Highlights

  • Lithium pegmatite and gold exploration advancing at the Odessa Project in the Pilbara, WA
  • Pilbara region hosts major lithium deposits including Pilgangoora and Wodgina validating geological setting
  • Multiple targets within the tenement package at different stages of exploration assessment
  • Systematic geophysical and geochemical programs defining drill targets for lithium and gold

Odessa Minerals Limited (ASX:ODA), trading at A$0.009 as at 30 October 2026, is an Australian critical minerals and gold explorer advancing the Odessa Project in Western Australia's Pilbara region, targeting both lithium-bearing pegmatite mineralisation and gold deposits in a geological setting that has established itself as globally significant for lithium production through the operations of major projects including Pilgangoora and Wodgina.

Pilbara Lithium: Proven Geological Setting

The Pilbara region of north-western Western Australia has become one of the world's most significant lithium producing regions through the development of major spodumene pegmatite operations including the Pilgangoora Lithium-Tantalum Project (operated by Pilbara Minerals), the Wodgina Lithium Project (Albemarle and MinRes joint venture), and historically the Greenbushes Lithium Operation (Talison Lithium, majority owned by Tianqi and Albemarle). These operations are located within the Pilbara Craton, an ancient Archean geological terrane that hosts an abundance of lithium-caesium-tantalum (LCT) type pegmatite intrusions, which are the primary geological host for economic lithium mineralisation. The proven presence of major lithium pegmatite systems in the Pilbara Craton validates the geological setting for Odessa Minerals' lithium exploration targeting.

Odessa Project: Lithium Pegmatite Targets

Odessa Minerals is targeting lithium-bearing pegmatite intrusions within its Pilbara tenements that may host economic concentrations of spodumene, the primary lithium mineral in the Pilbara pegmatite systems. The Company's exploration strategy involves identifying pegmatite intrusions from geochemical survey data, including rock chip and soil sampling for lithium, caesium, tantalum, and pathfinder elements, combined with satellite imagery and geological mapping to trace pegmatite outcrop and subcrop patterns. Identified pegmatite targets are then advanced through detailed surface work to drill-ready status, with drilling designed to test the thickness, extent, and lithium grade of individual intrusions.

Gold Targets: Complementary Exploration Strategy

In addition to its lithium focus, Odessa Minerals has identified gold targets within its Pilbara tenements that represent complementary exploration optionality alongside the lithium program. The Pilbara has historically produced gold from a variety of deposit types including orogenic gold in greenstone belts and conglomerate-hosted gold in the Fortescue Group sedimentary sequences. Odessa's gold targets have been identified from geochemical anomalies and geological mapping and represent additional potential value for the Company's tenement portfolio if gold mineralisation of economic grade and scale is confirmed.

Market Context: Lithium Cycle and Battery Demand

The lithium market has been through a significant price correction from the peak levels of 2022-2023, with spodumene concentrate prices declining substantially through 2024 and into 2025 before stabilising. Despite near-term price softness, the long-term demand outlook for lithium remains strongly positive, underpinned by the expected growth in global electric vehicle production and stationary energy storage deployment over the coming decades. At lower current lithium prices, the cost of exploration is lower relative to the peak cycle, providing an opportunity for well-managed explorers to advance tenements at lower cost while waiting for the market to recover.