Highlights

• Odessa Minerals has reported that the Program of Work for its Lyndon project in Western Australia has been.

• At the Lockier Range project, about 124 square kilometres, a winter field programme led by Omni Geoscience is.

• After quarter end, Odessa secured the SC West project in Bolivia, which covers 1,153 concession squares, about 288.

• No placements, option exercises or debt drawdowns were reported for the period, so the movement in cash reflects.

Odessa Minerals (ASX:ODE) — has reported that the Program of Work for its Lyndon project in Western Australia has been approved, which the company described as a key step towards its maiden air-core drilling programme. The explorer's quarterly report for the period ended 30 September 2026 gives no start date for drilling, saying drill planning and preparation are continuing for first-pass testing of priority prospects.

Lyndon and Lockier Range

Lyndon covers about 661 square kilometres of licences and applications. During the quarter the company extended the Ebro Bore base-metal strike length to 2.5 kilometres after collecting 200 rock chip samples. Odessa did not report drilling results, and surface sampling is an early-stage indicator that does not establish a resource.

At the Lockier Range project, about 124 square kilometres, a winter field programme led by Omni Geoscience is refining targets at Mt Yaragner. The Southern Pegmatite Field returned a peak of 1,911 parts per million lithium oxide in sampling. The company said it will finish reviewing the Lockier Range and Southern Pegmatite Field data and carry out any follow-up surface sampling.

SC West in Bolivia

After quarter end, Odessa secured the SC West project in Bolivia, which covers 1,153 concession squares, about 288 square kilometres, near the San Cristóbal silver-zinc-lead mine. The company said reconnaissance assays are expected in the coming months. It also said it is evaluating additional project acquisitions, which the report acknowledges may add cost and dilution risk. The portfolio now spans lithium, rare earths, uranium, base metals, gold and silver-zinc-lead.

Cash and funding

Cash at 30 September 2026 was A$2.956m, compared with A$3.661m at the end of the previous quarter. Net cash outflow for the quarter was A$706,000, made up of an operating outflow of A$564,000 and an investing outflow of A$142,000. The company raised no equity in the quarter and has no financing facilities in place. Payments of A$85,000 were made to related parties for director fees, superannuation and services from director-related entities.

On the company's own estimate, the current rate of spending represents about 4.2 quarters of funding. That leaves a period of roughly a year before additional funds would be needed if spending stays at the current level, though drilling and any new acquisitions could raise it.

Risks and caveats

Odessa is an exploration company without a reported mineral resource in the document. Drilling has not started, and targets are still being refined, so the programme remains at the planning stage. Assay results from SC West are pending, and the Bolivian project adds a new jurisdiction. The company's cash runway of about 4.2 quarters means it may need to raise capital or fund new projects, and acquisitions could dilute existing holders. Forward-looking plans in the report are subject to change, and sampling results such as the lithium oxide reading at Lockier Range are not a guide to what drilling may find.

What to watch next

No placements, option exercises or debt drawdowns were reported for the period, so the movement in cash reflects spending alone, and the related-party payments of A$85,000 covered director fees, superannuation and services. Looking ahead, and in line with the company's stated plans for the coming months, the confirmed next steps in the report are to finalise Lyndon drill planning and begin first-pass drilling, receive reconnaissance assay results from SC West, and complete the data review and any follow-up surface sampling at Lockier Range and the Southern Pegmatite Field. No dates have been given for the first two items beyond the statement on SC West assays arriving in the coming months. The timing of the drilling start, along with any funding announcement, will be the main developments for the company to update the market on.