Coda Minerals Secures Formal Regulatory Roadmap for Elizabeth Creek Mining Lease

• The South Australian Department of Energy and Mines has formally gazetted the Scoping Report for Coda's wholly owned Elizabeth Creek Copper-Silver Project, establishing a project-specific set of requirements for the Mining Lease approvals process.
• The gazetted report sets out the environmental studies and work required before a Mining Lease application can be lodged, separate from the economic scoping studies Coda has previously conducted on the project.
• The gazettal documents the scope, timing and cost of the work needed to reach a Mining Licence.
• Coda is proceeding with the required environmental studies and work plans alongside its ongoing Pre-Feasibility Study (PFS) for Elizabeth Creek.
• The Company expects to lodge its Mining Lease application in the months following PFS completion, once key project decisions have been finalised.

Coda Minerals Limited (ASX: COD, "Coda", or "the Company") is an Australia-based exploration and development company focused on base metals, with its Elizabeth Creek Copper-Silver Project located in South Australia. The Company holds 100% ownership of Elizabeth Creek and is progressing the project through a Pre-Feasibility Study, alongside the environmental and regulatory approvals required for a Mining Lease.

SA DEM Formal Gazettal Establishes Project-Specific Terms of Reference

The South Australian Department of Energy and Mines has accepted and formally gazetted the Scoping Report Coda submitted last year for Elizabeth Creek. This establishes a project-specific Terms of Reference, a set of studies and work Coda must complete before it can apply for a Mining Lease, the licence required to develop and operate a mine in South Australia.

The Terms of Reference are built around Elizabeth Creek's specific characteristics rather than a standard, generic set of requirements. This process, known as Scoping, was introduced by the SA DEM to replace the informal pre-lodgement consultation previously used in South Australia's approvals process, with the aim of identifying environmental and social factors before a formal application is prepared.

The gazetted Scoping Report is separate from the economic "Scoping Study" work Coda has previously completed on Elizabeth Creek's project economics, most recently updated in February 2026. That economic work remains distinct and continues to feed into the ongoing PFS.

Defined Studies and Work Plans Provide Regulatory Certainty

With the Terms of Reference now gazetted, the studies and work plans Coda must deliver are fixed and will not change through the approvals process, except by mutual agreement with the South Australian Government as the project evolves. The Company now has a documented basis for the scope, timing and cost of the environmental work still required to reach a Mining Lease application.

Coda's near-term focus is on delivering the tailored environmental studies and work plans set out in the report, including baseline environmental surveys and stakeholder consultation, alongside the ongoing PFS. The Company has already commenced a portion of this work and is moving into design finalisation for the remaining studies.

Coda Chief Executive Officer Chris Stevens said:

"Formal acceptance and gazettal of our Scoping Report is an important vote of confidence in Coda's constructive engagement with regulators on Elizabeth Creek. This provides us with a settled, agreed roadmap for the environmental and community-facing studies we now need to complete."

Groundwater Drilling Marks Next Step for Both PFS and Approvals

The next step for Coda is groundwater drilling, expected to begin within days, starting at the Windabout deposit before moving to Emmie Bluff. This drilling will establish a hydrogeological baseline, a record of groundwater conditions at the project site, which forms part of the environmental approvals process.

The resulting data will also feed into Coda's mining and geotechnical studies, as well as site water balance calculations, which in turn inform processing and metallurgical studies and site infrastructure planning. Separately, with the Scoping Report now finalised, the Company intends to appoint consultants to carry out the outlined studies that have not yet commenced.

Coda Chief Executive Officer Chris Stevens added:

"We have already commenced a material amount of this work, and our teams are now moving into design finalisation and execution of all required studies. Advancing this work alongside the Pre-Feasibility Study keeps both workstreams moving. It positions Coda to move directly into a Mining Lease once the PFS is completed, without losing momentum on either front."

Milestones and Next Steps

Gazettal of the Scoping Report establishes a fixed Terms of Reference for Coda's Mining Lease application process at Elizabeth Creek. The Company's near-term priorities are the completion of the outstanding environmental studies, including the upcoming groundwater drilling at Windabout and Emmie Bluff, and continued progress on the Pre-Feasibility Study. Coda expects to appoint consultants for the remaining studies outlined in the report and anticipates lodging its Mining Lease application in the months following PFS completion, once key project decisions have been finalised.

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