Entitlement Offer Presentation
Released
Released
Announcement PDF
ASX COD
Coda Minerals
Investor
Presentation
Entitlement Offer Presentation
September 2025
ASX COD
Important Notices
Nature of this document: The purpose of this presentation is to provide general information about Coda Minerals Limited (ACN 625 763 957) (the ‘Company’). Unless otherwise stated herein, the information in this
presentation is based on the Company’s own information and estimates as at the date of this presentation. In attending this presentation or viewing this document you agree to be bound by the following terms and
conditions.
Not an offer or advertisement: This presentation is for information purposes and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any
securities in the Company in any jurisdiction. This presentation and its contents must not be distributed, transmitted or viewed by an person in any jurisdiction where the distribution, transmission or viewing of this
document would be unlawful under the securities or other laws of that or any jurisdiction. In particular, this presentation may not be distributed or released, directly or indirectly, in the United States. This presentation does
not constitute an advertisement for an offer or proposed offer of shares. Neither this presentation nor anything contained in it forms the basis of any contract or commitment and it is not intended to induce or solicit any
person to enter into, or refrain from entering into, any contract or commitment.
Not financial product advice: This presentation does not take into account the individual investment objectives, financial situation and particular needs of each of the Company’s shareholders or potential investors. You may
wish to seek independent financial and taxation advice before making any decisions in respect to this presentation. Neither the Company nor any of its related bodies corporate is licensed to provide financial advice in
respect of the Company’s securities or any other financial products.
Forward-looking statements: Certain statements in the presentation are or may be perceived as “forward looking statements” and represent the Company’s intentions, projections, expectations or beliefs concerning,
among other things, future operating and exploration results or the Company’s future performance. You are cautioned not to place undue reliance on any forward looking statement. These forward looking statements are
based on current expectations at the date of this publication. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, and are
necessarily based on assumptions, which may cause the Company’s actual performance and results in future periods to differ materially from any express or implied estimates or projections.
Disclaimer: No representation or warrant, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be
excluded, each of the Company, its directors, officers, employees, advisers, agents and contractors expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in
this presentation, or any opinions or beliefs contained in this presentation, and excludes all liability whatsoever (including negligence) for any loss or damage which may be suffered by any persons as a consequence of any
information in this presentation or any error or omission there from. The Company is under no obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission
which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.
Unverified information: This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company.
This presentation is intended to be provided to persons who are sophisticated, accredited, professional or institutional investors (as applicable) to whom securities may be offered without a prospectus or other disclosure
document, whether in Australia or any other jurisdiction, and to whom this presentation may be lawfully communicated, including investors referred to in section 708 of the Corporations Act 2001 (Cth).
Not a prospectus: This presentation is not a prospectus, product disclosure statement or other investment disclosure document, and the level of disclosure in this presentation is less that such documents. It does not
purport to contain all of the information that a prospective investor may require to make an evaluation of [short name] or its business activities. Nothing in this presentation is, or is intended to be, a recommendation to
invest in the Company. The Company does not purport to give financial or investment advice.
Photographs used on page 20 were provided by Adam Mørk Architectural Photography and are used with permission.
SOUTH AUSTRALIA
STAGE
Scoping Study Phase
NPV7 (Pre-Tax) :1.3B & IRR: 39%
TEAM
OLYMPIC DAM
OAK DAM WEST
CARRAPATEENA
ELIZABETH
CREEK
PORT AUGUSTA
Experienced Board
>17 Project Experience
LOCATION
South Australia
Supportive jurisdiction, low sovereign risk
ADELAIDE
SOLID FOUNDATION
Future Facing Minerals
Cu – Key electrification metal, looming supply gulf.
Ag – Key solar component, demand exceeding supply.
Co – Upside opportunity from growing battery demand & flowsheet reintegration.
CORPORATE
$35M
COD
ASX Code
Market Capitalisation
$0.14
$3.96M
Share Price
Cash and Equivalents
3 September 2025
30 June 2025
3 September 2025
BOARD OF DIRECTORS
ASX COD
250M
Ordinary Shares
Keith Jones
Paul Hallam
NON-EXECUTIVE CHAIR
NON-EXECUTIVE DIRECTOR
Robin Marshall
Chris Stevens
NON-EXECUTIVE DIRECTOR
CEO, DIRECTOR
Colin Moorhead
Susan Park
LEAD GEOLOGY ADVISOR
COMPANY SECRETARY
TOP 5 SHAREHOLDERS (as of 3 September 2025)
RANK SHAREHOLDER
%IC
1
Lujeta Pty Ltd
6.8%
2
Cumulus Wealth Pty Ltd
6.1%
3
Mr Keith Francis Jones & Mrs Jennifer Jones
4.8%
4
Angang Group Hong Kong (Holdings) Ltd
4.8%
5
Ms Linlin Li
3.7%
4
TOP 20 SHAREHOLDERS,
40.1%
Coda Minerals - Sustaining Tomorrow
TOP 5
SHAREHOLDERS,
26.2%
OTHER
SHAREHOLDERS,
59.9%
SENIOR MANAGEMENT
3 September 2025
Matt Weber
MANAGER GEOLOGY
ASX COD
ENTITLEMENTS ISSUE FRAMEWORK
• Coda is undertaking a Non-Renounceable entitlements issue offer on the basis of one (1) for every three (3) shares at the issue price of 10c
per New Share to raise approximately $8.33m.
• Funds will primarily be applied to progressing the pre-feasibility study at the Elizabeth Creek Copper-Silver Project and working capital.
• The transaction is equitable to all shareholders, non-renounceable and is designed to appropriately capitalise the Company and to allow it
to execute its strategy to progress the development of Elizabeth Creek in conjunction with the development its exploration pipeline.
• Implied market capitalisation post transaction of ~$33m and an EV of ~$21m
• Coda will emerge fully funded for the next 12 months and with a clear runway to progress the Elizabeth Creek Project via Pre-Feasibility
Study work.
Shares
CODO Options
Securities currently on issue1
249,954,958
68,321,250
New Securities under Entitlement Issue
83,318,319
41,659,1602
Pro Forma Ordinary Securities on Issue
333,273,277
122,480,4103
Market Capitalisation @ Offer Price (A$0. 10)
A$33.3 million
1. 3,747,002 CODAK on issue currently (7 November 2025 expiry) and ~6.9m performance rights
2. Comprised of 20.8m attaching and 20.8m sub-underwriting listed CODO options, both 28 March 2029 expiry, 15c exercise priced.
3. Inclusive of 12.5m CODO Joint Lead Manager Broker Options.
5
Coda Minerals - Sustaining Tomorrow
Funds Raised
$8.33m
ASX COD
NON-RENOUNCEABLE ENTITLEMENTS ISSUE, TIMETABLE & USE OF FUNDS
Key Terms
Details
Indicative Offer Timetable*
Funds
$8.33m
Record Date
Thursday, 18 September 2025
Issue Price
10 cents per share
Opening Date
Tuesday, 23 September 2025
Closing Date
Thursday, 16 October 2025
Announce Results of Entitlement Offer to
ASX
Monday, 20 October 2025
Issuance of New Shares and Options
Thursday, 23 October 2025
Rights Ratio
1 right for every 3 shares
Number of new shares
83,318,319
Attaching Options (listed)
1 option for 4 attaching CODO, exercisable at 15
cents, expiry 28 March 2029.
TERP
13.2 cents
•
•
Discount
•
28.6% discount to last closing price of 14 cents
on 3 September 2025
22.4% discount to the 5-day volume weighted
average price of 12.88 cents
23.1% discount to TERP
Joint Lead Managers
Cumulus Wealth Pty Ltd & Leeuwin Wealth Pty Ltd
Underwriter
Leeuwin Wealth Pty Ltd
Underwriting Options (listed)
6
1 Option for every 4 shares for the underwritten
portion on the same terms as the attaching options.
Coda Minerals - Sustaining Tomorrow
Date
The JLM and the Company reserve the right to vary dates.
Please refer to Prospectus for full details including dates and times.
Use of Funds
Amount
Drilling, Geology, and Technical Staff
$4,300k
Engineering & Project Management
$1,300k
Geology and Resource Estimation
$600k
Metallurgical Test Work
$500k
Approvals, Heritage, and Land Access
$500k
Working Capital & Offer Costs
$1,130k
Total Use of Funds
$8,330k
Elizabeth Creek Copper Project
ASX COD
OLYMPIC DAM - BHP
114KM NN
ROXBY DOWNS
OAK DAM WEST - BHP
16KM NE
WOOMERA
CODA MINERALS
Major Cu-Ag-Co
Resource in an
exceptional jurisdiction
with massive upside
CARRAPATEENA - BHP
40KM EAST
ELIZABETH CREEK
Total Area: 701 km 2
SOUTH AUSTRALIA
0
N
25
km
PORT AUGUSTA
50
ELIZABETH CREEK
PORT AUGUSTA
ADELAIDE
ASX:COD
ELIZABETH CREEK
CODA’S COPPER PORTFOLIO
Total Area: 701 km2
EMMIE BLUFF
(FLAGSHIP)
Underground
Deposit
~ 400m depth
EMMIE DEEPS
65.5Mt @ 1.6% CuEq
> 1 Million Tonnes of CuEq
Iron Oxide Copper Gold (IOCG)
Underground Deposit
~ 800m depth
WINDABOUT
Open Pit Deposit
~ 50 - 70m depth
JORC RESOURCE SUMMARY
Resource
Confidence
Cut-off
Mt
MG14
Open Pit Deposit
~ 20m depth
Open Pit Deposit
~ 30m depth
OAKDEN
Cu-Co-Ag Prospect
~ 30m depth
Co
Ag
CuEq
CuEq
(%)
(ppm)
(g/t)
(%)
Contained Metal (kt)
93% Indicated,
7% Inferred
1.0% CuEq
40.2
1.3%
569
17
1.9%
751
MG14
Indicated
0.5% CuEq
1.8
1.2%
334
14
1.7%
31
Windabout
Indicated
0.5% CuEq
17.7
0.8%
492
8
1.4%
249
Cattle Grid South
Inferred
0.2% Cu
5.8
0.6%
121
4
N/A
36
1.60%
1,067
Emmie Bluff
CATTLE GRID SOUTH
Cu
Total
65.5
1Please see ASX releases on 28 July 2021, 23 August 2021, 28 February 2022, 20 June 2022, 30 January 2024 and 3 July 2024 for full details of all mineralised holes and Table 1. Please
see Appendix for links to full Resource Table, Resource Statements, Confirmatory Statements under LR 5.19.2 and Copper Equivalent grade calculations.
WE HAVE THE RIGHT INGREDIENTS
Location
Geology
SA – Truly Tier 1
Environment
93% JORC Indicated
$1.3B
NPV7 PRE-TAX
Advanced Approvals
Processing
Innovative Flowsheet
Mining
Mine Plans – UG/OP
For full details, please see ASX release New Flowsheet Delivers Significant Cu-Ag Economic Uplift on 28th August 2025
Technical & Project Economics
EMMIE BLUFF UNDERGROUND MINING
86%
13 Years
ASX:COD
400m
Extraction Panel % Mine Life
31.81Mt @ 1.81% CuEq
Emmie Bluff Production Target
Mechanical Cutting with Pillar Recovery#
Mining Method
For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost Elizabeth Creek Value on 3rd December 2024. . Please see Appendix for links to full Resource Table, Resource
Statements, Confirmatory Statements under LR 5.19.2 and Copper Equivalent grade calculations.
# Base Case- long hole open stoping with drill and blast remains under active consideration
ASX:COD
METALLURGY CHANGES
Float & Albion
Whole Ore Leach*
81.4%
79.5%
94.8%
98.2%
RECOVERY
29
Cu
47
Ag
FLOWSHEET
FLOTATION
CONCENTRATE
+ 13% in Cu Recovery
+ 19% in Ag Recovery
in 4-Hour Leach
WHOLE ORE LEACH
CAPEX Reduction
$74M CAPEX reduction from
eliminating the flotation and
Albion circuit and replacing
with lined steel tanks
ALBION
OXIDATIVE LEACH
*Recoveries from Emmie Bluff deposit using ammonium chloride and air oxidative leach. For full details, please see ASX release New Flowsheet
Delivers Significant Cu-Ag Economic Uplift on 28th August 2025
JAW CRUSHER
ROM
MILLING
BASE-CASE FLOWSHEET
FLOAT & ALBION
ALTERNATE FLOWSHEET
WHOLE ORE LEACH
1
4
FLOWSHEET - FLOAT & ALBION
FLOWSHEET - WHOLE ORE LEACH
PHASE ONE
Removal of Flotation stage
sees $74M CAPEX Reduction
FLOTATION
CONCENTRATE
WHOLE ORE LEACH
ALBION
OXIDATIVE LEACH
PHASE TWO
FINAL PRODUCTS
FINAL PRODUCTS
SX/EW
COPPER
CATHODE
SX/EW
COPPER
CATHODE
CRYSTALLISATION
COBALT
SULPHATE
MERRILLCROWE TOWER
SILVER
DORE
MERRILLCROWE TOWER
SILVER
DORE
PRECIPITATION
ZINC
CARBONATE
PRECIPITATION
ZINC
CARBONATE
For full details, please see ASX release New Flowsheet Delivers Significant Cu-Ag Economic Uplift on 28th August 2025
ASX:COD
KEY FINANCIAL METRICS
NPV7 PRE-TAX
NPV7 POST-TAX
REVENUE
COPPER
SILVER
$1,289M BASE
$855M
BASE
$7,264M BASE
454Kt TOTAL PRODUCTION
20.3Moz TOTAL PRODUCTION
$1,813M SPOT
$1,230M SPOT
$8,198M SPOT
31.4Ktpa STEADY STATE
1.4Mozpa STEADY STATE
IRR PRE-TAX
IRR POST-TAX
NET CASHFLOW
(A$M)
(A$M)
(A$M)
PRE-TAX (A$M)
39% BASE
30% BASE
$2,397M BASE
48% SPOT
38% SPOT
$3,293M SPOT
For full details, please see ASX release New Flowsheet Delivers Significant Cu-Ag Economic Uplift on 28th August 2025
EXCHANGE RATE USD:AUD
0.68
COPPER PRICE USD/T
$9,260
SILVER PRICE USD/OZ
$30
COBALT UPSIDE OPPORTUNITY
ASX:COD
Growing Demand Story, Critical Minerals Exposure
BASE CASE FLOWSHEET
UPDATED FLOWSHEET
Flotation and Albion
Whole Ore Chloride Leach
+85% RECOVERY TO CONCENTRATE
+93% RECOVERY VIA ALBION
$1.5B AUD COBALT REVENUE*
• CURRENT PROJECT ECONOMICS ASSUMES
ZERO COBALT REVENUE
• REINTEGRATION OF COBALT REVENUE INTO
ECONOMIC MODELS REPRESENTS A SHORTTERM CATALYST
• COBALT MET RESULTS PENDING
16
*Based on an average cobalt price of $58,434. Cobalt price is not fixed over the life of mine.
For full details on the Scoping Study, please see ASX release New Resources, Higher Recoveries Boost Elizabeth Creek Value on 3rd December 2024
SHALLOW BY GLOBAL STANDARDS
EMMIE BLUFF WILL BE MINED AT
• SHALLOWER DEPTH
• LARGER AVERAGE MINED THICKNESS; AND
• LOWER THROUGHPUT THAN IS ACHIEVED AT
SIMILAR DEPOSITS WORLDWIDE
Project
Emmie Bluff
Zhomart
PolkowiceSieroszowice
Lubin
White Pine
Khoemacau
Rudna
Deep Glogow
(Planned, 2028)
Nation
Avg Mined
Thickness
Australia
Kazakhstan
4
4.5
Upper
Mining
Depth
-400
-540
2.55
2.8
4.5
9
4
-380
-380
-760
-650
-850
-890
-1000
-1000
-1200
-1250
12
7.3
5
3.6
11.7
2.4
-1200
-1400
10
Poland
Poland
USA
Botswana
Poland
Poland
Lower
Mining
Depth
-450
-540
Average
Productivity
(MTPA)
3
4
CATALYST RICH NEWSFLOW
Q4 2025
Q1 2026
Q2 2026
Q3 2026
Q4 2026
Enhancing Resource Confidence
Drilling – Assay Results
Resource Update Emmie Bluff
Advancing Technical Studies
Mining – Re-optimised Production Targets
Cobalt Reintegration
Metallurgy – Variability & Piloting to Confirm Recoveries & Scalability
Processing – Confirm CAPEX & OPEX
Defining Value
Maiden Reserve
PFS Release –
Updated NPV/IRR
Derisking Project
Advance Environmental Studies
Commence Hydrogeological Drilling
Continue Approvals Process and Community Engagement
Timeline is indicative only and subject to change
WHAT IS CODA’S SPARK?
INNOVATIVE
Demonstrated value uplift through
technical excellence
EXPERIENCED
Board has exceptional track record
of project development
QUALITY ASSET
Copper-Silver base case with rapid PFS
advancement and short-term catalysts
For full details, please see ASX release New Flowsheet Delivers Significant Cu-Ag Economic Uplift on 28th August 2025
SOUTH AUSTRALIA
ASX:COD
PROMINENT HILL
OLYMPIC DAM
OAK DAM WEST
CARRAPATEENA
ELIZABETH
CREEK
PROJECT
PORT AUGUSTA
ADELAIDE
Appendices
APPENDIX A: STATEMENTS
Mineral Resources
Mineral Resources and Exploration Targets
1.
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/asxresearch/1.0/file/2924-02298915-6A1003162&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.
2.
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/asxresearch/1.0/file/2924-02298915-6A1003162&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.
3.
Emmie Bluff Mineral Resource: The information is extracted from the report entitled “Scoping Study Update Delivers Materially Improved Economics" created on 30 January 2024 and is available to view on https://cdnapi.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02766550-6A1191314. 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.
4.
Cattle Grid South Mineral Resource: The information is extracted from the report entitled “Initial Copper Resource for Cattle Grid South" created on 03 July 2024 and is available to view on https://cdn-api.markitdigital.com/apimangateway/ASX/asx-research/1.0/file/2924-02823989-6A1214274&v=4015c7b87631faf94ecd96975272ff9ad5cb14c3. 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.
21
Coda Minerals - Sustaining Tomorrow
APPENDIX A: STATEMENTS
Competent Person Statement
Competent Person Statement for JORC 2012 Mineral Resources - MG14 & Windabout
This report was prepared in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”) by Tim Callaghan, who is a Member of the Australian Institute of Mining and
Metallurgy (“AusIMM”), has a minimum of five years’ experience in the estimation and assessment and evaluation of Mineral Resources of this style and is the competent Person as defined in the JORC Code. This announcement accurately summarises
and fairly reports his estimations and he has consented to the resource report in the form and context it appears.
The MG14 and Windabout Mineral Resource at the Elizabeth Creek Copper-Cobalt Project has been estimated by Mr Tim Callaghan, an external consultant, and is reported under the 2012 Edition of the Australasian Code for reporting of Exploration
Results, Mineral Resources and Ore Reserves (see ASX announcement 26th October 2020 titled: Confirmation Statements JORC).
Competent Person Statement for JORC 2012 Mineral Resources – Emmie Bluff
The information in this statement that relates to the Mineral Resource Estimates is based on work done by Dr Michael Cunningham of Sonny Consulting Services Pty Ltd. 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.
Dr Cunningham and Mr Weber are Members of the Australasian Institute of Mining and Metallurgy and have 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.
The Competent Persons consent to the inclusion in this report of the matters based on the information compiled by them, in the form and context in which it appears.
Competent Person Statement for JORC 2012 Mineral Resources – Cattle Grid South
The information in this statement that relates to the Mineral Resource Estimates is based on work done by Dr Michael Cunningham of SRK Consulting (Australasia) Pty Ltd (SRK).
Dr Cunningham is a Member of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a
Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012).
22
Coda Minerals - Sustaining Tomorrow
APPENDIX B: MINERAL RESOURCES
Aggregated Mineral Resources at Elizabeth Creek
OPEN PIT
Resource
Category
Type
Proposed
Tonnage
Cut-off
Mining
Mt
Grade
Method
Copper
Cobalt
Silver
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)
1.7%
30,600
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
1.4%
249,100
Sub Totals
Indicated
Zambian
Open Pit
19.5
0.5 CuEq
0.8%
158,800
480
9300
8.5
5.4
1.4%
316,000
(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
Emmie Bluff
Sub Total
Copper
Cobalt
684
Silver
36,000
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
Inferred
Zambian
Underground
2.7
1% CuEq
0.9%
46,000
280
1,000
12
1.1
1700
5000
1.3%
36,000
Combined
Zambian
Underground
40.2
1% CuEq
1.3%
511,000
570
23,000
16.8
21.7
1700
70000
1.9%
751,000
(Underground)
Project Wide Total
65.5 Mt
725,800t Contained Cu
33,000t contained Co
28 Moz Contained Ag
75,000t Contained Zn
1,067,000t contain CuEq
[1] 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.
[2] 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.
[3] 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.
23
Coda Minerals - Sustaining Tomorrow
APPENDIX C: METAL EQUIVALENT CALCULATIONS
Statement Regarding Metal Equivalent Calculations
Metal Equivalent grades are quoted for one or more of the Emmie Bluff, Windabout and MG14 Mineral Resources, or for exploration results considered by the company to be related directly to one of these Miner al
Resources, in this announcement.
For the Emmie Bluff Mineral Resource:
The Emmie Bluff Mineral Resource is reported as 40.2Mt @ 1.27% copper, 569ppm cobalt, 17g/t silver and 0.17% zinc (1.87% Copp er Equivalent (CuEq)) reported at a cut-off grade of 1% CuEq. The calculation of this
metal equivalent is based on the following assumptions.
Metal
Copper
Cobalt
Zinc
Silver
Coefficient
0.8
0.85
0.9
0.85
Forecast Price
$7,000
$55,000
$2,100
$18.50
Price Unit
USD/Tonne
USD/Tonne
USD/Tonne
USD/Oz
Price assumptions used when calculating copper equivalent grades were based primarily on Consensus Economics forecasts of metals, except for Cobalt, which was sourced via communication with subject matter
experts. Metallurgical assumptions used when calculating copper equivalent grades were based on a simple bulk float utilising rougher and minimal cleaner/scavenger circuits. The produced a reasonably consistent
mean recovery across most metals of between approximately 83 and 94 percent. For simplicity, and to in part account for losses associated with less intensive cleaner floats and losses to the hydromet plant, these
figures were rounded down to the nearest 5%.
Application of these assumptions resulted in the following calculation of CuEq:
𝐶𝑢𝐸𝑞% = 𝐶𝑢% + 0.00068 × 𝐶𝑜 𝑝𝑝𝑚 + 0.337 × 𝑍𝑛 % + 90.3 ×
For the Windabout and MG14 Mineral Resource:
The Windabout and MG14 Mineral Resource are reported at a cut-off grade of 0.5% CuEq as:
•
Windabout: 17.67Mt @ 0.77% Cu, 492 ppm Co and 8 g/t Ag (1.41% CuEq)
•
MG14: 1.83Mt @ 1.24% Cu, 334 ppm Co and 14 g/t Ag (1.84% CuEq)
24
Coda Minerals - Sustaining Tomorrow
𝐴𝑔 𝑝𝑝𝑚
10000
APPENDIX C: METAL EQUIVALENT CALCULATIONS
Statement Regarding Metal Equivalent Calculations (continued)
The calculation of this metal equivalent is based on the following assumptions:
Metal
Copper
Cobalt
Mining
Recovery %
0.9
0.9
Dilution %
Recovery %
Payability %
Forecast Price
Price Unit
0.05
0.05
0.6
0.85
0.7
0.75
$6,600
$55,000
USD/Tonne
USD/Tonne
Price assumptions used when calculating copper equivalent grades were based on recent historical metal prices at the time of calculation (2018). Metallurgical assumptions are based on extensive metallurgical
testwork undertaken on the two deposits to 2018 across various potential flowsheets involving both floatation and leaching. Ag analyse s in the estimation and metallurgical testwork were considered insufficient at the
time to include in the metal equivalent calculation.
Application of these assumptions resulted in the following calculation of CuEq:
𝐶𝑢𝐸𝑞% = 𝐶𝑢% + 0.0012 × 𝐶𝑜 𝑝𝑝𝑚
It is the opinion of the company that both sets of prices used in the calculations are reasonable to conservative long -term forecasts for real dollar metal prices during the years most relevant to the deposits (approx.
2026-2030).
It is the opinion of the company that all of the elements included in the metal equivalent calculations have a reasonable pot ential to be recovered and sold.
For full details of the Emmie Bluff Metal Equivalent calculation, please see “Scoping Study Update Delivers Materially Improved Economics” released to the market on 30th January 2024 and available to view at
https://www.codaminerals.com/wp-content/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-Materially-Improved-Economics_RELEASE.pdf
https://www.codaminerals.com/wp-content/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-Materially-Improved-Economics_RELEASE.pdf.
For full details of the MG14/Windabout Metal Equivalent Calculation, please see “Confirmation of Exploration Target & Mineral Resource and Ore Reserve Statement”, r eleased to the ASX on 23 rd October 2020 and
available at https://www.codaminerals.com/wp-content/uploads/2020/10/20201026_Coda_AS
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