G11 RESOURCES LIMITED — Interim / Quarterly Report 2021

Jul 29, 2021

ASX Announcement

30 July 2021

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QUARTERLY REPORT JUNE 2021

ASX ODM

Shares on Issue 451.3m

Cash (30 June 2021) $2.9m

Odin Metals Limited (“ Odin or the Company ”) is pleased to report on activities undertaken in the June 2021 quarter and its financial position at the end of the period.

HIGHLIGHTS

• Completion of HeliTEM2 airborne electromagnetic survey (“ EM ”) over its flagship Koonenberry Copper Project

• 58 new targets identified in preliminary data, including 6 high priority first order targets.

• Targets are located in known Volcanic Massive Sulphide (VMS) copper trends include:

Directors & Officers

Jason Bontempo Executive Chairman

Simon Mottram Non-Executive Director

Ted Coupland Non-Executive Director

Aaron Bertolatti Company Secretary

• Grasmere : Higher magnitude anomalism identified along strike and in proximity to the Grasmere deposit highlighting potential association with increased sulphide mineralisation.

• Cymbic Vale: Targets have been identified over >7km of strike and incorporates 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 10km and includes 2 high priority targets.

• Ground reconnaissance and field verification is set to commence as soon as possible, focused on verifying the 6 high priority targets followed by numerous second order targets

• Reverse Circulation Drilling (RC) Contractor has been engaged and is scheduled to commence in August

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

• Planned engagement of an Auger drilling contractor post the RC drilling programme to drill the newly identified anomalous EM trends identified at Wertago that extend for over 10km, including two high priority targets

• Final data has been received from the completed EM survey and is currently being reviewed, processed and modelled

KOONENBERRY PROJECT

Registered Address:

35 Richardson Street WEST PERTH WA 6005

The Koonenberry Project (Figure 1) 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 2600km[2 ] of land holding, ~150km strike of the significantly under-explored Koonenberry Belt which is considered highly prospective for VMS-hosted Cu–Zn– Ag–Au, magmatic Ni-Cu-PGE, epithermal Ag-Pb-Cu and orogenic Au1.

Grasmere - The largest copper rich massive sulphide zone identified to date in Western NSW and adds an further 24km[2] to the Koonenberry Project. 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, 2.3 g/t Ag[1] .

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 in proximity to the Grasmere deposit, highlighting potential association with increased sulphide mineralisation.

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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 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 10km includes 2 high priority targets.

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Figure 1: Location Map

Previous Exploration Work

A total of 43 historical exploration licences have covered parts of the area of the Koonenberry Project. Previous exploration includes;

• High-resolution airborne magnetic and radiometric data were collected over the Koonenberry Project area in a series of four surveys conducted as part of the Discovery 2000 initiative of the Geological Survey of New South Wales. Several airborne magnetic and radiometric surveys were also flown by exploration companies, in particular CRA Exploration and BHP Minerals. PFW have recently completed a substantial high-resolution airborne magnetic and radiometric survey.

• Several companies undertook regional stream sediment, rock chip and soil sampling programs within the area of the Koonenberry Project Licences. Stream sediment sampling showed a clustering of high copper values1 in the far northern end of EL 8722 and surrounding the Grasmere deposit.

• A total of only 71 drill holes for ~6,500 metres of comprising percussion, air-core, RC and diamond have been recorded from the area since 1963 covered by the Koonenberry Project.

EM Survey Results

During the quarter Odin completed a detailed modern HeliTEM2 EM survey covering an area of ~1,150km[2] , the largest of its kind was conducted over the highly prospective Koonenberry belt and focused on known mineralised trends, including the recently acquired Grasmere Deposit, plus its 21km of prospective strike. Interpreted VMS trends associated with near surface small scale historical mining, including Cymbric Vale & Wertago we also covered.

58 targets have been identified , including 6 high priority targets within known mineralised copper trends.

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Final data has been received and is currently being reviewed, processed and modelled. Ground reconnaissance and field verification is set to commence as during the next quarter and will be focused on verifying the 6 high priority first order targets followed by the checking of numerous second order targets located in known significant mineralised trends. On completion of the field reconnaissance and the receipt of finalised data, the company plans to commence drill testing of priority targets.

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Figure 2: HeliTEM2 EM targets at the Koonenberry Cu Project

Drilling Programme

RC Drilling - Odin has engaged a NSW based RC drilling contractor to commence drilling at Grasmere from next month subject to COVID-19 restrictions at the time. The company plans to drill a minimum of 5,000 metres of RC which includes Grasmere and Cymbric Vale to test the higher grades encountered at Grasmere and to follow up on the two RC holes previously completed at Cymbric Vale.

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.

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Auger Geochemistry Sampling Programme – Given the vast VMS trends located within Odin’s Tenement package including but not limited to Grasmere, Cymbric Vale and Wertago, the company is planning to extend the limited geochemical coverage over the area utilising patterned systematic auger drilling to aid prioritisation and targeting of further drilling.

Drilling is planned to test anomalous areas that are more conducive to Auger drilling post the initial RC programmes, specifically the newly identified anomalous EM trends identified at Wertago that extends for over 10km, inclusive of two high priority targets that are ~1,200 metres apart.

Summary of proposed work in the next quarter

In the near term the Company is planning:

• Ground reconnaissance, as a precursor to RC drilling and to finalise planned Aircore Drilling.

• Review and modelling of final EM data

• RC Drilling is scheduled to commence in August subject to COVID-19 restrictions at the time

• Auger drilling to undertake pattern geochemical Auger drilling along the VMS mineralised trend that extends for over 20 km and hosts the Grasmere Cu Deposit, the Wertago trends, and other newly identified (EM) anomalies

CORPORATE

Board Changes

Mr Ted Coupland joined the Board of Odin as a Non-Executive Director in April 2021. Mr Coupland has over 30 years of experience in the mining, exploration and resource finance industry and holds qualifications in geology, geostatistics, mineral economics and finance. Mr Coupland has had a comprehensive technical career in the resources sector covering exploration, mine geology, resource estimation, risk analysis, resource consulting and business management. Mr Coupland is a Corporate Member of the Australasian Institute of Mining and Metallurgy (AusIMM).

Effective 1 July 2021, Mr Simon Mottram stepped back from his role as an Executive Director and CEO to NonExecutive Director. Mr Mottram, a highly credentialed geologist, in particular across base metals, continues to consult to the Company where his experience will assist with Odin's exploration plans at the Koonenberry Copper Project. Mr Luis Azevedo also resigned from the Odin board during the quarter.

Placement

During the quarter, the Company issued a total of 76,000,000 fully paid ordinary shares under the second tranche of the placement (Tranche 2 Placement) at an issue price of $0.02 per share, raising approximately $1.52 million (before costs). The Tranche 2 Placement was approved by shareholders at a General Meeting held on 8 April 2021.

Lapse of Unlisted Options

Subsequent to the termination of the Glencore Sturgeon Lake Option Agreement (as announced in the Company’s quarterly activities report on 29 January 2021), 50 million unlisted options over fully paid ordinary shares, exercisable at $0.40, lapsed during the quarter in accordance with the terms on which they were issued.

FINANCIAL COMMENTARY

The Quarterly Cashflow Report (Appendix 5B) for the period ending 30 June 2021 provides an overview of the Company's financial activities. The Company was in a strong financial position at the end of the quarter with $2.9 million in cash. This will be sufficient to fund corporate costs for the remainder of 2021 and also facilitate further exploration activities.

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Expenditure on exploration during the reporting period amounted to A$771k, and included the HeliTEM2 Survey ($715k). Payments for administration and corporate costs amounted to $299K 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 $107k (refer to Table 1).

Authorised for release by: Jason Bontempo – Executive Chairman

For further information please contact:

Odin Metals Limited

T : +61 8 6117 0447

E : info@odinmetals.com.au

• W: www.odinmetals.com.au

• 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.

Competent Persons Statement:

The information in this report that relates to Exploration results, Metallurgical results and/or 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 the Chief Executive Officer 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.

Table 1: Payments to Related Parties of the Entity and their Associates

	Current Quarter Previous
Item	(A$) Quarter (A$)
**Directors’ Remuneration **
CEO’sFees and Superannuation	51,000 51,000
Executive Chairman Fees	30,000 30,000
Non-ExecutiveDirector Fees and Superannuation	10,500 9,000
CompanySecretarial and CFO Fees	15,000 15,000
Total payments to related parties of the entity and their associates	106,500 105,000

Table 2: Odin Metals Limited Tenements

Tenement	Project	Location	Area	Structure
EL 8721	Koonenberry	NSW, Australia	119 BL	100%
EL 8722	Koonenberry	NSW, Australia	253 BL	100%
EL 8790	Koonenberry	NSW, Australia	200 BL	100%
EL 8791	Koonenberry	NSW, Australia	249 BL	100%
EL 8909	Koonenberry	NSW, Australia	9 BL	100%
EL 6400	Koonenberry	NSW, Australia	4 BL	100%
Under application
EL 6281	Koonenberry	NSW, Australia	28 BL	100%
EL 6308	Koonenberry	NSW, Australia	19 BL	100%

BL – Blocks. HA – Hectares. Km[2] – Kilometres squared

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Changes during the June 2021 Quarter: All licences located in Brazil were dropped or returned to their original owners.

Two applications have been made for the quarter as follows:

• ELA 6308 – 19 Blocks (Applied 16/6/2021)

• ELA 6281 – 28 Blocks (Applied 11/05/2021)

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Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

ODIN METALS LIMITED ABN Quarter ended (“current quarter”) 32 141 804 104 30 June 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- - - - (3) (299) - - - - -	- - - - (22) (1,038) - 1 - - 69
	-	-
	(302)	(990)
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	- - - (771) - -	- - (5) (1,347) - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 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	- - - - - - - -	- 120 - - - - - -
	(771)	(1,232)
3. Cash flows from financing activities 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 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	1,510 - - (28) - - - - -	2,602 - - (43) - - - - -
	1,482	2,559
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 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)	2,583 (302)	2,636 (990)
	(771)	(1,232)
	1,482	2,559

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (12 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	(63)	44
	2,929	2,929
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 5.2 Call deposits 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)	2,929 - - -	2,583 - - -
	2,929	2,583
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 1 107 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. - Directors and Officers Remuneration - $107k		107
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	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 Loan facilities Credit standby arrangements Other (please specify) Total financing facilities Unused financing facilities available at quarter end 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.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
8.	Estimated cash available for future operating activities		$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (302) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (771) Total relevant outgoings (item 8.1 + item 8.2) (1,073) Cash and cash equivalents at quarter end (item 4.6) 2,929 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 2,929 Estimated quarters of funding available (item 8.6 divided by item 8.3) 2.73 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. 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?		(302) (771) (1,073) 2,929 -
			2,929
	Answer: N/A
	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: N/A
	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: N/A
	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.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

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: 30 July 2021

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Authorised by: Aaron Bertolatti – 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 entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that 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 view 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 is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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