Coda Minerals 2025 Annual Report

• Whole ore leach testing achieved 95.9% copper and 97.3% silver recoveries using chloride leaching at Emmie Bluff deposit
• Updated scoping study shows post-tax net present value of $855 million with 39% internal rate of return based on copper-silver flowsheet
• Planned production of 454,000 tonnes copper and 20 million ounces silver over 15.5 year mine life
• Draft scoping report submitted to South Australian Department of Energy and Mining post financial year
• $8.33 million fully underwritten capital raising completed in September 2025 to fund pre-feasibility study

Coda Minerals (ASX: COD) is an Australian-based company focused on the discovery and development of minerals for the energy transformation sector. The company's Elizabeth Creek Copper-Silver Project is located in the Olympic Copper Province in South Australia's Eastern Gawler Craton, 100 kilometres south of BHP's Olympic Dam, 15 kilometres from Oak Dam West, and 50 kilometres west of Carrapateena. The project contains four mineral resource estimates totalling over one million tonnes of contained copper equivalent across sediment-hosted copper deposits.

Elizabeth Creek Project Development

During the financial year, Coda released an updated scoping study in December 2024 incorporating improvements to the metallurgical flowsheet, revised recoveries, and the inclusion of the Cattle Grid South deposit. The study applied updated economic assumptions including the federal government's proposed Critical Minerals Production Tax Incentive. The December update reported pre-tax net present value of $1.18 billion with 35% internal rate of return, and post-tax net present value of $802 million with 28% internal rate of return.

The company conducted metallurgical test work programmes throughout the first half of 2025, examining alternative processing methods with focus on whole ore leaching techniques. Testing evaluated different reagent systems and processing conditions applicable to Elizabeth Creek mineralisation. The work assessed how the ore body responds to various treatment approaches compared to the previous flotation-based assumptions.

Chairman Keith Jones stated:

"In December 2024, we published an updated study which delivered a material improvement in the project's economics. This reflected the significant work undertaken to refine our understanding of the orebody and optimise our approach, and it gave us a stronger foundation from which to move toward the next stage of development."

Metallurgical Breakthrough with Copper-Silver Flowsheet

Test work results announced in June 2025 showed copper recoveries of 95.9% and silver recoveries of 97.3% from Emmie Bluff material using chloride leaching. The preliminary test work was conducted at relatively coarse grind with eight hours residence time. The results represent a change from the previous flotation and Albion leaching approach used in earlier scoping studies.

Following further refinement, Coda released an updated scoping study in August 2025, after the financial year end. The revised flowsheet centres on copper and silver production, with cobalt removed from the product suite. CEO Chris Stevens stated: "The successful shift to a copper-silver flowsheet places the project on a far stronger foundation, anchored by two globally traded commodities with deep, liquid markets."

The August scoping study reported pre-tax net present value of $1.29 billion with 39% internal rate of return, and post-tax net present value of $855 million with 30% internal rate of return. Planned steady state production averages 31,400 tonnes per annum copper and 1.4 million ounces per annum silver. Total capital requirements are $615 million, comprising $472 million pre-production and $143 million post-production capital. All-in sustaining costs are estimated at $2.15 per pound of copper after byproduct credits.

Updated Scoping Studies and Improved Project Economics

The whole ore leach flowsheet processes all deposits through a single pathway consisting of crushing, grinding to 75 micrometre particle size, four hour chloride leach under oxidative conditions at 90 degrees Celsius, thickening, and hydrometallurgical processing. Products include copper cathode from solvent extraction and electrowinning, silver dore from Merrill Crowe circuit, and zinc carbonate from precipitation. Processing throughput remains at three million tonnes per annum.

The revised flowsheet shows copper recovery of 94.8% across all deposits, compared to variable recoveries of 57.9% to 90% under the December 2024 study. Total copper production increased from 384,000 tonnes to 454,000 tonnes, whilst silver production rose from 16.1 million ounces to 20.3 million ounces. Total capital decreased from $689 million to $615 million, primarily through reduction in post-production capital from $358 million to $143 million.

The scoping studies are based on mineral resources totalling 65.5 million tonnes, with 87% classified as indicated and 13% as inferred. Resources comprise Emmie Bluff (40.2 million tonnes at 1.27% copper), Windabout (17.7 million tonnes at 0.77% copper), MG14 (1.8 million tonnes at 1.24% copper), and Cattle Grid South (5.8 million tonnes at 0.62% copper). Mine life is 15.5 years with capital payback estimated at 3.25 years from first production.

Exploration Progress and Environmental Approvals Advancement

Exploration during February and March 2025 consisted of a four hole diamond drilling programme at Emmie East, south and east of the Emmie Bluff deposit. The programme tested geophysical anomalies identified through seismic and magnetotelluric surveys interpreted as Tapley Hill Formation black shale extensions.

Hole DD25EB0038 intersected mineralised Tapley Hill Formation mudstone conglomerate, the first such mineralisation encountered outside the Emmie Bluff mineral resource. A second hole intersected thicker unmineralised, partially oxidised shale sequence. Two additional holes did not intersect the target formation. The programme confirmed that Tapley Hill Formation extends beyond the existing resource and that portions are mineralised, with mineralisation not closed off by current drilling.

In July 2025, subsequent to the financial year end, Coda submitted its draft scoping report to the South Australian Department of Energy and Mining. This submission represents progression in the environmental approvals process and establishes a framework for environmental assessment. The company stated this provides a pathway towards grant of a mining lease.

Outlook and Next Steps

Coda commenced drilling in October 2025 to provide metallurgical and geotechnical samples for the pre-feasibility study. The programme will support baseline information for detailed project design work. The company anticipates release of a pre-feasibility study during calendar year 2026.

Planned near term activities include variability test work to verify copper and silver recovery consistency across all deposits, reoptimised mine schedules for the whole ore leach flowsheet, progression of environmental approvals following scoping report submission, and ongoing test work examining cobalt leachability. In September 2025, Coda completed a $8.33 million fully underwritten entitlement offer to fund the pre-feasibility study and associated technical programmes.

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