Coda Minerals Ltd

Coda Minerals offers exposure to a large-scale copper development project at a time of increasing global demand for copper and silver driven by electrification, renewable energy, and infrastructure growth. The Elizabeth Creek Project combines scale, grade, and location, with multiple deposits across a 701 km² tenement package providing both development optionality and exploration upside.

The 2025 Scoping Study for Elizabeth Creek outlines a long-life mining operation anchored by the Emmie Bluff underground deposit, supplemented by open-pit mining at Windabout, MG14, and Cattle Grid South. At a base case copper price of US$9,260 per tonne and silver price of US$30 per ounce, the study reports a pre-tax NPV (7% discount rate) of approximately A$1.3 billion and a pre-tax IRR of 39%, highlighting the potential economic scale of the project.

South Australia is regarded as a low sovereign risk jurisdiction with a clear permitting framework and strong support for mining investment. Coda’s location, resource quality, and advancing technical work position the company to benefit from favourable long-term fundamentals for copper and silver markets.

Coda Minerals is led by an experienced executive team with strong expertise across mineral economics, project development, corporate finance, and geology. Chief Executive Officer and Executive Director Chris Stevens is a seasoned resources executive and mineral economist with senior leadership experience across mining operations, consulting, and capital markets. Prior to joining Coda, he served as CEO of Gindalbie Metals and previously led Western Australian Mining Consulting at PwC, advising ASX-listed mining and energy companies on strategy, valuation, and major transactions. Mr Stevens also brings extensive experience working with Chinese companies in commercial consulting and private equity.

Susan Park, Company Secretary, has over two decades of experience in corporate finance and governance, with extensive involvement in ASX-, AIM-, and TSX-listed companies. She holds multiple professional qualifications and currently serves as company secretary for several ASX-listed entities.

Matt Weber, Manager – Economics & Geology, is an exploration geologist with approximately ten years’ experience across Western Australia. His background includes roles in government resource policy, exploration across gold, iron ore, and base metals, and operational experience with Rio Tinto in the Pilbara.

Coda Minerals’ growth strategy is centred on systematically advancing the Elizabeth Creek Project toward development while continuing to enhance resource confidence and project economics. The company is progressing environmental studies, hydrogeological drilling, and community engagement activities to support the approvals process in South Australia.

Technical workstreams are focused on refining mining plans, advancing metallurgical testwork, and confirming processing assumptions through piloting and variability studies. A key development milestone is the completion of a Pre-Feasibility Study (PFS), which is intended to further define capital and operating costs, update mine schedules, and convert Mineral Resources into Ore Reserves where appropriate.

In parallel, Coda continues exploration and resource definition drilling aimed at expanding the Emmie Bluff system and upgrading additional deposits within the broader Elizabeth Creek Project area. The company is also assessing the reintegration of cobalt into the processing flowsheet to enhance by-product value.

The Elizabeth Creek Scoping Study indicates a capital-efficient development supported by a simplified processing flowsheet and improved metallurgical recoveries. Recent metallurgical work resulted in a revised whole-ore leach flowsheet, delivering higher copper and silver recoveries and an estimated reduction in project capital expenditure of approximately A$74 million compared to earlier designs.

Under base case assumptions, the project generates a pre-tax NPV (7%) of approximately A$1.3 billion and a post-tax NPV of approximately A$855 million, with pre-tax and post-tax IRRs of 39% and 30% respectively. Life-of-mine production is forecast to deliver steady-state copper production of approximately 31,000 tonnes per annum, with silver production averaging approximately 1.4 million ounces per annum.

As of November 2025, Coda Minerals had a market capitalisation of approximately A$38 million and cash and cash equivalents of approximately A$13 million, following a combination of entitlement offers and institutional placements to fund ongoing technical studies and the PFS.

Coda Minerals Ltd is advancing a large copper–silver development project in a Tier-1 mining jurisdiction, underpinned by a substantial JORC-compliant resource and a positive Scoping Study. The Elizabeth Creek Project combines scale, favourable geology, and improving metallurgical performance, providing a solid foundation for further technical and economic refinement.

With an experienced leadership team, a clear development pathway, and exposure to commodities critical to global electrification, Coda Minerals is positioned to progress Elizabeth Creek toward potential development while continuing to enhance project value through technical advancement and resource growth.