Coda’s Breakthrough Metallurgical Test Results Push Copper and Silver Recoveries to 97%

• Copper and silver recoveries at Coda’s Elizabeth Creek project have surged to 95–97%, thanks to a breakthrough "whole ore leach" process using chloride leaching.
  
• The new process eliminates the need for flotation, reducing complexity, lowering capex, and enhancing processing efficiency.
  
• Cobalt recovery remains a technical challenge but is being addressed via a second-stage reductive leach and flotation backup.
  
• These results significantly enhance project economics, potentially unlocking previously uneconomic ore and boosting overall metal yield.
  
• Coda’s team emphasizes discipline, innovation, and high-quality data, aiming to solidify its position in a hot copper market driven by multiple recent takeovers‍

Coda’s Breakthrough Metallurgical Test Results Push Copper and Silver Recoveries to 97%

Amid a surge of global interest in battery metals and critical mineral supply chains, Coda Minerals has announced a major metallurgical breakthrough at its Elizabeth Creek copper-cobalt-silver project in South Australia. Coda’s leadership team have shared test results showing record copper and silver recoveries of up to 97% - a leap that could significantly enhance project economics and reshape development strategy.

This development is particularly timely as Elizabeth Creek - located in the heart of Australia’s most prestigious copper belt - continues to draw attention for its scale, jurisdictional advantages, and emerging strategic value. In a recent deep dive by Crux Investor, Coda’s progress was highlighted within the broader context of its A$1.2 billion NPV potential and advanced permitting status, underscoring the project's attractiveness in a market heating up with M&A activity. 

With the company now demonstrating the ability to not only mine but extract metals more efficiently and economically, this metallurgical success reinforces Coda’s strategy: build a technically robust, high-recovery project capable of scaling into production - or attracting the right strategic partner.

Metallurgical Breakthrough at Coda: Elizabeth Creek Hits 97% Metal Recoveries‍‍

"We're not just talking about small gains - this is a transformative step in the way we extract copper and silver at Elizabeth Creek." - Chris Stevens, CEO & Executive Director, Coda Minerals.

Coda Minerals has announced a major leap forward in metallurgical performance at its flagship Elizabeth Creek copper-cobalt-silver project in South Australia. Commenting on Coda Minerals Latest News Release, CEO Chris Stevens and Chief Geologist Matt Weber revealed that test work using a revised whole ore leach process has delivered outstanding copper and silver recoveries - up to 95–97%, a level rarely seen in complex base metal projects.

With copper markets heating up and investor attention intensifying, this development couldn’t have come at a better time.

Whole Ore Leach Changes the Game

The core advancement lies in a fundamental shift in processing methodology: transitioning from the traditional flotation + hydrometallurgy approach to a whole ore chloride leaching system.

“In the old process, we’d crush, grind, then float the concentrate,” Weber explained. “Now we skip flotation entirely -   this process extracts metals directly from the whole ore, saving time, equipment, and money.”

The whole ore leach approach simplifies the processing flowsheet, enabling metals to be extracted without first needing to concentrate them. This means less capital equipment, reduced technical complexity, and fewer reagent stages - ultimately leading to a lower-cost operation.

• Copper recovery has jumped from ~82% to 95–96%
  
• Silver recovery now reaches 96–97%
  

“These are gold-standard figures,” said Stevens. “You don’t usually see those numbers outside of simple gold projects.”

Higher recoveries translate directly to increased revenue per tonne of ore and can also render previously marginal ore bodies economically viable. This could expand the overall reserve base, creating a larger, longer-life project.

Cobalt: A Work in Progress

Cobalt remains a challenge due to its chemistry. At Elizabeth Creek, cobalt exists as carrollite (Co³⁺) - difficult to dissolve in oxidative leach conditions. Coda is currently trialing a second-stage reductive leach, aimed at converting cobalt into the more soluble Co²⁺ form.

Alternate recovery via flotation remains a proven option, with historical recoveries above 90%.

“We knew going in that cobalt would need its own step,” said Matt. “We’ve got it in the bath with the Mets now - testing is underway.”

Silver Recovery via Cooling and CIL Improvements 

• Cooling improves metal solubility and reduces reagent degradation in chloride solutions.
  
• Lower temperatures help stabilize silver complexes, boosting silver recovery.
  
• Cyanide-free CIL (Carbon-in-Leach) circuits are being explored for downstream purification.
  
• Fine-tuning residence times and redox conditions also improve silver selectivity.
  
• These enhancements form part of Coda’s holistic approach to process optimization.

Coda’s successful metallurgical breakthrough at Elizabeth Creek could reshape its project economics. With recoveries for copper and silver reaching near-theoretical limits and cobalt recovery options under evaluation, the company feel that they are poised to unlock significantly more value from its existing resource base.

In an environment of rising copper demand and M&A activity, Coda’s innovations place it on a firm footing for growth or even potential acquisition.

Economic & Operational Impacts

The switch from flotation-based processing to a whole ore chloride leach system offers tangible economic advantages. First, higher recoveries directly translate to increased metal output from the same volume of mined ore. That means more revenue without increasing operational throughput or mining footprint.

Second, the reduction in capital intensity is significant. Eliminating the flotation circuit cuts down on mechanical complexity, equipment needs, and associated maintenance costs. This lower capex requirement is particularly attractive to investors and improves project NPV (Net Present Value) metrics.

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Third, operational efficiency improves with fewer steps and shorter process times. There’s less risk of metal loss during flotation or concentrate handling, and fewer reagents required overall. This brings down opex (operating expenditure), enabling Coda to remain profitable even at lower copper prices.

Figure 1: Coda’s simplified flowsheet illustrating a two-phase mineral processing operation where iron ore is processed through crushing, milling, and flotation in Phase One, followed by concentration and crystallization steps in Phase Two to produce final products including copper cathode, cobalt sulphate, silver doré, and zinc carbonate.
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Figure 2: Coda's simplified whole ore leach flowsheet eliminates traditional flotation, feeding crushed ore directly into chloride leach tanks to recover multiple products including copper cathode, cobalt sulphate, silver doré, and zinc carbonate through targeted downstream processes.
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Furthermore, improved recoveries expand the economic cutoff grade. Ore that was once considered sub-economic may now be included in the mine plan, increasing the reserve base and extending the life of mine (LOM). These changes increase leverage to rising copper prices - a key consideration in today’s bullish market environment.

While cobalt requires additional processing, the options under investigation are practical and cost-effective. If successful, they’ll add another high-value product stream.