Odyssey Gold Advances Cable Resource to 158koz with 60% Indicated for Scoping Study

Cable Deposit Resource Upgrade Bolsters Tuckanarra Development

Odyssey Gold Limited (ASX:ODY) has delivered a solid boost to its flagship Cable Deposit within the Tuckanarra Project, reporting an updated Mineral Resource Estimate (MRE) of 2.75 million tonnes grading 1.8 grams per tonne gold, containing 158,000 ounces of gold. Notably, 60% of this resource has been upgraded to the Indicated category, a critical step in underpinning the imminent Stage 1 Scoping Study.

This upgrade reflects the impact of an additional 4,763 metres of drilling completed in 2025, which has expanded and enhanced the confidence in the resource base. The broader Tuckanarra Project now boasts a total resource of 6.3 million tonnes at 2.2 g/t Au for 451,000 ounces, with 5.4 million tonnes of that situated on granted mining leases, positioning Odyssey well for near-term development.

Drilling and Technical Studies Supporting Development Momentum

The updated MRE, prepared by independent consultants Helena Consulting in accordance with the JORC Code (2012 Edition), is based on a comprehensive dataset including reverse circulation and diamond drilling. The resource is reported above a 0.5 g/t cut-off grade for material less than approximately 180 metres below surface, reflecting reasonable prospects for economic extraction via open pit mining.

Odyssey’s Director Matt Syme highlighted the company’s progress, noting that drilling has successfully expanded and upgraded the Cable resource ahead of the scoping study. He also pointed to ongoing drilling programs targeting resource conversion and growth at other prospects within Tuckanarra, including Bollard, Maybelle, Lucknow, Anchor, and Kohinoor.

Complementing the resource upgrade, Odyssey is advancing critical development studies such as geotechnical, metallurgical, hydrological, and environmental assessments. The company has submitted an updated native vegetation clearing permit application and is progressing hydrological modelling and waste rock characterisation, all key to securing mining approvals.

Robust Metallurgical Testwork Supports Mining Viability

Metallurgical testwork conducted in 2026 on a composite sample from the Cable starter pit indicates promising gold recoveries, with a bench-scale carbon-in-leach (CIL) recovery of 95.9% after 24 hours. Gravity recovery accounted for 18.8%, with low cyanide and lime consumptions reported. These results align with earlier studies and support the feasibility of open pit mining and processing within the region, which hosts approximately 10 million tonnes per annum of processing capacity within 200 kilometres of the project.

Geological Setting and Resource Characteristics

The Cable Deposit lies within the prolific Murchison Goldfields, a region with a +35 million ounce gold endowment. The mineralisation is hosted in folded ultramafic and mafic volcanic rocks with associated banded iron formations, controlled by structural and lithological contrasts. The deposit extends over 850 metres strike length and plunges gently to the northeast, with mineralised zones modelled in 29 geological domains.

The resource classification reflects drill spacing and geological confidence, with Indicated resources assigned where drill spacing is less than 40 metres and kriging variance is low. Inferred resources cover broader spaced areas requiring further drilling for conversion. Approximately 30,000 ounces remain unclassified below the current Indicated and Inferred zones, representing an opportunity for future resource growth.

Exploration Upside and Future Work

Despite the resource upgrade, the reported MRE occupies only a small portion of Odyssey’s extensive 160 square kilometre Tuckanarra tenure. The company is developing a broader exploration strategy to test priority targets and extensions along the mineralised corridor. Recent drilling campaigns, including 52 holes for 3,586 metres at Cable in 2026, are not yet included in this resource update but will feed into future MRE revisions.

Future work will focus on extending mineralisation laterally and at depth, assessing high-grade shoot continuity, and advancing the scoping study and permitting processes. The potential for underground mining at greater depths is also being evaluated, given the presence of high-grade zones beneath the open pit resources.

Environmental and Tenure Status Clear for Development

The Cable resource resides entirely within granted mining lease M20/527, where native title has been extinguished. Environmental studies have identified no significant flora, fauna, or heritage constraints, and a native vegetation clearing permit application is underway. The project area overlaps a “C” Class Reserve Common, which does not restrict mining activities under the Mining Act.

Monument Mining retains a 1% net smelter royalty over Odyssey’s share of production and holds a right to match processing terms offered by third parties. The tenement package is in good standing with the Western Australian Department of Mines, Petroleum and Exploration.

Balancing Risks and Opportunities

While the resource upgrade is a positive milestone, certain risks remain. Additional drilling may alter geological continuity and grade distribution, particularly in inferred zones. Historical mining voids and narrow barren dykes require careful modelling ahead of mining. Moreover, ongoing metallurgical and geotechnical studies will be crucial to confirm mining parameters and optimise processing.

Odyssey’s methodical approach to resource definition, drilling, and technical studies positions the company well to advance the Tuckanarra Project through its development phases. The upcoming Stage 1 Scoping Study will be a key catalyst, integrating the resource upgrade with operational and economic assessments.

As the company continues to drill and refine its models, investors will be watching how the resource grows and how permitting progresses in the coming months, setting the stage for potential production in this historic yet underexplored gold district.

Recent drilling results confirming high-grade continuity at Cable add further intrigue to the resource expansion story, reinforcing the deposit’s role as the cornerstone of Odyssey’s development strategy Cable Deposit resource expansion. Meanwhile, metallurgical testwork underpinning early mining potential has been independently validated with recoveries exceeding 95% 95.9% gold recovery confirmation.