Highlights

  • The report describes exploration at an early stage, with no resource defined at any project.
  • At the Ebro Bore prospect, 200 rock chip samples were assayed, focused on fault intersections with bedded limestone.
  • Odessa says this extended the base metal strike length from 1.5 km to 2.5 km.
  • The next step is to finalise drill planning and preparations for first-pass drilling of priority prospects.

Odessa Minerals (ASX:ODE) has reported that the Program of Work for its Lyndon Project in Western Australia was approved during the September 2026 quarter and that it is preparing a maiden air-core drilling program. After the quarter, the company also secured the SC West project in Bolivia. The report describes exploration at an early stage, with no resource defined at any project.

Lyndon Project

Lyndon covers more than 661 km² of exploration licences and applications on the margin of the Carnarvon Basin and Gascoyne Complex. The company describes the ground as prospective for lithium pegmatites, uranium, rare earths, nickel-copper-platinum group elements, orogenic gold and sedimentary-hosted copper-lead-zinc.

At the Ebro Bore prospect, 200 rock chip samples were assayed, focused on fault intersections with bedded limestone. Odessa says this extended the base metal strike length from 1.5 km to 2.5 km. Tower Bore and Beroi Dam received first-pass sampling. The next step is to finalise drill planning and preparations for first-pass drilling of priority prospects. The report does not give a start date for drilling, and approval of the Program of Work is a permitting step rather than a drilling result.

Lockier Range Project

The Lockier Range project covers about 124 km² (tenement E09/2649) near Hastings' Yangibana rare earth deposit. At Mt Yaragner, 93 rock chips were analysed for lanthanum, cerium and yttrium pathfinder elements, which the company interprets as possibly indicating an underlying carbonatite. Omni Geoscience was retained to lead a winter field program to refine targets and define drill locations.

In the Southern Pegmatite Field, the company reports a 2.5 km by 1 km in-soil anomaly of niobium, tantalum, tin, rubidium and beryllium. Four rock chips returned more than 1,000 ppm lithium oxide, with a peak of 1,911 ppm. These are surface samples, and the next step is a comprehensive data review and possible follow-up sampling to bring targets towards drill-ready status.

Sc West, Bolivia

Post-quarter, Odessa secured the SC West project in the San Cristóbal district, near the San Cristóbal silver-zinc-lead mine, which the company says produced about 17.6 million ounces of silver, 184,000 tonnes of zinc and 50,000 tonnes of lead in 2025. That production belongs to a neighbouring operation and is not Odessa's. SC West comprises 1,153 concessions covering about 28,825 hectares. The company describes silicification, argillic and propylitic alteration and quartz veining with brecciation. Reconnaissance rock chip and soil sampling is complete, with assays expected in the coming months.

Financials

Cash was $2.956 million at 30 September 2026, down from $3.661 million at 1 July, a net decrease of $706,000. Operating outflows were $564,000, mainly administration and corporate costs of $412,000 and project evaluation costs of $173,000, partly offset by $21,000 of interest. Exploration and evaluation payments in investing activities were $139,000. There were no financing cash flows. Payments to related parties were $85,000, covering director fees, superannuation and company secretarial and accounting services provided by director-related entities.

Total Western Australian tenure is 785 km², excluding SC West. The company estimates 4.20 quarters of funding at current outgoings of $703,000 a quarter and has no debt facilities.

Next Milestones

The report lists four forward steps: finalising Lyndon drilling preparations and beginning first-pass air-core drilling, completing the Lockier Range winter field program and reviewing the Southern Pegmatite Field data, receiving SC West assay results and starting systematic exploration, and continuing to evaluate acquisition opportunities. None of these has a confirmed date beyond the statement that SC West assays are expected in the coming months.