G11 RESOURCES LIMITED — Interim / Quarterly Report 2020

Jan 28, 2021

ASX Announcement

29 January 2021

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ACTIVITIES REPORT DECEMBER QUARTER 2020

Fast Facts

ASX: ODM

Shares on Issue: 253.7M

Cash (31 Dec 2020): $1.9m

Directors & Management

Simon Mottram Director & CEO

Jason Bontempo Executive Chairman

HIGHLIGHTS

• During the quarter Odin Metals Limited (Odin or the Company) completed one diamond drill hole (MA-DD011 at the Alto Alegre target and received results from the remaining diamond holes completed at Monte Azul (MA-DD008 to MADD010)

• In total 11 holes for 2,739m (MA-DD001 to MA-DD011) were completed at the Monte Azul project[1] , widths and grade were below expectation

• Results include:

• 0.25m at 2.89% Zn, 1.04% Pb from 209.40m in MA-DD011[2,3]

• 0.22m at 7.10% Zn, 0.27% Pb from 216.86m in MA-DD010[2,3]

Luis Azevedo Director

Aaron Bertolatti Company Secretary

• 2.70m at 1.25% Zn, 0.08% Pb from 286.20m in MA-DD009[2,3]

• Following review of the project the Company has withdrawn from the option with Vale over the two mining lease applications at Monte Azul.

• The Company continues to assess and explore the extensive Monte Azul exploration tenure along the ~40km strike.

35 Richardson Street West Perth WA 6005

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

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MONTE AZUL

During the quarter the Company completed one diamond drill hole (MA-DD011 at the Alto Alegre target and received results from the remaining diamond holes completed at Monte Azul (MA-DD008 to MA-DD010). In total 11 holes for 2,739m (MA-DD001 to MA-DD011) were completed at the Monte Azul project1. Collar locations are shown in Figure 2.

Results include:

Alto Alegre

• 0.25m at 2.89% Zn, 1.04% Pb from 209.40m in MA-DD011[2,3]

Monte Azul

• 0.22m at 7.10% Zn, 0.27% Pb from 216.86m in MA-DD010[2,3]

• • 2.70m at 1.25% Zn, 0.08% Pb from 286.20m in MA-DD009[2,3]

Hole MA-DD011 at Alto Alegre intersected the continuation of mineralisation at depth, however widths and grade were below expectation. MA-DD010 targeted the extension of the Eastern lens (see Figure 2), intersecting a narrow zone of high grade mineralisation however does not warrant follow up drilling. Holes MA-DD008 and 009 targeted the western lens. MA-DD009 intersected 2.70m wide zone of lower grade mineralisation.

As reported in the previous quarter, holes targeting the central lens (MA-DD001 to MA-DD005, and MA-DD007) intersected mineralisation (Figure 3, Section 900NE) in line with expectations. Holes MA-DD001 and MA-DD003 targeting mineralisation closer to surface, intersected oxidised (leached) mineralisation above the base of oxidation, confirming Odin’s interpretation of mineralisation (see Figure 2).

Following review of the project the Company has withdrawn from the option with Vale over the two mining lease applications at Monte Azul.

The Company continues to explore the extensive exploration tenure along the ~40km strike held under agreement with GRB Grafite Do Brasil Mineração Ltda option licences and the exploration Joint Venture with IMS Engenharia Mineral Ltda;

Figure 1: Location of the Monte Azul Project

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Figure 2: Monte Azul – Drill Status Plan

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Figure 3: Monte Azul – Section 900NE

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Figure 4: Monte Azul – Section 700NE

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CANADIAN PROJECTS

Following the previously announced 2019 exploration results and the Company’s subsequent focus on the Monte Azul Project, during the quarter Odin withdrew from the Sturgeon Lake Joint Venture.

FINANCIAL COMMENTARY

The Quarterly Cashflow Report (Appendix SB) for the period ending 31 December 2020 provides an overview of the Company's financial activities. The Company is in a strong financial position with $1.9 million in cash at the end of the quarter. This will be sufficient to fund corporate costs into 2021 and also facilitate further exploration activities at the Monte Azul Project.

Payments for administration and corporate costs amounted to $259K and related to costs for and associated with director’s fees, insurances, listing and compliance, legal fees 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 $120.4k (refer to Table 1).

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

Item	Current	Previous
	Quarter	Quarter
	(A$)	(A$)
Directors’ Remuneration
CEO’s Fees and Superannuation	61,375	82,125
Executive Chairman Fees	35,000	45,000
Non-Executive Director Fees and Superannuation	9,000	17,100
Company Secretarialand CFOFees	15,000	15,000
Total payments to related parties of the entity and theirassociates	120,375	159,225

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Authorised for release by: Simon Mottram – Director/CEO

For further information please visit www.odinmetals.com.au or contact:

Simon Mottram Telephone: +61 8 6117 0447 Email info@odinmetals.com.au

1. Mineralisation at the Monte Azul Project is of a Sedimentary Exhalative (SEDEX) type

2. See Appendix 1 and 2 for complete results and JORC Table 1 material assumptions

3. Grades are uncut. Depths and widths are downhole

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.

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APPENDIX 1

Table of Results – Monte Azul 2020 Drilling

Hole ID UTM-E UTM-N RL (m) Dip Az Depth (m) Status From (m) Downhole Depth To (m) Downhole Depth Width (m) Downhole Depth	Zn (%) Pb (%)
MA-DD001 696414.996 8254295.016 851.717 338.00 -60.00 109.35 Complete 51.60 56.60 7.00 (oxide)	0.81 0.00
And 63.50 68.00 4.50 (oxide)	0.43 0.01
And 70.00 72.32 2.32	5.10 0.59
Including 70.00 71.08 1.08	10.42 1.22
MA-DD002 696469.987 8254150.000 804.678 338.00 -60.00 196.15 Complete 150.89 153.40 2.51	9.82 1.83
And 157.50 160.80 3.30	0.75 0.23
MA-DD003 696570.466 8254175.467 791.362 332.00 -55.00 195.60 Complete 164.62 165.80 1.18	3.33 0.68
MA-DD004 696555.000 8254090.000 807.153 334.00 -70.00 278.60 Complete 235.22 239.00 3.78	8.02 1.51
And 247.90 251.85 3.95	5.14 1.05
MA-DD005 696535.654 8253994.203 784.702 338 -70 330.75 Complete 303.40 307.40 4.00	4.06 0.54
MA-DD006 696274.993 8254104.993 854.513 338 -60 241.05 Complete 173.75 174.05 0.30	3.71 0.05
And 185.50 186.90 1.40	2.04 0.25
MA-DD007 696455.000 8254065.000 831.434 338 -70 286.50 Complete 255.50 258.35 2.85	4.17 0.33
MA-DD008 696355.000 8254050.000 844.753 338 -60 278.30 Complete No significant results
MA-DD009 696240.000 8253995.000 846.827 338 -60 297.10 Complete 286.20 288.90 2.70 1.25 0.08
MA-DD010 697255.000 8254300.000 796.174 338 -60 243.50 Complete 216.86 217.08 0.22 7.10 0.27
MA-DD011 700213.000 8256913.000 623.000 338 -60 282.25 Complete 209.40 209.65 0.25 2.89 1.04

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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 channels, random	▪	New drilling consists of 11 holes for 2,739m (MA-
techniques		chips, or specific specialised industry standard measurement		DD001 to MA-DD011). Historical drilling consists 57
		tools appropriate to the minerals under investigation, such		diamond holes and 6 RC holes for 17,300m.
		as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.		Diamond drill core is typically continuously sampled at 0.5m or 1m intervals. Throughout the ore zones and their periphery, where required by changes in
	▪	Include reference to measures taken to ensure sample		lithology, mineralisation, or alteration, core samples
		representivity and the appropriate calibration of any		may be shorter or longer than typical but not
		measurement tools or systems used.		beyond a minimum core length of 20cm, and a
	▪	Aspects of the determination of mineralisation that are		maximum core length of 2.0m.
		Material to the Public Report. In cases where ‘industry	▪	Drill collar locations are initially by handheld GPS,
		standard’ work has been done this would be relatively		and accurately surveyed after completion.
		simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation		Drill samples were logged for lithology, weathering, structure, mineralogy, mineralisation, colour and other features.
		may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.		Half diamond core was collected and placed in marked plastic sacks with a sample ID tag, sealed and shipped to the assay laboratory.
			▪	The sample was crushed and sieved first to +12.5 to
				-25mm (coarse fraction), and then the fine sieved
				again to >6 to 12.5mm (fine fraction).
Drilling	▪	Drill type (e.g. core, reverse circulation, open-hole hammer,	▪	New diamond is NQ in size. Historical diamond core
techniques		rotary air blast, auger, Bangka, sonic, etc) and details (e.g.		diameters were consistently NQ from surface to the
		core diameter, triple or standard tube, depth of diamond		end of hole, except where drilling was for
		tails, face-sampling bit or other type, whether core is		metallurgical sampling where it is HQ or PQ in size.
		oriented and if so, by what method, etc).	▪	A small number of historic shallow RC holes were
				completed, and little detail is known of the testing
				of RC drilling. Following this test, no RC further RC
				drilling was carried out. The CP considers this data
				not to be material to the foreign resource.
Drill sample	▪	Method of recording and assessing core and chip sample	▪	Fresh rock recoveries generally exceed 95%.
recovery		recoveries and results assessed.
	▪	Measures taken to maximise sample recovery and ensure representative nature of the samples.	▪	The drilling company takes appropriate measures when drilling to ensure sample recovery is
	▪	Whether a relationship exists between sample recovery and		maximised
		grade and whether sample bias may have occurred due to
		preferential loss/gain of fine/coarse material.	▪	No relationship between sample recovery and grade
				is known to exist.
Logging	▪	Whether core and chip samples have been geologically and	▪	Drill samples were logged for lithology, weathering,
		geotechnically logged to a level of detail to support		structure, mineralogy, mineralisation, alteration,
		appropriate Mineral Resource estimation, mining studies		colour and other features.
		and metallurgical studies.	▪	Drilling was geologically logged on-site to a
	▪	Whether logging is qualitative or quantitative in nature. Core		qualitative standard. Core photography was taken
		(or costean, channel, etc) photography.		on site.
	▪	The total length and percentage of the relevant intersections	▪	All drill holes are logged in full, from start to finish
		logged.		of the hole.
Sub-sampling	▪	If core, whether cut or sawn and whether quarter, half or all	▪	Where sampled, core is cut in half using an industry
techniques and		core taken.		standard core saw, to produce two identical halves.
sample	▪	If non-core, whether riffled, tube sampled, rotary split, etc	▪	Results discussed in this report are all from diamond
preparation		and whether sampled wet or dry.		core.
	▪	For all sample types, the nature, quality and appropriateness	▪	Sample preparation is according to industry
		of the sample preparation technique.		standard, including oven drying, coarse crushing,

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Criteria	JORC	Code explanation		Commentary	Commentary
	▪	Quality control procedures adopted for all sub-sampling			and sieving.
		stages to maximise representivity of samples.		▪	An industry standard QAQC program involving
	▪	Measures taken to ensure that the sampling	is		Certified Reference Materials “standards” for Zinc
		representative of the in-situ material collected, including for			and Lead (with grades ranging from low to high),
		instance results for field duplicate/second-half sampling.			which are introduced in the assay batches at an
					approximate rate of 1 control sample per 20 normal
					samples, as well as blanks (course and fine) and
					duplicate samples, which are inserted at an
	▪	Whether sample sizes are appropriate to the grain size of			approximate rate of 1 per 20 samples.
		the material being sampled.		▪	Sample sizes are considered to be appropriate and
					correctly represent the style and type of
					mineralisation.
Quality of	▪	The nature, quality and appropriateness of the assaying	and	▪	No instruments were used.
assay data and		laboratory procedures used and whether the technique is
laboratory		considered partial or total.
tests	▪	For geophysical tools, spectrometers, handheld	XRF
		instruments, etc, the parameters used in determining	the
		analysis including instrument make and model, reading
		times, calibrations factors applied and their derivation, etc.
	▪	Nature of quality control procedures adopted (e.g.		▪	An industry standard QAQC programme involving
		standards, blanks, duplicates, external laboratory checks)			Certified Reference Materials “standards” (with
		and whether acceptable levels of accuracy (e.g. lack of bias)			grades ranging from low to high), blank samples
		and precision have been established.			(course and fine), duplicates and Umpire Laboratory
					check sampling was used.
Verification of	▪	The verification of significant intersections by either		▪	Senior geologists or field personnel visually verify
sampling and		independent or alternative company personnel.			significant intersections and results.
assaying	▪	The use of twinned holes.		▪	No twin holes are discussed or relevant to this
	▪	Documentation of primary data, data entry procedures, data			report.
		verification, data storage (physical and electronic) protocols.		▪	All primary data is now stored in the Odin Office in
	▪	Discuss any adjustment to assay data.			Perth, WA.
				▪	No adjustments or calibrations are made to assay
					data.
Location of	▪	Accuracy and quality of surveys used to locate drill holes		▪	Collar locations are initially surveyed with handheld
data points		(collar and down-hole surveys), trenches, mine workings	and		GPS. Easting, northing and elevation values are
		other locations used in Mineral Resource estimation.			recorded in meters, using the SIRGAS-2000 23S
					Datum. Drill collars are accurately surveyed after
	▪ ▪	Specification of the grid system used. Quality and adequacy of topographic control.		▪ ▪	completion. SIRGAS-2000 23S Regional Topographic control (5 m contours) and
					Digital Terrain Models are used.
					Drill hole orientation (azimuth and dip) is measured
					every 3 m downhole using MAXIBOR II or Reflex
					Gyro digital downhole survey equipment.
Data spacing	▪	Data spacing for reporting of Exploration Results.		▪	Holes are drilled on 50 to 100m spaced centres on
and					50m and 100m spaced sections.
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		▪	Completion of the current drilling programme it is anticipated that JORC compliant resource estimation can be undertaken.
		estimation procedure(s) and classifications applied.
	▪	Whether sample compositing has been applied.		•	No sample compositing has been applied.
Orientation of	▪	Whether the orientation of sampling achieves unbiased		▪	Drilling has been angled to achieve the most
data in relation		sampling of possible structures and the extent to which	this		representative intersections through the ore zones.
to geological		is known, considering the deposit type.
structure	▪	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to		▪	The company does not believe that any sample bias has been introduced.
		have introduced a sampling bias, this should be assessed
		and reported if material.
Sample	▪	The measures taken to ensure sample security.		▪	Samples were placed in pre-numbered plastic

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Criteria	JORC	Code explanation	Commentary	Commentary
security				samples bags with a samples ticket inside and send
				to the laboratory. All sampling and work on the
				samples was carried out within the confines of this
				secure facility constructed onsite.
				Remnant half core is stored securely onsite at the
				same facility onsite.
Audits or	▪	The results of any audits or reviews of sampling techniques	▪	There are no known recent audits or reviews of
reviews		and data.		sampling techniques, however wok performed is
				believed to be of industry standard.

Section 2 Reporting of Exploration Results

Criteria	JORC	Code explanation	Commentary	Commentary
Mineral tenement	▪	Type, reference name/number, location and ownership	▪	The Monte Azul deposit sits within 2 Mining Lease
and land tenure		including agreements or material issues with third		applications (831.911/1993 and 831.912/1993)
status		parties such as joint ventures, partnerships, overriding		covering approximately 1,140 Ha, in which Odin has
		royalties, native title interests, historical sites, wilderness		the right to acquire 100%.
		or national park and environmental settings.		Odin to pay Vale a 1% Net Smelter Royalty (“NSR”)
				on any zinc and lead production over and above the
				metal in concentrate determined by the existing
				Foreign Resource Estimate of 470,000t.
				All mining projects in Brazil are subject to a
				Government (CFEM) royalty of 2% on base metals.
				Landowners are entitled to a royalty equal to 50%
				of the CFEM royalty.
	▪	The security of the tenure held at the time of reporting		The project is covered in scrub and semi-arid style
		along with any known impediments to obtaining a		vegetation in low lying hills, currently not being
		licence to operate in the area.		exploited in any way.
				There are no known environmental impediments or
				protection zones that would prevent mining
				development.
Exploration done	▪	Acknowledgment and appraisal of exploration by other	▪	The Company’s CP has determined that the quality
by other parties		parties.		and integrity of historical work is adequate for
				inclusion, consideration and interpretation with any
				newly completed work.
Geology	▪	Deposit type, geological setting and style of	▪	The Monte Azul Project is considered a typical
		mineralisation.		SEDEX (sedimentary exhalative) deposit.
Drill hole	▪	A summary of all information material to the	▪	“Appendix 1 - Table of Results – Monte Azul 2020
Information		understanding of the exploration results including a		Drilling” contained within this report includes the
		tabulation of the following information for all Material		Information relating to Points “A” through to “E”
		drill holes:		inclusive.
		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	▪	No information relating to Points “A” through to “E” has been excluded.
		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.

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Criteria	JORC	Code explanation	Commentary	Commentary
Data aggregation	▪	In reporting Exploration Results, weighting averaging	▪	Where results are reported, averaging of
methods		techniques, maximum and/or minimum grade		mineralised intervals are calculated by the following
		truncations (eg cutting of high grades) and cut-off		parameters
		grades are usually Material and should be stated.		o Weighted averaging of grade/thickness
				o A maximum of 2 continuous metres of internal
				dilution
	▪	Where aggregate intercepts incorporate short lengths		o No top-cuts have been used
		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.	▪	Where results are reported and intercepts incorporate lengths of “high grade” (in the context of surrounding results), these “high grade” results are detailed transparently and separately in any
				reported results, both in the text of the report and
	▪	The assumptions used for any reporting of metal		in any attached tables.
		equivalent values should be clearly stated.	▪	None have been used.
Relationship	▪	These relationships are particularly important in the	▪	Mineralisation discussed in this report, at Monte
between		reporting of Exploration Results.		Azul, is comprised of three lenses that are side by
mineralisation 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’).	▪	side and have the same geometry (dip/strike). It is possible that they join along strike, however a sufficient amount of drilling has not yet been completed to prove or disprove this. Downhole lengths have been used and this is clearly stated in the text and tables.
Diagrams	▪	Appropriate maps and sections (with scales) and	▪	An appropriate location plan has been included,
		tabulations of intercepts should be included for any		which also shows the location of the representative
		significant discovery being reported These should		section presented in the report.
		include, but not be limited to a plan view of drill hole
		collar locations and appropriate sectional views.
Balanced reporting	▪	Where comprehensive reporting of all Exploration	▪	All results of significance are included in this report.
		Results is not practicable, representative reporting of
		both low and high grades and/or widths should be
		practiced to avoid misleading reporting of Exploration
		Results.
Other substantive	▪	Other exploration data, if meaningful and material,	▪	All material and meaningful data, relevant to the
exploration data		should be reported including (but not limited to):		scope of work in this report, has been included in
		geological observations; geophysical survey results;		this report. There is no other information, which is
		geochemical survey results; bulk samples – size and		available and/or in the opinion of the Company’s CP
		method of treatment; metallurgical test results; bulk		is lacking in this report.
		density, groundwater, geotechnical and rock
		characteristics; potential deleterious or contaminating
		substances.
Further work	▪	The nature and scale of planned further work (eg tests	▪	The current drilling programme is complete. No
		for lateral extensions or depth extensions or large-scale		further workis planned at this stage.
		step-out drilling).	▪	Potential for extension at Monte Azul exists at
	▪	Diagrams clearly highlighting the areas of possible		depth
		extensions, including the main geological
		interpretations and future drilling areas, provided this
		information is not commercially sensitive.

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Appendix 3

Odin Metals Limited Tenements

Tenement	Location	Area	Structure
BRAZIL
832.707/2014	Minas Gerais, Brazil	195.42 HA	Option to acquire 70%
830.844/2013	Minas Gerais, Brazil	1495.90 HA	Option to acquire 70%
830.845/2013	Minas Gerais, Brazil	1497.98 HA	Option to acquire 70%
830.846/2013	Minas Gerais, Brazil	1438.12 HA	Option to acquire 70%
830.847/2013	Minas Gerais, Brazil	1898.81 HA	Option to acquire 70%
831.350/2018	Minas Gerais, Brazil	1968.61 HA	100%
831.351/2018	Minas Gerais, Brazil	1967.39 HA	100%
831.352/2018	Minas Gerais, Brazil	1957.32 HA	100%
831.353/2018	Minas Gerais, Brazil	1992.71 HA	100%
831.354/2018	Minas Gerais, Brazil	1938.11 HA	100%
831.355/2018	Minas Gerais, Brazil	1960.03 HA	100%
831.358/2018	Minas Gerais, Brazil	1910.15 HA	100%
831.347/2018	Minas Gerais, Brazil	1423.81 HA	100%
831.348/2018	Minas Gerais, Brazil	1629.82 HA	100%
831.349/2018	Minas Gerais, Brazil	1712.20 HA	100%
831.356/2018	Minas Gerais, Brazil	692.11 HA	100%
831.359/2018	Minas Gerais, Brazil	1835.80 HA	100%
831.617/2019 (Application)	Minas Gerais, Brazil	879.69 HA	100%
831.618/2019 (Application)	Minas Gerais, Brazil	125.49 HA	100%
830.081/2020 (Application)	Minas Gerais, Brazil	674.70 HA	100%
830.848/2013	Minas Gerais, Brazil	1440.17 HA	Option to acquire 70%
831.709/2015	Minas Gerais, Brazil	1195.17 HA	Option to acquire 70%
832.711/2014	Minas Gerais, Brazil	1308.54 HA	Option to acquire 70%
831.357/2018 (Application)	Minas Gerais, Brazil	1023.68 HA	100%
831.360/2018 (Application)	Minas Gerais, Brazil	1911.06 HA	100%
831.361/2018 (Application)	Minas Gerais, Brazil	1982.09 HA	100%
CANADA
Exploration claim – 4281448	Ignace Area, Ontario	2.08 km2	100%
Exploration claim – 4281449	Ignace Area, Ontario	1.92 km2	100%
Exploration claim – 4281450	Ignace Area, Ontario	2.56 km2	100%
Exploration claim – 4281451	Ignace Area, Ontario	2.56 km2	100%
Exploration claim – 4281452	Ignace Area, Ontario	2.56 km2	100%
Single Cell Mining Claim – 547803	Bell Lake Area, Ontario	0.21 km2	100%
Single Cell Mining Claim – 547804	Bell Lake Area, Ontario	0.21 km2	100%
Single Cell Mining Claim – 547805	Bell Lake Area, Ontario	0.21 km2	100%
Single Cell Mining Claim - 547806	Bell Lake Area, Ontario	0.21 km2	100%
ML 106627	Ignace Area, Ontario	1.61 km2	Option to acquire 100%
ML 107141	Ignace Area, Ontario	1.44 km2	Option to acquire 100%
CLM248 (mining and surface rights)	Ignace Area, Ontario	2.36 km2	Option to acquire 100%
CLM249 (mining and surface rights)	Ignace Area, Ontario	3.44 km2	Option to acquire 100%
CLM250 (miningand surface rights)	Ignace Area, Ontario	2.21 km2	Option to acquire 100%

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

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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 31 December 2020

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 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	- - - - (4) (259) - - - - 25	- - - - (20) (596) - 1 - - 69
	-	-
	(238)	(546)
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	- - - (28) - -	- - (5) (426) - -

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 (6 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 - - - - - -
	(28)	(311)
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	- - - - - - - - -	100 - - - - - - - -
	-	100
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)	2,193 (238)	2,636 (546)
	(28)	(311)
	-	100

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 (6 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	(73)	(25)
	1,854	1,734
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)	1,854 - - -	2,193 - - -
	1,854	2,193
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 1 120 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 - $120k		120
		-

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) (238) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (28) Total relevant outgoings (item 8.1 + item 8.2) (266) Cash and cash equivalents at quarter end (item 4.6) 1,854 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 1,854 Estimated quarters of funding available (item 8.6 divided by item 8.3) 7.0 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?		(238) (28) (266) 1,854 -
			1,854
	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: 29 January 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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