What Odessa Minerals does

Odessa Minerals Limited (ASX:ODE) is an Australian junior mineral exploration company, formerly known as Fargo Enterprises, headquartered in West Perth, Western Australia. The company holds over 4,000 km² of exploration tenements across the Gascoyne and Kimberley Regions of Western Australia, pursuing rare earth elements (REE), lithium, and diamonds. Its REE/lithium portfolio centers on the Lockier Range Project (125 km² tenement E09/2649, including the Mt Yaragner target with historical stream sediment grades up to 14% TREE and 3.36% Nd+Pr) and the Lyndon Project (811 km² with seven thorium anomalies defined by airborne geophysics). Its diamond portfolio comprises the Aries kimberlite project (90% via OD3 Aries, with Jindalee at 10%), Ellendale, Calwynyardah, and Noonkanbah projects held through OD3 Wynne.

The company's core technology is conventional mineral exploration, principally airborne radiometric and thorium-anomaly geophysical surveys used to define REE/Li drill targets, combined with historical stream sediment and soil sampling for grade validation. There are no proprietary software products or AI-driven targeting systems disclosed. Odessa is pre-revenue and does not sell products or services with set pricing; its business model is to advance exploration tenements toward either standalone production or, more likely, joint venture, partnership, or acquisition transactions with larger mining companies and resource-focused funds. The company's stated strategy, reinforced by the February 2026 appointment of consultants Steve Parsons, Michael Naylor, and Sam Brooks alongside Chairman Tim Goldsmith (former CEO of Rincon Ltd, sold to Rio Tinto for US$825 million), is to strengthen exploration and pursue further M&A in Western Australia.

Customer-facing activity is limited to investor relations through ASX announcements, LinkedIn, Twitter/X, and an email newsletter, consistent with an exploration-stage public company. Recent commercial moves include the Celsius Licence and Tenement Sale Agreement consolidating the Aries Project, the Jindalee joint venture on the Aries kimberlites, and an approximately A$1.92 million capital raise on 2026-05-06 alongside 280 million consultant performance rights vesting at a $0.03 share-price hurdle. The headcount range of 11–50 employees is consistent with a junior explorer whose activities are funded primarily through equity issuance.

Name

Odessa Minerals

Legal name

Odessa Minerals Limited

Website

https://odessaminerals.com.au

Company type

Public

Operating status

Operating

Headcount range

11–50 employees

Short description

Odessa Minerals (ASX:ODE) is a pre-revenue Australian junior mineral explorer holding over 4,000 km² of REE, lithium, and diamond tenements in Western Australia's Gascoyne and Kimberley Regions, advancing projects toward JV, partnership, or acquisition by larger miners.

Ownership category

akta.pro rank

Product category

Mineral Exploration (Rare Earth Elements, Lithium, Diamonds)

NAICS

Support Activities for Mining (2131), Nonmetallic Mineral Mining and Quarrying (2123)

SIC

Metal Mining (1000)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industries

Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG), Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

Keywords

• Rare earth element exploration
• Lithium mineral exploration
• Diamond exploration projects
• Mineral tenement development
• Critical minerals exploration

Headquarters

HQ city

Subiaco

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Mineral Resource Development: Pre-revenue exploration stage. Revenue would be generated through development and sale of mineral resources once projects advance to production, or through joint venture/partnership arrangements with larger mining companies.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Odessa Minerals is a pre-revenue mineral exploration company that acquires, explores, and evaluates tenements prospective for rare earth elements (REE), lithium, and diamonds across the Gascoyne and Kimberley Regions of Western Australia. The company holds over 4,000 km² of tenements and uses airborne geophysics and surface sampling to advance projects, with a strategy to bring assets to production independently or monetise them through joint ventures, partnerships, or M&A with larger mining operators.

Product overview

Odessa Minerals is an ASX-listed (ASX:ODE) exploration company offering a portfolio of mineral exploration projects rather than a unified software product. The company operates two primary project categories: (1) REE/Lithium Exploration Projects in the Gascoyne Region including the Lockier Range REE/Lithium Project and Lyndon REE/Lithium Project, and (2) Diamond Exploration Projects in the Kimberley Region including the Aries, Ellendale, Calwynyardah, and Noonkanbah Projects. These are mineral exploration tenements and projects, not software products or services.

Differentiator

Problem solved

Functional benefit

Products and services

• Lockier Range REE/Lithium Project A rare earth element and lithium exploration project located in the Gascoyne region of Western Australia, centred on the Mt Yaragner target within the 125 km² Lockier Range tenement (E09/2649). Features very high tenor REE in stream sediments and soils, large-scale thorium anomalies, and historical REE grades up to 14% total rare earth elements (TREE) and 3.36% Nd+Pr. Targeted at investors and potential JV partners seeking exposure to high-grade REE mineralisation in a tier-one jurisdiction.
• Lyndon REE/Lithium Project An 811 km² rare earth element and lithium exploration project located immediately west of Dreadnought Resources' Yin Project in the Gascoyne Region of Western Australia. Airborne geophysical data has defined seven thorium anomalies prospective for REE mineralisation, with high-order lithium soil samples also identified. Aimed at investors and potential JV/acquisition partners.
• Aries Project A diamond exploration project in the central Kimberley region of Western Australia covering known kimberlite pipes (Aries, Aries North, Helena, Athena, Persephone, Niobe), in which Odessa holds a 90% interest through its wholly owned subsidiary OD3 Aries, with Jindalee holding the remaining 10%. Targeted at potential JV partners and acquirers in the diamond exploration sector.
• Ellendale Project A diamond exploration project surrounding the Ellendale Diamond Field, located in the Permian Fitzroy Trough approximately 160 kilometres east of Derby, Western Australia. Targeted at potential diamond sector acquirers and joint venture partners.
• Calwynyardah Project A diamond exploration project located approximately 75 kilometres west of Fitzroy Crossing, Western Australia, including the Calwynyardah and Laymans Bore East lamproite pipes, two of the largest known lamproites in the region at 125 and 103 hectares respectively. Held through Odessa's wholly owned subsidiary OD3 Wynne.
• Noonkanbah Project A diamond exploration project covering the Noonkanbah Lamproite Diamond Field approximately 80 kilometres west of Fitzroy Crossing, Western Australia, encompassing 29 known lamproites including the largest known lamproite in Australia (Walgidee Hills). Held through Odessa's wholly owned subsidiary OD3 Wynne.

Quantifiable outcome

• 14% TREE in stream sediment samples demonstrating exceptional REE tenor
• +1 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered core.

• CelsiuscoreStrategic or Co-development PartnerOdessa entered into a Licence and Tenement Sale Agreement with Celsius to acquire a 100% interest in exploration licence application ELA 80/5117, which is part of the Aries Project. This acquisition agreement is part of Odessa's strategy to consolidate tenements in the Kimberley region of Western Australia.
• JindaleecoreStrategic or Co-development PartnerJindalee holds the remaining 10% interest in exploration licence EL 80/5027 (Aries Project), with Odessa holding 90% through its wholly owned subsidiary OD3 Aries. This is a joint venture arrangement for the Aries kimberlite diamond project in the central Kimberley region.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Pilbara Minerals: ASX-listed (ASX:PLS) major lithium producer (Pilgangoora) operating in WA. Comparable on commodity theme (lithium) and jurisdiction, and a natural acquirer profile for Odessa's lithium exposures if a resource is defined.
• Lynas Rare Earths: ASX-listed (ASX:LYC) and the largest ex-China REE producer globally (Mt Weld mine in WA). Provides the strategic-acquirer lens for what a major would pay to acquire a high-grade WA REE asset like Odessa.
• Hastings Technology Metals: ASX-listed (ASX:HAS) developer of the Yangibana REE Project in WA's Gascoyne Region, explicitly cited in Odessa's materials as a direct geological analogue (matched thorium radiometric signatures). More advanced (pre-construction) and larger, but the most relevant comparable for Odessa's REE exploration thesis.
• Iluka Resources: ASX-listed (ASX:ILU) WA-based critical minerals producer historically focused on mineral sands but now actively building a rare earth refining platform. Strategic-acquirer analogue and active REE-jurisdiction incumbent.

Direct peers

• Dreadnought Resources: ASX-listed (ASX:DRE) critical minerals explorer whose Yin Project sits immediately east of Odessa's Lyndon Project in the Gascoyne Region of WA. Directly comparable on commodity focus, jurisdiction, tenement play, and exploration stage — both targeting REE and lithium in the same geological corridor.
• Kingfisher Mining: ASX-listed (ASX:KFM) REE explorer whose Mick Well Project is also in the Gascoyne Region and is named in Odessa's materials as a comparable play. Comparable scale, stage, and commodity focus.
• Jindalee Resources: ASX-listed (ASX:JRL) critical minerals explorer that holds the residual 10% interest in Odessa's Aries Project (Kimberley) and is itself active in REE, lithium, and diamond exploration in WA. Both JV partner and direct competitive peer on the diamond and REE plays.

Emerging players

• Everest Metals Corporation: ASX-listed (ASX:EMC) emerging-stage WA-focused explorer with REE and lithium interests. Comparable scale and exploration stage to Odessa, with overlapping commodity focus.
• Krakatoa Resources: ASX-listed (ASX:KTA) WA-focused critical minerals explorer with REE and lithium exposures. Smaller, emerging-stage peer with a comparable commodity focus and West Australian presence.

Others

• Bellevue Gold: ASX-listed (ASX:BGL) gold producer in WA whose founding Chief Geologist Sam Brooks recently joined Odessa as a consultant. Not a REE peer but highly relevant via team pedigree and reputation for moving juniors from discovery to development.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/odessaminerals
• LinkedInlinkedin.com/company/odessa-minerals

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Odessa Minerals