Quarterly Report – Activities for Quarter Ended 30 September 2024

HIGHLIGHTS:

Odessa’s Executive Director, David Lenigas, commented:

“During the quarter the Board has continued to rationalise the Company’s tenement portfolio, minimising expenditure and assessing the priorities for its exploration programs going forward in addition to assessing new opportunities. Our cash position is very healthy at $3.2 million; post the two-tranche placing closing. At our Lyndon Uranium Project, we have completed the Heritage survey during the quarter. All Program of Works (POWs) for the drilling are in place but no drilling for uranium can occur at Lyndon until a base-line uranium survey has been completed which is expected to be finalised this quarter.”

Lyndon Uranium Project:

During the quarter an Aboriginal Heritage Survey was completed over the Company’s uranium drill targets. The final heritage report was received post quarter end and is being reviewed by the Company.

In addition, the Company finalised its Radiation Management Plan and submitted this to DEMIRS for approval.

Post quarter end, a base-line gamma survey was commenced, the completion of which is a DEMIRS requirement prior to considering any drilling on site.

Gascoyne East Project

During the quarter the company undertook a review of the Gascoyne East Project including the results of the recent airborne magnetic survey and interpretation, with a view to reducing tenure while retaining areas of high prospectivity.

The Company anticipates significantly reducing tenement holding costs as a result of the review, while maintaining tenure over priority prospects and drill targets on the project.

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