Coda Minerals AGM Presentation - November 2025
Released
Released
Announcement PDF
November 2025
Coda Minerals
AGM
Presentation
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.
ASX COD
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PORT AUGUSTA
ADELAIDE
ELIZABETH
CREEK
Scoping Study Phase
NPV7 (Pre-Tax) :1.3B & IRR: 39%
STAGE
South Australia
Supportive jurisdiction, low sovereign risk
LOCATION
Experienced Board
>17 Project Experience
TEAM
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.
SOLID FOUNDATION
OAK DAM WEST
CARRAPATEENA
SOUTH AUSTRALIA
OLYMPIC DAM
OLYMPIC DAM - BHP
114KM NN
CARRAPATEENA - BHP
40KM EAST
OAK DAM WEST - BHP
16KM NE
ROXBY DOWNS
WOOMERA
Total Area: 701 km2
ELIZABETH CREEK
PORT AUGUSTA
km
0 50
N
25
ELIZABETH CREEK
SOUTH AUSTRALIA
PORT AUGUSTA
ADELAIDE
ASX COD
CODA MINERALS
Major Cu-Ag-Co
Resource in an
exceptional jurisdiction
with massive upside
CODA’S COPPER PORTFOLIO
Resource Confidence Cut-off Mt Cu Co Ag CuEq CuEq
(%) (ppm) (g/t) (%) Contained Metal (kt)
Emmie Bluff
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
Total 65.5 1.60% 1,067
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.
JORC RESOURCE SUMMARY
65.5Mt @ 1.6% CuEq
> 1 Million Tonnes of CuEq
EMMIE BLUFF
(FLAGSHIP)
Underground
Deposit
~ 400m depth
Total Area: 701 km2
ELIZABETH CREEK
OAKDEN
Cu-Co-Ag Prospect
~ 30m depth
EMMIE DEEPS
Iron Oxide Copper Gold (IOCG)
Underground Deposit
~ 800m depth
WINDABOUT
Open Pit Deposit
~ 50 - 70m depth
MG14
Open Pit Deposit
~ 20m depth
CATTLE GRID SOUTH
Open Pit Deposit
~ 30m depth
ASX:COD
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 Nation
Avg Mined
Thickness
Upper
Mining
Depth
Lower
Mining
Depth
Average
Productivity
(MTPA)
Emmie Bluff Australia 4 -400 -450 3
Zhomart Kazakhstan 4.5 -540 -540 4
Polkowice-
Sieroszowice
Poland
2.55 -380 -890 12
Lubin Poland 2.8 -380 -1000 7.3
White Pine USA 4.5 -760 -1000 5
Khoemacau Botswana 9 -650 -1200 3.6
Rudna Poland 4 -850 -1250 11.7
Deep Glogow
(Planned, 2028)
Poland
2.4 -1200 -1400 10
ASX:COD
WE HAVE THE RIGHT INGREDIENTS
For full details, please see ASX release New Flowsheet Delivers Significant Cu-Ag Economic Uplift on 28th August 2025
NPV7 PRE-TAX
$1.3B
Processing
Innovative Flowsheet
Geology
93% JORC Indicated
Mining
Mine Plans – UG/OP
Environment
Advanced Approvals
Location
SA – Truly Tier 1
CORPORATE
$38M
Market Capitalisation
6 November 2025
362M
Ordinary Shares
6 November 2025
$13M*
Cash and Equivalents
7 November 2025
$0.105
Share Price
6 November 2025
ASX COD
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
0.16
0.18
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
05-Nov-24 05-Dec-24 05-Jan-25 05-Feb-25 05-Mar-25 05-Apr-25 05-May-25 05-Jun-25 05-Jul-25 05-Aug-25 05-Sep-25 05-Oct-25 05-Nov-25
Share
Price
(AUD)
Volume
Traded
(M)
Market Data ASX:COD
Volume Close Announcements
2025.08.28 - New Flowsheet Delivers
Significant Cu-Ag Economic Uplift
2025.10.27 - $12.3m Funding
Secured, PFS Fully Funded
Keith Jones
NON-EXEC CHAIR
Robin Marshall
NON-EXEC DIRECTOR
Susan Park
COMPANY SECRETARY
Chris Stevens
CEO, DIRECTOR
Paul Hallam
NON-EXEC DIRECTOR
Matt Weber
MANAGER GEOLOGY
Colin Moorhead
LEAD GEOLOGY ADVISOR
BOARD OF DIRECTORS SENIOR MANAGEMENT
*After the quarter end, the Company
raised approximately $12.33m (before
costs) through an Entitlement Offer and
Institutional Placement. Current cash on
hand approximately $13m with an
additional $1m to settle in mid Dec 2025.
METALLURGY CHANGES
ASX:COD
FLOWSHEET
FLOTATION
ALBION
CONCENTRATE
OXIDATIVE LEACH
WHOLE ORE LEACH
RECOVERY
81.4% 94.8%
79.5% 98.2%
Cu
29
Whole Ore Leach*
Float & Albion
Ag
47
*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
13% in Cu Recovery
19% in Ag Recovery
CAPEX Reduction
$74M CAPEX reduction from
eliminating the flotation and
Albion circuit and replacing
with lined steel tanks
in 4-Hour Leach
+
+
For full details, please see ASX release New Flowsheet Delivers Significant Cu-Ag Economic Uplift on 28th August 2025
EXCHANGE RATE USD:AUD
COPPER PRICE USD/T
SILVER PRICE USD/OZ
ASX:COD
0.68
$9,260
$30
KEY FINANCIAL METRICS
NPV7 PRE-TAX
(A$M)
$1,289M
$1,813M
NPV7 POST-TAX
(A$M)
REVENUE
(A$M)
IRRPRE-TAX IRRPOST-TAX
BASE
SPOT
$855M
$1,230M
BASE
SPOT
$7,264M
$8,198M
BASE
SPOT
39%
48%
BASE
SPOT
30%
38%
BASE
SPOT
NET CASHFLOW
PRE-TAX (A$M)
COPPER SILVER
454Kt
31.4Ktpa
TOTAL PRODUCTION
STEADY STATE
$2,397M
$3,293M
BASE
SPOT
20.3Moz
1.4Mozpa
TOTAL PROD.
STEADY STATE
Derisking Project
Advance Environmental Studies
Commence Hydrogeological Drilling
Continue Approvals Process and Community Engagement
CATALYST RICH NEWSFLOW
Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026
Drilling – Assay Results
Resource Update Emmie Bluff
Advancing Technical Studies
Defining Value
Enhancing Resource Confidence
Metallurgy – Variability & Piloting to Confirm Recoveries & Scalability
Mining – Re-optimised Production Targets
Maiden Reserve
PFS Release –
Updated NPV/IRR
Processing – Confirm CAPEX & OPEX
Timeline is indicative only and subject to change
Cobalt Reintegration
PFS – KEY TO COMMERCIALISATION
Most fundamental step on the road to development
NPV7 (Pre-Tax) :1.3B & IRR: 39%
PFS
Copper & Silver at historic highs
Increasing M&A activity
TIMING
VALUE UPLIFT
Peers have seen huge value uplift
Targeting a commercial outcome to unlock development
For full details, please see ASX release New Flowsheet Delivers Significant Cu-Ag Economic Uplift on 28th August 2025
Appendices
Coda Minerals - Sustaining Tomorrow
15
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/asx-
research/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/asx-
research/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://cdn-
api.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/apiman-
gateway/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.
Mineral Resources
APPENDIX A: STATEMENTS
Coda Minerals - Sustaining Tomorrow
16
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).
Competent Person Statement
APPENDIX A: STATEMENTS
Coda Minerals - Sustaining Tomorrow
17
Aggregated Mineral Resources at Elizabeth Creek
APPENDIX B: MINERAL RESOURCES
OPEN PIT Proposed Tonnage Cut-off Copper Cobalt Silver Zinc Copper Equivalent
Resource Category Type Mining Mt Grade Grade Contained Grade Contained Grade Contained Grade Contained Grade Contained
Method (% Cu) Metal (t) (ppm Co) Metal (t) (g/t Ag) Metal (Moz) (ppm Zn) Metal (t) (% CuEq) Metal (t)
MG14 Indicated Zambian Open Pit 1.8 0.5% CuEq 1.2% 22,700 330 600 14 0.8 1.7% 30,600
Cattle Grid South Inferred Breccia Open Pit 5.8 0.2% Cu 0.6% 36,000 120 700 3.5 0.7 684 4000 36,000
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 1 684 4,000
UNDERGROUND Proposed Tonnage Cut-off Copper Cobalt Silver Zinc Copper Equivalent
Resource Category Type Mining Mt Grade Grade Contained Grade Contained Grade Contained Grade Contained Grade Contained
Method (% 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 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.
Coda Minerals - Sustaining Tomorrow
18
Statement Regarding Metal Equivalent Calculations
APPENDIX C: 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 Mineral
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% Copper Equivalent (CuEq)) reported at a cut-off grade of 1% CuEq. The calculation of this
metal equivalent is based on the following assumptions.
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:
𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶 = 𝐶𝐶𝐶𝐶𝐶 + 0.00068 × 𝐶𝐶𝐶𝐶 𝑝𝑝𝑝𝑝𝑝𝑝 + 0.337 × 𝑍𝑍𝑍𝑍 % + 90.3 ×
𝐴𝐴𝐴𝐴 𝑝𝑝𝑝𝑝𝑝𝑝
10000
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)
Metal Coefficient Forecast Price Price Unit
Copper 0.8 $7,000 USD/Tonne
Cobalt 0.85 $55,000 USD/Tonne
Zinc 0.9 $2,100 USD/Tonne
Silver 0.85 $18.50 USD/Oz
Coda Minerals - Sustaining Tomorrow
19
Statement Regarding Metal Equivalent Calculations (continued)
APPENDIX C: METAL EQUIVALENT CALCULATIONS
The calculation of this metal equivalent is based on the following assumptions:
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 analyses 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:
𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶 = 𝐶𝐶𝐶𝐶𝐶 + 0.0012 × 𝐶𝐶𝐶𝐶 𝑝𝑝𝑝𝑝𝑝𝑝
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 potential 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.
For full details of the MG14/Windabout Metal Equivalent Calculation, please see “Confirmation of Exploration Target & Mineral Resource and Ore Reserve Statement”, released to the ASX on 23rd October 2020 and
available at https://www.codaminerals.com/wp-content/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-Statements-JORC.pdf.
Metal Mining
Recovery %
Dilution % Recovery % Payability % Forecast Price Price Unit
Copper 0.9 0.05 0.6 0.7 $6,600 USD/Tonne
Cobalt 0.9 0.05 0.85 0.75 $55,000 USD/Tonne
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20
Production Targets – Listing Rule 5.19.2
APPENDIX D: STATEMENTS & REFERENCES
In relation to any Production Target or any forecast financial information based on any Production Target quoted or referenced in this announcement, the Company confirms that all material assumptions underpinning both
the Production Target and any forecast financial information continue to apply and have not materially changed.
The original ASX announcement released on 3 December 2024 relating to any Production Target or forecast financial information derived from any Production Target referenced within this announcement can be found here.
References – Scoping Study
References to the Scoping Study relate to the Elizabeth Creek Scoping Study published on 28th August 2025. Please note disclaimers on slide 2 of this presentation and full details of the Study available on the ASX platform
and Coda’s website. 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.
References – Geological Images
The information in relation to images included in this presentation on slides 22 is taken from the announcement “Drilling Identifies Potential Emmie Bluff Extension – Additional Information ” published on 21 March 2025. 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.
The information in relation to images included in this presentation on slides 11 is taken from the announcement “MT Survey Commences Targeting Emmie Bluff Extensions” published on 25 July 2023.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.
Coda Minerals - Sustaining Tomorrow
21
Robin Marshall
NON-EXECUTIVE DIRECTOR
Experienced mining executive previously involved in managing the successful
delivery of some of the world’s largest resource projects, including Chairman of the
Gruyere Steering Committee, major iron ore projects for BHP Billiton Iron Ore and
North Ltd.
Paul Hallam
NON-EXECUTIVE DIRECTOR
Accomplished resource industry leader who has been directly responsible for the
delivery and operation of 11 gold, base metals, and iron ore projects over 40
years. Former executive at FMG, Newcrest; former NED of Sandfire Resources and
current NED at Greatland Gold.
Susan Park
COMPANY SECRETARY
Over 25 years’ experience in the corporate finance industry and extensive
experience in Company Secretarial and Non-Executive Director roles with ASX, AIM
and TSX listed companies. Susan is currently Company Secretary of several ASX
listed companies.
Matt Weber
MANAGER - GEOLOGY
Exploration geologist and mineral economist with over a decade’s exploration
experience working with Rio Tinto and multiple exploration companies across
Western Australia focussing on gold, iron ore and base metals. MSc in Mineral
Economics (WASM).
Keith Jones
NON-EXECUTIVE CHAIR
Chartered Accountant and senior mining industry leader with over 40 years of
corporate advisory experience including former Chairman of Deloitte Australia and
of Cannings Purple and former NED of Ora Banda Mining. Currently Non-Executive
Director of EcoGraf.
APPENDIX E : BOARD OF DIRECTORS & SENIOR MANAGEMENT
Chris Stevens
CHIEF EXECUTIVE OFFICER, DIRECTOR
Mineral economist, feasibility and project valuation specialist. Former CEO of Gindalbie
Metals, led the acquisition and demerger in 2019. Former Director of Mining
Operations Consulting at PwC, senior commercial and consulting roles across mining,
oil and gas. BA (Hons) Oxford University, MSc in Mineral Economics (WASM),
FAusIMM.
Colin Moorhead
LEAD GEOLOGY ADVISOR
Highly experienced exploration and mine geologist, past president of the AusIMM,
former member JORC Committee. Former senior roles including CEO PT Merdeka
Copper Gold Tbk, EGM Minerals at Newcrest Mining Ltd, and Geology Manager at
Gosowong Gold. Currently NED at Aeris Resources and Ramelius Resources, Executive
Chairman of Xanadu, and Sihayo Gold.
Coda Minerals - Sustaining Tomorrow
22
*The Copper Range Company owned the White Pine project while in operation. The mine is currently owned by Highland Copper.
APPENDIX F : COMPARABLE UNDERGROUND COPPER PROJECTS DATA
Mine Name Company Project Status Location Thickness
Avg Mining
Thickness
Depth Source
Other
Sources
Lubin KGHM Operating Poland 1.5-5.5m 2.8m 368-1006m https://kghm.com/sites/kghm2014/files/mrmr_english.pdf
Polkowice-
Sieroszowice
KGHM Operating Poland 0.6-4.5m 2.55m 381-893m https://kghm.com/en/our-business/mining-and-enrichment/polkowice-sieroszowice
Zhomart KAZ Operating Kazahkstan 2-6m 4.5m 540m https://portergeo.com.au/database/mineinfo.asp?mineid=mn1021
Khoemacau Royal Gold Operating Botswana 9m 9m 650-1200m https://miningdataonline.com/property/921/Khoemacau-(Zone-5)-Mine.aspx S&P
White Pine
Copper Range
Company*,
Highland Copper
Closed USA 4.5m 4.5m 760-1000m https://www.highlandcopper.com/backup-white-pine-north-project S&P
Rudna KGHM Operating Poland 3-4m, up to 12m 4m 844-1250m https://kghm.com/sites/kghm2014/files/mrmr_english.pdf S&P
Stepnoy KAZ Operating Kazahkstan 3-5m, up
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