Coda Minerals Begins Hydrogeological Drilling at Elizabeth Creek to Support PFS and Approvals Work

• Coda Minerals has mobilised a drill rig to its wholly owned Elizabeth Creek Copper-Silver Project in South Australia to begin hydrogeological drilling at the Windabout and Emmie Bluff prospects.
• The programme consists of six bores, three for production and three for monitoring, for an estimated total of 1,400 metres.
• Results will feed into geotechnical design, mine dewatering planning, environmental approvals and water-supply planning for future construction and operations.
• One of the Emmie Bluff bores is located near a previous drillhole that intersected copper mineralisation in the Tapley Hill Formation, the unit that hosts mineralisation at Emmie Bluff.
• Once the programme concludes, the rig will move to the Oakden prospect for exploration drilling, with Coda Minerals to release further details on the targeting rationale.

Coda Minerals Ltd (ASX: COD) is an Australia-based exploration and development company focused on its 100%-owned Elizabeth Creek Copper-Silver Project in South Australia. The project includes the Emmie Bluff underground prospect and the Windabout open-pit prospect, targeting copper, silver, cobalt and zinc. Coda Minerals is currently advancing a Pre-Feasibility Study (PFS) across the project.

Hydrogeological Drilling Commenced at Windabout and Emmie Bluff Delivering Critical PFS and Environmental Approvals Data

Coda Minerals has begun hydrogeological drilling at the Elizabeth Creek project, targeting the Windabout and Emmie Bluff prospects. The programme is designed to build a picture of groundwater conditions across the project area, which feeds into engineering and planning decisions as the PFS progresses.

Coda Minerals CEO Chris Stevens said:

"Hydrogeology underpins many of the major design decisions as Elizabeth Creek moves towards development. Understanding groundwater at Windabout and Emmie Bluff is essential for water supply, geotechnical design and confidence in how we will manage the Project's environmental footprint."

Coda Minerals CEO Chris Stevens added:

"This is a deliberate, targeted programme that reflects the progress of the PFS. We have moved beyond the core data gathering phase and are now closing specific gaps while other studies advance in parallel."

Six-Bore, 1,400-Metre Programme Supporting Mine Dewatering Design and Site Water Balance

The programme comprises six bores for an estimated 1,400 metres of drilling. At Windabout, this includes one production bore and one monitoring bore. At Emmie Bluff, two further production bores and two monitoring bores are planned. Production bores will support aquifer pump testing, while monitoring bores will track groundwater response.

The data will feed into a regional hydrogeological model supporting the PFS. It will inform dewatering and depressurisation planning for open-pit and underground workings, underground geotechnical parameters, and the site water balance, which measures water requirements, use and return to the environment over the project's operating life.

This groundwater data also supports the Mining Lease Application and the environmental approvals pathway, helping Coda Minerals identify potential effects on surrounding water users and groundwater-dependent ecosystems ahead of construction.

Rig Relocation to Oakden Prospect for Exploration Drilling Following Programme Completion

Once the hydrogeological programme is complete, expected to take several weeks, the drill rig will relocate to the Oakden prospect to begin exploration drilling. This programme is planned to include approximately five to six reverse circulation (RC) drillholes for up to 400 metres in total. Coda Minerals will release a separate announcement detailing the targeting rationale for Oakden.

Coda Minerals CEO Chris Stevens said:

"Once this programme is complete, the rig will move straight to Oakden for exploration drilling. We will explain the targeting rationale shortly. We believe Oakden has real potential to add to the Elizabeth Creek story."

Alongside the Oakden drilling, Coda Minerals will carry out aquifer pump testing to determine water flow and recharge rates, feeding into the full site water balance. Depending on the outcome, next steps may include a smaller programme later in the year to define available water resources and plan for a production bore field, or this work may be deferred into the Definitive Feasibility Study (DFS) stage if water risk is assessed as low.

While the hydrogeological bores at Emmie Bluff are not designed to test for mineralisation, drill cuttings and any core recovered will be geologically logged. One of the proposed bores is located approximately 300 metres from a drillhole that previously returned a sub-economic intercept of copper mineralisation in the Tapley Hill Formation, outside the boundary of the current Mineral Resource.

Milestones and Next Steps

Coda Minerals is progressing the hydrogeological programme at Windabout and Emmie Bluff, with completion expected within several weeks. Following this, the rig will relocate to Oakden for exploration drilling, accompanied by a further announcement on the targeting rationale. In parallel, aquifer pump testing will feed into the site's full water balance, which will determine whether additional water resource work proceeds later this year or is deferred into the DFS stage.

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