Announcement PDF 2025 ASX RELEASE Code: COD ASX:COD 26th June 2025 Breakthrough Delivers Material Uplift in Copper, Silver Recoveries Test-work on simplified processing flowsheet using coarse grind whole-ore leach paves the way for a material recovery uplift and CAPEX reduction. Highlights • Coda has completed a preliminary testwork programme assessing two different whole-ore leach techniques on mineralised material from the Emmie Bluff deposit. • The two methods, catalysed ammonia leach and ammonium chloride leach, have shown high copper recoveries of approximately 92.5% and 95.9% respectively after leaches of just eight hours, with these excellent results achieved at relatively coarse grind sizes (75µm). • Whole-ore leach is expected to materially reduce CAPEX by eliminating the need for a flotation plant, Albion circuit, O2 plant and other items, replacing these items with simple polycarbonate (plastic) tanks. • Coda is rapidly progressing OPEX and CAPEX estimation work and trade-off comparison studies relative to the current base case flowsheet. Coda Minerals Limited (ASX: COD, “Coda” or “the Company”) is pleased to report positive results from recent metallurgical testwork at its 100%-owned Elizabeth Creek Copper-Cobalt Project (ECCCP) in South Australia. The results demonstrate significantly improved copper and silver recoveries using whole-ore leach techniques, with the potential to reduce capital expenditure (CAPEX) and simplify the processing flowsheet. Two whole-ore leach methods were trialled using ore from the Emmie Bluff deposit, the cornerstone of the Elizabeth Creek Project. Both approaches delivered encouraging results, with short leach times and copper recoveries substantially exceeding those achieved using the Company’s existing flotation-based flowsheet. Key outcomes include: • Catalysed ammonia oxidative leach (using a readily available, low-cost catalyst): 92.5% copper recovery • Ammonium chloride and air oxidative leach: 95.9% copper recovery • These compare favourably to the 82.8% average copper recovery from previous flotation testwork Both methods are near-neutral or alkaline, making them well-suited to the carbonate-rich Emmie Bluff ore. Importantly, by processing the full ore stream directly—without prior flotation—these approaches may lower both capital costs and operational complexity. Existing Base Case Flowsheet Coda’s most recent Scoping Study, published in December 2024, demonstrated an economically robust project with a globally competitive Net Present Value (NPV7) of approximately A$1.2 Billion Pre Tax and A$802 million Post Tax1 and an estimated All-in Sustaining Cost (AISC) of US$1.80/lb of copper. 1 For full details, including all relevant JORC Tables, please see “New Resources, Higher Recoveries Boost Elizabeth Creek Value”, released to the ASX on 3rd December 2024, and available at https://www.codaminerals.com/wp-content/uploads/2024/12/20241203_Coda_ANN_New-Resources-Higher-RecoveriesBoost-Elizabeth-Creek-Value_VRelease.pdf . Please see Appendix 1 for Confirmatory Statements LR5.19.2 and 5.23.2 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 These numbers were achieved based on copper recoveries averaging 82% over the life of mine. The existing flowsheet is based on a multi-stage flotation circuit followed by Albion™ to recover copper, silver, cobalt, and zinc from the flotation concentrate. Close variants of this flowsheet are commonly used in mines globally, although it is relatively complex compared to whole-ore leach based flowsheets. Recent Testwork Coda has been investigating methods to increase recoveries, especially of copper and silver which have the greatest scope for improvement. Whole-ore leaching is also commonly used in mines globally and offers the potential to materially reduce processing complexity and increase recoveries. This recent work demonstrates the successful application of this technology to Elizabeth Creek for the first time and provides a viable pathway for additional work. Coda Minerals CEO, Chris Stevens said: “Elizabeth Creek already demonstrates robust fundamentals, with a published post-tax NPV(7) of $802 million and an IRR of 28%. These numbers were achieved based on copper and silver price and FX assumptions materially below spot, and an average copper recovery of 82%. While these metrics delivered a strong and buildable project, our current flowsheet still loses around 18% of copper to tailings—a clear opportunity for further value creation. “Improving recoveries is the single most powerful lever we can pull. Every percentage point gained translates directly into increased revenue over the life of mine. “Ammoniacal leaching of whole ore has now delivered results which are exceptional and provides multiple pathways to copper recoveries of well over 90% and silver recoveries of 97%. These are outstanding outcomes that further enhance the project’s potential. “Our next step is to work with independent consultants to rapidly quantify the capital and operating costs, enabling an updated economic assessment. “Our strategy remains clear: progress Elizabeth Creek to a construction-ready state with technical and economic studies, and approvals in place. There is strong global demand for quality copper projects in Tier 1 jurisdictions—and we are determined to take what is already a solid project and make it a true standout.” Ongoing Work Programme Coda is currently progressing a Pre-Feasibility Study (PFS) for Elizabeth Creek, with critical path approvals work well underway. The Company will continue to advance the current base-case flowsheet whilst rapidly undertaking work required to assess the full technical and economic implications of the whole-ore leaching breakthrough detailed in this announcement. To date, work has primarily focused on the recovery of copper and silver, both of which benefit from historically high price forecasts and offer the most scope for value improvement. Work is also currently underway on cobalt leaching optimisation. The Company will provide updates to the market on the ongoing whole-ore leaching optimisation and related trade-off studies. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Figure 1 Copper recovery from (ammonium chloride leaching at Emmie Bluff vs recovery using the flotation + Albion hydrometallurgical pathway identified and detailed in the Elizabeth Creek Scoping Study. See Figure 5 for further details. Cautionary Statement Regarding Metallurgical Testwork The Company advises that the metallurgical results presented in this announcement are preliminary in nature and based on early-stage testwork. While the testwork has been conducted and reported with due care, further work is required to confirm the applicability of these results across the broader Elizabeth Creek Project, including additional variability testing at Emmie Bluff, assessment of applicability to the MG14 and Windabout deposits, and detailed engineering studies to estimate operating and capital costs. Investors are cautioned that these results are not definitive and should not be relied upon solely as a basis for investment decisions. Further testwork and analysis will be required before any production or economic outcomes can be confirmed. Sample Selection and Testwork Method Testwork was completed using sample from the Emmie Bluff deposit, specifically from drillholes DD21EB0028 and DD21EB0025, both of which were drilled in 2021. The mineralised portions of the drillholes have been held in sub-zero cold storage ever since to minimise oxidation. DD21EB0028 was chosen to be representative of the overall Emmie Bluff deposit as possible (See Figure 2 and Table 2, below). DD21EB0025 is a higher-grade sample designed to be more representative of the north-east corner of the Emmie Bluff Resource. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Phase 1 Test-work Results - Catalysed Ammonia Leach The sample was provided as HQ half diamond core and combined before being crushed to P100 2mm, homogenised and split into 500g charges. One charge from DD21EB0028 was stage ground to a preselected grind size, specifically to P80 75, 53, 38 and 25µm. Ground sample was then leached in a 6M Ammonia solution at 70⁰C in the presence of the catalyst at 8% solids, along with excess ammonium sulphate. The oxidative catalyst which promotes and accelerates sulphide oxidation, is not consumed in the reaction, and can be recovered and recycled. This catalyst, which is currently commercial in confidence, is a common, low cost and widely available material that Coda does not anticipate any challenges in sourcing. All lixiviants and reagents were deliberately overdosed, and will be optimised in future rounds of testing. Residue and leachate samples were taken for assay at regular intervals. 75µm was determined to be the optimal grind size, with total copper extraction of 92.5% after 8 hours. Table 1 Drillhole collar data Drillhole Name DD21EB0028 DD21EB0025 Easting 705830 706395 Northing 6555990 6557025 Elevation 158 171 Azimuth 270 225 Collar Dip -80 -60 EOH Azi 263.1 230.9 EOH Dip -89.3 -67.4 Actual Depth 456.5 519.5 Table 2 Metallurgical sample representivity: mineralised samples compared to the head grade of the Emmie Bluff Mineral Resource2. Resource Category Tonnes Cutoff Grade Grade Grade Grade (Mt) Grade (% Cu) (ppm Co) (g/t Ag) (ppm Zn) Emmie Bluff Indicated 37.5 1% CuEq 1.29% 590 17.1 1800 Mineral Resource Inferred 2.7 1% CuEq 0.94% 283 12.1 1700 Total Total 40.2 1% CuEq 1.27% 569 16.8 1700 DD21EB0028 Sample - - - 1.28% 377 28 508 DD21EB0025 Sample - - - 2.39% 865 46 1492 2 Please see Appendix 1 for links to full Resource Statements, Confirmatory Statements and Copper Equivalent grade calculations. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Figure 2 Location of sample drillhole within the broader mineral resource. Phase 1 Test-work Results – Ammonium Chloride Leach An additional 100g, P80 75µm sample was taken as per the previous test, in this case from DD21EB0025, and leached in an ammonium chloride solution at 90⁰C for 8 hours in the presence of excess ammonium sulphate and sparging air, with the only consumed reagent being air. Residue and leachate samples were again taken for assay at regular intervals. Total copper extraction of 95.9% was achieved after 8 hours. The results of the testwork are summarised as leach curves for copper in Figure 3, below. By-Products A second round of leaching, this time using ammonium thiosulphate as a reductant, was undertaken following the catalysed ammonia leach in order to extract silver. Tests were undertaken on residue from catalysed ammoniacal leaching, and resulted in the extraction of approximately 51% Ag after 8 hours. Additional testwork is currently being undertaken to further assess and enhance this second reductive stage of the leach. Priorities will include repeating the ammonium thiosulphate leach on ammonium chloride leached residue and extending residence time beyond 8 hours. Additional reductants will also be tested to assess the potential to extract cobalt. Silver was extracted directly by the ammonium chloride oxidative leach, and achieved a significantly better result, with 97.3% extraction after 8 hours. The results of the testwork are summarised as a leach curves for silver in Figure 4, below. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Cu Extraction (%) Recovery Curve - Cu 100 90 80 70 60 50 40 30 20 10 0 Catalysed Ammonia Leach Ammonium Chloride Leach 0 1 2 3 4 5 6 7 8 Hours Figure 3 Copper recovery curves under the two oxidative leach processes under consideration. Cu Extraction (%) Recovery Curve - Ag 100 90 80 70 60 50 40 30 20 10 0 Catalysed Ammonia, Reductive Leach Residue Ammonium Chloride Oxidative Leach 0 1 2 3 4 5 6 7 8 Hours Figure 4 Silver recovery curves via ammonium thiosulphate reductive leach of the residues from the catalysed ammonia leach process and ammonium chloride oxidative leach of whole ore. The current metallurgical testwork has focused on copper and silver, which offer the greatest opportunity for improved recoveries and are expected to deliver the majority of project revenue at current spot prices. Notably, the value of the silver component has increased significantly since the commencement of Coda’s study work, further enhancing project economics. While Elizabeth Creek is primarily positioned as a copper-cobalt-silver project, it is also expected to produce modest quantities of zinc over the life of mine. Cobalt is not recovered in the initial oxidising phase of either the ammonium chloride or the catalysed ammonia leach, which was expected due to the oxidation state of the cobalt in the primary host sulphide. Given that cobalt in the deposit is hosted in carrollite, which has historically demonstrated strong flotation performance (75–90% recoveries3 in the most recent update to the Scoping Study 4), there are multiple viable pathways for its extraction, including flotation or secondary leaching of residues. 3 Please note that these figures relate to the current base case flowsheet as reported in the December 2024 Scoping Study. No cobalt figures are quoted as part of results presented in this announcement. 4 For full details, including all relevant JORC Tables, please see “New Resources, Higher Recoveries Boost Elizabeth Creek Value”, released to the ASX on 3rd December 2024, and available at https://www.codaminerals.com/wp-content/uploads/2024/12/20241203_Coda_ANN_New-Resources-HigherRecoveries-Boost-Elizabeth-Creek-Value_VRelease.pdf 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Ongoing work in the short term will prioritise assessing a second-stage reducing leach using a variety of lixiviants to enhance cobalt recovery. Importantly, the revised flowsheet creates multiple new strategic pathways to investigate for project development. These include a lower-CAPEX, fast-start scenario focused on early copper and silver production, as well as the potential to reoptimise open pit designs to enable a larger Stage 1 development. These enhancements are expected to provide greater flexibility to stage the project and maximise value over time. Implications and Next Steps Per Coda’s most recent Scoping Study (see ASX Announcement 3 December 2024), the currently assumed flowsheet, which utilises flotation to concentrate followed by an onsite Albion hydrometallurgical processing plant, sees a net weighted average recovery of 82% copper across the project overall. A material improvement to this recovery, especially combined with decreases in CAPEX and potentially OPEX, is anticipated to have a material impact on the project’s economics, assuming co-product recoveries can be maintained or improved relative to the current base case flotation process. Coda is actively engaged in ongoing test work to continue to improve the process, including by improving silver recovery from catalysed ammonia leach and by assessing the recoverability of cobalt through the application of alternative reductants. Once this work is concluded, future priorities will include optimisation of the reagent and lixiviant concentrations, maximising the recyclability of all reagents, including the oxidative catalyst, and reducing OPEX as much as possible while retaining high recoveries. The Company will also re-assess project economics to determine which oxidative leach is the better solution to take forward, at which time Coda will provide an update to the market regarding the proposed development pathway for the Elizabeth Creek Project overall. Figure 5 Recoveries from recent test work as compared to net recovery (flotation recovery + hydrometallurgical recovery through proposed Albion circuit) as per the 2024 update the the Elizabeth Creek Scoping Study.5 5 For full details, including all relevant JORC Tables, please see “New Resources, Higher Recoveries Boost Elizabeth Creek Value”, released to the ASX on 3rd December 2024, and available at https://www.codaminerals.com/wp-content/uploads/2024/12/20241203_Coda_ANN_New-Resources-HigherRecoveries-Boost-Elizabeth-Creek-Value_VRelease.pdf 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Other Exploration Results Coda has recently received assay results for drillhole DD25EB0038, which was initially announced as having intersected narrow mineralised Tapley Hill Formation material in March of this year6. These assay results broadly confirm the observations as reported in the earlier announcement, with an interval of 0.76m @ 0.81% Cu from 435.6m. These results clearly show that additional mineralisation does occur outside of the known major basin which hosts the Emmie Bluff Mineral Resource, and that scope exists to expand mineralisation in several directions, depending on the conditions during the mineralising event. Coda will continue to assess the potential for Resource growth in this area. Figure 6 Recent drilling completed at Emmie East. Only drillhole DD25EB0038 was submitted for assay. Table 3 2025 DD25EB0038 Assay Results SampleID D25Z0001 D25Z0002 D25Z0003 D25Z0004 D25Z0005 D25Z0006 D25Z0007 From 433.4 434.1 434.5 435.1 435.6 436.1 436.4 To 434.1 434.5 435.1 435.6 436.1 436.4 437 Int. 0.73 0.36 0.65 0.53 0.44 0.32 0.61 Ag <0.2 <0.2 <0.2 <0.2 0.4 0.8 <0.2 Al 30800 46600 69800 39800 73900 76800 36400 As Bi Ca 3 1.7 16900 4 2.2 21000 4 2.3 4000 2 0.3 14300 4 73.9 2100 5 61.8 1500 2 0.8 900 Co 11 16 21 14 22 23 10 Cu 17 47 22 38 8380 7830 27 Fe 22900 24400 19500 20500 12400 12200 31200 Mg 11900 15800 8600 10900 7700 7400 3700 Mn 2320 2510 732 2880 418 140 148 Ni 15 30 40 20 40 40 20 Pb S Th 17 150 10 24 200 14.8 34 150 24.7 22 150 15.8 44 2350 26.1 53 2200 27.3 13 300 13.2 Y 11.6 17.7 21.6 15.4 24.6 26.6 15.6 Zn 36 58 86 58 82 76 38 Zr 83 121 152 88 222 156 84 La 27.3 37.8 52.3 36.7 59.8 62.6 34.3 Ce 57.9 80.4 109 74.8 126 133 73.5 6 For all information, including JORC Table 1, please see ASX release “Drilling Identifies Potential Emmie Bluff Extension”, released to the market on the 19th of March, 2025, and available at https://www.codaminerals.com/wp-content/uploads/2025/03/20250319_ANN_Coda_Drilling-Concludes-atElizabeth-Creek_vRelease.pdf 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Table 4 2025 Drillholes collar details and historical drillholes discussed in the announcement Drillhole Name DD25EB0037 DD25EB0038 DD25EB0039 DD25EB0040 Easting 708749 707811 708073 708759 Northing 6555742 6553925 6556834 6553827 Elevation 184 177 190 190 Azimuth 0 0 135 0 Collar Dip -90 -90 -60 -90 EOH Azi EOH Dip 136 -78 Target Depth 520 470 530 500 Actual Depth 492.97 444.8 546.8 464.1 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 Competent Person’s Statement The information in this report which relates to metallurgical results is based on information compiled by Dr Carl Urbani, who is an employee of AMAC Process Solutions Pty Ltd. Dr Urbani is a Member of the Australasian Institute of Mining and Metallurgy 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. Dr Urbani 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 exploration results is based on information compiled by Mr. Matthew Weber, who is an employee of the company. Mr Weber is a Member of the Australasian Institute of Mining and Metallurgy 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 Weber 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 About Coda Minerals Coda Minerals Limited (ASX: COD) is focused on the discovery and development of minerals that are leveraged to the global energy transformation through electrification and the adoption of renewable energy technologies. Coda's flagship asset is the 100%-owned Elizabeth Creek Copper-Cobalt Project, located in the world-class Olympic Copper Province in the Eastern Gawler Craton, South Australia’s most productive copper belt. Elizabeth Creek is centred 100km south of BHP’s Olympic Dam copper-gold-uranium mine, 15km from its new Oak Dam West Project and 50km west of its Carrapateena copper-gold project. Coda consolidated 100% ownership of the Elizabeth Creek Copper Project after completing the acquisition of its former joint venture partner, Torrens Mining, in the first half of 2022. In December 2021, Coda announced a maiden Indicated and Inferred Mineral Resource Estimate for the Emmie Bluff copper-cobalt deposit at Elizabeth Creek, which was later updated in January of 2024. The Mineral Resource comprises 40.2Mt @ 1.27% copper, 569ppm cobalt, 17g/t silver and 0.17% zinc (1.87% Copper Equivalent (CuEq)) containing approximately 510kt copper, 23kt cobalt, 21.7Moz silver and 70kt zinc (751kt CuEq) 7. Importantly, 95% of the contained metal is classified in the higher confidence ‘Indicated Resource’ category and is available for use in mining studies. Emmie Bluff is one of three known ‘Zambian-style’ copper-cobalt deposits at Elizabeth Creek, including JORC 2012 compliant Indicated Mineral Resources at the Windabout (18Mt @ 1.14% CuEq) and MG14 (1.8Mt @ 1.67% CuEq) deposits8. Collectively, the three resources at Elizabeth Creek now host a total of over 1 million tonnes of contained copper equivalent. A scoping study into the development of these three deposits was released in March of 2023 and updated in January 9, March10 and December of 2024. The updated study demonstrated an economically robust project with a 16 year mine life, capable of producing approximately 26,700 tonnes of copper and 1,300 tonnes of cobalt at steady state production levels. The project had a lifetime average AISC of USD $1.80/lb of Cu (after by-product credits) and an approximately pre-tax NPV7 of $1.18B 11. Coda has also discovered a significant IOCG system adjacent to and below the Emmie Bluff target, with initial deep diamond drilling in June 2021 intersecting 200m of intense IOCG alteration at the Emmie IOCG target, including approximately 50m of copper sulphide mineralisation 12. Since then, Coda has drilled 21 holes into Emmie IOCG, with all but three returning significant widths of mineralisation, some over 3% copper and 0.5g/t gold 13. Coda has a dual strategy for success at Elizabeth Creek. Firstly, it is working towards the next step in the development process for its Zambian-style copper cobalt projects by advancing technical and economic studies to build on the results of the recently updated Scoping Study, while simultaneously undertaking exploration to further define and extend known Zambian-style copper-cobalt resources across multiple prospects. Secondly, it is undertaking a substantial geophysical and related assessment programme at the Emmie IOCG prospect to further understand the structures and extent of the geological model defined through drilling. Coda also has consolidated 100% ownership of the Cameron River Copper-Gold-Uranium Project, located in the highly prospective Mount Isa Inlier in Queensland. The Project comprises 35km 2 of copper and gold exploration tenure spanning two Exploration Permits (EPMs 27042 and 27053). 7 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics Competent Person: Dr Michael Cunningham. 2020.10.26 - Confirmation Statements JORC, Competent Person: Tim Callaghan. 9 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics 10 2024.03.14 – Further Key Improvement in Underground Project Economics 11 2024.12.03 – New Resources, Higher Recoveries Boost Elizabeth Creek Value. See below for LR 5.23.2 Statement. 12 2021.06.22 - Thick Zone of IOCG Mineralisation Intersected at Emmie Bluff Deeps, Competent Person: Mr Matthew Weber. 13 2022.08.18 – Assays from IOCG Drilling Confirm Target Areas for Follow Up, Competent Person: Mr Matthew Weber. 8 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Appendix 1: Elizabeth Creek Mineral Resources Table 5 Aggregated Mineral Resources at Elizabeth Creek OPEN PIT Resource Category Type Proposed Tonnage Cut-off Mining Mt Grade Method Copper Cobalt Silver Zinc Grade Contained Grade Contained Grade Contained Grade Contained Grade Contained (% Cu) Metal (t) (ppm Co) Metal (t) (g/t Ag) Metal (Moz) (ppm Zn) Metal (t) (% CuEq) Metal (t) 684 4000 MG14 Indicated Zambian Open Pit 1.8 0.5% CuEq 1.2% 22,700 330 600 14 0.8 Cattle Grid South Inferred Breccia Open Pit 5.8 0.2% Cu 0.6% 36,000 120 700 3.5 0.7 Windabout Indicated Zambian Open Pit 17.7 0.5% CuEq 0.8% 136,100 490 8700 8 4.6 Sub Totals Indicated Zambian Open Pit 19.5 0.5 CuEq 0.8% 158,800 480 9300 8.5 5.4 (Open Pit) Inferred Breccia Open Pit 5.8 0.2% Cu 0.6% 36,000 120 700 3.5 1 Proposed Tonnage Cut-off Mining Mt Grade UNDERGROUND Resource Category Type Method Copper Equivalent Copper Cobalt 1.7% 684 Silver 30,600 36,00014 1.4% 249,100 1.4% 316,000 4,000 Zinc Copper Equivalent Grade Contained Grade Contained Grade Contained Grade Contained Grade Contained (% Cu) Metal (t) (ppm Co) Metal (t) (g/t Ag) Metal (Moz) (ppm Zn) Metal (t) (% CuEq) Metal (t) Indicated Zambian Underground 37.5 1% CuEq 1.3% 485,000 590 22,000 17 20.6 1800 66000 1.9% 715,000 Emmie Bluff Inferred Zambian Underground 2.7 1% CuEq 0.9% 46,000 280 1,000 12 1.1 1700 5000 1.3% 36,000 Sub Total (Underground) Combined Zambian Underground 40.2 1% CuEq 1.3% 511,000 570 23,000 16.8 21.7 1700 70000 1.9% 751,000 Project Wide Total15 65.5 Mt 725,800t Contained Cu 33,000t contained Co 28 Moz Contained Ag 75,000t Contained Zn16 1,067,000t contain CuEq 14 No Copper Equivalent was calculated for Cattle Grid South. Contained CuEq tonnes quoted in this column for Cattle Grid South consist of contained copper only. Total figures have been aggregated purely for convenience and to contextualise the specific contribution of individual Mineral Resource Estimates to the overall project scale. Grades reported are tonnage-weighted averages of the individual Mineral Resource Estimates. Coda notes that the total figure includes resources reported at varying cut-off grades, with varying estimation techniques, metallurgical properties and proposed mining methods. Individual Mineral Resource Estimates should be considered individually. 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. Please see below sections Statement Regarding Metal Equivalent Calculations and Competent Persons Statement for full details on the calculation of copper equivalents and links to original releases/CP statements. Figures have been rounded for simplicity. 16 No Zinc estimate was provided for the MG14 and Windabout deposits. This figure reflects the contained tonnage solely from Emmie Bluff and Cattle Grid South. 15 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Competent Persons’ Statements and Confirmatory Statement - Mineral Resource Estimates and Production Targets MG14 Indicated Mineral Resource: The information is extracted from the report entitled "Confirmation Statements JORC" created on 26th October 2020 and is available to view at: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-022989156A1003162&v=70bc033a22188bdfefb8a0b8ad3c24897ef2837d. The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Windabout Indicated Mineral Resource: The information is extracted from the report entitled "Confirmation Statements JORC" created on 26th October 2020 and is available to view at: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-022989156A1003162&v=70bc033a22188bdfefb8a0b8ad3c24897ef2837d. The company confirms that it is not aware of any new information or data that mate