Odin Metals Limited completed 12 RC holes (GS0001-12) for 1,838m at Grasmere with a number of these holes being completed as pre-collars for planned diamond drill tails at its Koonenberry Project in December 2021. Grasmere is located within a structurally controlled VMS trend that extends for >22km. Historic RC/DD drilling has been carried out in only approximately 5km of this trend, within which the historic resource estimate exists in a series of individual lodes that total to approximately 3,3km in strike.

Mineralization has been previously described as "a well-defined zone which ranges in thickness from 2 to 15 metres, averaging approximately 5m in width". The existing lodes in the historic resource are for the most part simply separated by gaps of up to 270m in the existing drilling. Hole GS0006 successfully tested one of these gaps, giving confidence to the assumption that mineralization is continuous through these gaps.

The drill sections within the historic resource estimate4 are on spacing varying from 50m to 150m apart, with most sections having only 2 or 3 holes. Holes GS0003 and GS0008 successfully confirmed grades and widths within the mineralization. Initial drilling supports expectations, while the variably spaced sections and sparse drilling on the sections leaves significant scope for growth of the resource.

Current and future drilling at Grasmere will target: Potential expansion of the current resource both along strike, down dip and infill, Test the potential for higher-grade mineralization to lift the underlying grade of the resource, and to Provide confidence in previous drilling at the Grasmere deposit and the reported JORC (2004) resource of 5.75 million tonnes grading 1.03% copper, 0.35% zinc, 2.3 grams per tonne silver and 0.05g/t gold. Drilling completed by ODM intersected significant mineralization in the majority of holes, intersecting visual copper sulphide and oxide mineralization. Drilling returned significant mineralization, including: 8m @ 1.62% Cu, 0.12g/t Au, 3.64g/t Ag rom 83m - Hole GS0003, 5m @ 2.72% Cu, 0.07g/t Au, 3.94g/t Ag om 96m - Hole GS00083.46% Cu, 0.24g/t Au, 8.40g/t Ag, from 192m (EOH) - GS0012, 3m @ 1.70% Cu, 0.05g/t Au, 5.13g/t Ag from 86m - Hole GS0006.

ODM recommenced the planned RC drilling programme at Grasmere on 14 February 2022, continuing to focus on expanding and confirming the current resource and testing HeliTEM anomalies along strike that were recently identified in a large scale HeliTEM survey undertaken in 2021 that identified potential sulphide mineralization throughout the northern tenure controlled by Odin. The company plans to complete at least a further 5,000m of RC drilling prior to May as well as diamond core drilling initially targeting Grasmere, followed by Cymbric Vale and Wertago. The Koonenberry Project is an emerging, district scale, Copper and Base Metals exploration package covering 2,600km2 of land holding, approximately 150km strike of the significantly under-explored Koonenberry Belt, 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.