Coda Minerals Reports Progress on Elizabeth Creek PFS Workstreams and Quarter-End Cash Position

• A 480 square kilometre LiDAR terrain survey was completed, providing a mapping base for mine planning, infrastructure and environmental design at Elizabeth Creek
• A six-bore hydrogeological drilling programme began after quarter end to assess groundwater conditions relevant to future mining and approvals
• Environmental surveys found no groundwater-dependent ecosystems likely to be affected by proposed mining activities
• The Elizabeth Creek Scoping Report was gazetted by the South Australian government after quarter end, setting a fixed scope of work toward a mining lease application
• The company closed the quarter with A$10.77 million in cash after an oversubscribed A$6.7 million placement, with a targeted PFS delivery in the first quarter of 2027

Coda Minerals Ltd (ASX:COD) is an Australia-based exploration company focused on the discovery and development of base metals deposits. Its principal asset is the 100%-owned Elizabeth Creek Copper-Silver Project in South Australia, which the company is currently advancing through a pre-feasibility study covering multiple deposits within the project area.

Multiple Elizabeth Creek PFS Workstreams Advancing Including LiDAR Delivery, Hydrogeological Drilling and Environmental Baseline Studies

During the quarter, Coda progressed several technical programmes that feed into the Elizabeth Creek pre-feasibility study (PFS), a technical and financial assessment companies typically complete before committing to develop a mine. A LiDAR survey, a laser-based aerial mapping technique that produces detailed terrain models, was completed over 480 square kilometres of the project area, covering all known deposits and proposed infrastructure corridors. The resulting terrain model is now being used in mine planning, infrastructure layout and environmental studies.

Coda also finalised the design of a hydrogeological drilling programme, which commenced after quarter end. Hydrogeological drilling investigates groundwater conditions and informs how future mining activity may interact with water in the surrounding area. The programme comprises six bores across an estimated 1,400 metres at the Emmie Bluff and Windabout deposits, including production and monitoring bores. One monitoring bore was positioned near a previously identified area of copper mineralisation outside the current resource boundary, providing an incidental opportunity to gather further geological information while drilling for its primary purpose.

Environmental and ecological field surveys were also carried out during the quarter, following seasonal rainfall. The surveys found no groundwater-dependent ecosystems likely to be affected by proposed mining activities. 

Coda Minerals Chair Keith Jones said: 

"During the June quarter, Coda moved Elizabeth Creek beyond data collection in several important areas and into the next phase of project definition. The LiDAR terrain model is now supporting design across the site, environmental field work has advanced, and the final Scoping Report was gazetted shortly after quarter end, giving the Project a clear framework for the approvals work ahead."

Post-Quarter Scoping Report Gazettal Establishing Fixed Regulatory Framework for Mining Lease Application

Shortly after quarter end, the South Australian Department for Energy and Mining gazetted the Scoping Report for Elizabeth Creek. Gazettal refers to official government publication of a document, which in this case makes the report a binding agreement between Coda and the state government, setting the scope of environmental studies and data collection required ahead of a mining lease application.

The gazettal followed an extended period of technical and regulatory engagement between Coda and the department to define the project-specific scope of work. With the report now gazetted, the requirements for the environmental approvals process are fixed rather than subject to further negotiation.

Coda's next step on this front is to complete the environmental studies defined under the gazetted Scoping Report, working toward an Environmental Impact Assessment, which the company has identified as the next milestone on the pathway to a mining lease application.

Oversubscribed A$6.7 Million Placement Delivering A$10.77 Million Quarter-End Cash Position Supporting Q1 2027 PFS Target

Coda completed the first tranche of an oversubscribed A$6.7 million placement during the quarter, raising A$4.7 million before costs through shares issued at A$0.13 each to sophisticated investors, with one free option granted for every four shares subscribed. A second tranche of approximately A$2 million remains subject to shareholder approval at a general meeting in early August 2026.

The company ended the quarter with A$10.77 million in cash and cash equivalents, up from A$9.0 million at the start of the period, after exploration, evaluation and PFS-related expenditure of A$2.55 million during the quarter.

Coda Minerals Chair Keith Jones said: 

"The oversubscribed placement and our $10.77 million quarter-end cash position, with another $2 million expected follow in early August, will allow Coda to pursue this work from a position of strength. Elizabeth Creek remains a large-scale, 100%-owned copper-silver asset in a proven South Australian mining jurisdiction, and the Board believes the coming milestones can further demonstrate its strategic and commercial value."

Milestones and Next Steps

Coda has several activities planned ahead of its targeted PFS delivery in the first quarter of 2027. The hydrogeological drilling programme at Windabout and Emmie Bluff is expected to run for several weeks, after which the drill rig will be relocated to the Oakden prospect for a follow-up exploration programme of five to six drillholes. Metallurgical test work comparing chloride leaching and flotation processing routes is set to continue into the September quarter. An updated mineral resource estimate and integrated mine plan are expected once outstanding geotechnical laboratory results are finalised.

‍