Announcement PDF 2025 ASX RELEASE ASX:COD 28th August 2025 New Flowsheet Delivers Significant Cu-Ag Economic Uplift Flowsheet breakthrough delivers increased copper and silver production from a simpler process with lower costs. The result is greater value and reduced product marketing risk. Future Cobalt inclusion adds blue sky value. Highlights • FLOWSHEET BREAKTHROUGH: CAPEX and OPEX re-estimation completed incorporating the simplified processing flowsheet using coarse grind whole-ore leaching, as outlined in the announcement of 26 June 2025 1. • 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. • INCREASED PRODUCTION: Planned production of 454kt of copper and 20Moz of silver over the life-of-mine. Material increase from the previous estimate (384kt of copper and 16Moz of silver) due to increased recoveries with the new flowsheet. Annual estimated steady state production approximately 31ktpa copper, 1.4Mozpa silver. • PROJECT FINANCIALS: Estimated Pre-tax NPV(7) of approximately $1.29B and Internal Rate of Return (IRR) of 39%, compares with a Pre-tax NPV(7) of ~A$1.2B and IRR of 35% in the 2024 Scoping Study 2 (copper-silver-cobalt case). • UPSIDE AT SPOT: At spot prices, the estimated Pre-tax NPV(7) increases to approximately $1.81B and the IRR to 48%. Post-Tax NPV(7) of approximately $855 million, IRR 30%, rises to approximately $1.23 Billion and IRR 38% at SPOT 3. • REDUCED CAPEX: Total CAPEX reduction of $74 million, with the estimated total CAPEX payback period reduced from 4.0 years to 3.25 years. • PATHWAY TO DEVELOPMENT: Revised copper-silver base case will be incorporated in currently ongoing Pre-Feasibility Study (PFS). 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 the adoption of a revised base case copper-silver flowsheet incorporating the outcomes of the significant metallurgical breakthrough announced earlier this year. Further to the announcement of this key development on 26 June 2025 4, the Company has completed additional metallurgical test work and optimisation studies, together with a full CAPEX and OPEX re-estimation for the revised whole-ore leach flowsheet as part of its ongoing strategy to optimise the Elizabeth Creek development pathway as part of an ongoing PreFeasibility Study (PFS). The updated economics reported in this announcement are based on a simplified copper-silver base. Importantly, these figures exclude all cobalt revenue with the economics presented on copper and silver alone. This represents a value uplift 1 Please see ASX Announcement “Material Uplift in Copper and Silver Recoveries”, released to the market 26 June 2025, available at https://codaminerals.com/announcements/7023903 2 Please see ASX Announcement “New Resources, Higher Recoveries Boost Elizabeth Creek Value”, released to the market 3 December 2024, available at https://codaminerals.com/announcements/6690414 3 Spot Prices at 25th August 2025. Cu – $9,718 USD/t, Ag - $39 USD/Oz, FX – 0.65 AUD/USD 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 on prior studies. Crucially, the revised base case demonstrates that Elizabeth Creek is economically robust on copper and silver alone — both metals with strong price profiles and deep, liquid markets. Cobalt now becomes pure upside: while still offering attractive future potential, its removal from the base case reduces technical and marketing risk and positions it as an opportunity rather than a dependency. Metallurgical test work has focused on the copper and silver streams, delivering recoveries of 95% for copper and 98% for silver. Revised CAPEX and OPEX figures, calculated by independent consultants, are reported to a ±35% level of confidence — consistent with the previous flotation-based flowsheet. The outcomes presented are based on a staged development scenario, with the base case copper-silver project delivering a planned increase in production of 454kt of copper and 20Moz of silver over the life-of-mine. This is an interim update. Key workstreams are continuing, including cobalt optimisation and a re-optimisation of the mine plan using the new economic assumptions. Both of these workstreams offer further potential to enhance project value and will be incorporated as part of the PFS. As a result of the updated flowsheet, total CAPEX has reduced by $74 million compared with the previous estimate. Processing OPEX has fallen by $7.50/t, representing a 19% reduction. The revised economics 5 deliver an estimated pre-tax NPV(7) of approximately $1.29 billion and a pre-tax IRR of 39%. Post-tax, the estimated NPV(7) is $855 million with an IRR of 30%. These figures are based on US$9,260/t (US$ 4.20/lb) copper and US$ 30/oz silver and AUD:USD 0.68 Fx assumptions. This increases materially at current SPOT copper and silver pricing to NPV(7) of approximately $1.81 billion and 48% IRR pre-tax and $1.23 billion and 38% post tax. Commenting on the results, Coda Minerals CEO Chris Stevens said: “This is possibly the most significant advance in the history of Elizabeth Creek. Recovery optimisation has always been the single biggest lever we can pull, and these results show just how much value this work has unlocked. “The fact that copper and silver alone now deliver stronger economics on a like-for-like basis compared with our previous base case producing all three metals (copper, silver and cobalt) from the outset is very encouraging. This simplifies and streamlines the project using a base case flowsheet based on well-established technology. “This translates into a significant value uplift in terms of the Project’s key metrics – with increased production of copper and silver, reduced CAPEX and OPEX and, importantly, increased estimated Net Present Value and a very strong Internal Rate of Return. At spot prices—materially above our base-case assumptions for both metals—the effect is amplified: the project’s estimated pre-tax NPV(7) increases from approximately $1.2 billion to over $1.8 billion, before any contribution from cobalt. “This is a fantastic result and a reflection of the hard work undertaken by our development team in continuously optimising the Project and improving it over the past few years. This well and truly sets the stage for development, giving us a clear focus as we move forward into the PFS. “It’s also important to note that cobalt has not gone away. Cobalt represents further upside for the project, with the potential for critical minerals incentives and funding support, but crucially it is no longer required for the base case economics. For a polymetallic orebody, this is the ideal position to be in and changes cobalt from being a dependency to an opportunity. It reflects the skill of our technical team and partners and is a tremendous achievement. “This work underpins our strategic vision to get Elizabeth Creek to a construction-ready state with technical and economic studies, and approvals in place. There is strong demand for quality copper projects in Tier 1 jurisdictions – are we are continuing to be surprised to the upside with Elizabeth Creek and am very excited about future project work.” 5 Please see Cautionary Statements below 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 E: info@codaminerals.com ABN 49 625 763 957 Recent Testwork Coda has been investigating methods to increase recoveries through the use of whole-ore leaching, especially of copper and silver which offered the greatest scope for recovery improvement in the base-case flotation-based flowsheet. The Company selected chloride leaching as the most attractive option from a number of potential leach chemistries. Chloride leaching has the benefit of rapid leach times at neutral to near neutral pH, as well as the capacity to leach challenging sulphide minerals 6. Recoveries for copper and silver have improved significantly relative to the base case flowsheet, as set out in the table below. OVERALL RECOVERY UNIT FLOTATION CONCENTRATION (EMMIE BLUFF) WHOLE-ORE LEACH RECOVERY IMPROVEMENT COPPER % 82.8% 94.8% 12.0% SILVER % 82.0% 98.2% 16.2% About Whole Ore Leaching Whole-ore leaching methods, including heap and tank leach, already account for about 20% of global copper production. 7. Chloride leaching is also proven technology, used commercially for nearly two decades. Antofagasta’s Cuprochlor® process, first applied at the Michilla mine in Chile in 2004, and its later variant Cuprochlor-T®, have been deployed at operations including Centinela and Zaldívar in Chile. Both rely on acid leaching, which is a key point of difference from Coda’s proposed flowsheet — designed to operate at a higher, near-neutral pH. Coda’s whole-ore leach flowsheet uses a simple, single-stage oxidative circuit. Ore is ground and pumped into tanks, where a short chloride leach is conducted under controlled oxidative conditions. The solution, containing dissolved copper and silver, is then separated for downstream processing, while the residue goes to tailings. In contrast to conventional chloride leaching approaches, the optimal parameters identified here differ markedly and represent a meaningful advance in applying chloride salts to the leaching of copper sulphide ores. By adapting established technologies with innovative operating conditions, the process has delivered results not previously achieved. Please refer to the detailed technical section Flowsheet Technical Details for more details. 6 See “Flowsheet Technical Details”, below, for more details. 7 Applied Geochemistry Volume 166 May 2024 and Minerals & Metallurgical Processing , 2017, Vol. 34, No. 2, pp. 53-64 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Project Economic Modelling The economics of the Elizabeth Creek Project have been re-modelled on the basis of the revised flowsheet described in the “Flowsheet Technical Details” section, below. Material changes include: • • • • • Removal of the flotation Concentrator step. Removal of the Albion ProcessTM oxidation circuit and directly associated equipment such as the O2 plant, ultrafine grinding mills etc. Addition in the project CAPEX of whole-ore leach tanks and associated infrastructure. Expansion of copper and silver hydrometallurgical production circuits to account for the higher copper-silver extraction per tonne and larger overall copper-silver production; and Removal of cobalt production circuit. All other relevant economic factors, including assumptions around commodity prices, foreign exchange rates, etc. remain as stated in the Company’s most recent Scoping Study 8. Macroeconomic Assumptions Table DISCOUNT RATE REAL % 7.0% EXCHANGE RATE USD:AUD 0.68 % 30% REFINED PRODUCT 3.5% COPPER PRICE USD/T $9,260 SILVER PRICE USD/OZ $30 ZINC PRICE USD/T $2,700 FEDERAL CORPORATE TAX RATE SA ROYALTY RATES Statement Regarding Cobalt This re-modelling is not intended to suggest that the Company has chosen to abandon the extraction of cobalt; rather, it is intended to demonstrate the metallurgical improvements achieved to date while the Company continues to perfect its cobalt extraction flowsheet. Further updates are anticipated following additional cobalt leaching test work. 8 Coda’s last Scoping Study Update, released to the market on 3 December 2024, is available at https://codaminerals.com/announcements/6690414 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Cautionary Statements 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, 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 upcoming 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 Study 9 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. Please Appendix 3 for full breakdown. There is a low level of geological confidence associated with Inferred Resources and there is no certainty that further exploration will result in upgrading them to Indicated Resources, or that the production targets themselves will be realised. 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. 9 Coda’s last Scoping Study Update, released to the market on 3 December 2024, is available at https://codaminerals.com/announcements/6690414 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Project Economic Summary AREA MEASURE UNIT UPDATED SCOPING STUDY PRODUCTION Aug-24 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 Moz 20.3 Ktpa 31.4 Silver – Steady State Average MOzpa 1.4 Pre-Production Capital A$M 472 Post-Production Capital A$M 143 Total Capital A$M 615 Total Financing Requirement A$M 478 All In Sustaining Cost 11 USD/lb Cu 2.15 Revenue A$M 7,264 Net Cash Flow (Pre-Tax) A$M 2,397 Net Present Value (NPV7) A$M 1,289 Internal Rate of Return (IRR) % 39% Total Capital Payback Years 3.25 Silver Produced – Total FINANCIALS (PRE TAX) OPERATING CAPITAL Copper – Steady State Average 12 10 10 Steady State Average” is calculated from year 5 to year 16 11 All-In Sustaining Cost (AISC) includes all mining, processing, tailings management, transport including freight, sustaining capital, royalties & G&A costs 12 Capital payback is calculated from first production 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Sensitivity Analysis Sensitivity analysis was carried out to determine the impact of various factors on the Project’s financial performance. The table below illustrates how the estimated base case NPV ($1.289B) varies when each of the following factors increases or decreases by 20%. Sensitivity Analysis $- $500 $1,000 $1,500 $2,000 $2,500 Exchange Rate Copper Revenue (Price or Grade) Mining OPEX Discount Rate Processing OPEX CAPEX Silver Revenue (Price or Grade) 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. Coda’s 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$9,260/t (US$4.20/lb) is below the six-month average LME price leading up to release of this study and is considered conservative given the general market consensus of a coming copper supply shortage. Coda has modelled the Project’s sensitivity to a range of potential copper price scenarios, spanning from a low case, which is the 12-month low pricing at US$8,538/t 13 , to the potential upside case forecasted by Citigroup, ranging between US$10,000 and US$15,000/t. These results are presented below: Cu Price (USD/t) $8,538 $9,260 $10,000 $12,000 $15,000 Cu Price (USD/lb) $3.87 $4.20 $4.54 $5.44 $6.80 12-Month Low Current Base Case 1,016 1,289 1,568 2,323 3,456 33% 39% 44% 58% 77% 2.15 2.73 3.32 4.92 7.32 Pre-Tax NPV7 (A$M) Pre-Tax IRR Pre-Tax NPV7/Capex 15 Citigroup Forecast 14 13 Source: LME Copper Price – 11th April 2025 14 Source: Citi Research 15 Pre-production CAPEX 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 The project has also been modelled at under current (spot) commodity prices which demonstrate upside compared to Coda’s base case commodity price assumptions. UNIT BASE CASE SPOT 25TH AUGUST COPPER (USD/T) $9,260 $9,718 SILVER (USD/OZ) $30 $39 FX (USD:AUD) 0.68 0.65 PRE-TAX (NPV7) A$M 1,289 1,813 PRE-TAX IRR % 39% 48% POST-TAX (NPV7) A$M 855 1,230 POST-TAX IRR % 30% 38% Project CAPEX Total project CAPEX has decreased by approximately A$74 million relative to the December 2024 Scoping Study update. CAPEX reduction has come primarily from the reduction in cost of the oxidation circuit, and the removal of the flotation circuit entirely. Net project CAPEX is estimated at A$615 million under the current assumptions. 16 A detailed breakdown of project CAPEX is provided as Table 1, below. Table 1 Elizabeth Creek CAPEX cost breakdown PRE-PRODUCTION CAPITAL EXPENDITURE A$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 Intensity 17, Steady-State Annual, (USD/t Cu) $10,222 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 Sustaining CAPEX has been calculated under the same assumptions as the December 2024 Study and has reduced commensurately with the lower overall project CAPEX. 16 Please see Cautionary Statement Regarding CAPEX and OPEX Estimates for caveats regarding the calculation of project CAPEX. 17 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). 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Zinc carbonate is a minor immaterial by-product of producing copper cathode and silver dore, contributing ~3% of total project 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Project OPEX Overall project OPEX has decreased significantly, averaging a reduction of approximately A$7.50 per tonne as a result of adopting the simplified flowsheet. A detailed breakdown of project OPEX is provided as Table 2. Table 2 OPEX per tonne of ore mined UNIT CATTLE GRID SOUTH MG14 WINDABOUT EMMIE BLUFF Mining A$/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 UNIT OPERATING COSTS Annual Cashflow 500 400 Annual Cashflow (A$M) 300 200 100 0 -100 Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 -200 -300 -400 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 -200 -400 -600 -800 -1,000 Figure 2 Pre-Tax annual cashflow for the base case scenario, Elizabeth Creek Copper-Cobalt Project. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Cumulative Cashflow (A$M) Pre-Tax Annual Cash Flow (A$M) Taxation The base case financial analysis is undertaken on a pre-tax basis to reflect the Project’s value at the point of FID independent of its ownership structure. Accounting for the impact of tax, the financial performance of the Project changes as follows: NET REVENUE A$M 7,264 NET CASH FLOW (POST-TAX) A$M 1,692 POST-TAX NPV7 A$M 855 POST-TAX IRR % 30% CAPITALPAYBACK PERIOD 18 YEARS 3.25 It is anticipated that the Project will contribute a total of approximately $253 million in state royalties and $705 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-ownoperate (BOO) models, and offtake prepayments. 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 interest, equity participation or off-take funding, royalties or metals streaming agreements. It is important to note that potential funding structures noted herein would reduce Coda’s direct funding requirements but may dilute shareholder interests in the Elizabeth Creek Project. 18 Capital payback period is calculated from first production 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 CRITICAL MINERALS – AUSTRALIAN GOVERNMENT The Australian Government established the Critical Minerals Facility in 2021, the CFM is a $4Bn fund managed by the Australian Export Credit Agency and Export Finance Australia. Coda is actively seeking to engage with various government entities engaged in the funding of critical minerals projects as well as overseas government strategic partners. Ongoing government support for critical minerals and downstream processing in Australia have been made available and are anticipated to continue in various forms, including through the Future Made in Australia Act, which was passed in November 2024 and which establishes Production Tax Credits for downstream critical minerals processing. It should be noted that availability of such funding will likely be impacted by changes to the flowsheet reported in this document. Coda remains strongly of the view that cobalt will return to the overall project as a by-product and that critical minerals funding remains likely to be a potential source of funding. DUE DILIGENCE AND ESG Coda maintains a detailed dataroom to provide opportunity for interested parties to undertake due diligence subject to strict confidentiality arrangements. During PFS Coda will continue to ensure that its project design will align with and where possible, reach standards set by global organisations including the World Bank, Equator Principles, International Finance Corporation and the Organisation for Economic Co-operation and Development (OECD). Coda has established high standards of corporate, environmental, and social governance including the adoption of the Social Suite ESG reporting system to align with globally recognised ESG reporting frameworks. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Mining and Mineral Resources In calculating these economics, no changes have been to mining studies carried out for previous iterations of the Elizabeth Creek Scoping Studies under earlier assumptions 19, nor to the Mineral Resource estimates which underpinned them. These Mineral Resources were based on a Copper Equivalent calculation which included cobalt 20, which the Company has not recalculated. Similarly, mining studies have been undertaken under the lower recovery assumptions for copper and silver derived from the flotation-based flowsheet, with the associated implications for cut-off grades and block selection. The company anticipates that, if this flowsheet were ultimately selected for production, recalculation of these factors would potentially result in the following changes: • Recalculation of the Company’s Mineral Resource Estimates may result in changes to estimated overall tonnages and grades. • Recalculation of the Company’s mine plans would be expected to result in the removal of tonnes which may be uneconomic under the new flowsheet, and potentially the inclusion of tonnes which were previously uneconomic under the flotation based flowsheet, but which may be economic under the new flowsheet. Coda anticipates that this work, if undertaken, would have a materially positive impact on the project’s estimated economics, however the Company cautions that the associated studies have not yet been completed, and these statements are cautionary and speculative in nature, and should be treated as such. Reintegration of Cobalt All statements regarding the new flowsheet and associated economic performance referred to in this announcement assume the cobalt has been removed from the hydrometallurgical flowsheet entirely, and that cobalt will therefore not be recovered. Coda is currently undertaking testwork on the extraction of cobalt through whole ore leach. The Company believes that this ongoing testwork has the potential to identify a pathway to material practical recovery of cobalt, though at this time the company lacks the final experimental data or associated CAPEX/OPEX estimates to report an estimated recovery percentage or make definitive statements regarding the associated economic impact of the reintegration of cobalt into the flowsheet. If testwork is successful, Coda anticipates that that the reintegration of cobalt into the whole-ore leach flowsheet would improve the project’s modelled economics, however the Company cautions that the required studies have not yet been completed, and that the required results may not be obtained through laboratory test work. As such, Coda has chosen to make no definitive statement on Cobalt and recommends that investors treat future cobalt integration as speculative in nature. 19 For full breakdown of the mined production schedule, please see Appendix 3: Mined Production Schedule 20 Please see “Appendix 1: Elizabeth Creek Mineral Resources” for full details. 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 E: info@codaminerals.com ABN 49 625 763 957 Flowsheet Technical Details The whole ore leach flowsheet consists of is a single stage oxidative circuit, wherein sample is ground to p80 75µm before being pumped into a series of tanks for leaching. A 4-hour chloride leach under air-sparged, oxidative conditions at 90 degrees C and an ore solids ratio of 6%. The mixture is then passed through a series of thickeners, with the resultant pregnant liquor solution being pumped away for hydrometallurgical processing, while the residue is sent to tailings. In contrast to existing chloride leaching technologies, the optimal leaching parameters identified are different and constitute a significant advancement in the use of chloride salts in leaching of copper sulphide ores. Adapting simple, existing technologies with new, novel parameters delivers results not achieved previously. Recovery of copper, silver and zinc are detailed in Table 3. Chloride leaching is a well-established leaching process which ha