G11 RESOURCES LIMITED — Capital/Financing Update 2021

Sep 21, 2021

ASX Announcement

22 September 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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Koonenberry Exploration Update

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

• ODM’s maiden 5000 metre Reverse Circulation (RC) drill programme is planned to commence late October 2021, with mobilisation of field crews scheduled in the first week of October, allowing for the planned relaxation of COVID-19 restrictions and lockdowns in NSW.

• Priority drill targets identified in the recently completed HeliTEM survey are located in the Volcanic Massive Sulphide (VMS) copper trends that already have proven copper mineralisation, including:

  • Cymbric Vale - HeliTEM targets have been identified over >7km of strike, including a large-scale (1,200 x 800 metres) deep-seated anomaly where nearby historic RC drilling (two holes only) indicates a potential feeder system. This deep-seated anomaly extends through the time delayed responses increasing the likelihood that the anomaly is associated with a sulphidic source.

  • Grasmere - 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% Cu[1] ), with similar EM responses in both cases.

  • Wertago - A priority target has been identified along strike to the north of the historic Wertago mine , with further priority targets identified on the recently identified “Western” trend, which extends for over 10km.

Executive Chairman Jason Bontempo commented

“We look forward to finally getting on the ground in NSW with the expected easing of COVID restrictions allowing Odin to drill test high priority, VMS Copper prospects. These prospects include potentially expanding our copper resource base at the Grasmere Copper deposit and making new copper resource discoveries along the completely under explored, district scale Koonenberry Copper Belt in NSW”

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HeliTEM2 Airborne Electromagnetic Survey

Odin has now received the finalised data from its recently completed detailed modern HeliTEM2[2] EM survey covering an area of ~1,150km[2] , within its Koonenberry project. Review of the finalised data has been concluded by ODM’s Consultant Geophysicist, Southern Geoscience to evaluate and prioritise the 222 identified targets. Incorporating;

• 6 Priority One targets;

• 45 Priority Two targets; and

• 171 Priority Three targets.

Review of the finalised data has identified significant anomalism that requires drilling and/or field review, this includes:

• Cymbric Vale large-scale deep-seated circular anomaly: HeliTEM has identified an anomaly measuring ~1,200 x 800 metres associated with the Cymbric Vale mineralised system where limited RC drilling (two holes in total) has returned significant Cu mineralisation including 20m @ 0.73% Cu and 20m @ 0.33% Cu (from Surface[1] ). The drilled Cu mineralisation occurs within a potential feeder structure that is located to the north of the anomaly. The anomaly extends through the time delayed responses increasing the likelihood that the anomaly is associated with a sulphidic source.

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Figure 1: Cymbric Vale High Priority HeliTEM Target (Airborne HeliTEM EM Background, E Shaded B Field Z- Component 5p32 delay time)

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• Potential extensions to the Grasmere Deposit: Anomalous HeliTEM responses have been observed to the SSE and under the Grasmere deposit. The HeliTEM response suggests that the deposit remains open where existing drilling may not have closed off the deposit, or along strike to the SSE. Further modelling of these targets is now being conducted to improve targeting of the planned drilling.

• Wertago Trend: Historic mining trend on the eastern side of the northern licence where the geology is highly prospective for VMS deposits along strike from the historic Wertago and associated mines. To date only limited historical drilling (predominantly 1960’s and 70’s) targeting the historical mining has occurred. The recent HeliTEM survey identified further responses within the region where little or no modern exploration has been undertaken to date. Further to the historical mining trend, HeliTEM also identified an anomalous trend (“Western Trend”) as previously reported, which extends for over 12km of strike.

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Figure 1: New HeliTEM2 EM targets at the Koonenberry Cu Project (Airborne Magnetics Background, NE Shaded TMI Image)

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Drilling – October 2021

Odin has engaged a NSW based RC drilling contractor to commence drilling at Koonenberry. Drilling was delayed due to the recent COVID-19 outbreaks and associated lockdowns in the far west communities of NSW. Drilling is now scheduled to commence in October, with ODM’s exploration team due to mobilise to site in early October, when the Company hopes that the current COVID-19 restrictions have eased.

Odin plans to drill a minimum of 5,000 metres of RC covering Grasmere and Cymbric Vale to test the higher grades encountered at Grasmere and following up on the two RC holes previously completed at Cymbric Vale and the large concentric HeliTEM anomaly. On completion of drilling at Cymbric Vale, RC drill testing of specific targets on the Wertago EM anomalous trends is planned to commence subject to the normal approvals.

Given the vast VMS trends located within Koonenberry, Odin plans to extend the limited existing geochemical coverage utilising patterned Auger drilling to be followed up by Aircore Drilling to aid prioritisation and targeting of further RC and diamond drilling.

The Auger and Aircore drilling is planned to test the newly identified extensions to the Grasmere, Cymbric Vale and Wertago VMS trends that now extend for over 10km, 20km and 10km respectively.

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. Details and relevant JORC tables related to the HeliTEM survey can be found in ODM release to the ASX on the 21 June 2021 titled “Outstanding EM Survey Results”

Competent Persons Statement:

The information in this report that relates to Exploration results and Mineral Resources 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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