Odyssey Gold Terminates Gylden Toll Milling Deal as Replacement Talks Continue

Odyssey Gold has terminated its Kirkalocka toll milling agreement amid a dispute with Monument, but talks on a replacement keep the Odyssey Gold Tuckanarra Joint Venture's processing path alive.
By William Hadrian -
  • Odyssey Gold terminated its toll milling agreement with Gylden Resources on 14 October 2026, less than five months after announcing it on 20 May 2026.
  • Monument Murchison, holding 20% of the Tuckanarra Joint Venture, claims Odyssey's subsidiary lacked authority to sign the deal and is in breach of the TJV agreement, which Odyssey rejects.
  • Odyssey and Gylden are still negotiating a replacement TMA to process Odyssey's 80% share of ore on similar commercial terms, though no financial terms, tonnages or timeline were disclosed.
  • Tuckanarra has started the TJV dispute resolution process, with negotiation first and mediation if the parties cannot agree.
  • The Stage 1 Feasibility Study and related pre-development work continue, and Odyssey says both partners remain committed to advancing the TJV.
Summarise with AI:

Odyssey Gold terminates Kirkalocka toll milling agreement as Tuckanarra talks continue

Odyssey Gold (ASX:ODY) has confirmed that its toll milling agreement (TMA) with Gylden Resources Pty Ltd (Gylden), first announced to ASX on 20 May 2026, has been terminated. The update was released on 14 October 2026.

The door to processing is not closed, though. Odyssey and Gylden will continue discussions on a replacement TMA that would allow Odyssey to process its 80% share of ore from the Tuckanarra Project Joint Venture (TJV) on similar commercial terms to the original.

Odyssey also said it continues to progress its Stage 1 Feasibility Study and associated technical and pre development work for the TJV. For investors, that means the Tuckanarra Joint Venture work programme is continuing, and the replacement TMA discussions keep the processing pathway open.

Why was the agreement terminated?

Conditions precedent and the Monument position

The original TMA was subject to a number of conditions precedent (requirements that had to be met before the agreement took full effect). These included Odyssey and its 20% joint venture partner, Monument Murchison Pty Ltd (Monument), executing a mining joint venture agreement to replace the existing TJV agreement.

On 30 September 2026, Odyssey told ASX that Tuckanarra had been in discussions with Monument about a new mining joint venture agreement. The parties had also been discussing concerns Monument had expressed about the original TMA.

The sequence of events looks like this:

  1. 20 May 2026: TMA announced
  2. 30 September 2026: discussions with Monument update
  3. 14 October 2026: TMA terminated

Toll Milling Agreement Timeline

Odyssey’s response

Odyssey said it is now aware of a news release from Monument Mining Limited, the parent company of Monument. The release asserts that Tuckanarra Resources Pty Ltd (Tuckanarra), Odyssey’s wholly owned subsidiary, did not have the authority to enter the original TMA without Monument’s consent and is therefore in breach of the TJV agreement. Monument has also asserted that Tuckanarra has ceased to be manager of the TJV, and Odyssey said it did not consent to the news release.

Odyssey disagrees with Monument’s interpretation and actions. It has asked for the breach notice to be withdrawn, disputes the assertion that Tuckanarra is no longer the manager, and states that it has fulfilled all material obligations pursuant to the TJV.

Odyssey and Gylden agreed to terminate the TMA notwithstanding that Odyssey disputes Monument’s position. The company’s stance on the way forward was clear:

Odyssey Gold ASX announcement, authorised by Matt Syme, Executive Director

“Odyssey believes both parties remain committed to advancing the TJV and to creating value for the shareholders of both TJV partners…”

How do toll milling and joint venture agreements work?

Toll milling is an arrangement where a company pays to have its ore processed at a plant owned by someone else. It lets a project owner access processing without building its own plant.

A joint venture manager is the partner responsible for running the joint venture’s activities on behalf of all participants. That is why the dispute over Tuckanarra’s status as manager of the TJV matters to both sides.

For you as an investor, processing access is a key part of how a mining project’s development economics are assessed, which is why a replacement TMA matters. The announcement does not disclose financial terms, tonnages or any timeline for a replacement agreement.

Processing access matters because the ounces being tested by Tuckanarra drilling results need a pathway to market, and the Stage 1 Feasibility Study will rely on that drilling data to frame the project economics.

What is the dispute resolution process and what comes next?

Odyssey, through Tuckanarra, has initiated the dispute resolution process under the TJV agreement. If the dispute cannot be resolved through negotiation, the parties must refer it for mediation.

Item Status per announcement
TMA with Gylden Terminated; replacement TMA discussions continue
Odyssey’s share of TJV ore 80%, to be covered by a replacement TMA on similar commercial terms
Monument’s share 20%
Dispute process Negotiation, then mediation if unresolved
Stage 1 Feasibility Study Continuing

Odyssey said it will seek to resolve the matter via the dispute resolution process prescribed by the TJV. Key items to watch include:

  • The outcome of the replacement TMA discussions with Gylden
  • Progress of the dispute resolution process under the TJV agreement
  • Progress of the Stage 1 Feasibility Study and associated technical and pre development work

The announcement sets out no timelines for any of these. Odyssey’s stated position is that both parties remain committed to advancing the TJV.

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Frequently Asked Questions

What is a toll milling agreement?

A toll milling agreement is an arrangement where a company pays to have its ore processed at a plant owned by someone else. It lets a project owner access processing without building its own plant.

Why did Odyssey Gold terminate its toll milling agreement with Gylden Resources?

Odyssey and Gylden agreed to terminate the TMA after Monument Murchison, Odyssey's 20% joint venture partner, raised concerns and asserted that Tuckanarra lacked authority to enter it. Odyssey disputes Monument's position but agreed to terminate.

What happens next in the Odyssey and Monument dispute over the Tuckanarra Joint Venture?

Odyssey, through Tuckanarra, has started the dispute resolution process under the TJV agreement. If negotiation fails, the parties must refer the matter to mediation.

What is a joint venture manager in a mining project?

The joint venture manager is the partner responsible for running the venture's activities on behalf of all participants. Monument claims Tuckanarra has ceased to be manager of the TJV, which Odyssey disputes.

Is the Tuckanarra Stage 1 Feasibility Study still going ahead?

Yes, Odyssey says it continues to progress the Stage 1 Feasibility Study and associated technical and pre-development work for the TJV. No timelines were provided.

William Hadrian
By William Hadrian
Partnerships Director
William supports Discovery Alert subscribers across Australia and overseas, helping them tailor alerts, troubleshoot technical issues, and optimise platform settings to suit their workflow.
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