G11 RESOURCES LIMITED — Capital/Financing Update 2021

Nov 22, 2021

ASX Announcement

23 November 2021

ASX: ODM

Directors & Officers

Jason Bontempo Executive Chairman

Simon Mottram Non-Executive Director

Ted Coupland Non-Executive Director

Aaron Bertolatti Company Secretary

E: admin@odinmetals.com.au W: www.odinmetals.com.au

Registered Address: 35 Richardson Street WEST PERTH WA 6005

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Drilling intersects Sulphide Copper Mineralisation

Odin Metals Limited (ASX: ODM ) ( Odin or the Company ) is pleased to provide an update on its maiden drilling programme at its flagship district scale Koonenberry Copper Project, located in the far west of NSW.

• To date, Odin has completed 10 Reverse Circulation ( RC ) holes (CV0001-10) at Cymbric Vale proximal to a southern historic RC hole and mine working (20m at 0.73% Cu). Drilling has 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 (CV0010) results pending.

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Figure 1: A small section of Cu mineralisation (chalcopyrite) intersected in RC chips from hole CV0010, 87 to 94m shown of a broader mineralised interval of 84 to 96m. Assays pending

• ODM commenced drilling at Cymbric Vale on the 14[th] November targeting an area where the recently completed HeliTEM survey identified targets over >7km of strike.

• Drilling commenced at the historic Cymbric Vale mining trend where previous limited historic RC drilling (2 RC holes 600m apart) returned significant Cu mineralisation (20m @ 0.73% Cu and 20m @ 0.33% Cu, from surface[1] )

• Following Cymbric Vale the drill rig will move to the next target at Big M on the Cymbric Trend.

Executive Chairman Jason Bontempo commented

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“ We are delighted to be intersecting Cu mineralisation with our first holes at Cymbric Vale but more importantly the recent drilling shows the potential of the still open mineralised strike over ~1km within a trend of HeliTEM[2] targets that extend over a further 7km of strike at Cymbric Vale . W e now look forward to assay results. Any economic resource discovery at Cymbric Vale will complement our current reported mineral resource estimate at Grasmere of 5.75mt at 1.03%, located only 28km to the west of Cymbric Vale “

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Odin plans to relocate the rig to the Grasmere trend, where HeliTEM priority targets have been identified along strike to the south-southeast of the Grasmere Deposit and under the southern end of the Grasmere Deposit itself (Indicated and Inferred Mineral Resource Estimate totalling 5.75 Mt @ 1.03% Cu1), with similar EM responses in both cases.

The Koonenberry Project covers 2600km[2] of land holding ~150km strike of the significantly under-explored Koonenberry Belt which is highly prospective for VMS-hosted Copper and magmatic Ni-Cu-PGE

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Figure 2: New HeliTEM EM targets at the Koonenberry Cu Project (Airborne Magnetics Background, NE Shaded TMI Image)

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Authorised for release by: Jason Bontempo – Executive Chairman

For further information on Odin and its projects please visit: www.odinmetals.com.au or contact info@odinmetals.com.au

Notes on Release:

1. See ASX Announcements “District Scale Copper Project Acquisition”, 18 February 2021 and “Acquisition of Grasmere Copper Deposit”, 06 April 2021, for further information, Competent Person’s Consent, material assumptions, and technical parameters concerning historical work at the Koonenberry project.

2. See ASX Announcement “Outstanding EM Survey Results”, 21 June 2021, for further information, Competent Person’s Consent, material assumptions, and technical parameters concerning the HeliTEM survey.

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) as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Mottram consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Table 1. Cymbric Vale (Historic Trend) – Completed RC Drill Hole Collars

Project / Target

Hole ID East (MGA94_54S) North (MGA94_54S) RL Depth Dip Azim Depth From Depth To Interval (m) Cu (PPM) Au (PPM) Remarks

CV Historic

CV0001 635,142 6,540,002 250 54 -60 090 Assays Pending. CV0002 635,126 6,540,002 250 78 -60 090 CV0003 635,129 6,539,964 250 66 -60 090 CV0004 635,105 6,539,964 250 78 -60 090 CV0005 635,176 6,539,920 250 54 -60 090 CV0006 635,131 6,539,919 250 66 -60 090 CV0007 635,096 6,539,929 236 120 -60 090 CV0008 635,088 6,540,120 240 84 -60 090 CV0009 635,073 6,540,120 245 84 -60 090 CV0010 635,053 6,540,121 244 114 -60 090

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Appendix 2 JORC Code (2012) Edition Table 1

Section 1: Sampling Techniques and Data

Criteria	JORC	Code explanation	Commentary	Commentary
Sampling	▪	Nature and quality of sampling (e.g. cut	▪	The Reverse Circulation (RC) drill holes were drilled with a face-sampling
techniques		channels, random chips, or specific		hammer using industry practice drilling methods to obtain a 1 m
		specialised industry standard measurement		representative sample. Resolution Drilling (Reso) completed RC drilling
		tools appropriate to the minerals under		using a large capacity RC Rig (UDR1200) with auxiliary air compressor and
		investigation, such as down hole gamma		booster capacity.
		sondes, or handheld XRF instruments, etc).	▪	Samples were collected over one metre intervals using a rig mounted
		These examples should not be taken as		rotary cone splitter to obtain a split representative sample (and duplicate
		limiting the broad meaning of sampling.		sample where required) of approximately 2 to 3kg for assaying.
	▪	Include reference to measures taken to	▪	The sample system was routinely monitored and cleaned to minimise
		ensure sample representivity and the		contamination
		appropriate calibration of any measurement tools or systems used.	▪	The split samples and any QA/QC samples were placed in Bulka Bags, sealed and are then transported to ALS in Adelaide for analysis.
	▪	Aspects of the determination of mineralisation that are Material to the	▪	A further sub sample is taken from the residue, sieved of the fine material with the coarser material washed and collected as individual metres in a
		Public Report. In cases where ‘industry standard’ work has been done this would be		plastic tray.
		relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples	▪	The remaining coarse material is geologically logged, and sulphide percentage is recorded of the coarse material.
		from which 3 kg was pulverised to produce	▪	No logging or sub sampling of the fines is undertaken
		a 30 g charge for fire assay’). In other cases,	▪	The chips are randomly analysed utilising a portable XRF analyser to
		more explanation may be required, such as		confirm the sulphide mineralogy.
		where there is coarse gold that has inherent	▪	XRF sampling is not considered by the company as qualitative or
		sampling problems. Unusual commodities		quantitative of the final reported assay given the limited sample medium
		or mineralisation types (e.g. submarine		and the randomness of the results and hence are not reported
		nodules) may warrant disclosure of detailed information.	▪	Sample representivity is not known by the CP.
Drilling	▪	Drill type (e.g. core, reverse circulation,	▪	RC Drilling used a face sampling hammer using standard RC drilling
techniques		open-hole hammer, rotary air blast, auger,		Techniques employed by Reso, a specialist Drilling company
		Bangka, sonic, etc) and details (e.g. core	▪	Downhole surveys were carried out on RC holes using a gyro survey tool
		diameter, triple or standard tube, depth of		every 30m to record the movement of the drill hole from the planned
		diamond tails, face-sampling bit or other		direction and inclination.
		type, whether core is oriented and if so, by
		what method, etc).
Drill sample	▪	Method of recording and assessing core and	▪	For RC drilling, sample weight and recoveries were observed during the
recovery		chip sample recoveries and results		drilling with any wet, moist, under-sized or over-sized drill samples being
		assessed.		recorded. All samples were deemed to be of acceptable quality, where not
	▪	Measures taken to maximise sample		of acceptable quality that is shown in the table of results.
		recovery and ensure representative nature	▪	RC samples were checked by the geologist for volume, moisture content,
		of the samples.		possible contamination and recoveries. Any issues were discussed with the
	▪	Whether a relationship exists between		drilling contractor.
		sample recovery and grade and whether	▪	Sample spoils (residual) were placed in piles on the ground.
		sample bias may have occurred due to
		preferential loss/gain of fine/coarse
		material.
Logging	▪	Whether core and chip samples have been	▪	A representative sample of the RC chips was collected from each of the
		geologically and geotechnically logged to a		drilled intervals (sampled every 1m), then logged and stored in chip trays
		level of detail to support appropriate		for future reference. RC chips were logged for lithology, alteration, degree
		Mineral Resource estimation, mining		of weathering, fabric, colour, abundance of quartz veining and sulphide
		studies and metallurgical studies.		occurrence.
	▪	Whether logging is qualitative or	▪	All referenced RC chips in trays have been photographed and will be stored
		quantitative in nature. Core (or costean,		at a field facility.
		channel, etc) photography.	▪	All drill holes were logged in their entirety.
	▪	The total length and percentage of the
		relevant intersections logged.
Sub-	▪	If core, whether cut or sawn and whether	▪	RC chips were riffle split.
sampling techniques and sample preparation	▪	quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	▪	All RC samples were collected in numbered calico bags using the rig mounted cone splitter with duplicates and standards placed in the sample sequence at regular intervals. The calico sample bags were then placed in green plastic bags for transportation.

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Criteria	JORC	Code explanation	Commentary	Commentary
	▪	For all sample types, the nature, quality and	▪	Samples were secured and placed into bulka bags for transport to the ALS
		appropriateness of the sample preparation		Laboratory in Adelaide, an accredited Australian Laboratory.
		technique.	▪	Sample sizes were appropriate.
	▪	Quality control procedures adopted for all
		sub-sampling stages to maximise
		representivity of samples.
	▪	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.
	▪	Whether sample sizes are appropriate to
		the grain size of the material being sampled.
Quality of	▪	The nature, quality and appropriateness of	▪	Geological data was collected using a computer-based logging system, with
assay data		the assaying and laboratory procedures		detailed geology (weathering, structure, alteration, mineralisation) being
and		used and whether the technique is		recorded.
laboratory tests	▪	considered partial or total. For geophysical tools, spectrometers,	▪	Sample quality, sample interval, sample number and QA/QC inserts (standards, duplicates, blanks) were recorded on paper logs and then
		handheld XRF instruments, etc, the		collated and entered into the logging system.
		parameters used in determining the	▪	This data, together with the assay data received from the laboratory, and
		analysis including instrument make and		subsequent survey data has been entered into Micromine Software, then
		model, reading times, calibrations factors		validated and verified. The data will be loaded into a secure database.
		applied and their derivation, etc.
	▪	Nature of quality control procedures
		adopted (e.g. standards, blanks, duplicates,
		external laboratory checks) and whether
		acceptable levels of accuracy (e.g. lack of
		bias) and precision have been established.
Verification	▪	The verification of significant intersections	▪	No drill assay results are discussed in this report.
of sampling and assaying		by either independent or alternative company personnel.	▪	Results were reviewed against the logged geology and previously reported intersections
	▪	The use of twinned holes.	▪	Geological logging was completed by electronic means using a ruggadised
	▪	Documentation of primary data, data entry		tablet and appropriate data collection software.
		procedures, data verification, data storage	▪	Sampling control was collected on hard copy and then entered into excel
		(physical and electronic) protocols.		software before being loaded into Micromine Software for checks and
	▪	Discuss any adjustment to assay data.		validation.
			▪	The primary data has been loaded and moved to Micromine Software,
				where it has been validated and checked.
			▪	None of the previously drilled RC or Diamond holes were twinned during
				this initial drilling programme
			▪	Results will be stored in an industry appropriate secure database
			▪	No adjustment to assay data has been conducted
Location of	▪	Accuracy and quality of surveys used to	▪	The drill collar positions were determined by GPS using a waypoint
data points		locate drill holes (collar and down-hole		averaging collection method (± 2m).
		surveys), trenches, mine workings and	▪	The grid system used is GDA94 – zone 54.
		other locations used in Mineral Resource estimation.	▪	Surface RL data will be obtained using a Digital Elevation Model created from previous surveyed collars, RL’s reported in the table are not
				considered to be of high accuracy.
			▪	Variation in topography is less than 5 metres within the project area.
	▪	Specification of the grid system used.	▪	Drill Collars remain in place, but will be scheduled to be rehabilitated as
				per the NSW Government’s Guidelines
	▪	Quality and adequacy of topographic
		control.
Data spacing	▪	Data spacing for reporting of Exploration	▪	Drill spacing is not adequate to constrain or quantify the total size of the
and		Results.		mineralisation
distribution	▪	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.
	▪	Whether sample compositing has been
		applied.

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Criteria	JORC	Code explanation	Commentary	Commentary
Orientation	▪	Whether the orientation of sampling	▪	Drill testing is at too early stage to know if sampling has introduced a bias.
of data in relation to geological structure	▪	achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling	▪ ▪	Drilling was orientated to be approximately perpendicular (in azimuth) to the known strike of the lithological units All intervals are reported as down hole widths with no attempt to report true widths.
		orientation and the orientation of key
		mineralised structures is considered to have
		introduced a sampling bias, this should be
		assessed and reported if material.
Sample	▪	The measures taken to ensure sample	▪	Chain of Custody was managed by Odin staff and its contractors. The
security		security.		samples were secured in Bulka Bags on a daily basis and are to be
				freighted to ALS in Adelaide for analysis.
Audits or	▪	The results of any audits or reviews of	▪	No Audits or reviews have been conducted on the completed drilling or
reviews		sampling techniques and data.		results

Section 2: Reporting of Exploration Results

Criteria	JORC	Code explanation				Commentary	Commentary	Commentary
Mineral	▪	Type, reference name/number, location
tenement and land		and ownership including agreements or material issues with third parties such as				A		summary of the tenure of the Koonenberry Project is tabled below:
tenure status		joint ventures, partnerships, overriding
		royalties, native title interests, historical
		sites, wilderness or national park and
		environmental settings.
	▪	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 Koonenberry Project comprises 8 Exploration licences covering
								2,600km2in which Odin has the 100%. Peel Far West Pty Ltd retains a 1%
								Net Smelter Royalty (“NSR”) on any production, in addition to standard
								Australian Government royalties.
						▪		There are no known impediments that would prevent mining
								development.
Exploration	▪	Acknowledgment	and	appraisal	of	▪		The Company’s CP recognises that the quality and integrity of historical
done by		exploration by other	parties.					work is currently unknown, but materially relevant in the context of this
other parties								report, and that in the future further work will allow the historic work to
								be evaluated in more detail.
						▪		There has been exploration work conducted in the project area since ca.
								1960. The relevant information from previous exploration is collated in
								reports that were evaluated by the Company and used by the Company to
								determine areas of priority for exploration.
						▪		Odin has completed compilations of the general work undertaken by
								previous explorers and key findings.
Geology	▪	Deposit type, geological setting and style of				▪		Mineralisation intersected is believed to be of a similar nature to the
		mineralisation.						nearby Grasmere Deposit
						▪		Two conflicting models have been proposed for the copper mineralisation
								at Grasmere. Given that mineralisation crosscuts stratigraphy, early work
								proposed that mineralisation is of the Besshi (pelitic–mafic) volcanic
								associated massive sulphide (VAMS) model, where mineralisation has
								subsequently been deformed and remobilised into a fault/shear zone.
								Alternatively, later work has proposed that mineralisation fits the
								epigenetic structurallycontrolled high sulphide model since the massive

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Criteria	JORC	Code explanation	Commentary	Commentary
				sulphide zone is hosted by a fault/shear that crosscuts stratigraphy (not
				stratiform) and mineralised zones at Grasmere postdate the initial
				deformation event.
Drill hole	▪	A summary of all information material to	▪	No exploration results are discussed in this report.
Information		the understanding of the exploration	▪	Drill hole locations are tabled in this report
		results including a tabulation of the	▪	No drill holes have been excluded from this release
		following information for all Material drill
		holes:
	o	easting and northing of the drill hole
		collar
	o	elevation or RL (Reduced Level –
		elevation above sea level in metres) of
		the drill hole collar
	o	dip and azimuth of the hole
	o	down hole length and interception
		depth
	o	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.
Data	▪	In reporting Exploration Results, weighting	▪	No exploration results are discussed in this report.
aggregation		averaging techniques, maximum and/or
methods		minimum grade truncations (eg cutting of
		high grades) and cut-off grades are usually
		Material and should be stated.
	▪	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.
	▪	The assumptions used for any reporting of
		metal equivalent values should be clearly
		stated.
Relationship	▪	These relationships are particularly	▪	All intervals reported are down hole intervals.
between mineralisatio		important in the reporting of Exploration Results.	▪	Information and knowledge of the mineralised systems are inadequate to estimate true widths.
n widths and intercept lengths	▪	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 (e.g. ‘down
		hole length, true width not known’).
Diagrams	▪	Appropriate maps and sections (with scales)	▪	A project location plan has been included.
		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.
Balanced	▪	Where comprehensive reporting of all	▪	The geometry/shape of mineralisation and distribution of mineralised
reporting		Exploration Results is not practicable,		zones is shown in Figure 2.
		representative reporting of both low and
		high grades and/or widths should be
		practiced to avoid misleading reporting of
		Exploration Results.
Other	▪	Other exploration data, if meaningful and	▪	All material and meaningful data, relevant to the scope of work in this
substantive		material, should be reported including (but		report, has been included in this report.
exploration		not limited to): geological observations;
data		geophysical survey results; geochemical
		survey results; bulk samples – size and
		method of treatment;metallurgical test

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Criteria	JORC	Code explanation		Commentary	Commentary
		results; bulk density,	groundwater,
		geotechnical and rock	characteristics;
		potential deleterious or	contaminating
		substances.
Further	▪	The nature and scale of planned further		▪	In the near term proposed may consist of regional and follow-up drilling
work		work (eg tests for lateral	extensions or		along strike of Grasmere, at Grasmere North and at Cymbric Vale, in
		depth extensions or large-scale step-out			addition to detailed more modern airborne EM and digital compilation of
		drilling).			data from historic works.
	▪	Diagrams clearly highlighting the areas of		▪	Potential for exploration success exists along strike from the Grasmere
		possible extensions, including the main			copper deposit and within the Koonenberry project, as outlined in this
		geological interpretations	and future		report.
		drilling areas, provided this	information is
		not commercially sensitive.

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