Coda Minerals Secures Oversubscribed $6.7 Million Placement to Fund Elizabeth Creek PFS Work

• Coda Minerals Limited raised $6.7 million through an oversubscribed share placement to institutional and sophisticated investors, priced at $0.13 per share with an attaching option.
• Cash at bank is expected to reach approximately $13 million following the placement, up from approximately $7 million beforehand.
• Funds will support an expanded metallurgical testing programme, additional hydrogeological drilling and an enhanced independent technical review ahead of the Pre-Feasibility Study (PFS).
• A 19 hole infill and geotechnical drilling programme at Elizabeth Creek has been completed, with an updated Mineral Resource Estimate expected in early July 2026.
• The placement was jointly led by Cumulus Wealth Pty Ltd and Leeuwin Wealth Pty Ltd, with settlement of the first tranche expected on or around 4 June 2026.

Coda Minerals Limited (ASX:COD) is an Australia-based mineral exploration and development company. Its principal asset is the 100% owned Elizabeth Creek Copper-Cobalt Project, located in South Australia's Olympic Copper Province. The Company is currently progressing a Pre-Feasibility Study covering the project's resource base, metallurgical characteristics and development pathway.

Oversubscribed $6.7 Million Placement Strengthens Balance Sheet to Accelerate PFS Workstreams

Coda Minerals has completed a $6.7 million share placement to institutional and sophisticated investors, with demand exceeding the amount raised. Shares were issued at $0.13 each, with one attaching option for every four shares subscribed. Each option is exercisable at $0.15 and forms part of the Company's existing listed CODO class, expiring 28 March 2029.

Following the placement, the Company's cash position is expected to be approximately $13 million, compared with approximately $7 million held beforehand. The Company stated the additional funds will support several Pre-Feasibility Study workstreams running in parallel, including metallurgical testing, hydrogeological drilling and approvals related activities.

Chief Executive Officer Chris Stevens said:

"This is a good outcome for Coda and positions the Company to accelerate key workstreams with confidence as we advance the Elizabeth Creek Pre-Feasibility Study, which we believe will be a defining milestone in demonstrating the technical and commercial foundations of the Project."

Expanded Metallurgical Programme Brings Forward Key Technical De-Risking Work

A portion of the new funds will go toward an expanded metallurgical testing programme. Metallurgical testwork is used to assess how copper, cobalt and other metals can be extracted from the ore, and informs decisions on future processing methods. According to the Company, bringing this testing forward allows certain processing assumptions to be evaluated earlier in the study process, rather than in later study phases as originally planned.

The expanded programme specifically includes lock cycle testing, a method used to simulate metal recovery rates under repeated processing cycles, along with additional hydrogeological and approvals related work.

CEO Chris Stevens stated:

"We will address key technical questions earlier and further de-risk the Project, delivering a high quality PFS."

The Company noted that recent financing and strategic transactions involving advanced stage copper projects have pointed to demand for development assets of this type, and that it views the PFS as a step toward demonstrating the project's technical and commercial standing.

Elizabeth Creek PFS Gathers Momentum Across Resource, Approvals and Field Work Streams

Several PFS related work streams are progressing in parallel at Elizabeth Creek. The 19 hole infill and geotechnical drilling programme has been completed, with the data feeding into an updated Mineral Resource Estimate (MRE), expected to be finalised in early July 2026. Integrated mine planning across the project's two proposed open pits and one underground operation will follow completion of the MRE.

On approvals, the Stage 1 Scoping Agreement process in South Australia is nearing completion. Water drilling is due to commence within coming weeks, and a tailings storage facility study has also commenced.

Environmental and ecology surveys (phase 2) are underway, with lidar and aerial surveys scheduled to begin in late June 2026.

Milestones and Next Steps

Settlement of the first tranche of the placement is expected on or around 4 June 2026, with the second tranche subject to shareholder approval at a forthcoming General Meeting. The Company expects the updated Mineral Resource Estimate to be completed in early July 2026, alongside continued progress on approvals, water drilling and environmental survey work over the coming months.

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