ODYSSEY GOLD LTD — Capital/Financing Update 2021

Jun 1, 2021

Proposed issue of securities

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Update Summary

Entity name

ODYSSEY GOLD LTD

Announcement Type

Update to previous announcement

Date of this announcement

Wednesday June 2, 2021

Reason for update to a previous announcement

Updated timetable.

Refer to next page for full details of the announcement

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Part 1 - Entity and announcement details

1.1 Name of +Entity

ODYSSEY GOLD LTD

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type

Registration Number

ABN 73116151636

1.3 ASX issuer code

ODY

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Updated timetable.

1.4b Date of previous announcement(s) to this update

Monday May 31, 2021

1.5 Date of this announcement

Wednesday June 2, 2021

1.6 The Proposed issue is:

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An offer of +securities under a +securities purchase plan

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Part 4 - Details of proposed offer under securities purchase plan

Part 4A - Conditions

4A.1 - Are any of the following approvals required for the offer of +securities under the +securities purchase plan issue to be unconditional?

+Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

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No

Part 4B - Offer details

Class or classes of +securities that will participate in the proposed issue and class or classes of +securities proposed to be issued

ASX +security code and description

ODY : ORDINARY FULLY PAID

Will the proposed issue of this +security include an offer of attaching +securities? No

Details of +securities proposed to be issued

ASX +security code and description

ODY : ORDINARY FULLY PAID

Maximum total number of those +securities that could be issued if all offers under the +securities purchase plan are accepted 40,000,000

Will the offer be conditional on applications for a minimum number of +securities being received or a minimum amount being raised (i.e. a minimum subscription condition)? No

Will the offer be conditional on applications for a maximum number of +securities being received or a maximum amount being raised (i.e. a maximum subscription condition)? No

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Will individual security holders be required to accept the offer for
a minimum number or value of +securities (i.e. a minimum
acceptance condition)?
Yes
Is the minimum acceptance unit based or dollar based?
Dollar based ($)
Please enter the minimum acceptance value
$ 2,000
Will individual security holders be limited to accepting the offer
for a maximum number or value of +securities (i.e. a maximum
acceptance condition)?
Yes
Is the maximum acceptance unit based or dollar based?
Dollar based ($)
Please enter the maximum acceptance value
$ 30,000
Describe all the applicable parcels available for this offer in number of securities or dollar value $2,000, $5,000, $10,000, $15,000, $20,000, $25,000, $30,000
Reason for the update of 'Maximum Number of +securities proposed to be issued' Offer price details
Has the offer price been determined?
Yes
In what currency will the offer What is the offer price per
be made? +security?
AUD - Australian Dollar AUD 0.12500
Oversubscription & Scale back details
Will a scale back be applied if the offer is over-subscribed?
Yes
Describe the scale back arrangements In its absolute and sole discretion, the Company reserves the right to accept oversubscriptions (subject to compliance with ASX Listing Rules and the Corporations Act) and issue more shares than initially announced. The Company also reserves the right to close the offer early and scale back applications in its absolute and sole discretion.

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

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Part 4C - Timetable

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4C.1 Date of announcement of +security purchase plan

Monday May 31, 2021

4C.2 +Record date

Friday May 28, 2021

4C.3 Date on which offer documents will be made available to investors

Monday June 7, 2021

4C.4 Offer open date

Monday June 7, 2021

4C.5 Offer closing date

Monday June 28, 2021

4C.6 Announcement of results

Thursday July 1, 2021

4C.7 +Issue date

Monday July 5, 2021

Part 4D - Listing Rule requirements

4D.1 Does the offer under the +securities purchase plan meet all of the requirements of listing rule 7.2 exception 5 or do you have a waiver from those requirements? Yes

Part 4E - Fees and expenses

4E.1 Will there be a lead manager or broker to the proposed offer? No

4E.2 Is the proposed offer to be underwritten? No

4E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No

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4E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Part 4F - Further Information

4F.01 The purpose(s) for which the entity intends to use the cash raised by the proposed issue

Proceeds from the offer will be used to accelerate the exploration and development of the Company's Tuckanarra and Stakewell Gold Projects and for general working capital purposes.

4F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No

4F.2 Countries in which the entity has +security holders who will not be eligible to accept the proposed offer Botswana, Canada, Hong Kong, Israel, Malaysia, Philippines, Poland, Portugal, Qatar, Singapore, Tanzania, United States

4F.3 URL on the entity's website where investors can download information about the proposed offer https://odysseygold.com.au/investors/asx-announcements/

4F.4 Any other information the entity wishes to provide about the proposed offer

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