Announcement PDF ELIZABETH CREEK 2024X ASX RELEASE 30th January 2024 ASX Code: COD Scoping Study Update Delivers Materially Improved Economics Introduction of mechanical cutting at Emmie Bluff reduces mining costs, increases annual production by 20% Highlights • Elizabeth Creek Scoping Study Update delivers improved pre-tax NPV8 of approximately $735 million, an increase of $165 million or 29% over the March 2023 Scoping Study. • Study into the viability of mechanical cutting at Emmie Bluff completed, demonstrating technical feasibility and reduced mining costs while increasing the annual production rate by up to approximately 20% per annum 1. • Cheaper acid neutralisation and flotation reagent optimisation substantially reduces processing costs. Coda Minerals Limited (ASX: COD, “Coda”, or “the Company”) is pleased to report results for an update to its Scoping Study for its flagship 100%-owned Elizabeth Creek Copper Cobalt Project (ECCCP) in South Australia, delivering significantly improved results over the Scoping Study released in March 2023 (“the Scoping Study” or “March 2023 Scoping Study”). The March 2023 Scoping Study 2 covered three deposits at Elizabeth Creek – MG14, Windabout and Emmie Bluff – and delivered robust economic results including an estimated pre-tax NPV8 of approximately $570 million. Since the release of this initial study, Coda has been actively pursuing project optimisation opportunities, with an emphasis on low-cost, high-impact changes. Key optimisation opportunities have now been incorporated into this Scoping Study Update (“the Update” or “Scoping Study Update”). 1 Please see Appendix 1 Please see “Positive Scoping Study – Elizabeth Creek Copper Cobalt Project”, released to the market 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 2 6 Altona Street, West Perth Western Australia, 6005 1 E: info@codaminerals.com ABN 49 625 763 957 Introduction and Cautionary Statements ELIZABETH CREEK This ASX release comprises an “Update to the Scoping Study” (or “The Update”), and should be read as an addendum to the Scoping Study released to ASX on 23 March 2023 (“The Scoping Study”). In both cases, the work has been undertaken for the purpose of providing an initial evaluation of the potential for the development of a series of open pit and underground mines and a mineral processing facility at the Elizabeth Creek Copper-Cobalt Project (The “Elizabeth Creek Project”, “Elizabeth Creek”, or “Project”). It is a preliminary technical and economic study of the potential viability of the Elizabeth Creek Project. It is based on low level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves. Further exploration and evaluation work and appropriate studies are required before Coda will be in a position to estimate any Ore Reserves or provide any assurance of an economic development case. The Update is based on the material assumptions outlined in the Scoping Study and, in some cases, as modified by the Update. These include assumptions about the availability of funding. While Coda considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. The Scoping Study outcomes, production target and forecast financial information referred to in the Update are based on low level technical and economic assessments that are insufficient to support estimation of Ore Reserves. To achieve the range of outcomes indicated in the Scoping Study, funding of in the order of $540 million will likely be required. Investors should note that there is no certainty that the Company will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Coda Minerals’ existing shares. It is also possible that Coda could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the Project. If it does, this could materially reduce the Company’s proportionate ownership of the Project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study or on this Update to the Scoping Study. Production Target The Company has concluded that it has reasonable grounds for disclosing a production target which includes an amount of Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Inferred Mineral Resources comprise only approximately 0.03%, 0.04% and 2.49% of the contained metal (copper equivalent) in the first three years, five years and the Project’s entire operating life respectively. Inferred Mineral Resources comprise approximately 0.07%, 0.07% and 4.07% of production on a tonnage basis in the first three years, five years and the Project’s entire operating life respectively. The viability of the development scenario envisaged in the Scoping Study does not depend on the inclusion of Inferred Mineral Resources. The Mineral Resources underpinning the production target in the Update have been prepared by a Competent Person in accordance with the requirements of Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves JORC Code (2012). The Competent Person’s Statements are found in the Geology and Resources section of the Scoping Study. 6 Altona Street, West Perth Western Australia, 6005 2 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK SCOPING STUDY 2024 UPDATE STUDY SECTION 1 Location South Australia Tenements EL6518 (MG14 & Windabout), EL6265 (Emmie Bluff) Mineral Resource & Production Target Mineral Resource Production Target MG14: 1.83Mt @ 1.24%Cu, 0.03%Co 1 Windabout: 17.67Mt @ 0.77%Cu, 0.05%Co 1 Emmie Bluff: 40.2Mt @ 1.27%Cu, 0.06%Co 2 MG14: 1.26Mt @ 1.42%Cu, 0.04%Co Windabout: 5.96Mt @ 1.03%Cu, 0.07%Co Emmie Bluff: 28.6Mt @ 1.18%Cu, 0.05%Co Mining Method MG14 & Windabout: Open Pit Emmie Bluff: Underground, mechanical cutting Mine Life 12.75 years Processing Capacity 3Mtpa Throughput Products MG14: Copper Concentrate Windabout & Emmie Bluff: Copper Cathode, Cobalt Sulphate, Zinc Carbonate & Silver Dore Mineral Processing Stage 1: Flotation – Production of Copper Cobalt Concentrate Stage 2: Hydromet Metal Production – Steady State & Total Steady State Average Total Copper: 25.4 kt Cobalt: 1.3 kt Silver: 1.1 Moz Zinc: 4.4 kt Copper: 307.2 kt Cobalt: 16.9 kt Silver: 13.0 Moz Zinc: 49.1 kt 100%Indicated 2 93%Indicated 7% Inferred FINANCIAL HIGHLIGHTS NET REVENUE NET CASHFLOW PRE-TAX NPV8 PRE-TAX $6,040 M $1,674 M $735 M IRR PRE-TAX PRE-PRODUCTION CAPEX AISC $306 M $1.60 (A$M) (A$M) (%) (A$M) (USD/lb Cu) (A$M) 27% 3 All financial outcomes reflect an approximate or estimated value ELIZABETH CREEK Results Summary and Key Changes The Updated Scoping Study includes the following changes: • Mechanical cutting via continuous miner has replaced long-hole open stoping using drill-and-blast as the base case underground mining method at Emmie Bluff. • As part of the mechanical cutting study, Coda completed an update to the Emmie Bluff Mineral Resource Estimate to improve definition within the vertical component of the block model. This has improved the applicability of the model to mining studies. • Peak annual mined production has increased from approximately 2.5Mtpa to approximately 3.0Mtpa. • Dolomite sourced on-site at Elizabeth Creek has replaced purchased limestone as the principal means for neutralisation of the pregnant leach solution in the hydrometallurgical plant. 3 • Other metallurgical reagents have been optimised. The March 2023 Study 4 set for the plan to produce approximately 25,000 tonnes of copper and 1,000 tonnes of cobalt per annum over a mine life of 14 years 5. The Scoping Study estimated the NPV8 to be approximately $570 million with an IRR of 26.5%. This updated Scoping Study demonstrates a plan to produce an average 6 of 25,400 tonnes of copper and 1,300 tonnes of cobalt per annum over a mine life of 13 years. The updated estimated pre-tax NPV8 calculated for the Project is approximately $735 million, an improvement of 29%, with an IRR of 27%. This is primarily as a result of the reduction in costs associated with the new mining method and optimised processing. Additional optimisation opportunities focusing on XRF ore sorting, tails leaching, and neutralisation were assessed as part of the process, but it was ultimately determined that additional work was required before integrating these changes into the Project base case. These will continue to be assessed as the Project moves into a Pre-Feasibility Study (PFS). Commenting on the Scoping Study Update, Coda Minerals CEO Chris Stevens said “This study update reaffirms the strong economic fundamentals of the Elizabeth Creek Project as well as Coda’s ongoing commitment to de-risk the project and improve economics. Optimisation and study work over the past eight months has resulted in a 29% increase to the Project Net Present Value compared with the original study released last March, as well as a material improvement in the NPV to CAPEX ratio, and a reduction in estimated All-in Sustaining Costs (AISC). “By any measure, this is an excellent result and demonstrates that Elizabeth Creek remains an attractive development opportunity in what has the potential to be a huge copper bull market as the world pursues decarbonisation. “We continue to focus on further optimisation work with studies on using paste-fill to improve extraction ratios underground as well as the investigation of new flotation technologies, both of which have the potential to deliver a material uplift to economics. We are also finalising exploration plans targeting significant extensions of the Emmie Bluff deposit in multiple directions. “We are continuing to actively investigate and advance funding options and have made excellent progress to date, with significant inbound interest received from potential funding and strategic partners. There is no doubt that improved economics will enhance these options.” 3 See “Mineral Processing Optimisation”, below, for additional details. 4 Please note that the Scoping Study Update included changes to the Emmie Bluff Mineral Resource which will affect the ability to directly compare the two results (See Appendix 1). 5 Steady State average is calculated from year 5 to year 15 6 Steady State average is calculated from year 5 to year 14 6 Altona Street, West Perth Western Australia, 6005 4 E: info@codaminerals.com ABN 49 625 763 957 Changes from the March 2023 Scoping Study The Scoping Study Update is based on Coda Minerals’ 100%-owned Elizabeth Creek Copper-Cobalt Project located in South Australia. ELIZABETH CREEK Key physical metrics for the Project, key financial outcomes and key assumptions used in the Scoping Study are as per the original study released in March 2023 7, except where specified as changed and summarised below in Table 1. Table 1: Scoping Study and Scoping Study Update key Project changes Study Section Scoping Study (March 2023) Tenements EL6518 (MG14 & Windabout), EL6265 (Emmie Bluff) Zambian-style sediment-hosted copper-cobalt mineralisation 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 8 (of which 92% is in indicated, 8% inferred) MG14 & Windabout: Open Pit Emmie Bluff: Underground, long-hole open stope MG14 & Windabout: Contract Mining Emmie Bluff: Contract Mining Mineralisation Mineral Resource Mining Method Operating Structure Updated Scoping Study (January 2024) Processing Plant: Owner Operated Processing Capacity Products Mineral Processing 2.5Mtpa Throughput No Change No Change MG14: No Change Windabout: No Change Emmie Bluff: 40.2Mt @ 1.27%Cu, 0.06%Co 9 (of which 93% in indicated, 7% inferred) MG14 & Windabout: No Change Emmie Bluff: Underground, mechanical cutting 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 3Mtpa Throughput MG14: Copper Concentrate Windabout & Emmie Bluff: Copper Cathode, Cobalt Sulphate, Zinc Carbonate & Silver Dore 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 roughcleaner-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 No Change 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 Available at https://www.codaminerals.com/wp-content/uploads/2023/03/20230323_COD_ASX-ANN_Elizabeth-Creek-ScopingStudy_VRelease.pdf 8 For full details of the Mineral Resource Estimates for the Emmie Bluff Resource, including JORC Table 1, please refer to “ASX Release – Standout 43Mt Maiden Cu-Co Resource at Emmie Bluff”, released to the ASX on 20 December 2021 and available at https://www.codaminerals.com/wpcontent/uploads/2021/12/20211220_Coda_ASX-ANN_Standout-43MtMaiden-Cu-Co-Resource-at-Emmie-Bluff_RELEASE.pdf. 9 For full details, see Appendix 1 – Section Mineral Resource Update – Detailed Information 7 6 Altona Street, West Perth Western Australia, 6005 5 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Copper Flotation Recovery Production Tailings Power Water SX and Zinc precipitation circuit. The CCD discharge slurry, containing silver, will be processed through a lime boil and cyanidation circuit. MG14: 57.93% Windabout: 66.5% Emmie Bluff: 77.2% Copper: 317.3 kt Cobalt: 14.4 kt Silver: 8.5 Moz Zinc: 38.2 kt Conventional tailings slurry method located 1km away within a basin below the processing plant at Emmie Bluff. Access grid power via existing Mt Gunson substation located approximately 9.5km south southwest of Windabout deposit. 12 hole borefield No Change Copper: 307.2 kt Cobalt: 16.9 kt Silver: 13.0 Moz Zinc: 49.1 kt No Change No Change No Change Technical Summary of Changes Mechanical Cutting • Conversion from traditional drill and blast underground mining methodology at Emmie Bluff to mechanical cutting using a continuous miner. • New mine plan based on the updated Emmie Bluff Mineral Resource Estimate of 40.2 million tonnes at 1.87% CuEq (see Appendix 1, below). • Shifting to mechanical cutting is expected to result in mining of additional tonnes, bringing the potential production of more metal at a lower mining cost and with reduced dilution per tonne. • Mechanical cutting is estimated to decreased mining costs by 23% from $54 to approximately $41 per tonne, with an estimated increased rate of mining of up to 3Mtpa, from 2.5Mtpa previously. Coda engaged mining consultants Mining Plus to undertake a modification and update to their previously completed underground mining study 10 of the Emmie Bluff deposit to assess the technical and economic viability of the use of mechanical cutting. Input data was largely reused form the original study, with the scope of work principally consisting of liaising with OEMs, geotechnical review and update, mining method and fleet selection, mine design, scheduling and optimisation in line with high-level financial modelling. The work undertaken to date to assess mechanical cutting has demonstrated it to be a preferable mining method to use as a base case for underground mining at Emmie Bluff, and as such has formed the basis of this Scoping Study Update. The physicals of the study are summarised in Table 2, and production over time for Emmie Bluff is outlined in Figure 1. 10 This study is best considered a companion to the previous mining study and will be better understood in the context of that study. The details of the study (including JORC Table 1) were released to the ASX on 22 November 2022 and are available at https://www.codaminerals.com/wpcontent/uploads/2022/11/20221122_Coda_ASX-ANN_Mining-Study-Marks-Key-Breakthrough-at-Elizabeth-Creek_RELEASE.pdf 6 Altona Street, West Perth Western Australia, 6005 6 E: info@codaminerals.com ABN 49 625 763 957 Table 2 Emmie Bluff mechanical cutting mining physicals. Numbers have been rounded to reflect uncertainty. ELIZABETH CREEK Mining Physicals Total Mined Ore Mined Ore Grade Mined Waste Waste/Ore Ratio Capital development (Lateral - Jumbo) Operating development (Lateral - Jumbo) Development ore Stope/development ore Unit t CuEq% t t/t m m t t/t Value 28,600,000 1.80 1,800,000 0.064 22,200 46,200 4,100,000 5.94 Emmie Bluff Mined Production by Mineral Resource Category Mechanical Cutting Study 3,500,000 2.50% 3,000,000 2.00% 2,500,000 2,000,000 1.50% 1,500,000 1.00% 1,000,000 0.50% 500,000 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Emmie Bluff - Indicated Emmie Bluff - Inferred Emmie Bluff - Inferred CuEq % Emmie Bluff - Indicated CuEq % Year 15 0.00% Year 16 Figure 1: Emmie Bluff production tonnes and grade under the mechanical cutting paradigm Undertaking the mechanical cutting study required adjustments to the Emmie Bluff Mineral Resource model to improve definition within the vertical component of the block model. The Updated Mineral Resource is reported as a combination of Indicated and Inferred mineralisation at a combined total of 40.2Mt @ 1.87% CuEq (1.27% Cu, 569 ppm Co, 16.8 g/t Ag and 0.17% Zn. A summary of the Indicated/Inferred split is provided below as Table 9. For full details regarding the mechanical cutting and the Resource model update, please see Appendix 1. Table 3 Summary of updated Emmie Bluff Mineral Resource Estimate Copper Equivalent Tonnes Grade Copper (% CuEq) Contained Metal (t) Grade Cobalt (% Cu) Contained Metal (t) Grade Silver (ppm Co) Contained Metal (t) Grade Zinc Grade (g/t Ag) Contained Metal (MOz) (% Zn) Contained Metal (t) Indicated 37,500,000 1.91% 715,000 1.29% 485,000 590 22,000 17.1 20.6 0.18% 66,000 Inferred 2,700,000 1.30% 36,000 0.94% 26,000 283 1,000 12.1 1.1 0.17% 5,000 Total 40,200,000 1.87% 751,000 1.27% 511,000 569 23,000 16.8 21.7 0.17% 70,000 6 Altona Street, West Perth Western Australia, 6005 7 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Mineral Processing Optimisation • Reduced anticipated demand for reagents during flotation and increased throughput from 2.5 Mtpa to 3.0 Mtpa in line with new mine schedule from mechanical cutting. • Economies of scale and lower reagent costs saw flotation costs reduced by an estimated 14% at Emmie Bluff, 22% at Windabout. • Lowered acid neutralisation costs by replacing purchased limestone with locally mined dolomite. Coda identified the cost of purchased limestone as an area of significant potential cost savings in the process flowsheet. Limestone, which is used to neutralise the acidic pregnant leach solution (PLS) in the hydrometallurgical process plant, is currently assumed to be purchased offsite at a cost of $145 AUD/t (inclusive of delivery and processing). Coda has confirmed through mapping the presence of extensive outcropping dolomite, which is chemically very similar to limestone 11, in the area. The Company is confident that more than sufficient dolomite exists within the project to supply its needs through the foreseeable life of the mine and beyond. Mining and processing of this material is anticipated to be materially lower cost than $145/tonne, with total cost estimated to be approximately $20/tonne. Estimates by Coda’s metallurgical consultants suggest that approximately $10.7 million of CAPEX will be required to account for this change, this is principally due to the requirement for an additional, small scale crushing plant. Coda also undertook testwork to optimise flotation reagent consumption on material from the Windabout deposit 12. These tests suggested that reduction in the use of Cyquest (a slimes dispersant) by 50% and PAX (potassium amyl xanthate, a collector) by approximately 40% would have no significant effect on the overall recovery of copper or cobalt. The Company has assumed that both reductions will be applied without reducing recovery for this Scoping Study Update. This reduction is broadly in line with expectations that, given test work programmes specifically designed to optimise reagent doses, consumption of reagents would decrease. It should be noted however that the improvement has not been tested in combination and is being assumed across multiple deposits from testwork based on Windabout. Windabout is one of the more challenging deposits of the Project however, and the Company believes that comparable reductions are achievable once test work is completed. This will be assessed during the PFS as part of a broader programme of optimisation test work. 11 Dolomite is a calcium-magnesium carbonate vs calcite, calcium carbonate, which is the dominant mineral in limestone. Both are effectively chemically identical in their acid neutralisation potential. 12 For full details, including JORC Table 1, please see “Test Work Delivers Elizabeth Creek Flowsheet Enhancements”, released to market on 4 September 2023 and available at https://www.codaminerals.com/wp-content/uploads/2023/09/20230904_Coda_ASX-ANN_Test-Work-DeliversElizabeth-Creek-Flowsheet-Enhancements_RELEASE.pdf 6 Altona Street, West Perth Western Australia, 6005 8 E: info@codaminerals.com ABN 49 625 763 957 Production Schedule Processing plant capacity has been increased from 2.5Mtpa to 3Mtpa to accommodate the increased mining rate at Emmie Bluff. Mined Production by Mineral Resource Category 2.50% ELIZABETH CREEK 3,500,000 3,000,000 2.00% 2,500,000 1.50% 2,000,000 1,500,000 1.00% 1,000,000 0.50% 500,000 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 MG14 - Indicated Windabout - Indicated Emmie Bluff - Indicated Emmie Bluff - Inferred Phase 2 - Inferred CuEq Grade % Phase 2 - Indicated CuEq Grade % 0.00% MG14 (Indicated), Grade, CuEq % Figure 2: The anticipated mined production schedule for all three deposits based on Resource Categorisation. For CuEq% calculation for MG14 and Windabout see section Statement Regarding Metal Equivalent Calculations, below. CuEq% for Emmie Bluff is calculated as per Appendix 1, Section Mineral Resource Update – Detailed information. Mined production exceeds nominal plant capacity in several years. Equipment is scoped on the basis of Emmie Bluff ore, which represents the majority of the Project’s feed ore. Ores sourced from the MG14 and Windabout open pits have different comminution properties and, in the case of Windabout, lose significant mass in the deslime step prior to being processed downstream. This allows equipment to exceed nominal nameplate capacity in those years. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be real. 6 Altona Street, West Perth Western Australia, 6005 9 E: info@codaminerals.com ABN 49 625 763 957 Financial Analysis ELIZABETH CREEK Capital Expenditure The total pre-production capital cost of development is estimated to be A$306 million. This represents an approximate increase of 10% relative to the March 2023 Scoping Study. Pre-production capital estimates have increased principally due to: • Purchase of mechanical cutters and associated equipment under the partial owner-operator model proposed for Emmie Bluff ($13M); • Increasing the capacity of the flotation plant from 2.5Mtpa to 3Mtpa to accommodate higher mining rate at Emmie Bluff ($13M); and • 10% contingency on additional CAPEX ($3M). Table 4: Elizabeth Creek CAPEX cost breakdown PRE-PRODUCTION CAPITAL EXPENDITURE Underground Mining Process Plant Camp Site Infrastructure Tailing Storage Facility Owners Costs Contingency Total Pre-Production Capital Expenditure A$M 37 133 31 52 22 3 27 306 POST-PRODUCTION CAPITAL EXPENDITURE Underground Mining Process Plant Total Post-Production Capital Expenditure Total Capital A$M 139 215 354 660 Total post-production capital cost is estimated at A$354 million. This represents an approximate increase of 11% relative to the March 2023 Scoping Study. Post-production capital estimates have risen principally due to expansion of the downstream hydrometallurgical plant’s capacity in order to align with the flotation plant’s expanded 3MTPA capacity, as well as incorporating a crushing plant for locally mined dolomite. The rise in processing capital has been partially offset by adopting a contractor Build-Own-Operate (BOO) model for the O2 plant, resulting in a net increase in processing CAPEX of ($34M). Sustaining capital has decreased approximately 18% relative to the March 2023 Scoping Study, primarily due to the reduction in mine life. Sustaining CAPEX for above ground infrastructure, including process plant, power and mine camp is estimated to total A$66 million over the life of the Project. 13 Capital expenditure in relation to mechanical cutting have been estimated by Mining Plus in consultation with Komatsu to an accuracy of +/- 30%. Strategic Metallurgy have provided the update to CAPEX for a 3Mtpa processing plant and the dolomite crushing plant. Operating Costs Operating cost estimates have been reduced significantly at all deposits as compared to the 2023 Mining Study. Shifting towards a mechanical cutting mining method at Emmie Bluff has decreased mining cost by 23%. Optimising reagent consumption and transitioning from purchased limestone to on-site mined dolomite for acid neutralisation have resulted in a 14%-22% decrease in estimated processing cost across the deposits. 13 Sustaining CAPEX for underground infrastructure has been accounted for in mining CAPEX schedule. 6 Altona Street, West Perth Western Australia, 6005 10 E: info@codaminerals.com ABN 49 625 763 957 These changes resulted in a 3%-5% reduction in overall estimated operating cost for Windabout and MG14, with Emmie Bluff experiencing the most significant impact with a 15% overall reduction in estimated per tonne operating cost. ELIZABETH CREEK The all-in-sustaining costs (AISC) with by-product credits for the Project has decreased to $1.60 USD/lb Cu, down 27% from 2.19 USD/lb Cu. Table 5: OPEX per tonne of ore mined Scoping Study Mar 2023 Unit Operating Costs Mining Processing – Flotation Processing – Downstream Residual Management General & Administration Total Operating Costs A$/t ore A$/t ore A$/t ore A$/t ore A$/t ore A$/t ore MG14 Windabout Emmie Bluff Updated Scoping Study Jan 2024 Emmie MG14 Windabout Bluff 40.07 71.23 53.73 40.07 71.23 19.59 17.88 19.43 16.42 N/A 21.87 23.85 1.74 1.74 3.58 64.98 Difference MG14 Windabout Emmie Bluff 41.48 0% 0% -23% 13.98 16.75 -16% -22% -14% N/A 21.95 23.77 - 0% 0% 1.74 1.74 1.74 1.74 0% 0% 0% 3.58 3.58 3.56 3.56 3.56 0% 0% 0% 116.30 102.33 61.79 112.46 87.29 -5% -3% -15% The major change to OPEX comes from mechanical cutting, which is detailed in Appendix 1 – Mechanical Cutting and Resource Update. Mining OPEX was developed by Mining Plus in consultation with relevant OEMs following testwork on representative samples of Emmie Bluff shale and using generally conservative assumptions regarding advance rate, hardness abrasiveness etc. Pick life was identified as a potential challenge given the abrasivity of the rock, and aggressive pick wear has therefore been assumed. Further work during the PFS will be required to provide greater clarity and reduce uncertainty on mining OPEX which is currently estimated to an accuracy of +/- 30%. Economic Analysis All financial outcomes reflect an approximate or estimated value. This should be read in the context of the NPV sensitivity analysis (Figure 3). The Scoping Study Update is based on the same macroeconomic assumptions as the March 2023 Scoping study, detailed below. Discount Rate Exchange Rate Tax Rate Royalty Rates Copper Price Cobalt Price Silver Price Zinc Price Real % USD:AUD % Refined Product Concentrate USD/t USD/t USD/Oz USD/t 8% 0.68 30% 3.5% 5.0% $8,800 $60,627 $21 $2,700 The Project has an estimated pre-tax NPV8 of approximately A$735 million and an IRR of 27%. This is a 29% increase from the approximate A$570 million detailed in the March 2023 Scoping Study. 6 Altona Street, West Perth Western Australia, 6005 11 E: info@codaminerals.com ABN 49 625 763 957 The estimated capital payback period following first production has decreased slightly due to the higher estimated production rate. Mine Life Ore Process Rate Feed from Indicated Resource Feed from Inferred Resource Copper Produced – Total Mined Cobalt Produced – Total Mined Copper – Steady State Average 14 Cobalt – Steady State Average Pre-Production Capital Post-Production Capital Total Capital Total Finan