Announcement PDF ASX RELEASE Emmie Bluff Drilling Paves Way for Maiden JORC Resource ASX Code: COD 17-hole diamond drill program strongly validates Exploration Model for extensive zone of copper-cobalt mineralisation extending well over 4.5 square kilometres of lateral extent. 17 March 2021 th Highlights • 17-hole diamond drill program completed safely at the Emmie Bluff copper-cobalt deposit • Geological logging continues to support the previously announced Exploration Target • Final core being transported to Adelaide for cutting, sampling and submission, with results expected in April 2021 • Further 4-6 in-fill drill holes planned for June 2021 Quarter to support a maiden JORC 2012 compliant Mineral Resource Estimate in Q3 2021 • Drilling of Tier-1 IOCG targets on track for April 2021, subject to final approvals • Coda is well-funded with over $10 million cash at bank Coda Minerals Limited (ASX:COD, “Coda” or “the Company”) is pleased to advise that it has completed, on-time and on-budget, the 17hole Phase 2 exploration and mineral resource definition drill program at the Emmie Bluff copper prospect, part of its Elizabeth Creek Copper Project in South Australia (Figure 2). Emmie Bluff forms part of a suite of highquality copper projects at Elizabeth Creek, which is located in the heart of the Olympic Copper Province. The Olympic Copper Province hosts the Prominent Hill, Olympic Dam and Carrapateena copper-gold operations as well as BHP’s recent Oak Dam West copper-gold discovery, which is located just 15km from Emmie Bluff. Coda is the operator and majority owner of the Elizabeth Creek Project, holding a 70% interest alongside Torrens Mining (ASX: TRN), which holds a 30% interest. Coda is pleased that the drilling program was completed safely and without incident, and thanks the drilling companies, suppliers, field geologists, and supervisors, who have Figure 1: Elizabeth Creek Project Map 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 supported the Company throughout this program. Their shared commitment to the highest standards of safety, heritage and environmental custodianship is greatly valued by Coda. Remaining diamond drill core is currently being transported to Adelaide, where it will be cut and relevant sections of the target Tapley Hill Formation shale will be submitted for assay. Final assay results are expected in late April 2021 subject to laboratory processing times. The Company is focused on converting a substantial proportion of the previously announced Exploration Target 1 for Emmie Bluff into a maiden JORC 2012 Compliant Mineral Resource Estimate as the basis for a significant uplift in its mineral resource base at Elizabeth Creek. In parallel, drilling of a number of Tier-1 IOCG targets in the adjacent exploration corridor is scheduled to commence next month, subject to receipt of final approvals. Resource Definition and Future Work The Company is increasingly confident, based both on previously released assays and preliminary assessment of more recently drilled holes, that the Exploration Target represents an accurate first-pass approximation of the vast scale and lateral extent of the main mineralised Emmie Bluff embayment. The Emmie Bluff copper-cobalt mineralisation remains open, especially to the south-east where strong potential for sub-basins and associated satellite deposits has been identified, work to fully evaluate this area is ongoing. Given these results, Coda is committed to its previously announced work program at Emmie Bluff (see Figure 1, below), with a program of additional in-fill drilling expected to comprise 4-6 diamond holes scheduled to commence in the June 2021 Quarter. This drilling is designed to provide the Company with sufficient data to support an Inferred Mineral Resource classification at Emmie Bluff, based on a significant portion of the previously announced Exploration Target in the same area 2. The maiden Mineral Resource Estimate is expected to be completed in Q3 2021. Figure 2: Indicative timeline for showing Coda’s planned exploration programme at Elizabeth Creek to August 2021. Regional Exploration and IOCG Targets The Company recently completed a successful heritage survey in association with the Kokatha Aboriginal Corporation, the traditional owners of the land on which the Elizabeth Creek Project is situated, in support of its regional exploration objectives 1 See announcement “Confirmation Statements (JORC)”, released to the ASX on 26 October 2020 for full details: https://www.codaminerals.com/wp- content/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-Statements-JORC.pdf 2 See Footnote 1. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 at the Emmie Bluff Deeps and Elaine IOCG prospects, as well as the Zambian-style, shale-hosted copper-cobalt prospects at MG14 North, Hannibal and Powerline. Coda anticipates drilling at its IOCG prospects will commence in April subject to final environmental approvals, while work at its additional Zambian-style prospects will commence immediately following the resource definition drilling at Emmie Bluff, as detailed above. Discussing the Company’s upcoming field program, Coda Minerals CEO Chris Stevens said: “With a successful drill program at Emmie Bluff under our belts – and that prospect moving into an exciting new phase of resource definition – we’ve never been more enthusiastic about the opportunities for growth at Elizabeth Creek. “The next few months have the potential to be transformational for Coda, as we drill our high-priority IOCG and Zambian-style copper targets and advance Emmie Bluff rapidly towards a maiden JORC Mineral Resource. We are fully-funded for the planned programs with a healthy cash balance of over $10 million. Coda is looking forward to delivering a consistent flow of news and results over the coming three to four months. Thanks to our supportive shareholder base, our recent IPO has put us in a strong position to undertake an ambitious, fully-funded exploration program of this scale.” — This announcement has been authorised for release by the Board of Coda Minerals Ltd For more information, please contact: info@codaminerals.com Further Information: Investors: Chris Stevens Chief Executive Officer info@codaminerals.com Media: Nicholas Read Read Corporate nicholas@readcorporate.com.au 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 About Coda Minerals Coda Minerals (ASX: COD) is a minerals exploration company focused on the discovery, and development of base metals, precious metals, and battery minerals. Coda is primed to unlock the value of its highly prospective Elizabeth Creek Copper Project, which is located in the heart of the Olympic Copper, Province Australia’s most productive copper belt. The Elizabeth Creek Copper Project covers 739 km2 is centred 100km south of BHP’s Olympic Dam mine 15km from BHP’s Oak Dam West Project and 50 km west of OZ Minerals’ Carrapateena copper-gold project. The project includes JORC 2012compliant Indicated Mineral Resources at the Windabout and MG14 deposits, which together host a combined 159,000 tonnes of contained copper and 9,500 tonnes of contained cobalt. The project also includes Coda’s Emmie Bluff prospect, which has a JORC compliant Zambian-style copper-cobalt Exploration Target, and strong IOCG potential. Coda is the majority owner of the Elizabeth Creek Copper Project and operator of the Farm-in and Joint Venture with Torrens Mining (ASX: TRN), which currently owns 30% of the project. Coda holds the rights and interests to earn up to 75% interest in the project under the farm-in agreement with Torrens and anticipates completing its Farm-in expenditure commitment of a total project expenditure of $ 8.62 million by Q2 2021. Coda has a dual strategy for success at Elizabeth Creek. Firstly, it is working to further define and extend known Zambianstyle copper-cobalt resources across multiple prospects, including Emmie Bluff, Powerline, MG14 North and Hannibal. Secondly, it is planning to systematically explore, define and where appropriate, drill-test copper-gold IOCG targets. Existing IOCG targets at Elizabeth Creek include Elaine, Elizabeth North, Chianti and also Emmie Bluff Deeps, which was recently redefined through extensive geophysical work. The company listed on the ASX in October 2020 after a successful, heavily oversubscribed IPO which is funding an aggressive exploration campaign across the Elizabeth Creek project tenure. Confirmatory Statement The information related to the Emmie Bluff Exploration Target is extracted from the report entitled “Confirmation Statements JORC” created on 26th October 2020 and is available to view on https://www.codaminerals.com/wpcontent/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-Statements-JORC.pdf The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of the MG14 and Windabout Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Forward Looking Statements This announcement contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Appendix 1: Detailed Technical Information and JORC Table 1 Table 1 Completed and ongoing drillholes at Emmie Bluff at the time of publication. HoleID Phase Easting Northing EOH (RC) DD20EB0001 1 708140 6553048 212.7 DD20EB0002 1 708025 6554312 251.3 DD20EB0003 1 707260 6554861 251.4 DD20EB0004 1 705461 6555872 DD20EB0005 1 704128 6557375 155.7 DD20EB0006 1 705158 6555872 220.5 DD20EB0007 1 706583 6556580 218.7 DD21EB0008 1 706331 6556140 218.7 DD21EB0009 2 706602 6555859 218.7 DD21EB0010 2 705715 6555250 218.7 DD21EB0011 2 705937 6555248 218.7 DD21EB0012 2 706651 6557401 219.6 DD21EB0013 2 705408 6556132 218.7 DD21EB0014 2 706490 6556220 218.7 DD21EB0015 2 707014 6556335 218.7 DD21EB0016 2 708480 6555353 218.7 DD21EB0017 2 708210 6554280 302.7 Table 2 Referenced Historic drillholes at Emmie Bluff HoleID IHAD2 IHAD5 IHAD6 IHAD7 MGD 1 MGD 55 MGD 57 PEB 64 SAE 12 SAE 13 SAE 14 SAE 15 SAE 16 SAE 17 SAE 18 SAE 19 SAE 20 SAE 21 SAE 22 SAE 3 SAE 4 SAE 5 SAE 6 DD18EB0001 DD19EB0001 DD18EB0002 DD19EB0002a Easting 705450 705119 704806 704430 706687.9 704100 705350 704838.9 705879 706969 705429 704459 705929 706519 706439 706579 706309 705799 705279 704379 704179 706029 705029 706110 706378 706122 705792 6 Altona Street West Perth Western Australia, 6005 Northing 6557500 6557882 6558260 6557930 6554811 6555500 6556700 6555982 6555682 6556872 6558162 6556812 6554722 6555292 6555362 6555512 6555212 6556302 6556962 6555352 6556172 6557322 6556222 6555382 6555681 6555939 6556452 Dip -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -60 -90 -90 Azi 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 90 0 0 EOH 1158.8 1152.8 1116.7 465.9 435.66 1107.3 1242.9 401 446.3 477.6 498.44 400.81 357.8 435.2 426.7 429.7 417.85 452.3 435.6 1221 1172.5 914.4 1200 441.88 467.5 444.04 456.9 E: info@codaminerals.com ABN 49 625 763 957 Dip -80 -80 -90 -80 -75 -80 -80 -88 -88 -75 -85 -60 -80 -80 -85 -85 -75 Azi 270 280 273 90 90 90 270 90 270 90 90 270 90 90 90 90 180 EOH (DD) 490.08 512.85 456.77 456.8 390.9 414 479.4 460 471.8 390.7 432.8 519.5 453.3 468.4 465.84 501.9 469 Comments Results released Results released Results released Results released Results released Results released Results released Completed, Results Pending Completed, Results Pending Completed, Results Pending Completed, Results Pending Completed, Results Pending Completed, Results Pending Completed, Results Pending. Completed, Results Pending. Completed, Results Pending. Completed, Results Pending. Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Sampling • Nature and quality of sampling (eg cut channels, techniques random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Commentary • • • • RC precollars of varying depths were drilled before drilling technique switched over to HQ drill core. Core was logged in the field and rough metal content was measured at regular intervals with a portable XRF device. XRF measurement intervals varied depending on lithology, from 10m in suspected unmineralised strata to 10cm in areas of suspected mineralisation. Sampling intervals were selected by field geologist based on logging and XRF results. Understanding of the mineralising system based on historical drilling and the XRF results allowed large parts of the holes to remain unsampled. Typically, sampling as restricted to the Tapley Hill Formation shale, and the material immediately above and below its upper and lower contacts. Criteria Drilling techniques JORC Code explanation • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc). Commentary • • • • Drill sample recovery • • • Logging • • • 6 Altona Street West Perth Western Australia, 6005 Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. • E: info@codaminerals.com ABN 49 625 763 957 • • • All drill holes excluding holes DD20EB0004 and DD21EB0017 were drilled with RC precollars to approximately 150 – 250m, followed by HQ standard tube diamond tails to a maximum depth of between 400 and 512.8m. DD20EB0004 was drilled as diamond from surface, commencing as PQ until 50.9m, then changing over to HQ diamond for the remainder of the hole. DD21EB0017 was drilled RC from surface to 302.7m, then changing over to NQ diamond for the remainder of the hole. Core was oriented by Ezymark core orientation tool. RC precollars are not believed to be relevant to the mineralising system at Emmie Bluff and were not assessed for recovery. Recovery of diamond tails was consistently excellent, with minimal core loss. No relationship is believed to exist between sample recovery and grade. Basic stratigraphic logging has been carried out by appropriately trained and experienced field geologists on RC precollars. Detailed qualitative geological logging has been carried out by appropriately trained and experienced field geologists on all diamond core. Quantitative logging by means of portable XRF has been undertaken on an as needed basis in areas of prospectivity, typically utilising a 0.5m interval with interval reduction down to 0.2, 0.1 or 0.05m in areas of known prospectivity (i.e. the upper and lower contacts of the Tapley Hill Fm shale) or where coarser analysis revealed geochemical anomalism. Criteria Sub-sampling techniques and sample preparation JORC Code explanation • • • • • • If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all subsampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. Commentary • • • • • • 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Sample intervals were defined by field geologists based on portable XRF results and detailed geological logging. Core was then transported by road to Adelaide where the core was cut by means of an Almonte core saw (where competent enough to do so) or by brick saw, where it was not. A total of 417 samples were taken across the entire programme, including field duplicates and standards, which were inserted at a 1:20 and 1:10 ratio respectively (42 standards,21 field duplicates), leaving a total of 354 samples. Core was cut on a sample-by sample-basis according to need in the following manner: o Where a field duplicate was not required: ¼ core for assay, ¼ core for retention by Coda on site for future review, ½ core for future metallurgical work (currently being held in cold storage). o Where a field duplicate was required: ¼ core for assay, ¼ core for duplicate assay, ¼ core for retention by Coda on site for future review, ¼ core for future metallurgical work (currently being held in cold storage). Samples varied in width from 0.1 to 1.74m, with an average of 0.62m per sample. Field duplicates were taken based on sample numbers ensuring random selection of mineralised and unmineralized material. Criteria Quality of assay data and laboratory tests JORC Code explanation • • • Verification of sampling and assaying • • • • Location of data points • • • 6 Altona Street West Perth Western Australia, 6005 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. E: info@codaminerals.com ABN 49 625 763 957 Commentary • • • • • • • • • • Assays were/will be undertaken by Bureau Veritas in Adelaide SA. Quartered core was/will be crushed, split and pulverised before being digested with a mixture of nitric, perchloric and hydrofluoric acids. This digest approximates a total digest in most samples. Al, Ca, Fe, Mg, Mn and S were/will be determined by ICP-AES, Ag, As, Bi, Ce, Co, Cu, La, Ni, Pb, Th, Y, Zn, Zr.were/will be determined by ICP-MS. These techniques were determined in consultation with the assay laboratory and are considered appropriate for the deposit type. Field duplicates and standards were inserted at a 1:20 and 1:10 ratio respectively. Significant intersections have been verified against geological logging, portable XRF results, and distributed to field geologists for further review. No adjustments have been made to assay data, and no assay data has been reported in this release. No twin holes have been undertaken at this prospect. Drill collar locations (including RL) have been located using handheld GPS, MGA 94 Zone 53. Precise location of drillholes will be determined by an independent surveyor at the completion of the overall drill programme (expected April 2021). Criteria Data spacing and distribution JORC Code explanation • • • Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. Commentary • • • • Orientation of data in relation to geological structure Drillholes are irregularly spaced, with a mean distance of 537m to their nearest neighbour, a minimum nearest neighbour distance of 193m (DD20EB0002 – DD21EB0017) and a maximum of 1,759m (DD20EB0005 – DD21EB0013). If nearby historic holes are included, the mean distance to their nearest neighbour falls to 433m, with an unchanged minimum and a new maximum of 1,356m (DD21EB0017 – MGD 42). Physical compositing has not been applied to samples. Coda does not believe that the results reported in this release are sufficient to estimate a Mineral Resource and has not attempted to do so. • • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. Sample security • The measures taken to ensure sample security. • Samples were taken by representatives of Coda Minerals or Challenger Geological Services from the field to a core cutting facility in Adelaide, and then on to the assay lab. No third party other than Challenger Geological Services had access to the samples between the field and the assay lab. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • No audits, umpire assays or reviews were undertaken beyond standard QA/QC procedures. • Section 2 Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 • Due to drilling conditions, drillholes at Emmie Bluff are difficult to keep straight and tend to dip towards -90 degrees as they increase in depth, regardless of starting dip. This makes orienting of core difficult and largely ineffective at the prospect. The main mineralised stratum (Tapley Hill Fm shale) is relatively flat lying throughout the prospect area based on previously announced seismic results and historical drilling. As such, the near-vertical intersects reported are believed to be broadly representative of true width and are not believed to introduce any meaningful sampling bias. Criteria Mineral tenement and land tenure status JORC Code explanation • • Exploration done by other parties • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. Acknowledgment and appraisal of exploration by other parties. Commentary • • • • • • Geology • Deposit type, geological setting and style of mineralisation. • • 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 All drilling took place on EL 6265. EL 6265 is owned in a 70:30 relationship by Coda Minerals Ltd and Terrace Mining Ltd. Coda Minerals is currently free-carrying Terrace until a total of 8.62 million dollars is spent, at which point an unincorporated joint venture will be formed to manage the tenure. The tenure is in good standing and is considered secure at the time of this release. No other impediments are known at this time. Historical exploration of the Emmie Bluff prospect has been undertaken by (among others) Mt Isa Mines, Gunson Resources, Torrens Mining and Gindalbie Metals (Coda’s predecessor company). With the exception of data from Gindalbie Metals, all historical results used to guide Coda’s exploration has been obtained from the Geological Survey of South Australia via the South Australian Resources Information Gateway (SARIG). The Elizabeth Creek project sits in the Stuart Shelf within the broader Olympic Copper Province in South Australia. Specifically, mineralisation is hosted in the dolomitic shales and dolarenites of the Neoproterozoic Tapley Hill Formation. This formation unconformably overlies the Meso/Palaeoproterozoic Pandurra Formation due to local uplifting associated with the Pernatty Upwarp. This unconformity, as well as structures associated with the Pernatty Upwarp, represent the most likely fluid flow pathways associated with the emplacement of metal bearing sulphides. Emmie Bluff mineralisation closely resembles mineralisation in the MG14 and Windabout resources found approximately 40 kilometres to the south, also within the broader Elizabeth Creek tenure. It is considered to fall within the broad “Zambian-style” family of sediment hosted copper deposits. Criteria Drill hole Information JORC Code explanation • • 6 Altona Street West Perth Western Australia, 6005 A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. E: info@codaminerals.com ABN 49 625 763 957 Commentary • See Table 1 and Table 2 in body of announcement. Criteria Data aggregation methods JORC Code explanation • • • Relationship between mineralisation widths and intercept lengths • Diagrams • 6 Altona Street West Perth Western Australia, 6005 • • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated. Commentary • • • • No assays are reported in this announcement. When announced to the market, the cut off grade for reporting assays will be 0.5% CuEq (unless otherwise stated). CuEq is calculated at Cu%+).0012* Co ppm. For full derivation, see Footnote 1 in the main body of the announcement. Due to the narrow nature of the mineralised intercep