ODYSSEY GOLD LTD — Capital/Financing Update 2020

Sep 3, 2020

Notification of cash return of capital

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Announcement Summary

Entity name

ODYSSEY ENERGY LIMITED

Applicable security for the return of capital

ODY - ORDINARY FULLY PAID

Announcement Type

New announcement

Date of this announcement

Friday September 4, 2020

Return of Capital amount per security

AUD 0.02750000

Trading in the re-organised +securities on an "ex return of capital" basis commences Thursday October 22, 2020

Record Date

Friday October 23, 2020

Payment Date

Friday October 30, 2020

Refer to below for full details of the announcement

Notification of cash return of capital

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Notification of cash return of capital

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Announcement Details

Part 1 - Entity and announcement details

1.1 Name of +Entity

ODYSSEY ENERGY LIMITED

1.2 Registered Number Type Registration Number ABN 73116151636

1.3 ASX issuer code

ODY

1.4 The announcement is New announcement

1.5 Date of this announcement

Friday September 4, 2020

1.6 ASX +Security Code

ODY

ASX +Security Description

ORDINARY FULLY PAID

Part 2 - Cash return of capital approval requirements and dates

• 2.1 Are any of the below approvals required for the cash return of capital before business day 0 of the timetable? Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval

  • Another approval/condition external to the entity required to be given/met before business day 0 of the timetable for the cash return of capital.

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Yes

2.1a Approvals

Approval/Condition	Date for determination	Is the date estimated or	**Approval
+Security holder approval	Friday October 16, 2020	actual?	received/condition met?
		Estimated

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Notification of cash return of capital

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Comments

Subject to shareholder approval, the Company proposes to conduct an equal capital return to existing shareholders equivalent to AUD0.0275 per share (approximately AUD9.0 million).

2.2 Is the cash return of capital a selective reduction of capital

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No

Part 3 - Cash return of capital timetable and details

3.1 +Record date

Friday October 23, 2020

3.1a Effective date of the cash return of capital

Tuesday October 20, 2020

3.2 Does the +entity have quoted options on issue?

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No

3.2a Last day for trading in "cum return of capital" +securities. If the entity has quoted options, last day for trading in pre-return of capital quoted options

3.3 Trading in the re-organised +securities on an "ex return of capital" basis commences. If the entity has quoted options and ASX agrees, trading in the quoted options commences on a +deferred settlement basis. Thursday October 22, 2020

3.4 +Record Date

Friday October 23, 2020

3.4a If the entity has quoted options, first day for the +entity to send holding statements to +security holders notifying them of the change in exercise price for the quoted options they hold.

3.5 Payment date for cash return of capital. If applicable and the +entity has quoted options, +deferred settlement market in options ends. Last day for entity to send holding statements to +security holders notifying them of the change in exercise price for the quoted options they hold and to notify ASX that this has occurred. Friday October 30, 2020

3.5a If the +entity has quoted options, trading in the options starts on a normal T+2 basis

3.5b If the +entity has quoted options, first settlement of trades conducted on a +deferred settlement basis and on a normal T+2 basis

3.6 Currency in which the cash return of capital is made ("primary currency")

AUD - Australian Dollar

Notification of cash return of capital

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Notification of cash return of capital

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3.7 Cash return of capital amount per +security

AUD 0.02750000

Part 4 - Changes to option pricing as a result of the cash return of capital

4.1 Will the cash return of capital affect the exercise price of any +entity-issued options? No

Part 5 - Further information

5.1 Has the +entity applied for an ATO class ruling relating to this cash return of capital? No

5.2 Source of funds for cash return of capital

Existing cash reserves of the Company

5.3 Further information relating to this cash return of capital

In connection with the acquisition of the Stakewell Gold Project, the Directors of the Company have completed a review of the capital management requirements of the Company and have determined that the current cash reserves of the Company exceed its current capital requirements. Subject to shareholder approval, the Company proposes to conduct an equal capital return to existing shareholders equivalent to AUD0.0275 per share (approximately AUD9.0 million).

5.4 Additional information for inclusion in the Announcement Summary

Notification of cash return of capital

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