Announcement PDF ELIZABETH CREEK 2024X ASX RELEASE Code: COD 03 July 2024 ASX Code: COD Initial Copper Resource for Cattle Grid South Shallow JORC Mineral Resource represents an additional growth opportunity at the Elizabeth Creek Copper Project with the potential to generate early revenue. Highlights • Initial Inferred Mineral Resource Estimate (MRE) completed for the Cattle Grid South deposit, part of the 100%owned Elizabeth Creek Copper Project in South Australia: o 5.8 Mt at 0.62% Cu for approximately 36kt of contained copper and 0.5kt of contained cobalt with accessory silver and zinc using a cut-off grade of 0.2% Cu. • Cattle Grid South adds to existing Inferred and Indicated Resources at the MG14, Windabout and Emmie Bluff deposits, which together comprise approximately 60Mt at 1.72% CuEq1 (See Table 3). • Cattle Grid South is located approximately 30km south of Coda’s cornerstone Emmie Bluff deposit, 3km from the MG14 open pit deposit and 6km from the Windabout open pit deposit, adding to the Company’s growing copper inventory in the Olympic Copper Province. • Coda is investigating the inclusion of this new deposit in the overall Elizabeth Creek Scoping Study. Coda Minerals Limited (ASX: COD, “Coda”, or “the Company”) is pleased to advise that it has completed an initial Mineral Resource Estimate (MRE or Resource) for the Cattle Grid South deposit, which forms part of its 100%-owned Elizabeth Creek Copper-Cobalt Project (ECCCP) in South Australia’s Olympic Copper Province. Cattle Grid South Deposit Mineral Resource Estimate (MRE) The Company has defined a pit-constrained maiden Mineral Resource Estimate (MRE) at Cattle Grid South, reported in accordance with the JORC Code (2012) guidelines, as shown in Table 1 below. Tonnage Category Measured Indicated Inferred Total Mt 0 0 5.8 5.8 Grade (% Cu) 0 0 0.62% 0.62% Copper Contained Metal (t) 0 0 36,000 36,000 Cobalt Grade Contained (ppm Co) Metal (t) 0 0 0 0 121 700 121 700 Grade (g/t Ag) 0 0 3.5 3.5 Silver Contained Metal (oz) 0 0 650,000 650,000 Zinc Grade (ppm Zn) 0 0 684 684 Contained Metal (t) 0 0 4000 4,000 Table 1: Mineral Resource Summary for Cattle Grid South, 0.2% Cu cut-off, effective date 28 June 20242 Figures have been rounded. 1 Please see “Statement Regarding Metal Equivalent Calculations”, below, for full details. Notes to Table 1: 1. Reported at a cut-off grade of 0.2% Cu. 2. All Mineral Resources are constrained within two wireframes encapsulating the base of the Whyalla Sandstone and top of the Pandurra Formation (Quartzite), and a RPEEE pitshell. 3. Copper (Cu), cobalt (Co), silver (Ag) and zinc (Zn) have been reported in the Mineral Resource estimate. Most of the value of the deposit is anticipated to come from t he contained copper, with smaller but material contributions from cobalt. 4. Reported at 100% metallurgical recovery. 5. At present, Coda does not think it is possible to recover the lead metal using either Hydromet or traditional flotation methods, therefore lead has not been reported. 6. Figures may not add up exactly due to rounding. 2 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 The mineralisation at Cattle Grid South is hosted in sandstone breccia, a third style of sediment-hosted copper mineralisation, distinct from the IOCG (Emmie IOCG) and Zambian-style mineralisation (Emmie Bluff, MG14, Windabout) that also occurs at Elizabeth Creek, and which is comparable to historically mined mineralisation at the historical Mount Gunson mining centre. ELIZABETH CREEK Mineralisation typically commences at between 30 and 40m below the surface, and consists of chalcocite and bornite with associated chalcopyrite, sphalerite, pyrite and other less common sulphides. Once integrated into the broader Elizabeth Creek Copper-Cobalt Project Scoping Study, Cattle Grid South may offer the opportunity to supplement MG14 as source of shallow mineralised material potentially during Stage 1 of production prior to the construction of the proposed hydrometallurgical processing plant. Alternately, the Company may also choose to pursue the potential of in-situ recovery – an emerging, low-cost, low impact extraction methodology. If successful, this kind of processing pathway, could represent a rapid start-up opportunity prior to completion of construction of the main plant to treat material from the MG14, Windabout and Emmie Bluff deposits. Commenting on the Mineral Resource Estimate for Cattle Grid South, Coda’s CEO Chris Stevens said: “The completion of this new Mineral Resource Estimate for the shallow Cattle Grid South deposit represents a useful addition to our copper resource inventory at Elizabeth Creek and demonstrates the significant upside potential across the project more broadly. “Historically, resources of this type have produced hundreds of thousands of tonnes of copper from the Elizabeth Creek region and there is enormous potential to grow the existing initial Resource at Cattle Grid South and to make new discoveries of similar or greater magnitude across our under-explored tenement holding. “The addition of over 35,000 tonnes of contained copper to our project-wide inventory is a significant development for the broader project. We believe that this deposit has the potential for inclusion with MG14 in Stage 1 of the Elizabeth Creek Scoping Study and therefore has the potential to drive early revenue. We have commenced work to bring this into the full study. “Cattle Grid South also offers other interesting options for early start-up and potential revenue independent of the main plant. This is a useful additional source of copper at Elizabeth Creek which now boasts well over 800,000 tonnes of contained copper and 30,000 tonnes of contained cobalt across a large and growing Mineral Resource inventory in the heart of one of the world’s finest copper jurisdictions.” Planned Work Key objectives for Cattle Grid South in the medium term include: • An improvement in Resource confidence level by twinning certain historical holes to further confirm the accuracy of historical data 3, confirming the deposit in-situ bulk density and improving drill coverage in certain areas of the deposit. • Integration of the Resource into the broader Elizabeth Creek Copper-Cobalt Project, through detailed mining and other studies, in particular an assessment of its potential impact on the project’s economics. • Undertaking preliminary assessment of the applicability of in-situ recovery as an alternative to traditional open pit mining by collecting diamond core and providing samples for metallurgical and petrological testwork (e.g. porosity/permeability, mineralogy etc.). • Expanding the Mineral Resource by drilling in untested areas, particularly to the south and south-west of the existing Mineral Resource Estimate, and/or by undertaking geophysical surveys, particularly Induced Polarisation (IP). The Company has land access and native title agreements in place with local stakeholders and anticipates no significant regulatory barriers to completing the fieldwork required to continue to advance the Cattle Grid South Deposit through scoping and early feasibility studies at the appropriate time. 3 In addition to XRF core scanning undertaken on a small number of drillholes prior to release of this announcement (See Appendix 2 (JORC Table 1) for details). 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Initial drilling would be expected both to extend the MRE (with the highest prospectivity being to the south and west), as well as to continue to improve resource confidence by twinning historic intersections of high grade mineralisation, with the short-term aim of bringing the entire volume of the Mineral Resource into the higher-confidence Indicated status, constrained within a conceptual pit shell. ELIZABETH CREEK Grade Tonnage Sensitivity Grade-tonnage for copper is presented in Table 2 and the corresponding plot is shown in Figure 2. The results show that there is a dramatic reduction in total tonnage and corresponding increase in grade from 0 to 0.1% and then the rate of decrease reduces significantly from 0.1 to 0.2%. 0.2% Cu has therefore been selected as the resource cut-off grade. This figure is somewhat lower than other open-pit deposits on Coda’s tenure for two main reasons: 1. The Mineral Resource is reported on the basis of a copper cut-off grade as compared to a copper equivalent cutoff grade. This is due inconsistent historical assays for the full by-product suite, and due to the age and nature of the metallurgical data underpinning recovery of by-products, expected to include cobalt, zinc and silver (See Table 5, below, for correlations). These by-products are accounted for in assumptions underpinning RPEEE and are expected to add materially to revenue even at low copper grades. 2. Historical recovery at the Cattle Grid deposit has been excellent, and even low grade parts of the Resource are anticipated to have good potential for economic extraction. Table 2 - Grade-tonnage sensitivity to cut-off grade – Cu Cutoff (%) 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1 Mt 33.2 7.5 5.8 4.8 4 3.2 2.5 1.9 1.4 1 0.7 6 Altona Street West Perth Western Australia, 6005 Cu (kt) 45289 38664 36283 33860 30894 27162 23223 19553 15925 12746 9789 Cu % 0.14 0.51 0.62 0.7 0.77 0.86 0.95 1.03 1.13 1.24 1.36 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Figure 1: Detail map of the Elizabeth Creek Copper-Cobalt Project, showing the Cattle Grid Mineral Resource. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Copper Grade Tonnage Curve (Cu cut-off grade basis) 1.6 45.3 1.36% Cu 1.13% Cu 1.2 1.03% Cu 0.95% Cu 1 0.86% Cu 20 0.77% Cu 0.8 0.7% Cu 0.62% Cu 15 0.6 0.51% Cu 10 38.7 0.4 36.3 5 1.4 1.24% Cu 25 Tonnage (mt) ELIZABETH CREEK 30 0.14% Cu 33.9 30.9 27.2 23.2 0.2 19.6 15.9 12.7 9.8 0.7 0.8 0.9 1 0 0 0 0.1 0.2 0.3 0.4 0.5 0.6 Cut off grade (Cu %) Tonnage (T) Grade (Cu %) Figure 2: Copper grade:tonnage curve, Cattle Grid South. Bar chart labels (top of bar) are rounded kt of contained Cu. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Grade (Cu %) 35 Table 3 – Elizabeth Creek Mineral Resource Estimates. Tonnage ELIZABETH CREEK Resource Category Cut off Grade Type Grade Indicated Zambian 1.83 Cobalt Silver Zinc (ppm Co) Contained Metal (t) (g/t Ag) Contained Metal (Moz) 22,700 334 611 14 0.8 (% Cu) Contained Metal (t) 0.5% CuEq 1.24% Mt MG14 Copper Grade Grade Cattle Grid South Inferred Breccia 5.8 0.2% Cu 0.62% 36,000 121 700 3.5 0.7 Windabout Indicated Zambian 17.67 0.5% CuEq 0.77% 136,100 492 700 8 4.6 Indicated Zambian 37.5 1% CuEq 1.29% 485,000 590 22,000 17.1 Inferred Zambian 2.7 1% CuEq 0.94% 46,000 283 1,000 Total Zambian 40.2 1% CuEq 1.27% 511,000 569 Inferred Zambian 2.7 0.94% 46,000 Inferred Breccia 5.8 0.62% Indicated Zambian 57 65.5 Emmie Bluff Sub Total Inferred Sub Total Indicated Total4 Grade (ppm Zn) Copper Equivalent Contained Metal (t) ABN 49 625 763 957 Contained Metal (t) 1.67% 30,600 4,000 1.41% 249,100 20.6 1800 66,000 1.91% 715,000 12.1 1.1 1700 5,000 1.30% 36,000 23,000 16.8 21.7 1700 70,000 1.87% 751,000 283 1000 12.1 1 1700 5,000 1.3% 36,000 36,000 121 700 3.5 1 684 4,000 1.13% 643,800 551 23,000 14.2 26.0 1,184 66,000 1.75% 994,700 1.07% 725,800 502 24,700 13.1 28 1161 75,000 Please see below section Statement Regarding Metal Equivalent Calculations for full details on the calculation of copper equivalents. E: info@codaminerals.com (% CuEq) 684 4 A total copper equivalent figure has not been disclosed as Coda does not believe it is currently appropriate to calculate a copper equivalent for the Cattle Grid South Mineral Resource Estimate. 6 Altona Street West Perth Western Australia, 6005 Grade Mineral Resource – In Detail ELIZABETH CREEK In May 2024, SRK Consulting (Australasia) Pty Ltd (‘SRK’) was engaged by Coda Minerals to complete a Mineral Resource estimate for the Cattle Grid South copper-cobalt-silver-zinc deposit. The Resource has been reported in accordance with the JORC Code (2012), has an effective date of 28 June 2024, and is shown in full in Table 1. The Cattle Grid South Mineral Resource is one of several prospects and resources making up the greater Elizabeth Creek project, located in South Australia (see Figure 4). The Elizabeth Creek Project comprises the following granted Exploration Licences: • EL 6518 (host to the Windabout and MG14 Mineral Resources and Cattle Grid South) • EL 6265 (host to the Emmie Bluff Mineral Resource and the Emmie IOCG prospect) • EL 6141 (early-stage exploration only); and • EL 6945 (early-stage exploration only). The four licences cover a combined area of approximately 774 km2 in the Stuart Shelf of central South Australia. The Elizabeth Creek Project is centred approximately 35 km south-east of the town of Woomera and 135 km north-west of Port Augusta. Project History Copper mineralisation within the Cattle Grid area was first discovered in 1875 as an outcrop of copper oxides near Pernatty Lagoon and was mined intermittently from 1898. In 1967, the East Lagoon copper orebody was discovered by Austmines Pty Ltd. The deposits were mined from Pernatty Lagoon area which included the West Lagoon, Main Open Cut, House, Gunyot and Ramsey deposits. In 1969, CSR Pty Ltd (CSR) formed a joint venture with Mount Gunson Mines Pty Ltd to further develop the Pernatty Lagoon, and mining of the East Lagoon commenced in April 1970. This was mostly exploited by end of 1971 and, because of smaller tonnages, predicted head grades, issues at the mill, and reduction in global copper prices, the operation was closed in December 1971. CSR then acquired 100% of Mount Gunson Mines and, as Pacminex Pty Ltd, continued exploration of the area surrounding the mill. This led to the discovery of the Cattle Grid orebody in 1972, with mining commencing in August 1974 and continuing to at least 1994. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Figure 3: Isometric west view of block estimates of copper (%) for Cattle Grid South Sandstone domain (left) and Quartzite domain (right). Note: Northern boundary constrained by the ML 5599 tenement boundary, but resource is not yet constrained by the pit shell (See Mineral Resource Classification, below, for details regarding conceptual pit shell) 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK ` Figure 4: The Elizabeth Creek Copper-Cobalt Project in South Australia 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Regional Geology ELIZABETH CREEK The project is situated within flat-lying volcano-sedimentary basement sequences of Precambrian to Neoproterozoic age (the Stuart Shelf). These units overlie the crystalline basement of the Gawler Craton which in turn forms a part of the Olympic Copper-Gold Province. The province forms an approximate north-trending feature and hosts several polymetallic (copper-rich) deposits (Figure 5). The volcano-sedimentary units are part of the Wilpena and Umbertana groups, unconformably overlying the older (Meso-Palaeoproterozoic) Pandurra Formation. Sediment-hosted base metals mineralisation on the Stuart Shelf are mainly associated with the Pandurra and/or Tapley Hill formations, and typically occurs as veinlet-hosted and/or disseminated copper-sulphide mineralisation. Relatively minor concentrations of copper mineralisation also occur in the following units: • Brecciated surface of the Beda Volcanics • Lower portions of the Whyalla Sandstone (Cattle Grid), and • Tregolana Shale. Deposit Geology The Cattle Grid South Mineral Resource lies immediately south of the historic Cattle Grid open pits and has been interpreted as an extension of that deposit. Copper, cobalt, silver, lead and zinc mineralisation is hosted as fracture filling veins developed within the brecciated upper surface of the Pandurra formation, a Mesoproterozoic coarse grained “red bed” ferruginous sandstone, where it is overlain by the Whyalla sandstone, a locally ferruginised aeolian/fluvial medium-coarse grained sandstone which is reduced and pyritic above the Cattle Grid deposit. Deposition of the basal Whyalla Sandstone was contemporaneous with the Marinoan glaciation, which is interpreted to have resulted in frost shattering of the brittle upper silicified surface of the Pandurra Formation quartzite, forming a palaeopermafrost horizon known as the Cattle Grid breccia, and caused severe disruption of the basal 5-10m of Whyalla Sandstone immediately above the orebody. The Cattle Grid breccia forms a blanket following the Pandurra palaeotopography, averaging 4.5m thick and approximately 1400m x 600m in area. Mineralisation in the breccia forms a network of fracture filling veins, which have an average width of about 2mm but range up to 30mm. There is a vertical zoning in the mineralisation texture, an upper zone of open space filling is more intensely brecciated and more richly veined by copper sulphides, in the lower fracture zone the intensity of brecciation and fracturing diminishes, with a consequent decrease in the frequency and width of sulphide veins. Jointing continues beneath the permafrost breccia layer, and some joints are weakly mineralised up to 140m depth. Mineralogy has been determined by historical petrology reports of the Cattle Grid deposit, which is viewed as an analogue for Cattle Grid South. The Cattle Grid deposit is laterally zoned with a chalcopyrite core to the northwest, rimmed by bornite on the southeast and in turn rimmed by chalcocite extending out from the deposit. The chalcopyrite zone appears to have been the least permeable host and the chalcocite the most. Fractures are zoned from a chalcopyrite core to chalcocite at the margins. Galena and sphalerite commonly occur as an outer zone around other sulphide masses, Carrollite occurs as minute inclusions in bornite, and also as relict corroded grains in chalcocite and sphalerite. Vertical mineral zoning is very irregular, in general a pyrite/chalcopyrite rich band occurs at the top of the mineralised zone grading to a chalcocite/bornite assemblage to the lower sections of the mineralised body, sphalerite and galena occur usually in the upper portion of the mineralisation. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Figure 5: Regional geological setting, Source: After Reid & Fabris, 20155 5 Note: Nearby mining projects include BHP Group Limited’s Olympic Dam copper-gold-uranium mine, which is located 100 km to the north, and OZ Minerals Limited’s Carrapateena copper-gold project, which is located approximately 50 km to the east. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Exploratory Data Analysis Mineral Resource estimates for the Cattle Grid South deposit were based on exploratory data analysis (EDA) of the historical drill hole assay data. A total of 69 holes (4,459m) fall within Coda’s tenure, with an additional 38 holes (1,751m) lying north of the tenure boundary (i.e. within ML 5599). In total, within Coda’s tenure there are a total of 44 diamond holes (2,384m) and 25 percussion holes (2,075m). Holes in ML5599 which were used to aid with geological interpolation and resource estimation, there are a total of 36 diamond holes (1,626m) and 2 percussion holes (125m) (See Table 4). Drill holes are mostly regularly spaced on nominal grids of 50 by 50m to 100 by 100m. Figure 6 and Table 10 show location and details about the of historical drill holes including those that were used for Mineral Resource estimation. Table 4: Drillhole by type and location. Drill Type Diamond Percussion Total Competitor Tenure Holes Length (m) 36 1626 2 125 38 1751 Coda Tenure Holes Length (m) 44 2384 25 2075 69 4459 Figure 6: Map showing the location of drill holes used for the Mineral Resources estimation for Cattle Grid South. *Note that drillholes within ML5599 were used for EDA but excluded from Mineral Resource estimates. Compositing and Geological Domaining The average length of samples is 1.4 m (see Figure 7). The sample length increases to 1.5 m for samples located within Coda’s tenure. Samples were therefore composited to a regular downhole length of 2 m, with a tolerance of 20 cm. Composites less than 20 cm were ignored. The mean values for each element are similar between samples and composites. In each case, there is an acceptable drop in the coefficient of variance (CV), illustrating that the compositing process has performed as intended. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Figure 7 Sample lengths. Left image shows all samples. Right image shows samples located in Coda’s tenure. Table 5: Correlation matrix of composites Ag ppm Co ppm Cu % Ag ppm 1 0.64 0.64 Co ppm 0.64 1 0.39 Cu % 0.64 0.39 1 Pb ppm 0.38 0.05 0.59 Zn ppm 0.82 0.7 0.64 Pb ppm Zn ppm 0.38 0.82 0.05 0.7 0.59 0.64 1 0.41 0.41 1 The historical holes have been logged for rock type, colour, texture, grain size, mineralogy and alteration. The largest proportion of rock type is Sandstone (~75%), followed by Quartzite (~20%). The Sandstone and Quartzite domains approximate the base of the Whyalla Sandstone and Pandurra Formations, respectively. Geological domain wireframes were used to define the limits of typical mineralisation within the two domains. Whilst both the Sandstone and Quartzite domains have high grade tails of Cu% within the grade distribution, the continuity of the tail breaks down at around 3% Cu in the Sandstone domains and ~4.6% Cu in the Quartzite domain. Each grade variable was analysed using probability plots and histograms to identify outlier values, with grade cuts applied accordingly. Grade capping was applied to reduce the influence of outliers, particularly as their presence can affect the variogram structures. This also reduces their influence during ordinary kriging estimation. Applying a threshold distance filter to an outlier can also have the same effect, but by removing the extreme values this should enable better modelling of variogram models. Top cuts for Cu % and other elements within both modelled domains are listed below: • Ag – 110 ppm • Co – 2,000 ppm • Cu – 5.7% • Pb – 10,500 ppm • Zn – 10,000 ppm Variography Variography modelling within both the Sandstone and Quartzite domains was undertaken for Ag, Co, Cu, Pb and Zn to quantify grade continuity and to assist with the selection of estimation parameters. The experimental semi-variograms were estimated from declustered 2 m composite data. Compsoite samples within Sandstone and Quartzite domains were combined, due to there being too few within Quartzite domain. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Experimental variograms were constructed for isotropy and lag spacing was set to 40 m. Nested spherical models of Gaussian and raw data were fitted to isotropic experimental variograms for each element and used in the subsequent grade estimations. Variogram maps (or fans) showed that anisotropy was very weak. Therefore, isotropic experimental variograms were constructed and lag spacing was set to 40 m. Nested spherical models of Gaussian and raw data were fitted to isotropic experimental variograms for each element and used in the subsequent grade estimations. Gaussian transformation was performed on all variables. Variogram models were fitted to the Gaussian variables, then back-transformed to normal raw data to deduce the final variogram model. The corresponding variograms are shown in Figure 8. Quality and comprehensiveness of the quality control procedures for the historical assay results are unknown as previous companies did not record the use or results of QA/QC samples in their drilling. All historical companies used NATA-certified and reputable laboratories for their analyses. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Figure 8: Variogram Model for (from the top down) Ag, Co, Cu, Pb and Zn. Figure is split across 2 pages for image clarity. Block model estimation The Mineral Resource estimation was performed using Geovariances Isatis.neo geostatistics software (version 2025.05). A three-dimensional block model was constructed to encompass the main mineralised zones. The estimates for Cattle Grid South were prepared from a total of 1,321 composite samples from 107 drill holes (or 6.2 km). Drill spacing is variable between 50 m and 100 m in both north–south and east–west directions. When choosing appropriate model cell dimensions, consideration was given to the drill spacing and sample interval, the interpreted geometry and thickness of the mineralised units, and the expected end-user requirements for the resource models. (The use of a cell size significantly smaller than the drill spacing can result in conditionally biased grade estimates, and consequently the model may poorly represent the proportion and grade of material above a cutoff.) A parent cell size of 25 m by 25 m by 2 m was selected (Table 3.10). This was based on kriging neighbourhood analysis to check the suitability of the selected cell size against the additional drill hole data. All estimates were done to the parent block and weighted by proportion. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Sub-cell models were then created from the parent block with a minimum size of 5 m by 5 m by 2 m. Grade estimates were migrated from the parent to the sub-cell model. The comparisons between the parent model (weighted by proportion) and the sub-cell model showed very similar values for grade-tonnage. ELIZABETH CREEK Table 6: Block model parameters. Note: Origin is for centre of block Parameter Origin (Easting) Origin (Northing) Origin (Elevation Block Size (Easting) Block Size (Northing) Block Size (Z) No. of Blocks (Easting) No. of Blocks (Northing) No. of Blocks (Elevation) Value 702,100 m 6,518,100 m 10 m RL 25 m 25 m 2m 86 32 70 Wireframe lodes were used to select blocks using a discretisation of 10 by 10 by 1 and a 1% selection threshold. A nested search neighbourhood was used for all deposits, with a first pass of 100 m by 100 m by 4 m using two angular sections and 8 optimum composites per sector. The ellipsoid was also split vertically. A second pass of 3 times the first and a third pass of 5 times the second were used. A threshold was applied to grade greater than 4.5% Cu at 15 m distance. In-situ Bulk Density Coda has not taken any density measurements. However, from historical records, a density value of 2.5 t/m3 (Cobalt Resources NL, dated October 1994) was previously used. This value seems reasonable for fresh Sandstone and Quartzite lithologies and is used here for converting grade estimates to total tonnage and total metal. Using values from other examples nearby, a density of 1.4 t/m3 was used for coding the model cells for waste dump and unconsolidated sands. Further work to confirm the appropriateness of this figure was highly recommended, and it should be considered a risk factor for the deposit’s overall tonnage. Mineral Resource Estimation The Mineral Resource estimate for the Cattle Grid South deposit was prepared from historical data provided by Coda, originally in September 2022 to Sonny and verified by SRK in 2024. The geological domains were modelled from historical drill hole records. Composites that intersect the interpolated domains were flagged for estimation. All holes are vertical. Figure 3 shows block estimates of copper grade for the Sandstone and Quartzite domains. Block grades of Cu %, Ag ppm, Co ppm, Pb ppm and Zn ppm were estimated into the parent block model. Copper grade estimates used Ordinary Kriging and all other elements used Inverse Distance (with power of 2). In general, the highest copper grade estimates are located in the northeastern part of the model, with a general decrease to the south. Validation of Results The following methods were used to validate the results. Visual assessment Interpolated cell grades were visually compared for each mineralised lode between the drill hole sample composites and block grade estimates to ensure they appear consistent. Comparisons were conducted in cross-section and longsection views. In general, there was good correlation between the estimated and composite grades, with the regional grade trends observed in the composites also evident in the model blocks. No significant issues were identified; local grade characteristics in the composite data were adequately reproduced in the model. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Geostatistical comparison Geostatistical comparisons were conducted between the interpolated model cell grades and the declustered composite grades. The comparisons provide useful indications that the estimation process has performed as intended, with the model block grade ranges falling within the composite grade ranges, and the model cell standard deviations being less than the composite standard deviations (Table 7). ELIZABETH CREEK Table 7: Statistics for block model estimates and 1 m composites Cou