Odessa Minerals Ltd (ASX:ODE) has appointed experienced resources executives Steve Parsons and Michael Naylor as consultants, alongside extending the consulting agreement of geologist Sam Brooks as chief technical consultant.
The appointments are designed to strengthen Odessa's exploration and acquisition strategies across its existing asset base and potential new opportunities. Parsons and Naylor are substantial shareholders of the company.
Brooks is a founding geologist of ASX 200 gold producer Bellevue Gold and is widely regarded for his technical expertise in exploration and project development.
Non-executive chairman Tim Goldsmith said the trio would add significant geological and corporate capability.
“These three appointments add significant geological and corporate expertise to Odessa. Their combined experience will support the optimisation of our current asset and position the company to take advantage of emerging opportunities.”
Performance rights tied to share price milestone
As part of the consultancy arrangements, Odessa has agreed to issue 280 million performance rights to Parsons, Naylor and Brooks.
The rights will vest if the company’s shares achieve a volume-weighted average price of $0.03 or greater over 20 consecutive trading days. The performance rights will be issued under the Odessa Minerals Employee Securities Incentive Plan approved at the 2025 annual general meeting.
In addition, 15 million performance rights will be issued to Goldsmith on the same terms, subject to shareholder approval.
New company secretary appointed
Odessa has appointed Alexandra Hughes as company secretary, replacing Robbie Featherby, effective February 16, 2026.
Hughes is a former corporate and commercial lawyer with experience advising ASX-listed and private companies on capital raisings, equity capital markets, mergers and acquisitions, corporate governance and compliance with the Corporations Act and ASX Listing Rules. She is currently a corporate adviser at Belltree Corporate and has previously worked at Bennett Litigation and Commercial Law and Clayton Utz.
The board thanked Featherby for his service and said Hughes would oversee ASX communications and listing rule matters going forward.
Odessa's WA exploration footprint crosses REE, lithium and diamonds
Odessa, formerly Fargo Enterprises, is targeting rare earth elements (REE), lithium and diamonds in Western Australia.
The company holds more than 4,000 km² of tenure across the Gascoyne and Kimberley regions.
Odessa Minerals’ projects in the Gascoyne Region of Western Australia totalling >3,000km2.
Lyndon REE and lithium project
Odessa’s Lyndon Project in the Gascoyne comprises 811 km² of ground considered prospective for REE and lithium, located immediately west of Dreadnought Resources Ltd (ASX:DRE, OTC:DRDNF)'s Yin Project.
Airborne geophysical work has identified seven thorium anomalies regarded as prospective for REE mineralisation.
Lockier Range REE and lithium project
At Lockier Range, Odessa holds granted tenement E09/2649 covering 125 km². Within the Lockier Range tenure, the Mt Yaragner REE Project has reported:
- High-tenor REE results in stream sediment and soil sampling
- Large-scale thorium anomalies the company says are comparable with nearby Yangibana (Hastings Technology Metals Ltd (ASX:HAS, OTC:HSRMF) and Mick Well (Kingfisher Mining Ltd (ASX:KFM) REE projects
Historical grades of up to:
- 14% total rare earth elements (TREE) in a stream sediment sample
- 3.36% Nd+Pr in stream sediment samples
- 3.8% TREE in soil samples
Odessa also recently acquired radiometric data shows thorium signatures that compare with Yangibana and Dreadnought’s Yin Project.
The company flagged thorium anomalies over a 9-by-3-kilometre area at Mt Yaragner, with anomalies coincident with high-tenor results of more than 1% total rare earth oxides (TREO) from historic soil and stream sediment sampling.