Announcement PDF ANNUAL REPORT 2024 1 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 TABLE OF CONTENTS 02 LETTER FROM THE CHAIR 04 CEO’S REPORT 06 OPERATIONAL REVIEW 20 DIRECTORS’ REPORT 40 AUDITOR’S INDEPENDENCE DECLARATION 42 INDEPENDENT AUDITOR’S REPORT 48 DIRECTORS’ DECLARATION 50 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 51 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 52 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 53 CONSOLIDATED STATEMENT OF CASH FLOWS 54 CONSOLIDATED NOTES TO THE FINANCIAL STATEMENT 87 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 88 ASX ADDITIONAL INFORMATION 95 CORPORATE DIRECTORY 1 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 LET TER FROM THE CHAIR Dear Shareholders, I am pleased to present Coda Mineral’s 2024 Annual Report and to reflect on another year of progress for our flagship assets at Elizabeth Creek. Elizabeth Creek is one of Australia’s largest undeveloped copper resources. During the year, our exploration, improved processing and technical studies and mine plans have added significantly to the project. We have also expanded our copper-gold exploration portfolio with the Kinloch Project in South Australia, which covers over 3,000 km² held jointly with Boss Energy. ELIZABETH CREEK SCOPING STUDY The publication of the first Elizabeth Creek Copper Project Scoping Study in 20231 marked a huge milestone for the Company and since publication of the original study, we have significantly improved the net present value (NPV) of the project by over 45%. The most recently published numbers show an estimated NPV8 of $826m and an Internal Rate of Return of 31%. We are currently prioritising improvements in processing and copper recoveries. Initial results indicate we can achieve significantly better recoveries2 than those from our previous scoping study, which would enhance returns without substantial increases in capital or operating costs. We expect to release an updated Study in Q4 of 2024 incorporating results from our metallurgical work, the new Cattle Grid South deposit, and updated macro-economic assumptions. VALUE CREATION THROUGH EXPLORATION We announced a maiden Mineral Resource Estimate for Cattle Grid South3 during FY24, continuing Coda’s ongoing commitment to value improvement through exploration. We continue to focus on adding to the copper-cobalt Resources at Elizabeth Creek including the addition of a new tenement “Oakden” which lies adjacent to the southern boundary of Elizabeth Creek. Exploration work has also revealed that the Emmie Bluff resource likely extends to the east4, offering additional growth opportunities. The current study outlines a 14 year production plan, and increasing our mineable copper resource would enhance mine life and overall value. Emmie Deeps (IOCG) provides potential for a total rerate of the Company. While drilling costs are high, successful exploration with an appropriate partner could extend the life of Emmie Bluff or position Emmie Deeps as a primary asset. In late 2023, we acquired more than 3,000km2 of prime exploration ground at Kinloch in South Australia5. This ground is jointly held with Boss Energy which is expected to materially reduce administration costs and allow more dollars to be spent in the ground. I believe that by exploration, we can increase the total amount of copper Resources that can feed into infrastructure at Elizabeth Creek and to create a South Australian copper powerhouse able to capitalise on the projected increase in copper demand. 1. 2023.03.23 - Elizabeth Creek Copper-Cobalt Project Scoping Study 2. 2024.08.20 - Next-Stage Metallurgical Testwork Confirms Recovery Uplift 3. 2024.07.03 - Initial Copper Resource for Cattle Grid South 4. 2024.02.13 - Mt Data Reinforces Evidence for Emmie Bluff Extension 5. 2023.10.03 - Coda Strengthens Regional Exploration Pipeline 02 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 LET TER FROM THE CHAIR CONCLUSION As we enter the final quarter of 2024, we continue to build on the foundation of excellent assets. The recent Rights Issue will provide balance sheet strength to allow for more exploration and ongoing optimisation at Elizabeth Creek. The trends that continue to shape our world have not changed despite the macro-economic and geopolitical forces that have prevailed during the previous financial year. The world continues to demand more copper for electrification at the same time as forecasts point to increasing supply deficit in the medium and longer term. In conclusion, I thank you, our valued shareholders, my fellow board members, our CEO Chris Stevens and the team at Coda as well as our many advisers who have provided excellent support and guidance over the past year. Keith Jones Chair Coda Minerals Ltd 03 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 CEO’S REPORT 04 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 CEO ’S REPORT I am pleased to look forward to the 2025 Financial Year, which we started in a strong position with the announcement of a pathway to enhanced metallurgical recoveries at Elizabeth Creek. Our focus is on the two key levers for value improvement at Elizabeth Creek; metallurgical recovery enhancement and additional tonnage through exploration. Our primary task during the first half of the financial year is to finalise the recently announced metallurgical testwork and update the Scoping Study. The update is expected to include these new metallurgical results, the addition of Cattle Grid South, and other value improvements across the asset portfolio. The addition of Cattle Grid South demonstrates our ongoing focus on exploration as a key value driver at Elizabeth Creek. We have now commenced target generation on areas close to MG14 and Windabout, including our new Oakden Tenement as well as targets to the east of Emmie Bluff. In late 2023, we also added over 3,000km2 of tenure at Kinloch. This ground, which comprises an area approximately four times that of Elizabeth Creek is vastly underexplored and offers both the potential for major discovery and the addition of more tonnes that may be processed at Elizabeth Creek. We have already commenced early stage access and community engagement work with target generation expected to commence in Q4 2024. We also continue to advance approvals work at Elizabeth Creek; we know from discussions with potential funders that the approvals status is key to being able to credibly advance a project. We made huge strides forward in FY24 and will continue to build on this in FY25. The recently announced rights issue will greatly strengthen our balance sheet and provide funds for additional exploration and ongoing economic and technical study work. Coda’s development and exploration assets position us very strongly to take advantage of forecast copper demand. Chris Stevens CEO Coda Minerals Ltd 05 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 OPERATIONAL OVERVIEW 06 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 OPERATIONAL OVERVIE W CODA MINERALS LIMITED (ASX: COD) is focused on the discovery and development of minerals that are leveraged to the global energy transformation through electrification and the adoption of renewable energy technologies. Coda’s flagship asset is the 100%-owned Elizabeth Creek Copper-Cobalt Project, located in the world-class Olympic Copper Province in the Eastern Gawler Craton, South Australia’s most productive copper belt. Elizabeth Creek is centred 100km south of BHP’s Olympic Dam copper-gold-uranium mine, 15km from its new Oak Dam West Project and 50km west of its Carrapateena copper-gold project. 07 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 ELIZABETH CREEK PROJECT ELIZABETH CREEK PROJECT The Elizabeth Creek project consists of 4 tenements, EL6265, EL6518, EL6141 and the recently acquired EL6945, granted in May 2024, covering a total area of 774sq km. The tenure hosts three distinct mineralisation styles, the ZambianStyle Copper Cobalt Mineralisation, the Iron Oxide Copper Gold (IOCG) mineralisation and the Cattle Grid copper breccia mineralisation. EMMIE BLUFF FLAGSHIP Zambian Style Underground Deposit ~ 400m depth TOTAL AREA 774km² EMMIE DEEPS Iron Oxide Copper Gold (IOCG) Underground Deposit ~ 800m depth EL 6265 EL 6518 WINDABOUT Zambian Style Open Pit Deposit ~ 50 - 70m depth MG14 Zambian Style Open Pit Deposit ~ 20m depth EL 6141 EL 6945 CATTLE GRID SOUTH Cu Breccia Open Pit Deposit ~ 30m depth The Projects hosts four JORC 2012 Mineral Resources across the tenure, including the most recently release Mineral Resource Estimate for Cattle Grid South completed subsequent to the end of the Financial Year. In July 2024, a maiden Mineral Resource was completed for the Cattle Grid South open pit deposit, adding 5.8Mt at 0.62% Cu for approximately 36,000t of contained copper to the Elizabeth Creek Project1. In total, the Elizabeth Creek project hosts over 1 million tonnes of contained copper equivalent in JORC 2012 defined Resource. 1. 2023.07.03 - Initial Copper Resource for Cattle Grid South 08 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 ELIZABETH CREEK PROJECT 2012 JORC MINERAL RESOURCE RESOURCE CONFIDENCE CUTTOFF Mt Cu (%) Co (%ppm) Ag (g/t) CuEq (%) CuEq Contained Metal (kt) Cattle Grid South Inferred 0.2% Cu 5.8 0.6% 121 4 N/A 36* MG14 Indicated 0.5% CuEq 1.8 1.2% 334 14 1.67% 31 Windabout Indicated 0.5% CuEq 17.7 0.8% 492 8 1.41% 249 Emmie Bluff 93% Indicated, 7% Inferred 1.0% CuEq 40.2 1.3% 569 17 1.87% 751 1.63 1,067 TOTAL 65.5 * Contained Cu tonnes only SCOPING STUDY A Scoping Study into the development of the three Zambian-Style deposits, MG14, Windabout and Emmie Bluff, was first released in March 20232. The initial Scoping Study demonstrated an economically robust project with a 14 year mine life, capable of producing 25,000 tonnes of copper and 1,000 tonnes of cobalt at steady state production levels with an average AISC USD $2.19/lb of Cu (after by-product credits) and an approximate pre-tax NPV8 of $570. During the financial year, the Company focused on optimising the Study further, completing two significant Scoping Study Updates released in January3 and March 2024 4. The most significant change in the first update to the Scoping Study was the conversion from a conventional drill and blast underground mining methodology utilising long-hole open stope techniques at Emmie Bluff to a mechanical cutting mining methodology utilising continuous miners. Undertaking this conversion required a re-estimation of the Emmie Bluff Mineral Resource5 and an increase in processing throughput from 2.5 Mtpa to 3 Mtpa to align with the higher productivity of mechanical cutting. Additional changes included optimisation of flotation reagents and the transition from purchased limestone to on-site mined dolomite for acid neutralisation. The March 2024 Update to the Scoping Study focussed on pillar recovery, introducing grout pack support to increase extraction percentage at the Emmie Bluff deposit, resulting in an increased total extracted tonnes and copper production over a 14-year project life. The update also optimised the underground mining schedule, bringing forward extraction of higher-grade tonnes for improved early revenues. These improvements to the Scoping Study resulted in an overall 45% increase in the pre-tax NPV to the original Scoping Study, from $570 to $826, a 4% increase to the IRR, 26% to 31% and a reduction in the ASIC costs from $2.14 to $1.73. The key economic assumptions underpinning the project remain unchanged from the original study. A summary of the major changes to the study is detailed in Table 1 and a summary of the financial changes is detailed in Table 2. 2. 2023.03.23 - Elizabeth Creek Copper-Cobalt Project Scoping Study 3. 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics 4. 2024.03.14 - Further Key Improvement in Underground Project Economics 5. 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics - For full details, see Appendix 1 – Section Mineral Resource Update – Detailed Information 09 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 ELIZABETH CREEK PROJECT Table 1: Updated Scoping Study (January 2024) and Updated Scoping Study (March 2024) key project changes STUDY SECTION SCOPING STUDY (MARCH 2023) UPDATED SCOPING STUDY (JANUARY 2024) UPDATED SCOPING STUDY (MARCH 2024) Tenements EL6518 (MG14 & Windabout), EL6265 (Emmie Bluff) No Change No Change Mineralisation Zambian-style sediment-hosted copper-cobalt mineralisation No Change No Change Mineral Resource MG14: 1.83Mt @ 1.24%Cu, 0.03%Co Windabout: 17.67Mt @ 0.77 Cu, 0.05%Co Emmie Bluff: 43Mt @ 1.30 Cu, 0.05%Co (of which 92% is in indicated, 8% inferred) MG14: No Change Windabout: No Change Emmie Bluff: 40.2Mt @ 1.27%Cu, 0.06%Co (of which 93% in indicated, 7% inferred) MG14: No Change Windabout: No Change Emmie Bluff: No Change Mining Method MG14 & Windabout: Open Pit Emmie Bluff: Underground, long-hole open stope MG14 & Windabout: No Change Emmie Bluff: Underground, mechanical cutting MG14 & Windabout: No Change Emmie Bluff: Underground, mechanical cutting with pillar recovery Operating Structure MG14 & Windabout: Contract Mining Emmie Bluff: Contract Mining Processing Plant: Owner Operated MG14 & Windabout: No Change Emmie Bluff: Partial Contract Mining, Partial Owner-Operated Processing Plant: Majority Owner Operated, O2 Plant converted to a Build Own Operated (BOO) model MG14 & Windabout: No Change Emmie Bluff: No Change Processing Plant: No Change Processing 2.5Mtpa Throughput 3Mtpa Throughput No Change Products MG14: Copper Concentrate Windabout & Emmie Bluff: Copper Cathode, Cobalt Sulphate, Zinc Carbonate & Silver Dore No Change No Change Mineral Processing Stage 1: Flotation All ore will undergo primary crushing followed by grinding in a SAG mill with a pebble crushing circuit. Crushed ore from MG14 and Windabout will pass through an additional deslime circuit before flowing through a conventional rough-cleaner-scavenger flotation circuit to produce a copper cobalt concentrate. Stage 2: Hydromet The concentrates from Windabout and Emmie Bluff will then proceed to a downstream hydrometallurgical processing plant based on an Albion Process™ leach circuit. The overflow liquor, containing copper, cobalt, and zinc, will be directed to an SXEW plant, followed by a Cobalt SX and Zinc precipitation circuit. The CCD discharge slurry, containing silver, will be processed through a lime boil and cyanidation circuit. Stage 1: Flotation Optimised reagent consumption: - 50% reduction in Cyquest - 40% reduction in PAX Stage 2: Hydromet Locally mined dolomite replaces purchased limestone reducing cost for acid neutralisation Stage 1: Flotation No Change Stage 2: Hydromet No Change 10 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 ELIZABETH CREEK PROJECT STUDY SECTION SCOPING STUDY (MARCH 2023) UPDATED SCOPING STUDY (JANUARY 2024) UPDATED SCOPING STUDY (MARCH 2024) Copper Flotation Recovery MG14: 57.93% Windabout: 66.5% Emmie Bluff: 77.2% No Change No Change Production Copper: 317.3 kt Cobalt: 14.4 kt Silver: 8.5 Moz Zinc: 38.2 kt Copper: 307.2 kt Cobalt: 16.9 kt Silver: 13.0 Moz Zinc: 49.1 kt Copper: 337.0 kt Cobalt: 18.4 kt Silver: 14.3 Moz Zinc: 54.2 kt Tailings Conventional tailings slurry method located 1km away within a basin below the processing plant at Emmie Bluff. No Change Partial redirection of tails to grout plant to be constructed at Emmie Bluff. Tails to be mixed with cement and pumped underground to fill grout bags. Scope to investigate larger scale underground tails backfill to reduce surface footprint and associated environmental impact of tailings storage. Power Access grid power via existing Mt Gunson substation located approximately 9.5km south southwest of Windabout deposit. No Change No Change Water 12 hole borefield No Change No Change 11 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 ELIZABETH CREEK PROJECT Table 2: Scoping Study (March 2023), Scoping Study Updated (January 2024) and Scoping Study (March 2024) Financial Summary Changes Original Scoping Study March 2023A Scoping Study Update 1 January 2024B Scoping Study Update 2 March 2024 1000 900 826 735 700 600 570 500 400 IRR: 27% Revenue(A$M): $6,000 AISCC (USD/lb Cu): $1.60 NPV: CAPEXG: 2.40 IRR: 31% Revenue(A$M): $6,700 AISCC (USD/lb Cu): $1.73 NPV: CAPEXG: 2.70 SCOPING STUDY UPDATE 1 JANUARY 2023 SCOPING STUDY UPDATE 2 MARCH 2024 UNIT Mine Life Years 14 13 14 Ore Process Rate Mtpa 2.5 3 3 Feed from Indicated Resource % 94% 96% 96% Feed from Inferred Resource % 6% 4% 4% Copper-Steady State AverageD Kt 24.9 25.4 25.7 Cobalt-Steady State AverageD Kt 1.0 1.3 1.3 Pre-Production Capital A$M 277 306 306 Net Cash Flow (Pre-Tax) A$M 1,298 1,674 1,755 Capital PaybackF Years 4.75 4.50 4.25 Net Present Value (NPV8) Post-Tax A$M 340 446 509 PRODUCTION MEASURE ORIGINAL SCOPING STUDY MARCH 2023 CAPITAL 300 IRR: 27% Revenue(A$M): $5,700 AISCC (USD/lb Cu): $2.19 NPV: CAPEXG: 2.06 FINANCIALSE Net Present Value8 Pre-Tax (A$M) 800 A. For full details, see “Elizabeth Creek Copper-Cobalt Project Positive Scoping Study”, released to market on 23 March 2023 and available at https://www.codaminerals.com/wp-content/uploads/2023/03/20230323_COD_ASX-ANN_Elizabeth-Creek-Scoping-Study_VRelease.pdf B. For full details, see “Scoping Study Update Delivers Materially Improved Economics”, released to market on 30 January 2024 and available at https://www.codaminerals.com/wp-content/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-MateriallyImproved-Economics_RELEASE.pdf C. All-In Sustaining Cost (AISC) includes all mining, processing, tailings management, transport including freight, sustaining capital, royalties & G&A costs D. Steady State average is calculated from year 5 to year 14 E. Including royalties F. Capital payback is calculated from first production G. NPV(Pre-tax):CAPEX(Total) 12 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 ELIZABETH CREEK PROJECT NEXT STEPS – SCOPING STUDY (SHORT-TERM CATALYSTS) Coda is currently progressing several work streams that will form the foundation of a significant new update to the Elizabeth Creek Scoping Study, expected in the December 2024 quarter. In June 20241, a proof-of-concept metallurgical program using novel oxide collectors demonstrated up to a 12% increase in copper recoveries during the rougher flotation stage for the Windabout deposit. A large-scale metallurgical test work is now underway to confirm these improvements. The current focus is to replicate the results using site water, followed by further testing to evaluate the impact of de-sliming, multi-stage grinding, and variations in the specific oxide collectors used. This will be followed by a transition from rougher to cleaner concentrates, which will provide detailed data for the proposed updated Scoping Study. Additional variability testing will also be conducted, along with testing the updated flowsheet on samples from MG14 and Emmie Bluff. Following the completion of the Maiden Resource Estimate at Cattle Grid South in July 20232, Coda initiated a mining study to integrate this deposit into the Elizabeth Creek Scoping Study. The inclusion of Cattle Grid South is expected to fit into Stage 1 of the Project, which focusses on concentrate sales. On the approvals front, Coda submitted a Preliminary Impact Assessment (PIA) for its flagship Elizabeth Creek CopperCobalt Project on August 12, 2024 3, officially committing the company to the South Australian approvals scoping process. This marks the first step toward securing a Mining Lease and, ultimately, moving into operations and production at Elizabeth Creek. The PIA submission initiates a review and consultation process with various South Australian government departments. This process will involve multiple drafts before finalising and publishing a Scoping Report, which is expected to feed into the updated Scoping Study. 1. 2024.06.18 - Flotation Success Delivers Pathway to Improved Recoveries 2. 2024.07.03 - Initial Copper Resource for Cattle Grid South 3. 2024.08.12 - Elizabeth Creek Approvals Process Commences 13 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 ELIZABETH CREEK PROJECT EXPLORATION – SED-HOSTED Exploration during the year focussed on geophysics, both the collection of new data and the reinterpretation of old. A major ground magnetotelluric (MT) survey was undertaken at Emmie Bluff, extending historical surveys to the highly prospective eastern side of the Emmie Bluff Mineral Resource, roughly doubling the area of EL 6265 covered by this form of survey. The results showed strong anomalism consistent with the signature of the mineral resource to the east, strongly supporting the hypothesis of a repeat of secondary basin in the area, which is now a high priority exploration target for Coda1. 1. 2024.02.13 - Mt Data Reinforces Evidence for Emmie Bluff Extension 14 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 ELIZABETH CREEK PROJECT EXPLORATION - IOCG In 2021, a major IOCG was discovered adjacent to and below the Emmie Bluff tenement. Coda completed 23,000m of drilling with 21 drillholes into the Emmie Deeps, with all but three intersecting mineralisation. A major project completed during the financial year was an integrated geophysical review covering the Emmie Deeps IOCG target undertaken with the assistance of Mira Geoscience. The review resulted in a comprehensive model of the IOCG system, including a substantial 2.5km long corridor of untested ground bookended by ore grade intercepts. Perhaps more importantly however, the work provided a consistent geological framework which will drive targeting going forward. BHP CODA MINERALS 100% EMMIE BLUFF IOCG TARGET AREA EMMIE DEEPS 15 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 OTHER PROJECTS CAMERON RIVER Coda consolidated 100% ownership of the Cameron River Project in Queensland in February 2024. Wilgus retains the right to a 1% NSR payable on any mineral products mined from the tenure on terms customary for this form of transaction. KINLOCH JV (ELs 6962, 6963, 6964 and 6965) In October 2023, Coda was granted four highly prospective tenements known collectively as the Kinloch project in eastern South Australia1 in a joint ownership with Boss Energy Ltd. Coda holds 25% of the tenure, with the intention that Coda will hold 100% of the base metals rights and Boss will hold 100% of uranium rights. Coda is in continued negotiations with Boss around the detail of the formal JV agreement. Boss, as principal operator and majority owner of the tenure, has commenced early-stage land access negotiations to facilitate exploration on the tenure. BOOLEROO (EL 6917) Coda pegged the Booleroo tenure, centred approximately 5km ENE of Wilmington in South Australia, in 2023 based on potential structural associations with nearby historical sediment-hosted copper deposits. Over the course of the past financial year, Coda has undertaken a detailed review of available historical data and undertook field visits to assess prospectivity. While some very limited copper prospectivity has been determined, the scale of potential discoveries is not considered commensurate with the cost and effort required to explore the ground, particularly given access challenges which were made apparent by relevant local landholders and other significant stakeholders. After review, Coda considers that existing targets and broader exploration opportunities identified at the Company’s flagship Elizabeth Creek Project are significantly more compelling than continued exploration at Booleroo and as a result, Coda has relinquished the tenement. CLUB TERRACE Coda has relinquished the Club Terrace tenements, EL7342, EL7584 and EL9238, in the financial year. 1. 2023.10.03 - Coda Strengthens Regional Exploration Pipeline 16 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 ESG ESG During the Financial year, Coda released its maiden Sustainability Report1, which summarises the Company’s approach to environmental, social and governance matters. This inaugural Sustainability Report set the baseline from which future sustainability reporting has been expanded on through regular quarterly updates. Please refer to the 2023 Sustainability Report on the Coda Minerals website for more information on the Company’s ESG principle and goals. 1. 2023.10.11 - Sustainability Report 2023 17 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 TIMELINE 2023 CODA STRENGTHENS REGIONAL EXPLORATION PIPELINE CORPORATE Coda was granted four highly prospective tenements, collectively known as the Kinloch Project, in eastern South Australia, in joint ownership with Boss Energy Ltd. Coda holds 25% of the tenure, with the intention that Coda will hold 100% of the base metals rights, while Boss will hold 100% of the uranium rights. OCTOBER 2023 SUSTAINABILITY REPORT 2023 Maiden Sustainability Report released, summarising the Company’s approach to environmental, social and governance matters and Coda’s commitment to high standards of environmental and social governance reporting. OCTOBER 2023 MT SURVEY COMMENCES TARGETING EMMI BLUFF EXTENSIONS UNDERGROUND ORE SORTING SUCCESS ENHANCES EMMIE BLUFF Geophysical survey commenced to test highly prospective ground south and east of the existing Emmie Bluff Resource for additional extensional basins and copper-cobalt mineralisation. Field-based trial of XRF ore sorting technology demonstrates highly successful outcomes. Rejection of approximately 15% of low-grade material achieved while retaining >97% of metal on a CuEq basis for the Emmie Bluff ore. JULY 2023 OCTOBER 2023 PROJECT TEST WORK DELIVERS ELIZABETH CREEK FLOWSHEET ENHANCEMENTS Improvement in forecast net copper recovery for the MG14 open pit deposit from 58% to 85% achieved through the application of low-cost tails leaching. SEPTEMBER 2023 UPDATED GEOLOGICAL MODEL TRANSFORMS IOCG UNDERSTANDING Geophysics indicates structural corridor controlling IOCG mineralisation extends up to 2.4km to northern tenement boundary. OCTOBER 2023 18 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 TIMELINE 2024 SUCCESSFUL COMPLETION OF $2.9M PLACEMENT TO SUPPORT COPPER GROWTH Coda raised $2.9 million at $0.09 per share to advance exploration and feasibility work at its 100% owned Elizabeth Creek Copper Project. MARCH 2024 SCOPING STUDY UPDATE DELIVERS MATERIALLY IMPROVED ECONOMICS Updated Scoping Study released, shifting from a conventional long-hole open stoping with drill and blast to mechanical cutting with continuous miners underground mining method at Emmie Bluff. This change, along with a cheaper acid neutralisation option and flotation reagent optimisation, significantly improved project economics from the original March 2023 Study. Key Metrics NPV8 (Pre-Tax): $735, IRR: 27%, AISC: US$1.60/lb Cu JANUARY 2024 FURTHER KEY IMPROVEMENT IN UNDERGROUND PROJECT ECONOMICS Second Updated Scoping Study released, incorporating the application of a cost-effective pillar recovery strategy at Emmie Bluff, which further improved the project’s economics. Key Metrics NPV8 (Pre-Tax): $826, IRR: 31%, AISC: US$1.73/lb Cu MARCH 2024 MT DATA REINFORCES EVIDENCE FOR EMMIE BLUFF EXTENSION FLOTATION SUCCESS DELIVERS PATHWAY TO IMPROVED RECOVERIES Interpreted results of magnetotelluric extension survey suggests additional bodies to the east of Emmie Bluff, further supporting the potential for additional mineralisation at scale indicated by pre-existing 2D seismic and ANT data. Material uplift in rougher flotation stage recoveries for the Windabout deposit achieved through the application of novel oxide collectors. Up to a 12% increase in copper recoveries demonstrated for the deposit. FEBRUARY 2024 19 JUNE 2024 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 DIRECTORS’ REPORT PIC TO CHANGE 20 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2024 DIRECTORS ’ REPORT FOR THE YEAR ENDED 30 JUNE 2024 The directors of Coda Minerals Ltd (‘the Company’ or ‘Coda’) present their report together with the financial statements of the Company and its Subsidiaries (‘the Group’) for the financial year ended 30 June 2024 and the Auditor’s Report thereon. In order to comply with the provisions of the Corporations Act 2001, the Directors’ report is as follows: DIRECTORS The directors of the Company at any time during or since the end of the financial year were: NAME & QUALIFICAT