred Mineral Resource Estimate reported in accordance with JORC (2004) totalling

only5.75 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.

Cymbric Vale

Minimal modern exploration has identified significant copper prospectively at Cymbric Vale with a shear usehosted Cu system and similar structural and geological setting to Grasmere. EM survey results confirm targets 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 in includes 2 high priority targets. personalFor

Odin Metals Limited

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

onlyuse

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

CORPORATE

Lapse of Unlisted Options

During the quarter the following unlisted options lapsed in accordance with the terms of which they were issued:

1 The Option vesting conditions were not met by the holder/s.

Financial Commentary

The Quarterly Cashflow Report (Appendix 5B) for the period ending 30 June 2022 provides an overview of the Company's financial activities. At the end of the quarter, the Company had $1.1 million in cash.

Odin Metals Limited

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