Odyssey Gold (ODY) H2 2024 earnings summary

Executive summary

• Focused on gold exploration in Western Australia, holding 80% of the Tuckanarra and Stakewell projects in the Murchison Goldfields, with a land position over 170km².

• Updated mineral resource estimate (MRE) for Tuckanarra totals 5.14Mt at 2.5g/t Au for 407,000oz, with significant high-grade zones and growth potential.

• Drilling extended mineralisation at depth, and further drilling and geophysics are planned to expand resources.

• Well-funded to complete exploration programs through 2024, with $2.94M in cash and no debt at year-end.

Financial highlights

• Net loss for the year ended 30 June 2024 was $2,042,458, down from $3,837,942 in 2023, mainly due to lower exploration and evaluation expenditure.

• Exploration and evaluation expenses were $1,481,399 (2023: $2,979,392).

• Cash reserves at 30 June 2024 were $2,942,793 (2023: $2,936,820); net assets increased 9% to $11,824,878.

• Placement raised $3.2M via issue of 133.3M shares at $0.024/share.

Outlook and guidance

• Plans to continue systematic drilling at Tuckanarra and Stakewell to grow the MRE and test new targets.

• Airborne EM surveys and diamond drilling are scheduled to refine and expand resource areas.

• The company aims to build shareholder value through further exploration and potential resource upgrades.