Coda Minerals Advances Elizabeth Creek Pre-Feasibility Study with Multiple Field Programmes

• A hydrogeological drilling contractor has been appointed, with seven bores across the project area expected to commence in June 2026 to assess future water supply options and collect data required for mine planning and approvals.
• One drill hole at Emmie Bluff will also test copper mineralisation identified outside the current resource boundary during drilling in early 2025.
• Specialist consultants have been engaged to advance detailed engineering and site selection work for the project's future Tailings Storage Facility, building on earlier Scoping Study assessments.
• A second phase of ecological and environmental baseline surveys is underway, with early results showing no groundwater-dependent ecosystems expected to be affected by proposed mining activities.
• High-resolution Lidar and aerial surveys will commence alongside drilling to support infrastructure layout, tailings design, and approvals planning.

Coda Minerals Limited (ASX: COD) is an Australia-based exploration and development company focused on minerals tied to the global shift towards electrification and renewable energy. Its flagship asset is the 100%-owned Elizabeth Creek Copper-Silver Project, located in South Australia's Eastern Gawler Craton, within the same copper belt as BHP's Olympic Dam and Carrapateena mines. Elizabeth Creek hosts a combined mineral resource exceeding one million tonnes of contained copper equivalent across three deposits. The primary Emmie Bluff deposit carries a resource of 40.2 million tonnes grading 1.27% copper and 17 grams per tonne silver, with cobalt credits. The project's most recent Scoping Study update, completed in August 2025, returned a pre-tax net present value of $1.3 billion and an internal rate of return of 39%, supported by a simplified processing method that improved copper and silver recoveries. Coda is currently advancing a fully funded Pre-Feasibility Study with the aim of moving Elizabeth Creek towards mine development.

Hydrogeological Drilling Programme to Assess Water Supply

Water supply assessment is a required step in mine planning and approvals, and Coda has formally appointed a drilling contractor to begin this work. The programme, expected to start in June, comprises three production bores and four monitoring bores across the Elizabeth Creek project area, targeting underground aquifer layers as potential future water sources for mining operations. The bores are positioned outside areas anticipated to be affected by mining so they can continue to monitor water conditions throughout the project's operational life.

Data collected will feed into water balance modelling, environmental baseline assessments, geotechnical analysis, and tailings-related workstreams running concurrently under the Pre-Feasibility Study.

CEO Chris Stevens commented:

"Multiple on-ground programmes are now moving ahead simultaneously at Elizabeth Creek as the Project continues to advance through the PFS stage. Water studies, environmental baseline work and tailings planning are all important parts of progressing any mining project toward development and approvals."

One drill hole at Emmie Bluff carries a secondary objective. Previous drilling in early 2025 intersected copper mineralisation south of the current Emmie Bluff mineral resource boundary, and this hole will follow up on that result.

CEO Chris Stevens noted:

"Although the primary focus of the hydro programme is water and environmental data collection, one of the planned holes will also test an area south of the current Emmie Bluff Resource where previous drilling intersected copper mineralisation outside the existing resource boundary."

Tailings Storage Facility Studies and Environmental Baseline Programmes

Coda has engaged specialist consultants to carry out detailed studies for the project's future Tailings Storage Facility (TSF), a key piece of infrastructure required for mine development and regulatory approvals. The work moves beyond the high-level assessments completed during the Scoping Study phase into more detailed engineering evaluation and site selection, both of which are required inputs for the Pre-Feasibility Study.

A second phase of environmental and ecology surveys is now underway across the broader project area, following preliminary work conducted earlier in 2026. These surveys document ecological conditions on and around the site prior to any mining activity, forming part of the environmental assessment required for government approvals.

Early survey results are encouraging on one specific point: no groundwater-dependent ecosystems have been identified that are expected to be affected by the proposed mining activities. The company noted this outcome may help simplify future groundwater and environmental approvals processes.

Infrastructure Planning Through Lidar and Aerial Surveys

High-resolution Lidar and aerial surveys are scheduled to commence alongside the hydrogeological drilling programme. Lidar uses laser pulses fired from aircraft to produce detailed three-dimensional terrain maps, and the outputs will be used to support infrastructure planning, tailings facility design, environmental studies, and broader project development activities across Elizabeth Creek.

The surveys will also assist in defining project footprint boundaries and provide spatial data to inform decisions on the placement of key infrastructure across the multi-deposit project area.

The aerial surveys, running in parallel with other active field programmes, form part of the coordinated workstream Coda is executing to advance Elizabeth Creek through the Pre-Feasibility Study stage.

Outlook

With hydrogeological drilling, tailings studies, ecological surveys, and aerial mapping all now underway or imminent, Coda is building the technical data set required to complete the Elizabeth Creek Pre-Feasibility Study. Near-term milestones include the commencement of drilling in June 2026, ongoing outputs from the environmental and ecology survey programme, and advancement of TSF site selection work.

CEO Chris Stevens said:

"In a higher-risk global environment, we believe the combination of a large copper project in a stable mining jurisdiction like South Australia continues to position Elizabeth Creek well as the Project advances."

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