Odyssey Gold (ODY) Q4 2024 TU earnings summary

Executive summary

• Focus remains on advancing the Tuckanarra Gold Project in Western Australia, with a current Mineral Resource Estimate (MRE) of 5.14Mt @ 2.5g/t Au for 407koz of gold, including a high-grade subset and significant underground potential.

• Drilling extended gold mineralisation 120m below previous drilling and 250m below surface at the Highway Zone, with further drilling planned.

• The company is well funded with $2.9 million in cash reserves as of 30 June 2024.

Financial highlights

• Cash and cash equivalents at quarter end were $2.94 million, down from $3.23 million in the previous quarter.

• Net cash used in operating activities for the quarter was $289,000; year-to-date net cash used was $1.996 million.

• $3.2 million was raised from equity issues during the year, with $198,000 in related transaction costs.

• Exploration and evaluation payments for the quarter totaled $143,000.

Outlook and guidance

• Planned work includes further diamond and RC drilling at Highway Zone to test high-grade mineralisation and expand underground potential.

• Expanded airborne electromagnetic surveys and ongoing geological modelling are scheduled.

• The company is positioned to pursue new business development opportunities.