ODIN METALS EXECUTES BINDING OPTION AGREEMENT WITH FIRST QUANTUM MINERALS

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1 ASX Annuncement Wednesday, 7 February 2018 Fast Facts ASX: ODM Shares n Issue: 138.7M Cash (as at 31 Dec): $2.1m ODIN METALS EXECUTES BINDING OPTION AGREEMENT WITH FIRST QUANTUM MINERALS Bard f Directrs Jasn Bntemp Executive Directr Aarn Bertlatti Directr & C Secretary Justin Tremain Nn-Executive Directr E: admin@dinmetals.cm.au W: Odin Metals Limited (ASX:ODM) ( Odin r the Cmpany ) executes binding ptin agreement with First Quantum Minerals Ltd ( First Quantum ) t increase expsure at its Sturgen Lake Prject ( Prject ) in Ontari, Canada which is highly prspective fr vlcangenic massive sulfide ( VMS ) style cpper and zinc mineralizatin Securing the adjacent First Quantum mining leases will duble Odin s grund psitin at the Prject frm 11.7km 2 t 22.7km 2 Exceptinal high-grade explratin ptential fr Odin. First Quantum s land package in the Sturgen Lake area hsts the past prducing highgrade Sturgen Lake Mine situated alng the well-endwed and prspective - Mattabi mineralised trend The mst ntable frmer mines in the regin prduced a cmbined 18.6 Mt f re with an average grade f 1.09% Cu, 8.06% Zn, 0.84% Pb, 119.6g/t Ag, 0.5g/t Au n prperties currently held by First Quantum and Glencre plc. (Gelgical Survey f Canada, 1995). The gelgy is representative f VMS style mineralizatin with the eastern extensin f the vlcanic cmplex largely underexplred and within Odin s grund psitin Equity raising f $2.5 millin at 20 cents per share t institutinal and sphisticated investrs Mr Jasn Bntemp will jin the Bard f Odin in the capacity f Executive Directr with a fcus t begin explratin at the Sturgen Lake prperties and acquiring further cpper prject pprtunities.

2 Optin Agreement - Key Terms Odin Metals Limited and its whlly wned subsidiary Evandale Minerals Pty Ltd ( Evandale ) have executed an Optin Agreement ( Agreement ) with First Quantum Minerals Limited, pursuant t which Evandale has been granted the exclusive right t explre and r purchase a 100% undivided wnership interest in First Quantum s Sturgen Lake prperties (Ontari, Canada) (the FQM Prperties ). The key terms f the Agreement are: 3-year ptin deal fr the right t explre and r purchase the prperties (with n minimum expenditure cmmitments); Optin cash payments f CAD$145,000 (upn executin f the Agreement); CAD$150,000 (n r befre the first anniversary f the Agreement); and CAD$180,000 (n r befre the secnd anniversary f the Agreement); Subject t the terms and cnditins f the Agreement, which include the receipt f the cnsent f the Ministry f Nrthern Develpment and Mines, if Evandale exercises its ptin, First Quantum will transfer its wnership interest in the FQM Prperties t Evandale. Upn cmpletin f the transfer f the FQM Prperties; Evandale will grant First Quantum a 1.5% net smelter return ryalty ( NSR ). On the date f transfer f the FQM Prperties: Evandale will replace the financial assurance with respect t the FQM Prperties; First Quantum will prvide Evandale with a payment f CAD$1,000,000 t be used by Evandale twards the replaced financial assurance (with the intent that this sum be ultimately used by r n behalf f Evandale in satisfactin f bligatins secured by that financial assurance); Evandale will assume all histrical liabilities with respect t the FQM Prperties. At any time after the transfer f the FQM Prperties: Evandale may buy back frm First Quantum 0.5% f the NSR fr CAD$1,000,000. Sturgen Lake Prperties Figure 1 Lcatin f the Sturgen Lake prperties (yellw star) in Ontari, Canada 2 f 8

3 Sturgen Lake Prject Highlights First Quantum s Sturgen Lake prperties are situated adjacent t Odin s existing Sturgen Lake Prject, which is lcated 60km nrth f Ignace, Ontari and accessed by an all-weather sealed highway. The ptin ver the adjacent First Quantum Sturgen Lake mining leases will increase Odin s expsure frm 11.7km 2 f unpatented mining claims at its Sturgen Lake prperties t 22.7km 2. The prperties are strategically lcated in a prven mining camp with the ptential fr multiple satellite rebdies. Prductin frm the camp as reprted by the Gelgical Survey f Canada (1995) ttalled 18.6Mt with an average grade f 1.09% Cu, 8.06% Zn, 0.84% Pb, 119.6g/t Ag, 0.5g/t Au. The Sturgen Lake Depsit is lcated within the FQM Prperties that Evandale has secured an ptin ver and it was the highest-grade rebdy in the camp. The remaining knwn mined depsits are lcated within adjining grund held by Glencre plc. Figure 2 Lcatin f Odin Metals prperties in Ontari cmprising the Sturgen Lake Prject The gelgy is representative f VMS style mineralizatin with the eastern extensin f the vlcanic cmplex largely underexplred. All re-bdies in the Sturgen Lake Camp fall within the NBU Vlcanic Successin which was cnfirmed with gechemistry in 2010 t extend frm the currently knwn re-bdies thrugh the FQM Prperties and Odin claims and is pen t the east (Ontari Ministry f Nrthern Develpment and Mines Assessment File # ). Within Odin s existing 100% wned Sturgen Lake unpatented claim blcks previus drilling by Falcnbridge in 1971 encuntered a 4.25 metre zne grading 2.62% Cu (incl. 1.85g/t Au and 26.1g/t Ag) frm 55.6m dwn hle which warrants additinal fllw-up (refer Figure 2) (previusly reprted in Lawsn Gld Press Release dated August 21st, it is nt knwn if drilling represents true widths). Initial explratin n the newly cmbined Odin and FQM Prperties are expected t include grund gephysics (magnetics, electrmagnetics and gravity) fllwed by diamnd drilling. Mineralisatin and anmalism extends well ver 8km within Odin s mineral claims and leases. Odin will fcus n the ptential cpper and zinc rich massive sulphide mineralisatin with assciated gld and silver mineralisatin. 3 f 8

4 Bard Changes The Cmpany is pleased t annunce the appintment f Mr Jasn Bntemp t the Bard as an Executive Directr effective immediately. Mr Bntemp has 22 years experience in public cmpany management, crprate advisry, investment banking and public cmpany accunting, qualifying as a chartered accuntant with Ernst & Yung. Mr Bntemp has wrked primarily serving n the bard and the executive management f minerals and resurces public cmpanies fcusing n advancing and develping mineral resurce assets and business develpment. Mr Bntemp als prvides crprate advice services and the financing f resurce cmpanies acrss multiple capital markets including resurce asset acquisitins and divestments. He was mst recently Executive Directr f Cbalt One Limited until its recent takever by First Cbalt Crpratin where he remains as a Nn-Executive Directr. Mr Simn O Lughlin has resigned as Nn-Executive Chairman and Mr Dnald Stephens has resigned as Nn-Executive Directr and Cmpany Secretary. The Bard expresses it sincere appreciatin t Simn and Dnald fr their valuable cntributin t the Cmpany and wishes them the very best in their future endeavurs. Mr Aarn Bertlatti has been appinted as Cmpany Secretary f Odin. Placement and Optin Issue The Placement will cnsist f 12.5 millin new shares t be issued at a price f $0.20 per share t raise ttal funds f $2.5 millin (befre csts). The Placement will be made t Institutinal and Sphisticated investrs. Placement shares are expected t be issued n r arund 12 February 2018, pursuant t ASX Listing Rule 7.1. The Cmpany als prpses t seek sharehlder apprval t issue 2,000,000 new perfrmance ptins ver shares in the Cmpany t Mr Jasn Bntemp assciated with his appintment t the Bard and a further 4,000,000 new perfrmance ptins t emplyees and advisrs. The perfrmance ptins will have an exercise price f $0.001 each and an expiry date f 4 years frm the date f issue, and will nly be exercisable if the Cmpany s share price is equal t r greater than a vlume weighted average price f $0.40 r mre fr 20 cnsecutive trading days n the ASX. Change f Registered Office and Principal Place f Business In accrdance with ASX Listing Rule 3.14, Odin Metals advises that, effective 7 February 2018, the Cmpany s Registered Office and Principal Place f Business has changed t: Grund flr, 35 Richardsn Street WEST PERTH WA 6005 The Cmpany s new pstal address fr all crrespndence is: PO Bx 1440 WEST PERTH WA 6872 Cmpetent Persns Statement: The infrmatin in this reprt that relates t Explratin Targets and Explratin Results is based n infrmatin cmpiled by Mr. Steven Siemieniuk, wh is a Cmpetent Persn, and a Member f the Assciatin f Prfessinal Gescientists f Ontari. Mr. Siemieniuk is an independent gelgical cnsultant in Ontari, Canada and part time cntractr t Odin Metals Ltd. Mr. Siemieniuk has sufficient experience that is relevant t the style f mineralisatin and type f depsit under cnsideratin and t the activity being undertaken t qualify as a Cmpetent Persn as defined in the 2012 Editin f the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves. Mr. Siemieniuk cnsents t the inclusin in the reprt f the matters based n his infrmatin in the frm and cntext in which it appears. 4 f 8

5 Appendix 1 JORC Cde (2012) Editin Table 1 Sectin 1 Sampling Techniques and Data Criteria JORC Cde explanatin Cmmentary Sampling techniques Drilling techniques Drill sample recvery Nature and quality f sampling (eg cut channels, randm chips, r specific specialised industry standard measurement tls apprpriate t the minerals under investigatin, such as dwn hle gamma sndes, r handheld XRF instruments, etc). These examples shuld nt be taken as limiting the brad meaning f sampling. Include reference t measures taken t ensure sample representivity and the apprpriate calibratin f any measurement tls r systems used. Aspects f the determinatin f mineralisatin that are Material t the Public Reprt. In cases where industry standard wrk has been dne this wuld be relatively simple (eg reverse circulatin drilling was used t btain 1 m samples frm which 3 kg was pulverised t prduce a 30 g charge fr fire assay ). In ther cases mre explanatin may be required, such as where there is carse gld that has inherent sampling prblems. Unusual cmmdities r mineralisatin types (eg submarine ndules) may warrant disclsure f detailed infrmatin. Drill type (eg cre, reverse circulatin, pen-hle hammer, rtary air blast, auger, Bangka, snic, etc) and details (eg cre diameter, triple r standard tube, depth f diamnd tails, face-sampling bit r ther type, whether cre is riented and if s, by what methd, etc). Methd f recrding and assessing cre and chip sample recveries and results assessed. Measures taken t maximise sample recvery and ensure representative nature f the samples. Whether a relatinship exists between sample recvery and grade and whether sample bias may have ccurred due t preferential lss/gain f fine/carse material. Lgging Whether cre and chip samples have been gelgically and getechnically lgged t a level f detail t supprt apprpriate Mineral Resurce estimatin, mining studies and metallurgical studies. Sub-sampling techniques and sample preparatin Whether lgging is qualitative r quantitative in nature. Cre (r cstean, channel, etc) phtgraphy. The ttal length and percentage f the relevant intersectins lgged. If cre, whether cut r sawn and whether quarter, half r all cre taken. If nn-cre, whether riffled, tube sampled, rtary split, etc and whether sampled wet r dry. Fr all sample types, the nature, quality and apprpriateness f the sample preparatin technique. Quality cntrl prcedures adpted fr all sub-sampling stages t maximise representivity f samples. Measures taken t ensure that the sampling is representative f the in situ material cllected, including fr instance results fr field duplicate/secnd-half sampling. Whether sample sizes are apprpriate t the grain size f the material being sampled. Sturgen Lake Prject - histrical drill hle gechemical data surced frm the Ontari Mineral Depsit Inventry, Ministry f Nrthern Develpment and Mines. The recrds cntain n infrmatin n the nature and quality f the sampling. Diamnd drilling methds were used fr the histrical drilling. Cring diameters are nt always specified but are generally NQ t BQ in size fr explratin. N infrmatin is available. All drilling has been gelgically lgged t a gd qualitative standard. N getechnical drill lg infrmatin has been lcated apart frm the histrical gechemical assay results. N sampling infrmatin has been prvided fr the Histrical Sturgen Lake Prject. 5 f 8

6 Criteria JORC Cde explanatin Cmmentary Quality f assay data and labratry tests Verificatin f sampling and assaying Lcatin f data pints The nature, quality and apprpriateness f the assaying and labratry prcedures used and whether the technique is cnsidered partial r ttal. Fr gephysical tls, spectrmeters, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and mdel, reading times, calibratins factrs applied and their derivatin, etc. Nature f quality cntrl prcedures adpted (eg standards, blanks, duplicates, external labratry checks) and whether acceptable levels f accuracy (ie lack f bias) and precisin have been established. The verificatin f significant intersectins by either independent r alternative cmpany persnnel. The use f twinned hles. Dcumentatin f primary data, data entry prcedures, data verificatin, data strage (physical and electrnic) prtcls. Discuss any adjustment t assay data. Accuracy and quality f surveys used t lcate drill hles (cllar and dwn-hle surveys), trenches, mine wrkings and ther lcatins used in Mineral Resurce estimatin. Specificatin f the grid system used. Quality and adequacy f tpgraphic cntrl. Histrical gechemical data frm Sturgen Lake are reprduced frm data presented within web accessible databases available frm the Ontari Gelgical Survey. Gechemical infrmatin has been presented as it exists in thse files and reprts. The recrds cntain n infrmatin n the nature and quality f the sampling N infrmatin has been prvided n the independent variatin f sampling and assaying. Assaying has been cmpleted by industry accredited labratries Drill hle lcatins based n crdinates prvided by histrical cmpany drilling reprts and maps. N field wrk has been undertaken t verify the accuracy f drill the cllar lcatins Map reference - NAD 83, UTM Zne 15 Data spacing and distributin Orientatin f data in relatin t gelgical structure Sample security Audits r reviews Data spacing fr reprting f Explratin Results. Whether the data spacing and distributin is sufficient t establish the degree f gelgical and grade cntinuity apprpriate fr the Mineral Resurce and Ore Reserve estimatin prcedure(s) and classificatins applied. Whether sample cmpsiting has been applied. Whether the rientatin f sampling achieves unbiased sampling f pssible structures and the extent t which this is knwn, cnsidering the depsit type. If the relatinship between the drilling rientatin and the rientatin f key mineralised structures is cnsidered t have intrduced a sampling bias, this shuld be assessed and reprted if material. Explratin targets are at an early stage and data spacing is variable. Additinal infill and extensinal drilling is required befre resurce estimatins culd be undertaken. Analysis f sample and data bias has yet t be undertaken. N infrmatin has been prvided in the histrical reprting regarding any bias. The measures taken t ensure sample security. N infrmatin has been prvided in the histrical reprting regarding sample security. The results f any audits r reviews f sampling techniques and data. N infrmatin has been prvided in the histrical reprting regarding audits f methdlgies and results. Lawsn Gld Limited is currently undertaking due diligence n past explratin activities and results. 6 f 8

7 Sectin 2 Reprting f Explratin Results Criteria JORC Cde explanatin Cmmentary Mineral tenement and land tenure status Explratin dne by ther parties Type, reference name/number, lcatin and wnership including agreements r material issues with third parties such as jint ventures, partnerships, verriding ryalties, native title interests, histrical sites, wilderness r natinal park and envirnmental settings. The security f the tenure held at the time f reprting alng with any knwn impediments t btaining a licence t perate in the area. Acknwledgment and appraisal f explratin by ther parties. Gelgy Depsit type, gelgical setting and style f mineralisatin. Drill hle Infrmatin Data aggregatin methds A summary f all infrmatin material t the understanding f the explratin results including a tabulatin f the fllwing infrmatin fr all Material drill hles: easting and nrthing f the drill hle cllar elevatin r RL (Reduced Level elevatin abve sea level in metres) f the drill hle cllar dip and azimuth f the hle dwn hle length and interceptin depth hle length. If the exclusin f this infrmatin is justified n the basis that the infrmatin is nt Material and this exclusin des nt detract frm the understanding f the reprt, the Cmpetent Persn shuld clearly explain why this is the case. In reprting Explratin Results, weighting averaging techniques, maximum and/r minimum grade truncatins (eg cutting f high grades) and cut-ff grades are usually Material and shuld be stated. Where aggregate intercepts incrprate shrt lengths f high grade results and lnger lengths f lw grade results, the prcedure used fr such aggregatin shuld be stated and sme typical examples f such aggregatins shuld be shwn in detail. The assumptins used fr any reprting f metal equivalent values shuld be clearly stated. The Sturgen Lake Prject cnsists f five unpatented mining claims as well as five mining leases in Ontari, Canada. Odin Metals Ltd wns the Sturgen Lake Prject which cmprises 100% interest in five explratin claims in Ontari, Canada. Claim Numbers are , , , & Odin Metals Ltd has executed a Binding Optin Agreement with First Quantum, Minerals t acquire 100% f five 21-year renewable mining and surface rights leases in Ontari, Canada. A 1.5 % transferable net smelter return ryalty will be granted t First Quantum Minerals upn exercise f the Optin Agreement by Odin Metals. Mining Lease numbers are , , CLM248, CLM249 and CLM20. Histrical explratin by ther cmpanies acrss the claim areas includes surface rck chip analyses, limited csteaning, gelgical mapping, airbrne magnetic surveys, EM and IP gephysical surveys and diamnd drilling. The Sturgen Lake Prject - Occurs in the Sturgen Lake greenstne belt which hsts a number f Archaean vlcanic hsted massive sulphide Zn-Cu depsits. Mineralisatin is hsted within the Suth Sturgen Lake assemblage, a 9km thick, dminantly bimdal package f basalt-rhylite vlcanic rck. Due t their being a past prducing rebdy near the nrthern bundary f the Leases it is felt that n drill intercepts n the recently acquired FQM Mining Leases warrant a material change. Drill intercept frm Falcnbridge is n existing Odin grund and was previusly annunced in Lawsn Gld press release dated August 21, Nt applicable t this reprt. 7 f 8

8 Criteria JORC Cde explanatin Cmmentary Relatinship between mineralisatin widths and intercept lengths These relatinships are particularly imprtant in the reprting f Explratin Results. If the gemetry f the mineralisatin with respect t the drill hle angle is knwn, its nature shuld be reprted. If it is nt knwn and nly the dwn hle lengths are reprted, there shuld be a clear statement t this effect (eg dwn hle length, true width nt knwn ). Diagrams Apprpriate maps and sectins (with scales) and tabulatins f intercepts shuld be included fr any significant discvery being reprted These shuld include, but nt be limited t a plan view f drill hle cllar lcatins and apprpriate sectinal views. Balanced reprting Where cmprehensive reprting f all Explratin Results is nt practicable, representative reprting f bth lw and high grades and/r widths shuld be practiced t avid misleading reprting f Explratin Results. Other substantive explratin data Other explratin data, if meaningful and material, shuld be reprted including (but nt limited t): gelgical bservatins; gephysical survey results; gechemical survey results; bulk samples size and methd f treatment; metallurgical test results; bulk density, grundwater, getechnical and rck characteristics; ptential deleterius r cntaminating substances. Further wrk The nature and scale f planned further wrk (eg tests fr lateral extensins r depth extensins r large-scale step-ut drilling). Diagrams clearly highlighting the areas f pssible extensins, including the main gelgical interpretatins and future drilling areas, prvided this infrmatin is nt cmmercially sensitive. Only dwn hle lengths have been reprted and true widths are nt knwn. Only dwn hle lengths have been reprted and true widths are nt knwn. All results f significance have been included in this Reprt. N significant explratin data has been mitted. Odin Metals Ltd. is currently undertaking a further review f histrical explratin data as part f its explratin targeting in the Sturgen Lake Camp. See Figure 2 in this Reprt. 8 f 8