Odyssey Gold : Significant Visible Gold Intersected in Diamond Drilling

ASX ANNOUNCEMENT

19 April 2022

Significant Visible Gold Intersected in Diamond Drilling

Odyssey Gold Limited (ASX:ODY) ("Odyssey" or "Company") is pleased to announce diamond drilling is underway on the Tuckanarra Project. Progress results are also reported for additional samples collected from 2021 diamond drilling.

HIGHLIGHTS

• • Diamond drilling has resumed onsite and will focus on the increasing the geological and structural understanding of the Cable-Bollard Trend.

• • Significant quartz veining with visible gold and galena intersected in targeted structure in diamond hole CBDD0010 recently completed at Bollard.

• • Hole CBDD0010 is adjacent to hole TCKRC01041 with a result 11m @ 4.6g/t Au previously reported.

• • A high grade shoot is emerging below the existing Bollard Pit. CBDD0010 and TCKRC0104 are the deepest holes drilled, with the shoot open down plunge.

• • A high-grade assay result has been received at Cable after additional samples were collected from core not previously sampled:

  • o 1.9m @ 17.0g/t Au from 100m (CBDD0007)

• • The new high-grade result in CBDD0007 supports the southerly plunge in the mineralisation to the south of Cable Pit.

• • All RC drilling from February and March 2022 are at the lab and results are awaited.

Managing Director, Matt Briggs commented:

"Diamond drilling is now underway again at our Tuckanarra Project. The intersection of significant visible gold at the targeted position below the Bollard Pit demonstrates gold mineralisation in veining continues to a depth of over 150m. The existing pit mined in the 1990's targeted laterite and oxide mineralisation to a maximum of 30m. The structures are open at depth. The RC and diamond drill program underway is continuing to grow the trend to the south."

For further information, please contact:

Matt Briggs

Managing Director: [phone]

1 Refer ASX announcement dated 20 January 2022

Figure 1. The Cable Bollard Trend showing accumulated gold intercepts >0.5g/t Au in drilling and recent hold CBDD0010 contain visible gold

2

Cable-Bollard Trend Background

Previous mining at Cable-Bollard in the 1990's produced 52.9koz Au at an average grade of 3.4g/t Au from shallow oxide pits (refer ASX announcement dated 27 Nov 2020). Odyssey has demonstrated the potential to grow the system with mineralisation now extending for over 1.6km of strike and to a vertical depth of over 160m.

The Cable-Bollard Trend (Figure 1) comprises multiple parallel mineralised structures made up of banded iron formation ("BIF") units, sheared quartz veins in mafic intrusives and metavolcanics, and highly silicified ultramafics resembling BIF's, with consistent gold mineralisation occasionally interrupted by barren cross cutting felsic dykes.

Bollard Diamond Drilling

The Bollard Pit was mined in 1993 focusing on higher grade areas of shallow laterite and oxide mineralisation. Although drilling demonstrating multiple zones of gold mineralisation extending below the pit, these were not mined due to the low gold price and limitations of processing at the time. Mining was limited to a maximum of 30m below surface.

Figure 2. Visible gold circle in NQ core in hole CBDD0010. At least 25 specs of gold (circled in red) were observed primarily in the interval 128.6-135m. Core diameter is approximately 51mm

Historic holes immediately below the Bollard Pit on the same section being diamond drilled include results of 26m @ 4.2g/t Au from 34m2 (TRC005), 15m @ 1.65g/t Au from 32m2 (TRC0067) and 11m @ 2.2g/t Au from 49m and 8m @ 2.0g/t Au from 1m2 (TRC0066). An RC hole TCKRC0104 drilled by Odyssey in late 2021 produced results including 6m @ 3.7g/t from 132m3 and 11m @ 4.6g/t Au from 167m3. This hole and others on adjacent sections demonstrate mineralisation under the Bollard Pit to 150m below surface and the presence of up to seven parallel structures (Figure 3).

• 2 Refer ASX announcement dated 27 November 2020

3

Refer ASX announcement dated 20 January 2022 3

Diamond drilling underway has targeted mineralisation below the pit and parallel structures to the west of the pit. Significant visible gold has been intersected in the target position. Hole CBDD0010 has intersected laminated and sheared quartz veins with galena, pyrrhotite, chalcopyrite from 128.6m to 140.7m. At least 25 specs of gold (Figure 2) were observed primarily in the interval from 128.6m to

135m. The true width of the interval of veining is approximately 7m. Quartz veining with sulphide is typical of the Cable West Structure. Drilling is planned along strike and up dip of CBDD0010.

Figure 3. Cross section through the Bollard Pit with recent diamond hole CBDD0010

Tuckanarra Project RC Drilling Update

Disney Trend

Initial RC drilling has recently been completed on the Disney Trend located 400m north of Bottle Dump Pit. This a 1.5km long soil anomaly of over 10ppb gold in historic sampling peaking at 420ppb from sampling4 in 1990. Coincident with this trend are 17 historic workings. Seven lines of shallow RAB

4 Refer ASX announcement dated 27 November 2020 4

drilling were completed in 1994 with best result of 1m @ 18.6g/t Au from 7m in TPH0962 (See Appendices 1 and Appendix 3) from siliceous saprolitic clays associated with mafic rocks and BIF units. Repeat assays supported this with results of 20.08g/t Au and 15g/t Au from the same interval. This hole was completed immediately down dip of a 50m long line of three shallow workings. This is the only line of drilling along 500m of strike of the soil anomalism.

Odyssey has recently completed drilling two RC holes totalling 212m drilling 50m to the west of the RAB line. Quartz veining with sulphide in mafic and BIF have been observed in both holes.

Figure 4. 2022 Diamond drilling targeting a high grade shoot extending from the bottom of the Bollard Pit

Highway Zone

The Highway Zone is the southern extension of the Cable-Bollard Trend (Figure 1). Drilling completed in late 2021 included results of 7m @ 2.5g/t Au and 14m @ 1.9g/t Au in TCKRC01015.

Six RC holes for 1,087m of drilling have been completed at the Highway Zone target. This drilling increases the strike length tested to 450m to the east of the Bollard Pit.

Anchor South

The Anchor South target is located 300m to the east of the Cable Pit and 150m south of previous mining at Anchor. The area is overlain by a mineralised laterite, previously reported as the Drogue Resource in 2012. The aircore drilling to define laterite gold often penetrated deeper into the regolith profile below the laterite mineralisation. Quartz associated with veining within these include a result of 6m @ 4.9g/t Au from 9m within the previously reported interval of 12m @ 2.7g/t Au from 2m6 (PAC248). The hole ends in mineralisation. This intersection is 150m to the south and along strike of workings at

5

Refer ASX announcement dated 20 January 2021

6 Refer ASX announcement dated 22 October 2020 5