Announcement PDF ASX RELEASE 8 June 2022 ASX Code: COD Updated IP Delineates Promising Target at Cameron River Maiden drilling programme in August will target coincident geophysical and geochemical targets, including intense, shallow IP chargeability anomaly at Rebound prospect. Highlights • Final results from IP surveys at Cameron River have been received, and have identified multiple significant targets, including a number of outstanding chargeability anomalies identified at the Rebound prospect. • Modelled chargeability anomaly peak of 48 msec identified in Dipole-Dipole IP survey, with source estimated to be less than 100m below the surface, and proximal to highly anomalous surface sampling (>5% Cu, >3 g/t Au). • Gradient Array IP suggests a chargeability anomaly trend of at least 1,200m strike length associated with the Rebound geochemical anomalism, as well as numerous other high priority targets. • First phase of drilling comprising a 30 hole, 2,200-3,000m RC programme to commence in August following completion of environmental approvals process. Coda Minerals Limited (ASX: COD, “Coda”, or “the Company”), reports results from recently completed geophysical programmes at its highly prospective Cameron River Project, located in the heart of the world-class Mt Isa mineral province in North Queensland. Cameron River comprises 35km2 of copper and gold exploration tenure immediately north of the historical Mary Kathleen Uranium Mine. In March 2021, the Company entered in a binding Farm-In and Joint Venture Agreement giving it the right to acquire up to an 80% ownership in the Cameron River Project. Final geophysical survey results have been received for the IP programme comprising three grids of Gradient Array Induced Polarisation (GAIP) and a single line of Dipole-Dipole Induced Polarisation (DDIP) which commenced at Cameron River on April 3rd of this year. The IP surveys targeted the company’s key prospects: Copper Weed, Rebound, Bluey and Bingo and their associated mineralised trends, identified by field mapping. Preliminary results of these surveys were reported on April 22nd, with the full results now available. Figure 1 DDIP inversion model cross section, looking north north-east. The prominent chargeability anomaly near the centre of the survey line (up to 48 msec) is associated with the Rebound prospect. The lower intensity (up to 29 msec) anomaly in the centre west is located immediately south of Copper Weed. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 GAIP has identified numerous chargeability anomaly trends, several of which are associated with mapped malachite and/or geochemically anomalous rock chip samples. The most prominent of these are the Copper Weed and Rebound trends, two chargeability trends extending approximately 2km north and 1.6km north northeast respectively from a common starting point in the south of the tenure. Both trends have extensive mapped malachite occurrences at various points and are associated with numerous high grade rock chips, both modern and historic. Additional IP anomalies, including a significant conductivity anomaly at the Bluey prospect, were also identified. For full details, see “Results in Detail: Gradient Array IP Survey”, below” Based on these results, a single line of DDIP was designed to cover both trends, passing from an area south of Copper Weed to east of Rebound. Inversion modelling of the DDIP data identified four prominent shallow chargeability anomalies, each associated with trends identified in GAIP and surface geochemistry. Figure 2 DDIP chargeability inversion cross section, looking north north-east and GAIP chargeability image. The prominent modelled chargeability anomaly (up to 48 msec) is associated with the Rebound 2 prospect. The lower intensity (up to 29 msec) anomaly is located immediately south of Copper Weed. From east to west these are: • • • Copper Weed Trend: With a peak chargeability of >27.5 msec at approximately 95m below the surface, this anomaly is located due south of the Copper Weed prospect and is associated with a major trend identified in GAIP as well as extensive mapped malachite. Rebound 1 Trend: Though the least intense and deepest (peak chargeability of >15 msec at approximately 140m below surface) of the three Anomalies, Rebound 1 has the strongest association with both mapped malachite and numerous high grade copper and gold bearing rock chips, including sample R22CR0102 (See Figure 3). Rebound 2 Trend: The most prominent anomaly along the DDIP survey line, this anomaly peaks at >47.5 msec and is located at approximately 90m below the surface (depth to top). GAIP has identified a local trend extending approximately 500m NNE/SSW, associated with some extremely high-grade rock chips, but work in the area has been relatively scarce. This anomaly is among Coda’s highest priority targets for upcoming drilling, anticipated in August 2022. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 • Rebound 3 Trend: The second very high intensity shallow anomaly identified on the DDIP line (>32.5 msec, approximately 75m below the surface), Rebound 3 is associated with a local peak in an extensive (>2,300m) chargeability anomaly that the company had previously believed to be stratigraphic or associated with large scale shearing. However, a high-grade historical rock chip (8% Cu) is located less than 90m south of the DDIP line at this point, making this another high priority target for future drilling. Commenting on the results to date, Coda’s CEO Chris Stevens said: “We are extremely pleased by the quality of the data we received from the recent surveys, and excited by the potential it has revealed at Cameron River. In particular, the DDIP survey, which produced not only an extensive zone of anomalism, but also peaks of extraordinarily high intensity for the region. “IP has been the key driver behind multiple recent major copper discoveries in the Mt Isa Region- this combined with high grade geochemical sampling at surface and field mapping strongly suggests the potential for an extensive, shallow coppergold system. “Having now finalised this important step in the targeting work, we are looking forward to commencing our 30-hole maiden RC programme which is expected to commence in August this year subject to final phases of environmental approvals.” Figure 3 Sample R22CR0102, collected earlier this year by Coda, is located approximately 90m north of the DDIP line at the Rebound 2 trend, and contains 5.02% Cu and 3.72g/t Ag. Mineralisation is comprised of malachite rimming large scale bornite crystals within Corella Formation. Similar sulphide mineralisation at depth, below the base of oxidation, could explain the DDIP anomalism identified during the survey. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Results in Detail: Gradient Array IP Survey The recently completed GAIP survey was designed to test three priority target areas at Cameron River, the Copper Weed and Rebound prospects, as well as the recently identified Bluey/Bingo trend. Final results have been received and plotted as Figure 4 (chargeability) and Figure 5 (Conductivity, which was calculated by the inverse of the measured resistivity). GAIP is a geophysical technique whereby an electrical current is passed through the subsurface in between two transmitters located outside of the survey area, inducing an electrical charge in disseminated electrically conductive minerals such as sulphides. Results from the survey highlighted several significant trends of chargeability within the target areas, many associated with known prospects, but some, such as the Clifford prospect, resulting in the delineation of new, highly priority targets which were then assessed by field mapping and sampling (See “Other Work and Next Steps”, below). The copper mineralisation at Rebound is clearly reflected in the IP as a moderate chargeability anomaly, increasing in intensity towards the south, with an associated moderate conductivity anomaly over approximately 500m of strike. At the southern end of this trend is a coincident elliptical high-conductivity anomaly and moderate chargeability anomaly, associated with local historic rock chips of >1% Cu. Additionally, a north trending high chargeability feature (the “Copper Weed Anomaly”) has been identified, corresponding with both a magnetic high and the trend of the historic Copper Weed artisanal workings. Mapped malachite appears to flank either side of the peak of the chargeability trend, and historic rock chip samples taken from several points along this trend have reported results of up to 22% Cu. The chargeability anomaly may in fact represent two separate anomalies, with the northern NNW trending portion consistent with topography suggesting a stratigraphic response, while the southern portion reorients to SSW and is consistent with a trend of mapped malachite to the west of the ridge at Copper Weed, suggesting a non-stratigraphic source. The company considers the more southerly portion of the anomalism to be a high priority target for further work. Magnetic data supported by geological mapping suggest that the chargeability response and interpreted mineralisation are associated with fault splays feeding north off the regional Cameron Fault, acting as conduits for mineralising fluid, while marble and recrystallised limestone units within the geological package are a focus for deposition with minor to moderate copper mineralisation occurring in the rocks adjacent to the carbonate units. Intensity of alteration and mineralisation increased southwards with proximity to the Cameron Fault. A small number of conductivity anomalies were identified through the survey, but most have been identified to represent stratigraphic responses of little economic interest. One anomaly in the far northwest of the survey area is of far greater significance. By far the most conductive material within the survey area, the discrete anomalism is at least 500m long (extending to the edge of the survey area) and is associated with the large central ridge at the prospect, which has previously identified numerous conductivity anomalies through historical VTEM surveys, each with significant multielemental geochemical signatures suggesting economic potential. The newly identified conductive material appears to lie below cover, and has been tested through biogeochemistry (results pending, see “Other Work and Next Steps”, below). 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 msec Figure 4 - Gradient Array Induced Polarisation (GAIP) chargeability grids at Copper Weed, Rebound, Bluey and Bingo, and their association with mapped malachite occurrences and copper mineralisation. Inset is the Dipole Dipole Induced Polarisation (DDIP) chargeability section. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Figure 5 - Gradient Array Induced Polarisation (GAIP) conductivity grids at Copper Weed, Rebound, Bluey and Bingo, and their association with mapped malachite occurrences and copper mineralisation. Inset is the Dipole Dipole Induced Polarisation (DDIP) resistivity section (high resistivity is equivalent to low conductivity). The prominent anomaly in the northwest is under cover and remains unexplained. It has been targeted by Coda for biogeochemical (termite mound) sampling (assays pending). 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Results in Detail: Dipole-Dipole IP Survey Based on the initial results received from the GAIP geophysical survey over the Copper Weed and Rebound prospects, a single line (approximately 2 km in length) of Dipole-Dipole Induced Polarisation (DDIP) was surveyed passing from an area south of Copper Weed to east of Rebound, designed to cover both chargeability trends and provide feedback on the depth and orientation of the GAIP anomaly sources. DDIP is a geophysical technique where a line of evenly spaced electrodes is inserted into the ground and an electrical current is passed through the subsurface between pairs of electrodes inducing an electrical charge in disseminated electrically conductive minerals such as sulphides. QA/QC checks by Coda’s geophysical consultants show the data to be high quality with very little noise, and consistent between stations. Inversion modelling of this survey data identified numerous anomalous chargeability peaks (>15 msec), detailed in the earlier sections of this release. These strong chargeability anomalies occur at relatively shallow modelled depths (typically <100m) and are associated with expressions of copper mineralisation at the surface as both sulphides and oxides. This mineralisation is typically combined with intense, zoned alteration to albite, potassium feldspar and epidote, suggesting the presence of a welldeveloped hydrothermal system within the tenement area. As a result, Coda’s technical team interpret these anomalies to potentially represent the expression of this mineralising system as disseminated sulphides located below the base of oxidation, resulting in their strong electrical properties. Other potential explanations such as disseminated magnetite, chlorite or clays do not appear consistent with the observed geology at surface or the aeromagnetic data over the prospect. As a result, these anomalies are considered high priority drill targets. Other Work and Next Steps In May 2022 Coda undertook a programme of rock chip, soil and termite mound sampling at Cameron River to test new targets generated primarily out of the GAIP survey, as well as to carry out ground truthing activities in preparation for future drilling. A total of 103 rock chip samples, 33 soil samples and 39 biogeochemical termite mound samples were collected and submitted to the ALS laboratory in Mt Isa for assay. Significant new prospects assessed include • The newly identified Clifford prospect, a high chargeability anomaly (>15 ms) on top of a ridge. Fine disseminated malachite and sulphides were observed in the flanking units of albitised and potassium feldspar-epidote altered quartzite and schist, suggesting the potential for extensive mineralisation. The most encouraging signs however came from outcropping marble containing coarse blebs of chalcopyrite and bornite, with malachite developed as rims to the sulphide blebs (Figure 6). This unit was traced for over 40m and has been sampled, with assays pending. • The Rin Tin Tin prospect has been identified at the point where the chargeability trends associated with the Copper Weed and Rebound prospects merge. Outcrop at the prospect consists of strongly sheared moderately to strongly albite, potassium feldspar and epidote altered mafic schists and marbles, which frequently display up to 1-2% disseminated chalcopyrite with trace bornite and rims of malachite developing around the sulphides. The presence of copper mineralisation appears to be extensive, with copper sulphides and oxides occurring within mafic schists and associated with potassium feldspar-epidote alteration (neither of which are typically mineralised elsewhere in the project area). Mineralisation within this area is predominantly hosted in marbles and sheared recrystallised limestone and is primarily associated with development of veins of quartz and ironstone. The marble units are from 0.5m to 4m wide and are up to 100-150m in length, occurring as stacked bands within an approximately north-south oriented metamorphic package of sheared and tightly folded biotite schists, phyllites, massive mafics, quartzite, recrystallised limestone and marble. Disseminated trace copper sulphides were also identified within quartzites in the area. Rock chip sampling traverses by Coda (assays pending) identified the presence of copper sulphides as fine disseminations and coarse blebs in outcrop, in 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 addition to the distribution of malachite in potential minor gossans, as fracture coatings and as development of a malachite halo beneath the weathering rind in outcrop. Figure 6 - Sample R22CR0160, coarsely crystalline marble outcrop at Clifford. Coarse masses of chalcopyrite and bornite with development of malachite rims are prominent. Approximate scale: 6cm across. Planned and Ongoing Work Coda has successfully secured a land access and compensation agreement with landholders and is in the process of securing environmental approvals for drilling from the government. The assessment process of the environmental application is ongoing with the Queensland Department of Environment and Science to secure environmental approvals for exploration drilling. Pending finalisation of these steps and assuming rig availability, drilling is anticipated to begin in early August. An initial drilling programme to test the Copper Weed, Rebound and Bluey prospects, as well as the newly identified Clifford prospect. Phase 1 of the planned drilling will consist of 30 percussion drill holes for approximately 2,200-3,000m of drilling. Future phases to target further geophysical and geochemical anomalies will be considered pending results. A preliminary survey by Coda and the Traditional Owners of the project area has cleared the drill areas and a further cultural heritage survey is planned to expand the clearance area, providing flexibility for growth of proposed drilling activities should the results of the initial phase of drilling prove positive. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 — About Cameron River Cameron River consists of 35km2 of copper and gold exploration tenure spanning two Exploration Permits (EPMs 27042 and 27053). The tenure is located approximately halfway between Mt Isa and Cloncurry, and immediately north of the historic Mary Kathleen Uranium Mine. In March 2021, Coda entered into a binding Farm-in and Joint Venture Agreement with Wilgus Investments Pty Ltd (“Wilgus”) giving it the right to acquire up to an 80% ownership in the Cameron River project (“Cameron River” or “Project”) by spending up to $2 million on exploration in stages over a three-year period. (refer ASX Announcement” Coda Expands Australian Copper Portfolio”, released to market on 22 March 2021 for details of farm-in terms). This announcement has been authorised for release by the Board of Coda Minerals Ltd Further Information: Chris Stevens Chief Executive Officer Coda Minerals Limited info@codaminerals.com Media: Nicholas Read Read Corporate nicholas@readcorporate.com.au 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 Competent Person’s Statement The information in this report which relates to exploration results is based on information compiled by Mr. Daniel StittHatton, who is an employee of the company. Mr Stitt-Hatton is a Member of the Australian Institute of Geoscientists and has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Stitt-Hatton consents to the inclusion in this report of the matters based on the information compiled by him, in the form and context in which it appears. The information in this report which relates to geophysical results is based on information compiled by Mr. Nigel Cantwell, who is an employee of Resource Potentials, a geophysical consultancy firm assisting Coda Minerals. Mr Cantwell is a Member of the Australian Institute of Geoscientists and has sufficient relevant experience to the style of geophysical survey and interpretation under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Cantwell consents to the inclusion in this report of the matters based on the information compiled by him, in the form and context in which it appears. 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 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 (e.g. 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 (e.g. ‘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 (e.g. 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 • Coda took rock chips as representative samples from areas of outcrop and subcrop, sieved soil samples were taken from the B horizon with the -2mm fraction collected for assay, and samples were taken from the tops of termite mounds and ant nests. • Historical sample results presented on maps in this release are a mix of single and composite rock chips. • Single rock chip samples are inherently selective, while composite rock chips make an effort to be non-selective by sampling outcrops multiple times to assess the true overall grade. • Coda cannot comment on the representivity, calibration, appropriateness of sample techniques etc. beyond this as the samples are historical in nature and were collected by previous holders. • Ground IP Survey • Geophysical technique: Time Domain Induced Polarisation / Resistivity • Array: Gradient Array (GAIP) • Rx Diploe Separation: 50m • Tx Dipole Separation: 2500m • Station Separation: 50m • Line Separation: 100m • Line Length: 2km – 2.4km • Transmitter Frequency: 0.125Hz (2 sec time base) • Number of Grids: 3 • Programme Size: 55.4km • Line Direction: 090deg – 270deg (Local Grid North = GDA94, MGA Zone 54) • Chargeability Integration: 590 – 1540ms Typical Current: 6.5 A • Ground IP Survey Criteria JORC Code explanation Commentary • Geophysical technique: Time Domain Induced Polarisation / Resistivity • Array: Dipole Dipole Array (DDIP) • Rx Dipole Separation: 100m • Tx Dipole Separation: 100m • Station Separation: 100m • Line Length: 2.1km • Transmitter Frequency: 0.125Hz (2 sec time base) • Number of Lines: 1 • Programme Size: 2.1km • Drilling techniques • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. 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). • Line Direction: 102deg – 282deg (NW-SE) (Local Grid North = GDA94, MGA Zone 54) Chargeability Integration: 590 – 1540ms Typical Current: 3.6 A Drilling has not been reported as part of this release. Drill sample recovery • 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. • Drilling has not been reported as part of this release. • • • 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Criteria Logging JORC Code explanation • 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. Sub-sampling techniques and sample preparation • • • • • • 6 Altona Street West Perth Western Australia, 6005 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. E: info@codaminerals.com ABN 49 625 763 957 Commentary • Drilling has not been reported as part of this release. • Drilling has not been reported as part of this release. Criteria Quality of assay data and laboratory tests JORC Code explanation • 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 (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Commentary • Full details are not available regarding the assay techniques used due to the age of the historical data and lack of available records in some cases. Rock chip samples collected by Coda were submitted to the ALS lab in Mount Isa, and the Intertek Genalysis lab in Townsville, for analysis. Samples submitted to ALS were crushed to <4mm, pulverised to <75μm before 4 acid ICP-AES multielement assay, plus fire assay AAS for Au and follow-up 4 acid ICP-AES for ore grade (>1%) Cu, and Lithium Borate Fusion ICP-MS for rare earths. Samples submitted to Intertek Genalysis were crushed to <2mm, pulverised to <75μm before 4 acid ICP-MS multielement assay, plus fire assay AAS for Au with ICPMS analysis. • QA/QC procedures for samples collected by Coda consisted of lab-inserted standards, blanks and duplicate samples, these have been used to track the quality control of lab processes and repeatability of assay methods and results. A review of the results received confirmed that acceptable levels of accuracy and precision existing within the assaying process. • Coda has presented historic data to illustrate the known distribution of previous exploration work, and the scale of geochemical anomalism. Reliance on this data has been limited to those samples where Coda can confirm to a reasonable degree of confidence the provenance of the sample and assay. These assays fall into two groups: • The “Seymour” samples were collected by G. L. Seymour and assayed at the then AMDEL lab in Mt Isa at various points in the 1990s. Full details are not provided, with the gold and copper results being reported solely as “Fire Assay” and “AAS” respectively. Based on the reputation and professional accreditation of the laboratory, Coda has assumed that these results were obtained using industry standard techniques and can be relied on. • The “Mosquito” samples were collected by M. Bull in 2008 and assayed by the then ALS Chemex laboratory in Brisbane. Samples were crushed to <2mm, pulverised to <75µm befor