ASX ANNOUNCEMENT

20 January 2022

For personal use only

HIGH-GRADE RESULTS CONTINUE

AT CABLE-BOLLARD

Odyssey Gold Limited (ASX:ODY) ("Odyssey" or "Company") is pleased to announce further high- grade drill results from drilling along the Cable-BollardTrend, part of the Tuckanarra Gold Project.

HIGHLIGHTS

New assay results from the Cable-Bollard Trend include:

Highway Zone

7.0m

@ 2.5g/t Au

from 153m

(TCKRC0101)

14.0m @ 1.9g/t Au

from 165m

(TCKRC0101)

5.0m

@ 2.2g/t Au

from 189m

(TCKRC0101)

3.0m

@ 4.9g/t Au

from 124m

(TCKRC0102)

3.0m

@ 3.1g/t Au

from 133m

(TCKRC0102)

Cable-Bollard Infill

4.3m

@ 7.6g/t Au

from 57m

(CBDD0007)

2.3m

@ 2.6g/t Au

from 22m

(CBDD0007)

1.8m

@ 2.3g/t Au

from 147m

(CBDD0007)

20.0m @ 2.2g/t Au

from 124m

(CBRC0047)

4.0m

@ 2.2g/t Au

from 24m

(CBRC0047)

7.9m

@ 3.5g/t Au

from 113m

(CBDD0002)

The Highway Zone results extend this emerging high-grade shoot by approximately 100m along strike and it remains open in all directions.

The infill results around the Cable pit demonstrate the continuity of mineralisation and enhance the resource potential in this area.

Experienced gold geologist Mr. Matthew Briggs has now commenced as Managing Director.

Reverse circulation ("RC") and diamond drill rigs expected on site in the next few weeks.

Executive Director, Matt Syme commented:

"The continuation of consistent high-grade extension and infill mineralisation along the Cable-Bollard Trend further demonstrates the potential for economic gold mineralisation at the Company's Tuckanarra Project. In 2022, the Company will continue its work at Cable-Bollard, as well as the many other emerging targets. We welcome aboard Matt Briggs and look forward to drilling restarting soon."

For further information, please contact:

Matt Briggs

Matt Syme

Managing Director: +61 8 9322 6322

Executive Director: +61 8 9322 6322

For personal use only

CABLE-BOLLARD DRILLING

Previous mining at Cable-Bollard by Metana Minerals in the 1990's produced 52.9koz Au at an average grade of 3.4g/t Au from shallow oxide pits (refer ASX announcement dated 27 November 2020). Odyssey has demonstrated the potential to grow the system with mineralisation now extending for over 1.6km of strike and to a vertical depth of 150m. Mineralisation is open down dip and along strike.

Drilling has already produced many high-grade extensional and infill gold intercepts. The Company continues a significant program of RC and diamond drilling along the Cable-Bollard Trend to extend the system and identify further high-grade gold mineralisation.

The Cable-Bollard Trend comprises multiple parallel mineralised structures made up of banded iron formation ("BIF") units, sheared quartz veins in mafic intrusives and metavolcanics, and highly silicified ultramafics resembling BIF's, with consistent gold mineralisation occasionally interrupted by barren cross cutting felsic dykes.

Figure 1. Drill plan showing new results and interpreted trends of mineralised metasedimentary sequences along

the Cable-Bollard Trend.

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For personal use only

HIGHWAY ZONE

The Highway Zone (Figure 2) is interpreted to be a continuation of the 1.6km Cable East structure and appears to be a structurally controlled high-grade zone.

Historical drilling at the Highway Zone intercepted 20.0m @ 5.7g/t Au (TPH0238), 3.0m @ 9.3g/t Au (TPH0134) and 3.0m @ 4.1g/t Au (TPH0223) at shallow depths (refer ASX announcement dated 27 November 2020).

Odyssey first drilled the Highway Zone in late 2021, with the maiden hole intercepting 12.0m @ 9.1g/t Au in TCKRC0100 (refer ASX announcement dated 2 November 2021) interpreted to be down dip of the historical intercepts.

Highly encouraging new drill intercepts have now extended the same zone of gold mineralisation along

strike by approximately 100m.

The Highway Zone is open in all directions. The favourable lithology may extend for a further 400m to the east based on historical workings, the interpretation of airborne magnetics, and historical mapping. The mineralisation is consistent with the style of mineralisation at Cable-Bollard.

Figure 2 shows the recent high-grade intercepts at the Highway Zone.

Figure 2. Long section showing mineralisation in TCKRC0101 and TCKRC0102.

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CABLE-BOLLARD INFILL

For personal use only

Drilling at Cable-Bollard demonstrates that mineralisation extends from the base of the open pits, including 16.0m @ 2.6g/t Au (92TRC0230) and 24.0m @ 1.7g/t Au (92TRC0256) (refer ASX announcement dated 27 November 2020). Drilling by Odyssey demonstrates that this mineralisation extends for over 150m below surface level - 8.0m @ 1.2g/t Au (TCKRC0047) (refer ASX announcement dated 21 July 2021).

New drill results confirm the strong dip continuity of mineralisation. RC and diamond drill holes CBDD0002, CBDD0007 and CBRC0047 all encountered significant high-grade gold mineralisation.

The Figure 3 cross-section shows the high-grade infill intercepts and the potential for down-dip continuity in the area south of the Cable Pit.

Awaiting assays

Figure 3. Cross section showing mineralisation in CBDD0002.

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The Figure 4 cross section shows the high-grade infill intercepts below and around the Cable pit.

For personal use only

Figure 4. Cross section showing mineralisation in CBRC0047.

COMMENCEMENT OF MANAGING DIRECTOR AND RESTART OF EXPLORATION

Highly respected gold geologist, Mr. Matthew Briggs commenced this week as Managing Director and Chief Executive Officer.

The Company has remobilized the field operations team and is anticipating restarting drilling operations in the next few weeks.

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Odyssey Energy Limited published this content on 19 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 January 2022 22:45:08 UTC.