Announcement PDF ANNUAL REPORT 2025 1 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 TABLE OF CONTENTS 02 LETTER FROM THE CHAIR 04 CEO’S REPORT 06 OPERATIONAL REVIEW 16 DIRECTORS’ REPORT 36 AUDITOR’S INDEPENDENCE DECLARATION 38 INDEPENDENT AUDITOR’S REPORT 44 DIRECTORS’ DECLARATION 46 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 47 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 48 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 49 CONSOLIDATED STATEMENT OF CASH FLOWS 50 CONSOLIDATED NOTES TO THE FINANCIAL STATEMENT 84 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 85 ASX ADDITIONAL INFORMATION TABLE OF CONTENTS 1 93 CORPORATE DIRECTORY CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 LETTER FROM THE CHAIR 22 MINERALS LIMITED ANDCONTROLLED ITS CONTROLLED ENTITIES CODACODA MINERALS LIMITED AND ITS ENTITIES ACN ACN 6 25 76625 3 975673 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS ANNUAL REPORT AND FINANCIAL STATEMENTS 20252025 LE T TER FROM THE CHAIR Dear Shareholders, FY25 has been a year of steady and important progress for Coda Minerals as we continue to advance the Elizabeth Creek Copper-Silver Project in South Australia. In December 20241, we published an updated study which delivered a material improvement in the project’s economics. This reflected the significant work undertaken to refine our understanding of the orebody and optimise our approach, and it gave us a stronger foundation from which to move toward the next stage of development. In March 20252, we announced the results of drilling at Elizabeth Creek which reinforced the quality of the Resource base. Our team also made major advances in approvals, positioning the project well as we transition into the Pre-Feasibility Study (PFS) phase. The submission of the Draft Scoping Report to the South Australian Department of Energy and Mining post financial year3 end continued our progress toward project development. While outside the formal reporting period, it is important to acknowledge the metallurgical breakthrough achieved in mid-2025 4 which built on a work programme that ran through the first half of 2025. The adoption of a copper-silver based flowsheet has been transformational for Elizabeth Creek. The new approach materially improves recoveries of copper and silver significantly de-risks the project, and delivers economics that are compelling. The updated study, published in August 2025 5, makes clear the scale of the opportunity that lies ahead. This year has demonstrated the value of disciplined, technically rigorous work. Each step - study refinement, drilling, approvals, and metallurgical test work - has brought us closer to unlocking the potential of Elizabeth Creek as a significant copper project. The upcoming PFS will be a critical stage in demonstrating the full commercial potential of the project. On behalf of the Board, I would like to thank our management team, led by Chris Stevens, for their dedication and professionalism in advancing the project. I also thank our shareholders for their continued support. We remain committed to delivering value as we move into the next stage of Coda’s journey. Yours sincerely, Keith Jones Chair Coda Minerals Ltd 1 2 3 4 5 2024.12.03 2025.03.19 2025.07.11 2025.06.26 2025.08.28 3 New Resources, Higher Recoveries Boost Elizabeth Creek Value Drilling Identifies Potential Emmie Bluff Extension Key Approvals Milestone Achieved at Elizabeth Creek Material Uplift in Copper and Silver Recoveries New Flowsheet Delivers Significant Cu-Ag Economic Uplift CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 CEO’S REPORT 4 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 CEO ’S REPORT I am pleased to present my address to shareholders as we look ahead to the 2026 Financial Year, which promises to be a defining period for Coda. The year has begun with what we consider the most important development in the history of the Elizabeth Creek Project: the successful shift to a copper-silver flowsheet6. This change places the project on a far stronger foundation, anchored by two globally traded commodities with deep, liquid markets. Throughout FY25 our focus was firmly on unlocking value at Elizabeth Creek. Through determined and technically rigorous work, we have achieved a step-change in the project, clearly demonstrating the strength of this strategy. In September 2025 7, we launched a fully underwritten entitlement offer that received overwhelming support from both institutional investors and major shareholders. This is a significant capital raising, undertaken only after careful consideration, and it now provides the funding required to accelerate our path to pre-feasibility. Critical technical programs and approvals work are already underway. We are also beginning to see encouraging signs of renewed strength in the copper market, alongside heightened M&A activity across the sector. With increasingly fewer copper development peers remaining on the ASX, these broader industry dynamics coincide with a year in which we have materially improved the technical and economic foundations of Elizabeth Creek. Together, these factors place us in a strong position to move decisively towards commercialisation. Looking ahead, FY26 will be marked by an intensive program of technical and economic work that will generate a steady flow of results. Importantly, the groundwork completed in FY25 has given us the confidence to now transition into a period of rapid advancement. The hard yards have been done; the project has been materially de-risked and enhanced. Our task now is to follow a proven path—progressing Elizabeth Creek methodically and efficiently through the prefeasibility stage and beyond. Chris Stevens CEO Coda Minerals Ltd 6 7 2025.08.28 2025.09.09 5 New Flowsheet Delivers Significant Cu-Ag Economic Uplift Fully Underwritten A$8.33M Entitlement Offer CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 OPERATIONAL REVIEW 6 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 OPER ATIONAL RE VIE W 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-Silver 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 OZ Minerals’ Carrapateena copper-gold project. 7 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 OPER ATIONAL RE VIE W ELIZABETH CREEK PROJECT The Elizabeth Creek project consists of 4 tenements, EL6265, EL6518, EL6141 and the recently acquired EL6945, granted in May 2024, covering a total area of 774sq km. The tenure hosts three distinct mineralisation styles, the ZambianStyle Copper Cobalt Mineralisation, the Iron Oxide Copper Gold (IOCG) mineralisation and the Cattle Grid copper breccia mineralisation. EMMIE BLUFF FLAGSHIP Zambian Style Underground Deposit ~ 400m depth EMMIE DEEPS Iron Oxide Copper Gold (IOCG) Underground Deposit ~ 800m depth WINDABOUT Zambian Style Open Pit Deposit ~ 50 - 70m depth TOTAL AREA 774km2 MG14 Zambian Style Open Pit Deposit ~ 20m depth LEGEND Mineral resource outline Infrastructure footprint Camp OAKDEN Cu-Co-Ag Prospect ~ 30m depth CATTLE GRID SOUTH Cu Breccia Open Pit Deposit ~ 30m depth Process Plant TSF EB Decline Pit Outlines Haul road Base Case route Alternative route Carrapateena road The Elizabeth Creek project hosts over 1 million tonnes of contained copper equivalent, spread across four JORC 2012 Mineral Resources, all of which fall broadly into the same geological category of “sediment-hosted” copper deposits. Additional large-scale copper mineralisation is known from the Emmie Deeps IOCG deposit, but the company has not yet attempted to estimate a JORC compliant Mineral Resource for that deposit. 8 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 OPER ATIONAL RE VIE W JORC 2012 MINERAL RESOURCES RESOURCE CONFIDENCE CUTTOFF Mt Cu (%) Co (%ppm) Ag (g/t) CuEq (%) CuEq Contained Metal (kt) Emmie Bluff 93% Indicated, 7% Inferred 1.0% CuEq 40.2 1.3% 569 17 1.87% 751 MG14 Indicated 0.5% CuEq 1.8 1.2% 334 14 1.67% 31 Windabout Indicated 0.5% CuEq 17.7 0.8% 492 8 141% 249 Cattle Grid South Inferred 0.2% Cu 5.8 0.6% 121 4 N/A 36* 1.60% 1,067 TOTAL * 65.5 Contained Cu tonnes only Scoping Study Coda released it’s initial Scoping Study into the Elizabeth Creek Project in March of 20231. This initial Scoping Study demonstrated an economically robust project with a 14 year mine life, capable of producing 25,000 tonnes of copper and 1,000 tonnes of cobalt at steady state production levels with an average AISC USD $2.19/lb of Cu (after by-product credits) and an approximate pre-tax NPV8 of $570M. During the 2023-2024 financial year, the Company released two updates to this study 2,3 , which further optimised the project and improved project economics. Two important updates have occurred in the subsequent reporting period. The first was one further update during the reporting year4, which refined the flotation processing flowsheet and introduced the Cattle Grid South deposit, previously excluded from earlier studies, and first reported to the market in July of 20245. This resulted in an estimated pre-tax NPV 7 of $1.18 billion ($802M post-Tax), with an average steady state production rate of 26,700tpa copper, 1,300tpa cobalt and 1.1MOz pa silver. AISC was estimated at USD $1.80/lb Cu after by-product credits, and mine life was estimated at 15.5 years. The second major change occurred in June of 2025, with the announcement of significant improvements in net copper recovery using whole-ore leach methods6. Chloride leaching, which ultimately proved to be the more economically attractive of the tested options, achieved copper and silver recoveries of 95.9% and 97.3% respectively from material from the Emmie Bluff deposit, This preliminary testwork was undertaken at a relatively coarse grind and required only 8 hours of residence time. Subsequent to the end of the reporting period, and following further refinement of the leaching techniques, Coda released updated CAPEX and OPEX estimates, as well as a preliminary update to project economics7. Under this new metallurgical paradigm, Elizabeth Creek would see an increase in both economic performance (pre and post-tax NPV 7 of $1.29B and $855M respectively) and to overall copper and silver production (steady state average production of 31.4ktpa Cu and 1.4MOzpa Ag). The key economic assumptions underpinning this update were unchanged from the December study. A summary comparing both studies is included below as Table 1 and a summary of the financial changes is detailed in Table 2. 1 2 3 4 5 6 7 2023.03.23 2024.01.30 2024.03.14 2024.12.03 2024.07.03 2025.06.26 2025.08.28 9 Elizabeth Creek Copper-Cobalt Project Scoping Study Scoping Study Update Delivers Materially Improved Economics Further Key Improvement in Underground Project Economics New Resources, Higher Recoveries Boost Elizabeth Creek Value Initial Copper Resource for Cattle Grid South Material Uplift in Copper and Silver Recoveries New Flowsheet Delivers Significant Cu-Ag Economic Uplift CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 OPER ATIONAL RE VIE W STUDY SECTION DECEMBER 2024 SCOPING STUDY UPDATE (PROCESSING BY FLOTATION/ALBION) UPDATED SCOPING STUDY SUBSEQUENT TO YEAR END (PROCESSING BY WHOLE-ORE LEACH) Mineral Resources MG14: 1.83Mt @ 1.24%Cu, 0.03%C (100% Indicated) No Change Windabout: 17.67Mt @ 0.77%Cu, 0.05%Co (100% Indicated) Emmie Bluff 8: 40.2Mt @ 1.27%Cu, 0.06%Co (93% Indicated, 7% inferred) Cattle Grid South 9: 5.8Mt @ 0.6% Cu, 0.012%Co (100% Inferred) Processing Capacity 3Mtpa Throughput No Change Products MG14, Cattle Grid South: Copper Concentrate All Deposits: Copper Cathode, Silver Dore & Zinc Carbonate Windabout & Emmie Bluff: Copper Cathode, Cobalt Sulphate, Zinc Carbonate & Silver Dore Mineral Processing Stage 1: Flotation All ore will undergo primary crushing followed by grinding in a SAG mill with a pebble crushing circuit. Crushed ore from MG14 and Windabout will pass through an additional deslime circuit before flowing through a conventional rough-cleaner-scavenger flotation circuit to produce a copper cobalt concentrate. Stage 2: Hydromet The concentrates from Windabout and Emmie Bluff will then proceed to a downstream hydrometallurgical processing plant based on an Albion Process™ leach circuit. The overflow liquor, containing copper, cobalt, and zinc, will be directed to an SXEW plant, followed by a Cobalt SX and Zinc precipitation circuit. The CCD discharge slurry, containing silver, will be processed through a lime boil and cyanidation circuit. All Deposits: The whole ore leach flowsheet consists of 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. Hydrometallurgical processing will consist of an SX/EW plant producing copper cathode, followed by a Merrill Crowe circuit producing silver dore and a zinc carbonate precipitation circuit. Copper Recovery MG14: 57.93% Windabout: 66.5% Emmie Bluff: 77.2% Cattle Grid South: 90% 94.8% Production Copper: 384 kt Cobalt: 18.9 kt Silver: 16.1 Moz Zinc: 48.4 kt Copper: 454 kt Silver: 20.3 Moz Zinc: 50.6 kt 2024.01.30 Scoping Study Update Delivers Materially Improved Economics - For full details, see Appendix 1 – Section Mineral Resource Update – Detailed Information 8 2024.07.03 Initial Copper Resource for Cattle Grid South - For full details, see Appendix 2 – Detailed Technical Information and JORC Table 1 9 10 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 OPER ATIONAL RE VIE W Table 2: Economic Comparison of updated Scoping Study (December 2024) and most recent Scoping Study update accounting for whole-ore leach (subsequent to end of reporting period). FINANCIALS (PRE TAX)_12 OPERATING CAPITAL PRODUCTION AREA MEASURE UNIT UPDATED SCOPING STUDY WHOLE-ORE LEACH STUDY DEC-24 AUG-25 Mine Life Years 15.5 15.5 Processing Throughput Mtpa 3 3 Feed from Indicated Resource % 87% 87% Feed from Inferred Resource % 13% 13% Copper Produced – Total Kt 384 454 Silver Produced – Total Moz 16.1 20.3 Cobalt Produced – Total Kt 18.9 - Copper – Steady State Average10 Tpa 26,736 31,400 Silver – Steady State Average Mozpa 1.13 1.4 Cobalt – Steady State Average Tpa 1,258 - Pre-Production Capital A$M 331 472 Post-Production Capital A$M 358 143 Total Capital A$M 689 615 Total Financing Requirement A$M 504 478 All In Sustaining Cost11 USD/lb Cu 1.80 2.15 Revenue A$M 7,574 7,264 Net Cash Flow (Pre-Tax) A$M 2,244 2,397 Net Present Value (NPV7) A$M 1,181 1,289 Internal Rate of Return (IRR) % 35% 39% Total Capital Payback Years 4.0 3.25 13 Steady State Average” is calculated from year 5 to year 16 All-In Sustaining Cost (AISC) includes all mining, processing, tailings management, transport including freight, sustaining capital, royalties & G&A costs 12 Including royalties 13 Capital payback is calculated from first production 10 11 11 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 OPER ATIONAL RE VIE W NEXT STEPS – ELIZABETH CREEK (SHORT-TERM CATALYSTS) Coda intends to commence drilling for a detailed PFS into Elizabeth Creek in October of 2025. This drill programme will provide sample for metallurgical and geotechnical testwork which will serve as the baseline for further and more detailed project design work. Potential catalysts during the next year include: Variability Testwork: Verification of applicability and consistency of copper and silver recovery of whole-ore leach across all deposits will provide final confirmation that the new flowsheet will be applicable across all major deposits. Reoptimised Mine Schedules: Current economic models around whole-ore leach assume the same mining schedule and cut-off grades as were originally developed for flotation. Reoptimisation of this mining schedule for the new flowsheet may result in increased average profit per tonne. Environmental Approvals: Subsequent to the end of the reporting period, Coda submitted its Scoping Report to the South Australian Department of Energy and Mining (SA DEM) 8. This is one of the final steps in the development of the project specific environmental studies and associated work plans for Elizabeth Creek, which will provides a clear and transparent pathway towards the grant of a Mining Lease, which Coda will pursue over the coming year. Reintroduction of Cobalt: Test work to confirm the leachability of cobalt from Elizabeth Creek mineralisation is ongoing. Coda believes that the future re-integration of cobalt into the flowsheet represents an attractive upside opportunity but is not integral to the progression of the copper-silver based flowsheet. EXPLORATION – SED-HOSTED Exploration during the year focused on drilling south and east of the Emmie Bluff deposit, commencing in February 20259. The four-hole program tested geophysical anomalies identified in seismic and magnetotelluric (MT) surveys, interpreted as possible Tapley Hill Formation black shale, and was completed in March 2025. One hole (DD25EB0038, “Hole 38”) intersected a narrow band of mineralised Tapley Hill Formation mudstone conglomerate — the first such mineralisation encountered outside the Emmie Bluff Mineral Resource. A second hole (Hole 39) intersected a thicker but unmineralised, partially oxidised shale sequence, while two holes (37 and 40) did not intersect the formation. The program confirmed that Tapley Hill Formation shale extends beyond the existing Mineral Resource and that parts of this unit are mineralised, with mineralisation not closed off by current drilling. Coda intends to further investigate out-fill opportunities during feasibility work. 8 9 2025.07.11 2025.02.11 12 Key Approvals Milestone Achieved at Elizabeth Creek Drilling Commences at Emmie Bluff CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 OPER ATIONAL RE VIE W 13 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 TIMELINE CORPORATE 2024 SUCCESSFUL COMPLETION OF $5.1M CAPITAL RAISE TO SUPPORT SCOPING STUDY UPDATE AND EXPLORATION AT ELIZABETH CREEK Coda Minerals successfully raised $5.1m at $0.07 per share through an oversubscribed entitlement offer and follow-on placement, providing a strong cash position to progress exploration and a Scoping Study update at its 100% owned Elizabeth Creek Copper Project. OCTOBER 2024 MAIDEN MINERAL RESOURCE AT CATTLE GRID SOUTH An Inferred Mineral Resource Estimate (MRE) was completed for Cattle Grid South of 5.8 Mt at 0.62% Cu for approximately 36 kt of contained copper and 0.5 kt of contained cobalt with accessory silver and zinc. JULY 2024 PROJECT ELIZABETH CREEK APPROVALS PROCESS COMMENCES SCOPING STUDY UPDATE NEW RESOURCES, HIGHER RECOVERIES SIGNIFICANTLY BOOST ELIZABETH CREEK’S UNDERLYING VALUE The updated scoping study incorporates improvements to the metallurgical flowsheet, including oxide collectors and a second millfloat stage, which have boosted copper and silver recoveries. The inclusion of the Cattle Grid South deposit extends mine life and adds more than 20,000 tonnes of copper. DECEMBER 2024 Coda submitted the Preliminary Impact Assessment (PIA) for its flagship Elizabeth Creek CopperCobalt Project in South Australia, formally commencing the environmental scoping process. AUGUST 2024 14 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 TIMELINE 2025 APPOINTMENT OF CHIEF FINANCIAL OFFICER Coda welcomed Mr Chris Burton, a chartered accountant and finance professional with over 27 years’ experience, as CFO on a part-time consulting basis. MARCH 2025 DRILLING COMMENCES AT EMMIE EAST MATERIAL UPLIFT IN COPPER AND SILVER RECOVERIES Drilling programme covered up to 2,000m across 4 holes, targeting extension of the Emmie Bluff mineralisation to the east and south-east of the main Emmie Bluff resource. Test work at Emmie Bluff delivered copper recoveries of up to 96% using whole-ore leach, marking a material uplift from previous flotation results and highlighting potential for lower costs and stronger economics at Elizabeth Creek. FEBRUARY 2025 DRILLING IDENTIFIES POTENTIAL EMMIE BLUFF EXTENSION 4-hole drill programme completed at Emmie East, identifying mineralised Tapley Formation host rock outside of the existing Resource for the first time and offering scope for expansion. MARCH 2025 An updated Scoping Study incorporating the new flowsheet was announced subsequent to the end of the financial year in August 2025. This resulted in a transformational update to the project with a revised copper-silver based flow sheet and materially improved project economics, reduced technical and commodity risk, and reduced CAPEX and OPEX. 2025.08.28 - New Flowsheet Delivers Significant Cu-Ag Economic Uplift JUNE 2025 15 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 DIRECTORS’ REPORT 16 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 DIRECTORS ’ REPORT FOR THE YE A R ENDED 30 JUNE 20 25 The directors of Coda Minerals Ltd (‘the Company’ or ‘Coda’) present their report together with the financial statements of the Company and its Subsidiaries (‘the Group’) for the financial year ended 30 June 2025 and the Auditor’s Report thereon. In order to comply with the provisions of the Corporations Act 2001, the Directors’ report is as follows: DIRECTORS The directors of the Company at any time during or since the end of the financial year were: NAME & QUALIFICATIONS EXPERIENCE AND SPECIAL RESPONSIBILITIES Mr Keith F Jones BBus, FCA, FAICD Non-Executive Chairman Mr Jones is an experienced public company Chairman with a background of over 41 years professional experience providing advisory and consulting services to the mining and resources sector. Appointed: 26 April 2018 Mr Jones is the former Chairman of Deloitte Australia and served for 10 years on the Board of Deloitte Australia. He is the former Chairman of Gindalbie Metals Limited and Cannings Purple and former Non-Executive Director of ASX listed Company Ora Banda Minerals Limited Other current directorships: Ecograf Limited (Appointed May 2023) Former directorships in last 3 years: Ora Banda Mining Limited (April 2019 to September 2022) Mr Jones has significant executive leadership experience serving for 15 years as the Managing Partner of Deloitte in Western Australia and as Leader of the National Chinese Services Group and National Energy and Resources Group. Mr Andrew Marshall I Eng (UK), MAICD Non-Executive Director Mr Andrew (Robin) Marshall has previously been involved in managing the successful delivery of some of the world’s largest resource projects, including major projects for BHP Billiton, Vale Inco, Western Mining and North Limited. Appointed: 19 July 2019 Most recently Mr Marshall provided oversight for the delivery of the Goldfields, Gold Road Gruyere Gold Project as a member of the Technical Steering Committee. At Vale Inco, he held the position of Project Director with responsibility for delivery of the multi-billion dollar Goro Nickel Project in New Caledonia through to its commissioning in early 2009. At BHP Billiton Iron Ore, Mr Marshall held the position of Vice President – Asset Development Projects with responsibility for the development of a number of projects in the first wave of expansion in the iron ore business sector. In additional to these roles, Mr Marshall also previously held key positions of Project Manager for the West Angelas Iron Ore Project with North Limited, Project Director with Iron Ore Company of Canada, Manager Projects for Forrestania Gold/LionOre Australia, Manager Engineering & Project Services for Western Mining Corporation and Project Manager for Nedpac (Signet Engineering). Mr Marshall provides consulting services to major companies and has extensive experience with overseas projects and operations. Mr Paul Hallam BE(Hons)Mining, FAICD, FAusIMM Non-Executive Director Appointed: 21 August 2019 Other current directorships: Greatland Gold Plc. (Appointed September 2021) Mr Hallam has more than 45 years Australian and international resource industry experience. His operating and corporate experience is across a range of commodities (iron ore, bauxite, alumina, aluminium, gold, silver, copper, zinc and lead) and includes both surface and underground mining. Mr Hallam retired in 2011 to pursue a career as a professional non-executive director. He has held Australian and international non-executive director roles since 1997. His former executive roles include Director – Operations with Fortescue Metals Group, Executive General Manager – Developments & Projects with Newcrest Mining Limited, Director – Victorian Operations with Alcoa and Executive General Manager – Base and Precious Metals with North Ltd. Mr Hallam is a qualified mining engineer and holds a BE (Hons) Mining from Melbourne University and a Certificate of Mineral Economics from Curtin University. He is a Fellow of the Australian Institute of Company Directors and the Australasian Institute of Mining & Metallurgy. 17 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 6 25 7 6 3 9 5 7 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 DIRECTORS ’ REPORT FOR THE YE AR ENDED 30 JUNE 2025 NAME & QUALIFICATIONS EXPERIENCE AND SPECIAL RESPONSIBILITIES Mr Chris Stevens BA (Hons), MA (Oxon), MSc, GAICD, FAusIMM Chief Executive Officer Mr Stevens is an experienced resources executive and mineral economist who joined Coda after holding the role of CEO at Gindalbie Metals. Prior to joining Gindalbie in 2016, Mr Stevens was the Western Australian Mining Consulting Lead at PricewaterhouseCoopers (PwC), where he managed professional teams to devise strategy, evaluate investment options and assist in delivery of major transactions for various ASX listed mining and energy companies. Appointed: 26 April 2018 Former directorships in last 3 years: Enterprise Metals Limited (October 2021 to January 2023) Prior to joining PwC, Mr Stevens held senior roles in the mining industry including General Manager- Commercial at Asia Iron and Commercial Manager at Gindalbie Metals. In addition to his executive resources experience, Mr Stevens has over 18 years’ experience working with Chinese companies in commercial consulting and private equity. Mr Stevens is a Fellow of the AusIMM, holds an Honours degree from the University of Oxford, a Master of Science in Mineral Economics from Curtin University, and is a fluent Chinese speaker. COMPANY SECRETARY The Company’s company secretary is Ms Susan Park BCom, ACA, F Fin, FGIA, FCIS, GAICD. Ms Park was appointed to the position of company secretary on 25 November 2020. PRINCIPAL ACTIVITIES The principal activities of the Company during the period were primarily focused on the progression of exploration and evaluation activities associated with the Elizabeth Creek Copper Cobalt Project (“Elizabeth Creek”) in South Australia. The Company also advanced exploration work at the Cameron River Copper Gold Project (“Cameron River”) as well as engaging in the evaluation of projects and potential joint ventures with other mining companies to explore for minerals. REVIEW OF OPERATIONS Coda 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 coppergold-uranium mine, 15km from its new Oak Dam West Project and 50km west of its Carrapateena copper-gold project. In December 2021, Coda announced a maiden Indicated and Inferred Mineral Resource Estimate for the Emmie Bluff copper-cobalt deposit at Elizabeth Creek. 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 March 2023, the Company released the initial Scoping Study for the Elizabeth Creek Copper Project1 and has since delivered f