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Cautionary Note Regarding Disclosure of Mineral Properties

We are subject to the reporting requirements of the U.S. Securities Exchange Act of 1934, as amended, and as a result we report our mineral reserves and mineral resources according to Item 1300 of Regulation S-K (“Reg. S-K 1300”), as issued by the U.S. Securities and Exchange Commission (“SEC”). In our public filings in the United States and in certain other announcements not filed with the SEC, we disclose proven and probable reserves and measured, indicated and inferred resources, each as defined in Reg. S-K 1300. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves, and therefore investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into Reg. S-K 1300-compliant reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources, and therefore it cannot be assumed that all or any part of inferred resources will ever be upgraded to a higher category. Therefore, investors are cautioned not to assume that all or any part of inferred resources exist, or that they can be mined legally or economically.

Cautionary Note to U.S. Investors

Information regarding Cook Islands mineral resources in the Cook Islands Exclusive Economic Zone and in the areas covered by the Moana Minerals Limited and CIC Limited Exploration Licenses is from the Cook Islands Seabed Minerals Authority resource report or was provided to Odyssey by OML or CIC, and has not been independently verified by Odyssey.  Information regarding these resources is based upon reports prepared in compliance with the Australian Code for Reporting Exploration Results (JORC).  Investors are cautioned that while JORC-compliant reporting uses terms that are similar to those used in Security and Exchange Commission Regulation S-K 1300, there are differences in the definitions under Regulation S-K 1300 and JORC, and U.S. investors are urged to use caution in reviewing the resource estimates reported in compliance with JORC. There is no assurance any mineral resources that reported as “stated mineral resources” would be the same had the mineral resource estimates been prepared under the standards adopted under Regulation S-K 1300. Investors are also cautioned not to assume that any stated mineral resources reported are or will be economically or legally mineable.

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