Odessa Minerals Secures $2.65M Placement and Appoints Sam Brooks

Capital Raise to Fuel Project Acquisition Strategy

Odessa Minerals (ASX:ODE) has locked in firm commitments for a $2.65 million placement priced at 2 cents per share, marking a significant step in its strategy to pursue new project acquisitions. The placement price reflects a 16.7% discount to the last traded price and a 10.3% discount to the 15-day VWAP, signalling a competitive offer that attracted strong support from existing shareholders.

The raise will be executed in two tranches: the first tranche, raising approximately $2.2 million, will proceed without shareholder approval and settle mid-May. The second tranche, involving director participation to the tune of $454,000, awaits approval at the November annual general meeting. This structure balances immediate capital needs with governance protocols.

Experienced Leadership Boosts Acquisition Capability

In a parallel development, Odessa has appointed Sam Brooks as a Non-Executive Director, replacing Tom Bahen who stepped down immediately. Brooks brings over 20 years of experience in exploration, project development, and M&A, having been the founding Chief Geologist at Bellevue Gold Limited (ASX:BGL), where he played a pivotal role in advancing the 3 million ounce Bellevue Gold Mine in Western Australia.

His track record also includes tenure at Gryphon Minerals, contributing to a 3 million ounce gold inventory in Burkina Faso prior to its acquisition by Teranga Gold Corporation and later Endeavour Mining PLC. Odessa’s Non-Executive Chairman Tim Goldsmith highlighted Brooks’ expertise as a key asset for identifying and advancing high-quality projects that could add shareholder value.

Funding to Support Project Pipeline and Working Capital

The proceeds from the placement will primarily fund the assessment of potential project acquisitions, a critical focus given Odessa’s recent exploration successes. Earlier this year, the company unveiled new base metal targets at its Lyndon Project, leveraging advanced hyperspectral mapping techniques to identify promising prospects such as Tower Bore and Tarn Bore. These developments followed a $1.15 million capital raise and strategic board appointments, including Tim Goldsmith’s chairmanship, underscoring Odessa’s commitment to expanding its resource base and exploration footprint.

With the fresh capital and strengthened board expertise, Odessa is well-positioned to evaluate and pursue value-accretive opportunities in the mining sector. The company’s approach reflects a measured but proactive stance, balancing exploration advancement with disciplined capital management.

Next Steps and Shareholder Engagement

Settlement of the first tranche is scheduled for 13 May 2026, with share issuance and ASX notifications to follow promptly. The second tranche’s success hinges on shareholder approval at the November AGM, which will be a key event to watch for investors interested in director participation and the company’s acquisition strategy.

As Odessa moves forward, the integration of Sam Brooks’ expertise and the deployment of new funds towards project acquisitions will be critical to watch. Whether this capital raise translates into tangible project wins remains to be seen, but it marks a clear signal of Odessa’s intent to accelerate growth beyond its existing exploration base.