Odin Metals : Half Yearly Report and Accounts - 31 December 2021

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Odin Metals Limited

Interim Financial Report

31 December 2021

ABN 32 141 804 104

odinmetals.com.au

For personal use only

CONTENTS	PAGE
Corporate Directory	1
Directors' Report	2
Auditor's Independence Declaration	5
Consolidated Statement of Profit or Loss and Other Comprehensive Income	6
Consolidated Statement of Financial Position	7
Consolidated Statement of Changes in Equity	8
Consolidated Statement of Cash Flows	9
Condensed Notes to the Consolidated Financial Statements	10
Directors' Declaration	14
Independent Auditor's Review Report	15

CORPORATE DIRECTORY

Directors and Officers	Auditors
Jason Bontempo (Executive Chairman)	RSM Australia Partners
Simon Mottram (Non-Executive Director)	Level 32, Exchange Tower,
Ted Coupland (Non-Executive Director)	2 The Esplanade
Aaron Bertolatti (Company Secretary)	PERTH WA 6000
	Telephone: [phone]
Registered Office & Principal Place of Business
35 Richardson Street	Stock Exchange
WEST PERTH WA 6005	Australian Securities Exchange
	(Home Exchange: Perth, Western Australia)
Share Registry	ASX Code: ODM
Computershare Investor Services Pty Ltd
Level 11, 172 St Georges Terrace	Website
PERTH WA 6000	odinmetals.com.au

Directors' Report

The Directors present their report for Odin Metals Limited ("Odin Metals" or "the Company") and its subsidiaries ("the Group") for the half year ended 31 December 2021.

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DIRECTORS

The persons who were directors of Odin Metals during the half year and up to the date of this report are:

• Jason Bontempo (Executive Chairman)
• Simon Mottram (Non-Executive Director)
• Ted Coupland (Non-Executive Director)

REVIEW OF OPERATIONS

KOONENBERRY PROJECT

The Koonenberry Project (Figure 1) is an emerging, district scale, Copper and Base Metals exploration package located 80km east of Broken Hill, New South Wales. The Company considers the Koonenberry Belt to be highly prospective for a number of styles of mineralisation including VMS hosted Cu-Zn-Au-Ag deposits (which is substantiated by the presence of the Grasmere deposit), magmatic Ni-Cu-PGE, epithermal Ag-Pb-Cu and orogenic Au. The Koonenberry project comprising exploration licences EL8721, EL8722, EL8790, EL8791 and EL8909 (together, the "Koonenberry Project") covering 2,600km2.

Figure 1: Koonenberry Project Location Map

Grasmere - The largest copper rich massive sulphide zone identified to date in Western NSW. Grasmere contains an Indicated and Inferred Mineral Resource Estimate reported in accordance with JORC (2004) totalling 5.75 Mt @ 1.03% Cu, 0.35% Zn, 0.05 g/t Au and 2.3 g/t Ag1.

Grasmere is hosted in a semi continuous mineralised zone over a strike length of 4km and defined by 75 drill holes and is open at depth. EM results confirm higher magnitude anomalism along strike and in proximity to the Grasmere deposit, highlighting the potential association with increased sulphide mineralisation.

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Directors' Report

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Cymbric Vale - Minimal modern exploration has identified significant copper prospectively at Cymbric Vale with a shear hosted Cu system and similar structural and geological setting to Grasmere. EM survey results confirm targets have been identified at Cymbric Vale over >7km of strike and incorporating known copper mineralisation that extends over >1.2km of strike.

Wertago - Historic mining trend, highly prospective for VMS along strike, a further untested anomalous "Western" trend has been identified that extends for over 12km and includes 2 high priority targets.

Figure 2: HeliTEM EM targets at the Koonenberry Cu Project (Airborne Magnetics Background, NE

Shaded TMI Image)

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Directors' Report

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Completion of Acquisition

On 25 August 2021, the Company advised that it had completed the acquisition of 100% of the issued share capital of Great Western Minerals Pty Ltd (GWM) from Ausmon Resources Limited (ASX:AOA). The consideration paid by the Company for the acquisition of GWM was $97,360 cash and the issue of 15 million fully paid ordinary shares in the capital of the Company (to be escrowed for 12 months from the date of issue).

Performance Options

On 30 July 2021, the Company issued 30 million Director, Management & Advisor Performance Options exercisable at $0.00001 within 3 years of issue, subject to the satisfaction of certain vesting conditions (Options). 50% of the Options will vest subject to the Company's shares achieving a 5-day VWAP of $0.06 and the remaining 50% will vest subject to the Company's shares achieving a 5-day VWAP of $0.12. Shareholder approval for the issue of the Options was received at a general meeting held on 19 July 2021.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

There have been no other significant events subsequent to the end of the financial year to the date of this report which significantly affect the operations of the Group, the results of those operations or the state of affairs of the Group in future financial years.

AUDITOR'S INDEPENDENCE DECLARATION

Section 307C of the Corporations Act 2001 requires our auditors, to provide the Directors of the Company with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is set out on page 5 and forms part of this Directors' report for the half-year ended 31 December 2021.

This report is signed in accordance with a resolution of the Board of Directors made pursuant to section 306(3) of the Corporations Act 2001.

Jason Bontempo

Executive Chairman

Perth, WA

11 March 2022

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