Highlights

• Odyssey Gold said a Stage 1 scoping study for the Cable Pit at its Tuckanarra gold project in.

• Drilling during the quarter included a new discovery at Shackle, with a best result of 3 metres at.

• Odyssey said its toll milling agreement with Gylden Resources for the Kirkalocka mill was terminated after quarter end.

• Milestones noted by the company include completion of the Stage 2 study, an updated resource estimate, lodgement of.

Odyssey Gold (ASX:ODY) — said a Stage 1 scoping study for the Cable Pit at its Tuckanarra gold project in Western Australia indicates about 79,000 ounces of recovered gold over roughly 29 months using toll treatment. The quarterly report to 30 September 2026 also disclosed a dispute with its joint venture partner and a cash balance of A$3.0 million.

The Stage 1 scoping study

Odyssey said the study contemplates mining about 87,000 ounces, feeding 1.35 million tonnes of ore at 1.9 grams per tonne gold to a third-party mill with 95 per cent metallurgical recovery. The strip ratio is 11.9 to one, involving 16.1 million tonnes of waste. The company estimated operating costs of about A$3,400 an ounce before tax and pre-production capital of about A$7 million. At a gold price of A$6,000 an ounce, it estimated net pre-tax cash flow of about A$180 million. These are scoping-level outputs, not a feasibility study or a decision to mine.

Stage 1 covers only 19 per cent of the project's total Mineral Resource. Because the schedule exceeds the current Mining Proposal, a new Mining Development and Closure Plan will be needed. A Stage 2 scoping study has started to assess the longer-term potential of the full resource, including an on-site treatment option. The company noted more than 13 million tonnes a year of active or potential processing capacity within 250 kilometres.

Resources and drilling

The July 2026 Mineral Resource for the Tuckanarra project is 6.3 million tonnes at 2.2 grams per tonne for 451,000 ounces, of which 74,000 ounces are underground and Inferred. About 354,000 ounces sit on granted mining leases. The Cable deposit holds 158,000 ounces, split between Indicated and Inferred.

Drilling during the quarter included a new discovery at Shackle, with a best result of 3 metres at 16.1 grams per tonne from 55 metres. At Cable, the best result was 5 metres at 15.6 grams per tonne from 136 metres, including 2 metres at 36.2 grams per tonne. Anchor returned 2 metres at 29.1 grams per tonne from 81 metres, and Cable-Bollard 4 metres at 22.9 grams per tonne from 45 metres. Odyssey said Cable-Bollard results will feed an updated resource estimate and mining studies. A reverse circulation rig mobilised in early October for a 2,000 metre resource definition program. These are exploration results and are not themselves resources.

Toll milling and the joint venture dispute

Odyssey said its toll milling agreement with Gylden Resources for the Kirkalocka mill was terminated after quarter end, and the parties are negotiating a replacement on similar terms covering only Tuckanarra's 80 per cent share of ore. Monument Murchison, the 20 per cent joint venture partner, claims Tuckanarra lacked authority to enter the original agreement, is in breach and has ceased to be manager. Odyssey disputes those claims and has begun dispute resolution and Supreme Court of Western Australia proceedings. The company said Monument has undertaken not to appoint a replacement manager while proceedings are pending, and a trial may occur later this year.

Cash and funding

Cash fell to A$3.03 million at 30 September 2026 from A$5.77 million at the start of the quarter. Net operating outflow was A$2.74 million, mostly exploration spending of A$2.11 million, including A$913,000 on drilling. There were no financing inflows, debt or undrawn facilities. The company estimates about 1.1 quarters of funding and said it will substantially reduce drilling while awaiting assays. It said its operations depend on raising funds through equity, asset sales or other financing, and is assessing its options, but has announced no raising.

What to watch

Milestones noted by the company include completion of the Stage 2 study, an updated resource estimate, lodgement of a new mining plan, a replacement toll milling agreement and the court process. On tenure, mining lease M20/572 was granted and several other applications are pending, while some prospecting licences expired.