Announcement PDF 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK 10 March 2026 Elizabeth Creek Project Economics Strengthen on Price Update – Appended Information Coda Minerals Limited (ASX: COD, “Coda” or “the Company”) hereby re-releases the announcement made to ASX on 17 February 2026, “Elizabeth Creek Project Economics Strengthen on Price Update”. The production target and mine schedule have been amended to remove solely Inferred material from the last two years of the mine plan. Inferred Mineral Resources comprise approximately 0.03%, 0.03% and 5.42% of the contained metal 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 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. The Directors of Coda Minerals confirm that the technical, mining, processing, capital and operating cost assumptions have been reviewed and, at the time of publication, remain appropriate and consistent with Scoping Study–level accuracy (±35%), in line with the August 2025 Update referenced in this announcement. Please refer to Pages 13 and 14 of this announcement for the updated mine schedule breakdown by classification. -- This announcement has been approved for release by the board of Coda Minerals. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Elizabeth Creek Project Economics Strengthen on Price Update Significant price movements in copper and silver result in material uplift from August 2025 Scoping Study. Highlights • PROJECT ECONOMICS REEVALUATION: Material changes in both forecast and SPOT prices of copper and silver have necessitated an update to the August 2025 Scoping Study. • COPPER-SILVER BASE CASE: All work retains existing processing flowsheet offering a streamlined project using a copper-silver base case. This provides exception upside to two high attractive mineral commodities. • SIMPLIFIED PROJECT: Streamlined project using a copper-silver base case with cobalt offering attractive future upside. This is expected to reduce commodity risk and strengthen the development case. • PLANNED PRODUCTION: Estimated 454kt of copper and 20Moz of silver over the life-of-mine. Annual estimated steady state production approximately 32ktpa copper, 1.4Mozpa silver. • UPDATED PRICE ASSUMPTIONS: Copper price assumption updated to US$ 10,500/t from US$ 9,260/t; silver price assumption updated to US$ 60/oz from US$ 30/oz. This remains materially below current SPOT prices1. • PROJECT FINANCIALS: Estimated Pre-tax NPV(7) of approximately $2.25B and Internal Rate of Return (IRR) of 56%, compares with a Pre-tax NPV(7) of ~A$1.29B and IRR of 39% in the 2025 Scoping Study1F 2. • UPSIDE AT SPOT: At spot prices, the estimated Pre-tax NPV(7) increases to approximately $3.32B and the IRR to 74%. Post-Tax NPV(7) of approximately $1.52B, IRR 43% (base case), rises to approximately $2.28B and IRR 57% at spot2 F 1. • RAPID PAYBACK: Revised base case offers attractive 2.5 year payback period from first production. • RAPID ADVANCEMENT: Revised copper-silver base case incorporated in currently ongoing Pre-Feasibility Study (PFS). • WELL FUNDED: $11.25M cash in bank at end of December 2025 Quarter leaves Coda well-funded for advancing PFS work. Coda Minerals Limited (ASX: COD, “Coda” or “the Company”) is pleased to report revised economics for its flagship 100%- owned Elizabeth Creek Copper-Silver Project in South Australia following material changes in the underlying pricing of copper and silver since the most recent release of project economics in August 2025. Economics Update – Elizabeth Creek Copper-Silver Project. Coda Minerals Limited (ASX: COD, “Coda” or “the Company”) is pleased to provide an updated snapshot of the economics for its 100%-owned Elizabeth Creek Copper-Silver Project in South Australia, reflecting material changes in copper and silver prices since the Company’s most recent economics update released in August 2025. 1 Spot Prices at 11th February 2026. Cu – $13,108 USD/t, Ag - $82 USD/Oz, FX – 0.71 AUD/USD. NB SPOT pricing is highly volatile and should not be used as the basis for investment decisions. 2 Please see ASX Announcement “New Flowsheet Delivers Significant Cu-Ag Economic Uplift”, released to the market 28 August 2025, available at https://codaminerals.com/announcements/7126651 ASX RELEASE 2026 Code: COD 10 March 2026 ASX:COD E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Why we are providing this update Since the August 2025 Scoping Study update, global commodity markets have moved significantly. Over the past five months, both copper and silver prices have increased materially, driven by a combination of supply constraints, strong demand fundamentals and heightened market volatility. The Company has received numerous queries from shareholders regarding the impact of these commodity price movements on the economics of the project, and has encountered public speculation online regarding these impacts, and wishes to ensure full clarity for shareholders. The August 2025 economics were based on commodity prices of US$9,260 per tonne for copper and US$30 per ounce for silver. As at the date of this announcement, copper is trading at approximately US$13,108 per tonne and silver at approximately US$82 per ounce. Silver pricing has risen to approximately $120 per ounce in January 2026. While commodity prices can be volatile and may move down as well as up, recent price behaviour highlights both the strength of longer-term fundamentals for copper and silver and the potential for significant price swings over time. Scope and limitations of this update Spot price scenarios are presented solely to illustrate price sensitivity and do not represent the Company’s long-term planning assumptions or development basis. Project advancement decisions will be based on long-term consensus pricing, not short- term market volatility. Coda is currently advancing a Pre-Feasibility Study (PFS) for the Elizabeth Creek Copper-Silver Project and remains well funded, with $11.25 million in cash at the end of the December 2025 quarter. This announcement provides a Scoping Study–level Project Update. The Directors of Coda Minerals confirm that mining, processing, capital and operating cost assumptions have been reviewed and that as at the time of publication, are appropriate and consistent with a Scoping Study (+/- 35%) level of accuracy consistent with the August 2025 Update. 3 The Directors confirm that all technical assumptions relating to the study continue to apply. The Company considers it appropriate to provide this update because long-term price assumptions for both copper and silver have shifted materially since August 2025, meaning previously published sensitivities are no longer representative of current market conditions. By way of example, the prior silver sensitivity of ±20% from US$30/oz represented a range of US$24/Oz to US$36/Oz, compared with the current spot price of approximately US$82/oz. Please see below Appendix 1 for Listing Rule 5.19.2 and Listing Rule 5.23.2 statements Updated project economics The Elizabeth Creek Copper-Silver Project is planned as a long-life operation, producing approximately: • 454,000 tonnes of copper, and • 20.3 million ounces of silver over the life of mine. Using conservative long-term price assumptions of: • US$10,500/t copper (approximately 20% below current spot) • US$60/oz silver (approximately 27% below current spot) • AUD/USD exchange rate of 0.68 The updated estimated project economics are approximately: • Post-tax NPV(7): $1.52 billion • Pre-tax NPV(7): $2.25 billion 3 Please see ASX Announcement “New Flowsheet Delivers Significant Cu-Ag Economic Uplift”, released to the market 28 August 2025, available at https://codaminerals.com/announcements/7126651 E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 • Post-tax IRR: 43% • Pre-tax IRR: 56% At current spot prices, the indicative economics increase materially to approximately: • Post-tax NPV(7): ~$2.28 billion • Pre-tax NPV(7) ~$3.32 billion • Post-tax IRR: ~57% • Pre-tax IRR: ~74% These SPOT figures are illustrative only and should be read in the context of market volatility and the Scoping Study–level nature of this update. Project advancement decisions will be based on long-term consensus pricing, not short-term market volatility. Sensitivity to commodity prices In selecting base-case price assumptions below current spot levels, the Company believes it has applied appropriately conservative settings, informed by reputable long-term forecasts. The copper price assumption of US$10,500/t sits within the range of long-term consensus forecasts published by major investment banks and industry analysts (generally US$9,500– 11,500/t). The silver assumption of US$60/oz reflects an average of long-term forecasts and structural supply deficit expectations. The Project demonstrates strong leverage to both copper and silver prices: • Each US$1,000/t change in the copper price impacts base case NPV(7) by approximately $377 million • Each US$10/oz change in the silver price impacts base case NPV(7) by approximately $165 million Detailed sensitivities are provided in the body of this announcement. Shareholders are cautioned that commodity prices are inherently volatile and can move down as well as up. CEO commentary Chief Executive Officer Chris Stevens said: “We’ve received a large number of enquiries from shareholders asking how recent movements in copper and silver prices affect the value of Elizabeth Creek. This update is intended to answer those questions clearly and transparently. “What it demonstrates is the exceptional leverage the Project has to both copper and silver prices, while still showing very strong economics using conservative long-term assumptions. “At the same time, we are continuing to advance the Pre-Feasibility Study at pace. Drilling is materially complete, assays are pending, and all major PFS workstreams are now underway. “We believe the timing could not be better to be progressing Elizabeth Creek through advanced study stages, and we look forward to providing shareholders with further PFS updates as the project continues to be de-risked.” E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Cautionary Statements Cautionary Statement Regarding Metallurgical Testwork The Company advises that the metallurgical results relied upon to generate this estimate are preliminary in nature and based on early-stage testwork. While the testwork has been conducted and reported with due care, and while it is the opinion of Coda’s technical experts and its metallurgical consultants that the laboratory results relied on for this estimate are likely to be applicable to all the mineralogically and geologically similar deposits at Elizabeth Creek, further work is required to confirm the applicability of these results across the broader Elizabeth Creek Project, including additional variability testing at Emmie Bluff and assessment of applicability to the MG14, Windabout and Cattlegrid South deposits. Investors are cautioned that these results are not definitive and should not be relied upon as a basis for investment decisions. Further testwork and analysis will be undertaken during the ongoing Pre-Feasibility Studies, and these tests are expected to provide greater confidence when estimating the economic potential of the Project at PFS level. This test work will be required before any production or economic outcomes can be confirmed. Cautionary Statement Regarding CAPEX and OPEX Estimates The Company advises that the CAPEX and OPEX estimates presented in this announcement which underpin the economic assessments, though they have been prepared with due care by suitably qualified experts to the standard of a Scoping Study, are derived in part from modifications of Coda’s earlier CAPEX and OPEX estimates, first presented in 2022. This has been done to ensure direct comparability with earlier iterations of the Scoping Study, however it should be noted changing underlying market conditions may mean that a full recalculation would produce different numbers if undertaken from scratch. This work will be undertaken during upcoming Pre-Feasibility Studies, and this work is expected to provide greater confidence when estimating the economic potential of the Project at PFS level. This work will be required before any production or economic outcomes can be confirmed. Cautionary Statement Regarding Use of Inferred Resources in Production Targets Production targets are unchanged from the December 2024 Scoping Study8F 4 and include contributions from Inferred Resources. Emmie Bluff Production Target includes 96% Indicated and 4% Inferred Resources, MG14 and Windabout 100% Indicated, Cattle Grid South 100% Inferred. 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 approximately 0.03%, 0.03% and 5.42% of the contained metal 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. Cautionary Statement Regarding Calculation Ore Reserves The Scoping Study referred to in this report is based on low-level technical and economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised. 4 Available at https://codaminerals.com/announcements/6690414 E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Project Economic Modelling The economics of the Elizabeth Creek Project have been re-modelled with updated base-case commodity price assumptions. Material changes include: - Copper Price (USD/t) – From $9,260 to $10,500 - Silver Price (USD/Oz) – From $30 to $60 Coda’s updated base-case commodity price assumptions have been derived in a variety of ways and checked against comparable peer projects to ensure consistency with the broader market. The selected copper price of US$10,500/t (US$4.76/lb) is below the six-month average LME price leading up to release of this study and is considered conservative given the current market conditions. All other relevant economic factors, including assumptions around foreign exchange rates, royalty rates, etc, and technical factors, including recoveries, CAPEX and OPEX estimates, etc, remain as stated in the Company’s most recent Scoping Study7F 5. The table below shoes the assumptions underlying the new base-case project economics. Macroeconomic Assumptions Table DISCOUNT RATE REAL% 7.0% EXCHANGE RATE USD:AUD 0.68 FEDERAL CORPORATE TAX RATE % 30% SAROYALTY RATES REFINED PRODUCT 3.5% COPPER PRICE USD/T $10,500 SILVER PRICE USD/OZ $60 ZINC PRICE USD/T $2,700 5 Coda’s last Scoping Study Update, released to the market on 28 August 2025, is available at https://codaminerals.com/announcements/7126651 E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Project Economic Summary Area Measure Unit Previous Study Updated Base Case Spot Price[1] COMMODITY PRICES Copper (USD/t) 9,260 10,500 13,108 Silver (USD/Oz) 30.00 60.00 82.00 FX (USD:AUD) 0.68 0.68 0.71 REVENUE Revenue A$M 7,264 8,979 10,889 Copper % 85% 78% 77% Silver % 12% 20% 21% Zinc % 3% 2% 2% FINANCIALS Pre-Tax Net Cash Flow A$M 2,397 4,040 5,873 Pre-Tax (NPV7) A$M 1,289 2,247 3,322 Pre-Tax IRR % 39% 56% 74% Total Capital Payback Years 3.25 2.50 1.75 Post-Tax Net Cash Flow A$M 1,692 2,841 4,129 Post-Tax (NPV7) A$M 855 1,521 2,278 Post-Tax IRR % 30% 43% 57% PRODUCTION Mine Life Years 15.5 Ore Process Rate Mtpa 3 Feed from Indicated Resource % 87% Feed from Inferred Resource % 13% Copper Produced – Total Kt 454 Silver Produced – Total Moz 20.3 Copper – Steady State Average[2] Ktpa 31.9 Silver – Steady State Average[2] MOzpa 1.4 CAPITAL Pre-Production Capital A$M 472 Post-Production Capital A$M 143 Total Capital A$M 615 Total Financing Requirement A$M 478 OPERATING C1 Cost USD/lb Cu 1.90 1.30 0.97 All In Sustaining Cost[2] USD/lb Cu 2.15 1.60 1.33 [1] Spot Prices as of 11th February 2026. [2] Steady State Average is calculated from year 5 to year 15 [2] All-In Sustaining Cost (AISC) includes all mining, processing, tailings management, transport including freight, sustaining capital, royalties & G&A costs E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Sensitivity Analysis Sensitivity analysis was carried out to determine the impact of various factors on the Project’s financial performance. The graph below illustrates how the estimated base case NPV ($2.249B) varies when each of the key inputs increases or decreases by 20%, with the exception of the discount rate, which was varied between 6.5% and 12%, reflecting a more realistic market range. Sensitivity analysis on copper and silver prices has been excluded from this tornado analysis and has been assessed separately, due to the significant volatility and material price movements experienced over the past six months. $500 $1,500 $2,500 $3,500 Exchange Rate Discount Rate Mining OPEX Processing OPEX CAPEX Sensitivity Analysis Figure 1 Project pre-tax NPV sensitivity to key variables. Please note that the above chart does not account for correlation between variables and the model remains ceteris paribus. E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Coda has modelled the Project’s sensitivity to a range of potential copper and silver price scenarios, spanning from a low case of US$9,000/t12F copper (12-month low) and US$20/Oz silver, through to current spot prices (in bold) and upside case for both commodities, see Figure 2. Sensitivity has been independently modelled for movements in both copper and silver prices. On a standalone basis, the analysis indicates that, on average, a US$10/oz increase in silver price results in an increase in pre-tax NPV7 of approximately A$165 million, while a US$1,000/t increase in copper price results in an increase in pre-tax NPV7 of approximately A$377 million. Although silver prices have increased by a materially greater factor than copper prices over the past six months, the Project’s revenue remains predominantly driven by copper. Under the updated commodity price forecasts, copper contributes approximately 78% of lifetime project revenue (compared to 85% using previous commodity price assumptions) while silver remains an important by-product, accounting for approximately 20% (compared to 12% previously). If modelled at current spot prices, copper accounts for approximately 77% of total revenue, with silver contributing approximately 21%. Even at a highly conservative copper price of US$8,000/t, silver prices would need to exceed approximately US$180/oz before silver would exceed 50% of lifetime project revenue. Under the current assumed copper prices of US$10,500, silver would need to exceed US$240/Oz to achieve a 50% revenue share. Figure 2 Project pre-tax NPV7 sensitivity to changes in copper and silver prices at FX Rate USD:AUD 0.68. E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Project CAPEX Total project CAPEX has remained unchanged to the August 2025 Scoping Study update. Net project CAPEX is estimated at A$615 million under the current assumptions.15F 6 A detailed breakdown of project CAPEX is provided as Table 1, below. Table 1 Elizabeth Creek CAPEX cost breakdown PRE-PRODUCTION CAPITAL EXPENDITURE A$M Underground Mining 37 Process Plant 285 Camp 31 Site Infrastructure 52 Tailings Storage Facility 22 Contingency 42 Owners Costs 3 Total Pre-Production Capital Expenditure 472 Capital Intensity16F 7 , Steady-State Annual, (USD/t Cu) $10,065 Capital Intensity, Lifetime, (USD/t Cu) $707 POST-PRODUCTION CAPITAL EXPENDITURE A$M Underground Mining 143 Process Plant 0 Total Post-Production Capital Expenditure 143 Total Capital 615 Following review by the Company’s board and management, the Company believes that capital cost estimates are appropriate for a Scoping Study with a margin of error estimated at +/- 35%. Coda is currently undertaking a Pre-Feasibility Study into the Elizabeth Creek Project, which will include a detailed engineering design study intended to produce more up to date and accurate capital cost estimates. CAPEX sensitivity analysis is provided in the “Sensitivity Analysis” section, above. 6 Please see Cautionary Statement Regarding CAPEX and OPEX Estimates for caveats regarding the calculation of project CAPEX. 7 Capital intensity has been calculated based on pre-production CAPEX per tonne of Cu, with no accounting for by-product credits (i.e. calculating on the basis of CuEq). E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Project OPEX Overall project OPEX has remained unchanged to the August Scoping Study update. A detailed breakdown of project OPEX is provided as Table 2. Table 2 OPEX per tonne of ore mined UNIT OPERATING COSTS UNIT CATTLE GRID SOUTH MG14 WINDABOUT EMMIE BLUFF Mining A$/t ore 17 40 71 49 Processing – Whole Ore Leach A$/t ore 33 33 33 33 Residual Management A$/t ore 2 2 2 2 General & Administration A$/t ore 4 4 4 4 Total Operating Costs A$/t ore 55 78 110 87 Following review by the Company’s board and management, the Company believes that operating cost estimates are appropriate for a Scoping Study with a margin of error estimated at +/- 35%. Coda is currently undertaking a Pre-Feasibility Study into the Elizabeth Creek Project, which will include a detailed engineering design study intended to produce more up to date and accurate capital cost estimates. OPEX sensitivity analysis is provided in the “Sensitivity Analysis” section, above E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Mining Production Schedule Figure 3 The anticipated mined production schedule for all three deposits based on Resource Categorisation. CuEq% for MG14, Windabout and Emmie Bluff is calculated as per “Metal Equivalents”, above. Mine schedule has been carried over from the December Study with minimal adjustment in order to facilitate comparison between the two processing options. Coda anticipates that changes to this schedule may occur during mining studies, slated to be undertaken during the PFS if the whole-ore leach flowsheet is selected. 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. Mined production exceeds processing capacity in year 16– excess tonnes will be stockpiled to maximise plant throughput in year 17. 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 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 Year 17 Year 18 Mined Production by Mineral Resource Category, Elizabeth Creek MG14 - Indicated Emmie Bluff - Indicated Emmie Bluff - Inferred Windabout - Indicated Cattle Grid South - Inferred Inferred CuEq Grade % Indicated CuEq Grade % Cattle Grid South - (Inferred), Cu Grade % E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Table 3 The anticipated mined production schedule for all four deposits based on Resource Categorisation. CuEq% equations for MG14/Windabout and Emmie Bluff are provided in the Metal Equivalents section, above. 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. Please note that only revenue from copper, silver and zinc is considered in this Scoping Study. ` 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 Year 17 Year 18 MG14 (Indicated), Tonnes - - 1,256,905 - - - - - - - - - - - - - - - Windabout (Indicated), Tonnes - - 847,329 2,368,673 422,132 131,750 - - - - 790,500 985,957 412,591 Emmie Bluff (Indicated), Tonnes - - 19,803 777,674 2,600,156 2,910,363 2,911,250 2,820,654 2,815,323 2,773,940 2,758,291 2,721,593 2,663,927 2,615,340 1,285,951 521,342 - - Emmie Bluff (Inferred), Tonnes - - - - 21,076 3,193 - - - 6,841 70,736 49,080 272,193 201,322 972,198 15,994 - - Cattle Grid South (Inferred), Tonnes - - - - - - - - - - - - - - - 1,808,359 1,567,974 666,667 Inferred Mined (Tonnage basis, %, yearly) - - 0.00% 0.00% 0.69% 0.10% 0.00% 0.00% 0.00% 0.25% 2.50% 1.77% 9.27% 7.15% 43.05% 58.17% 61.39% 61.77% Inferred Mined (Tonnage basis, %, cumulatively) - - 0.00% 0.00% 0.05% 0.06% 0.06% 0.06% 0.06% 0.07% 0.24% 0.35% 0.98% 1.45% 3.71% 7.94% 11.58% 13.13% Inferred Mined (Contained Metal basis, %, yearly) 0.00% 0.00% 0.33% 0.04% 0.00% 0.00% 0.00% 0.13% 1.18% 0.82% 5.26% 4.65% 34.96% 27.46% 36.08% 40.54% Inferred Mined (Contained Metal basis, %, cumulatively) - - 0.00% 0.00% 0.03% 0.03% 0.03% 0.03% 0.03% 0.04% 0.11% 0.16% 0.51% 0.77% 2.43% 3.49% 4.77% 5.42% Indicated Mined (Tonnage basis, %, yearly) - - 100.00% 100.00% 99.31% 99.90% 100.00% 100.00% 100.00% 99.75% 97.50% 98.23% 90.73% 92.85% 56.95% 41.83% 38.61% 38.23% Indicated Mined (Tonnage basis, %, cumulatively) - - 4.93% 12.24% 19.26% 26.32% 33.08% 39.63% 46.17% 52.61% 59.01% 65.33% 71.52% 77.59% 80.57% 83.62% 85.91% 86.87% Indicated Mined (Contained Metal basis, %, yearly) - - 100.00% 100.00% 99.67% 99.96% 100.00% 100.00% 100.00% 99.87% 98.82% 99.18% 94.74% 95.35% 65.04% 72.54% 63.92% 59.46% Indicated Mined (Contained Metal basis, %, cumulatively) - - 5.61% 13.39% 21.22% 29.75% 38.86% 46.89% 54.54% 61.49% 67.78% 73.83% 80.07% 85.47% 88.55% 91.36% 93.62% 94.58% E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Annual Cashflow Figure 4 Pre-Tax annual cashflow for the base case scenario, Elizabeth Creek Copper-Cobalt Project. -1,000 -500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 -400 -300 -200 -100 0 100 200 300 400 500 600 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 Year 17 Year 18 Cumulative Cashflow (A$M) Annual Cashflow (A$M) Pre-Tax Annual Cash Flow (A$M) E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Taxation The base case financial analysis is undertaken on a pre-tax basis to reflect the Project’s value at the point of FID independent of its ownership structure. Accounting for the impact of tax, the financial performance of the Project changes as follows: NET REVENUE A$M 8,979 NET CASH FLOW (POST-TAX) A$M 2,841 POST-TAX NPV7 A$M 1,521 POST-TAX IRR % 43% CAPITALPAYBACK PERIOD33F33F33F33 F17F 8 YEARS 2.50 It is anticipated that the Project will contribute a total of approximately $313 million in state royalties and $1,198 million in federal taxes over its lifetime. PROJECT FUNDING Coda will progress project funding options and ownership structures during the Pre-Feasibility study. The funding of greenfield mining projects is well understood and a globally common occurrence with multiple precedent transactions of similar scale and size. It is currently envisaged that the project may be funded through a combination of equity, project debt, build-own- operate (BOO) models, and offtake prepayments. No binding funding commitments have been entered into and there is no certainty that any funding will be secured on acceptable terms or at all. FUNDING OPTIONS – DEBT AND EQUITY Global capital markets provide multiple opportunities for funding of copper and battery minerals projects through debt and equity. Coda has received and continues to receive, considerable interest from parties including private equity groups, end users, and traders of both copper and cobalt materials. Ongoing global efforts to de-carbonise mean that it is likely that there will be ongoing interest and liquidity for funding of copper and battery minerals projects by global capital markets. STRATEGIC PARTNERS – SOURCES OF FUNDING Coda is actively engaging with multiple potential strategic partners and has established a detailed project dataroom containing full details of this Scoping Study as well as other relevant project and exploration data. Potential strategic partners include end users, OEMs, and trading houses located in South Korea, Japan, and Europe. Funding may become available in the form of direct project