Odin Metals : Investor Presentation - November 2021

ersonal use only

District Scale Copper Project

Investor Presentation

November 2021

ASX: ODM

ASX: ODM

November 2021 | 2

Disclaimer

This presentation does not constitute investment advice. Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not take into account any person's particular investment objectives, financial resources or other relevant circumstances and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.

onlyTo the fullest extent permitted by law, Odin Metals Limited (the Company or Odin) does not make any representation or warranty, express or implied, as to the accuracy or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.

This presentation includes forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Odin. These risks, u certainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions in various countries and regions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay or advancement, approvals and cost estimates. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Odin does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.

useCOMPETENT PERSON STATEMENTS

The information in this presentation that relates to Exploration Targets, Exploration Results, Mineral Resources and/or Mineral Reserves is an accurate representation of the available data and is based on information compiled by Mr Simon Mottram who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mottram is the Chief Executive Officer of Odin Metals Limited. Mr. Mottram has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person (CP) as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Mottram consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

CAUTIONARY NOTE REGARDING RESERVES AND RESOURCES

ersonalGenerally, since the Company has securities listed on the ASX it is usually required to report reserves and resources in accordance with JORC 2012. You should note that while the Company's reserve and resource estimates comply with the JORC 2012, they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Ca adian Securities Administrators and (ii) Industry Guide 7, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission. Information contained in this presentation describing the Company's mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. In particular, Industry Guide 7 does not recognise classifications other than proven and probable reserves and, as a result, the SEC generally does not permit mining companies to disclose their mineral resources in SEC filings. Y u should not assume that quantities reported as "resources" will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to legally and economically extract them.

Corporate Overview

		Corporate Snapshot				Investment Highlights
only			466.3M
	Shares on Issue				HIGHLY PROSPECTIVE PROJECT
	Market Capitalisation			14M		 Highly prospective for VMS-hosted Copper and magmatic Ni-
		(at $0.03 per share)
				Cu-PGE
	Cash (as at 30 June 2021)			$2.4M		 The Koonenberry Project covers 2600km2 of land holding
	Options1,2,3			88.8M
use						PRIME EXPLORATION POTENTIAL
					 Located in the under explored Koonenberry Belt
		Top Shareholders				 222 Targets have been identified to date from recent EM
							surveys
	Peel Mining Limited			10.72%
							DRILLING PROGRAM UNDERWAY
	Sunset Capital Management Pty Ltd	5.63%
ersonal						 Minimum of 5,000 metres of RC drilling underway
	Top 20			50%
							 Initial assays expected January 2022
	Directors Fully Diluted			9.6%

1. 11.4 million options exercise at $0.001 vest upon the Company's share price being equal to or greater than a volume weighted average price of $0.40 or more for 20 consecutive trading days on the ASX (various expiry dates).
2. 16 million Advisor Options exercisable at 8c,10c & 12c (various expiry dates).
3. 24.4 million Director & Management Performance Options are subject to various vesting conditions (See Odin Announcement released 20 February 2020 and available on the ASX platform) where 50% of these options exercise at $0.001 vest upon the

Company's share price being equal to or greater than a volume weighted average price of $0.20 or more for 20 consecutive trading days on the ASX (various expiry dates).	ASX: ODM	November 2021 | 3
4. 30 million Director & Management Performance Options, with an exercise price of $0.00001. Performance Options vest upon the Company's share price being equal to or greater than a volume weighted average price of $0.06 (50%) and $0.12 (50%) or more

for 5 consecutive trading days on the ASX. Performance Options expire 3 years after the date of issue.

Project Summary

Koonenberry Project- District scale, copper and base metals

LOCATION

 Located 80km east of major mining centre, Broken Hill NSW

 Access to the project areas is via Barrier highway containing several sealed main roads, rural roads and farm

tracks
PROJECT OVERVIEW
 The Koonenberry Project covers 2600km2 of land holding
only ~150km strike of the significantly under-explored Koonenberry Belt
 Highly prospective for VMS-hosted Copper and magmatic Ni-Cu-PGE
use
ADVANCED PROSPECTS
Grasmere Resource - Indicated and Inferred Mineral Resource Estimate of 5.75 Mt @ 1.03% Cu
 Higher magnitude anomalism identified along strike and in proximity to the Grasmere deposit
 Grasmere North Prospect Area - 25km VMS-prospective trend located along strike from the Grasmere
ersonal	Resource
Cymbric Vale Prospect - minimal modern exploration has identified significant copper prospectively:
	 Two RC drill holes approximately 800m apart were drilled into gossanous surface rocks that outcrop
	 Yielded intercepts of 20m @ 0.73% Cu from surface and 20m @ 0.33% Cu from surface
	 Anomalous surface rock chip samples (up to 5.6% Cu) covering over 1.2 km strike
	 Targets have been identified over >7km of strike
Wertago - historic mining trend, highly prospective for VMS along strike
	 Anomalous "Western" trend identified extending over 10km
		ASX: ODM	November 2021 | 4

Work Program and Newsflow

Drilling underway at Koonenberry

Completed

only

October 2021

 Final EM survey data
use
	processed and
	modelled
	Ground
	reconnaissance and
	field verification
ersonal
	Priority Targets

Identified

Commenced		Planned to be released
November 2021		January 2022

Reverse Circulation (RC)	Initial assays expected to
Drilling has commenced	be received
which will be followed by
Pattern Geochemical Auger
Drilling

ASX: ODM November 2021 | 5