Quarterly Report – Activities for Quarter Ended 31 December 2023

Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to report on its activities for the quarter ending 31 December 2023 (the “Quarter”).

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HIGHLIGHTS:

Highly anomalous lithium identified at Robinson Bore – Yinnethara Lockier Range Project

• First assay results confirm fertility of Robinson Bore pegmatites to host lithium-bearing minerals
• >16,500m of pegmatites mapped at Robinson Bore, taking overall mapped pegmatites at Lockier Range tenement to over 56km
• Highly-elevated key lithium-pegmatite pathfinders including:
  • >2000ppm Rb in four pegmatites
  • 672ppmCs
  • 212ppmTa
  • 2970ppmBe

Standout Lithium Pegmatite Drill Targets Identified

• Assay results (Rock chip and soils) define standout DRILLING TARGETS for Lithium in Pegmatites
• Soil sampling defines coherent anomalous lithium-pegmatite trends:
  • 248 soil samples return Li2O > 100 ppm
  • 4km x 2km northwest-trending Li-Cs-Ta-Be-Rb-Bi anomaly at Robinson Bore coincident to the 16,500m of sub-cropping fractionated pegmatites
  • 2.7km x 2km coherent Li-Cs-Ta-Be anomaly at the Eastern Pegmatite Field adjacent to the fertile Thirty Three Supersuite granite
• Pegmatite Rock chip samples at Mt Yaragner show a westward fractionation trend with K/Rb ratios within feldspars <30

Mt Yarragner Ironstones shown as outstanding REE targets

• Soil sampling defines coherent anomalous Rare Earth Element (REE) trends at the Lockier Range Project, Upper Gascoyne Region of Western Australia:
  • 5 x 2km overall highly anomalous area at Mt Yaranger (>300ppm La+Ce+Y in soils)
  • 2 to 4km strike length individual trends (>700ppm La+Ce+Y)

Gascoyne East Project - Airborne Survey underway

• 2,100 sq km airborne magnetic and radiometric survey commenced
• Due to be completed early February 2024

Odessa’s Executive Director, David Lenigas, commented:

“Odessa is well funded to kick off 2024, with cash at bank at the beginning of this year standing at $3.2 millions. The quarter saw significant on-ground exploration and interpretation at our Yinnetharra Lockier Range Project which helped to define exceptional drill targets for both lithium and REEs. In addition, a massive airborne magnetic and radio magnetic survey covering more than 2,000 square kilometres has commenced at our Gascoyne East Project, where we are hopeful of identifying new multi-metal targets under the cover there. 2023 was the year for acquisition in the Gascoyne, obtaining access permits, heritage agreements and extensive surface exploration. 2024 will be the year for drilling in the Gascoyne for Odessa.”

Odessa has focused on exploration in the Gascoyne Region of Western Australia in Q4 2023. The tenement package in the Gascoyne now exceeds 3,000 km².

Figure 1: Odessa Minerals regional Gascoyne Project location map overlain with Geological Survey WA Minedex Occurrences.

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