Coda Minerals to Begin Shallow RC Drilling at Oakden Copper Prospect

• Hydrogeological drilling at Elizabeth Creek is progressing, with two of six planned holes complete and the rig now moved from Windabout to Emmie Bluff.
• A focused RC drilling programme of five to six holes is next, targeting the Oakden prospect roughly 15 kilometres south-southwest of the MG14 mineral resource.
• The programme will follow up historical drillhole OK36, which returned 3 metres at 1.15% copper from 39 metres depth.
• Confirming short-range continuity at Oakden would support a larger second-phase programme across the broader area of interest.
• The company held approximately $11.6 million in cash following completion of Tranche 2 of its May 2026 placement.

Coda Minerals (ASX: COD) is an Australia-based exploration company focused on the exploration, discovery and development of base metals, with its primary project being Elizabeth Creek in South Australia. The project area includes several deposits, among them MG14, Windabout, Emmie Bluff and Cattle Grid South. Coda is currently advancing a pre-feasibility study (PFS) for Elizabeth Creek alongside exploration drilling aimed at identifying additional near-surface copper sources.

Shallow RC Drill Program Commencing at Oakden to Test Historical Copper Mineralisation 15km South-Southwest of MG14

Coda will move its drill rig to the Oakden prospect once the current hydrogeological programme at Elizabeth Creek concludes. The RC programme, expected to comprise five to six holes totalling approximately 300 to 400 metres, will focus on the area surrounding historical drillhole OK36. That hole, drilled in 1974, intersected 3 metres grading 1.15% copper from a depth of 39 metres, within a broader interval of 6 metres at 0.63% copper. The company notes that detailed assay and quality control records from this historical result are not available, and the new drilling is intended to test whether the result can be repeated.

Oakden is located approximately 15 kilometres south-southwest of the MG14 mineral resource and the historic Cattle Grid open pit. The mineralisation being targeted sits within the Tapley Hill Formation, a shale unit that also hosts copper mineralisation at other deposits across the Elizabeth Creek project, including Emmie Bluff.

Coda Minerals CEO Chris Stevens said:

"Oakden is a focused, relatively low-cost opportunity to test shallow copper mineralisation close to our existing development project. We are taking advantage of having the hydrogeological rig on site to quickly test this area which is on tenure acquired in late 2023. The near-surface deposits at Elizabeth Creek tend to be quite thin, often just 3m to 5m in thickness but can be quite laterally extensive providing meaningful scale. This is relatively early-stage exploration, but even a modest source of shallow material could provide potential early mill feed while underground development at Emmie Bluff is underway. The first programme is deliberately small: confirm the historical result, test continuity and expand subject to results."

Two-Phase Exploration Strategy Targeting Confirmation of Historical Results and Broader Strike Continuity Assessment

Coda has structured the Oakden exploration as a two-phase programme. Phase one, the upcoming five to six hole programme, is designed to replicate the OK36 result, test short-range continuity at distances of 50 to 200 metres from that intersection, and confirm the geological model for the host rock formation.

Subject to phase one results, Coda would consider a second phase of approximately 12 to 22 additional holes. This programme would test the broader corridor, which the company has interpreted as trending northwest to southeast and potentially extending more than a kilometre toward the southern boundary of its tenement. Historical drilling indicates that the host shale formation narrows or is absent to the west, a pattern the company notes is broadly consistent with higher-grade zones observed elsewhere at Elizabeth Creek, including Emmie Bluff.

The two-phase structure limits initial expenditure to the first programme, with the decision on further drilling dependent on those results. Coda has described the conceptual area of interest at Oakden as a corridor up to approximately 400 metres wide, potentially extending several kilometres along strike, though the company notes this remains untested by further drilling.

Continued Elizabeth Creek PFS Advancement Including Engineering Tenders, Metallurgical Reporting and Environmental Studies

Alongside the Oakden exploration, Coda continues to progress the PFS for Elizabeth Creek. The tender for non-process infrastructure has been awarded, while the tender for process infrastructure engineering is nearing completion. These steps define the capital and construction requirements for the project.

Metallurgical test work is advancing, with the process flowsheet design, the sequence of steps used to process ore into saleable metal, entering a detailed reporting phase, with results expected shortly. This work feeds into the mineral resource estimate that underpins mine design and scheduling, which remains on track. Environmental studies are progressing in parallel, with tailings storage facility design advancing following a recent field visit, and waste rock characterisation laboratory testing proceeding on schedule.

Coda has also completed a Lidar survey, a remote sensing technique used to map terrain, and received formal gazettal of its Environmental Approvals Scoping Report.

Milestones and Next Steps

The hydrogeological programme at Emmie Bluff is expected to complete in September, after which the drill rig will move to Oakden to begin the RC programme. Results from that programme will determine whether a phase two campaign proceeds. In parallel, metallurgical flowsheet results are expected shortly, and the remaining engineering tender, tailings design and waste characterisation work continue, feeding into the ongoing PFS for Elizabeth Creek.

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