Announcement PDF 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Elizabeth Creek Project Economics Strengthen on Price Update Significant price movements in copper and silver result in material uplift from August 2025 Scoping Study. Highlights • PROJECT ECONOMICS REEVALUATION: Material changes in both forecast and SPOT prices of copper and silver have necessitated an update to the August 2025 Scoping Study. • COPPER-SILVER BASE CASE: All work retains existing processing flowsheet offering a streamlined project using a copper-silver base case. This provides exception upside to two high attractive mineral commodities. • 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. • PLANNED PRODUCTION: Estimated 454kt of copper and 20Moz of silver over the life-of-mine. Annual estimated steady state production approximately 31ktpa copper, 1.4Mozpa silver. • UPDATED PRICE ASSUMPTIONS: Copper price assumption updated to US$ 10,500/t from US$ 9,260/t; silver price assumption updated to US$ 60/oz from US$ 30/oz. This remains materially below current SPOT prices1. • PROJECT FINANCIALS: Estimated Pre-tax NPV(7) of approximately $2.25B and Internal Rate of Return (IRR) of 56%, compares with a Pre-tax NPV(7) of ~A$1.29B and IRR of 39% in the 2025 Scoping Study1F 2. • UPSIDE AT SPOT: At spot prices, the estimated Pre-tax NPV(7) increases to approximately $3.32B and the IRR to 74%. Post-Tax NPV(7) of approximately $1.52B, IRR 43% (base case), rises to approximately $2.28B and IRR 57% at spot2 F 1. • RAPID PAYBACK: Revised base case offers attractive 2.5 year payback period from first production. • RAPID ADVANCEMENT: Revised copper-silver base case incorporated in currently ongoing Pre-Feasibility Study (PFS). • WELL FUNDED: $11.25M cash in bank at end of December 2025 Quarter leaves Coda well-funded for advancing PFS work. 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 material changes in the underlying pricing of copper and silver since the most recent release of project economics in August 2025. Economics Update – Elizabeth Creek Copper-Silver Project. Coda Minerals Limited (ASX: COD, “Coda” or “the Company”) is pleased to provide an updated snapshot of the economics for its 100%-owned Elizabeth Creek Copper-Silver Project in South Australia, reflecting material changes in copper and silver prices since the Company’s most recent economics update released in August 2025. 1 Spot Prices at 11th February 2026. Cu – $13,108 USD/t, Ag - $82 USD/Oz, FX – 0.71 AUD/USD. NB SPOT pricing is highly volatile and should not be used as the basis for investment decisions. 2 Please see ASX Announcement “New Flowsheet Delivers Significant Cu-Ag Economic Uplift”, released to the market 28 August 2025, available at https://codaminerals.com/announcements/7126651 ASX RELEASE 2026 Code: COD 17th February 2026 ASX:COD E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Why we are providing this update Since the August 2025 Scoping Study update, global commodity markets have moved significantly. Over the past five months, both copper and silver prices have increased materially, driven by a combination of supply constraints, strong demand fundamentals and heightened market volatility. The Company has received numerous queries from shareholders regarding the impact of these commodity price movements on the economics of the project, and has encountered public speculation online regarding these impacts, and wishes to ensure full clarity for shareholders. The August 2025 economics were based on commodity prices of US$9,260 per tonne for copper and US$30 per ounce for silver. As at the date of this announcement, copper is trading at approximately US$13,108 per tonne and silver at approximately US$82 per ounce. Silver pricing has risen to approximately $120 per ounce in January 2026. While commodity prices can be volatile and may move down as well as up, recent price behaviour highlights both the strength of longer-term fundamentals for copper and silver and the potential for significant price swings over time. Scope and limitations of this update Spot price scenarios are presented solely to illustrate price sensitivity and do not represent the Company’s long-term planning assumptions or development basis. Project advancement decisions will be based on long-term consensus pricing, not short- term market volatility. Coda is currently advancing a Pre-Feasibility Study (PFS) for the Elizabeth Creek Copper-Silver Project and remains well funded, with $11.25 million in cash at the end of the December 2025 quarter. This announcement provides a Scoping Study–level economic update only. Importantly: • No technical assumptions have changed since the August 2025 update • No mining, processing, capital or operating cost assumptions have been revised • The update reflects changes to commodity price and foreign exchange assumptions only The Company considers it appropriate to provide this update because long-term price assumptions for both copper and silver have shifted materially since August 2025, meaning previously published sensitivities are no longer representative of current market conditions. By way of example, the prior silver sensitivity of ±20% from US$30/oz represented a range of US$24/Oz to US$36/Oz, compared with the current spot price of approximately US$82/oz. Please see below Appendix 1 for Listing Rule 5.19.2 and Listing Rule 5.23.2 statements Updated project economics The Elizabeth Creek Copper-Silver Project is planned as a long-life operation, producing approximately: • 454,000 tonnes of copper, and • 20.3 million ounces of silver over the life of mine. Using conservative long-term price assumptions of: • US$10,500/t copper (approximately 20% below current spot) • US$60/oz silver (approximately 27% below current spot) • AUD/USD exchange rate of 0.68 The updated estimated project economics are approximately: • Post-tax NPV(7): $1.52 billion • Pre-tax NPV(7): $2.25 billion • Post-tax IRR: 43% • Pre-tax IRR: 56% E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 At current spot prices, the indicative economics increase materially to approximately: • Post-tax NPV(7): ~$2.28 billion • Pre-tax NPV(7) ~$3.32 billion • Post-tax IRR: ~57% • Pre-tax IRR: ~74% These SPOT figures are illustrative only and should be read in the context of market volatility and the Scoping Study–level nature of this update. Project advancement decisions will be based on long-term consensus pricing, not short-term market volatility. Sensitivity to commodity prices In selecting base-case price assumptions below current spot levels, the Company believes it has applied appropriately conservative settings, informed by reputable long-term forecasts. The copper price assumption of US$10,500/t sits within the range of long-term consensus forecasts published by major investment banks and industry analysts (generally US$9,500– 11,500/t). The silver assumption of US$60/oz reflects an average of long-term forecasts and structural supply deficit expectations. The Project demonstrates strong leverage to both copper and silver prices: • Each US$1,000/t change in the copper price impacts base case NPV(7) by approximately $377 million • Each US$10/oz change in the silver price impacts base case NPV(7) by approximately $165 million Detailed sensitivities are provided in the body of this announcement. Shareholders are cautioned that commodity prices are inherently volatile and can move down as well as up. CEO commentary Chief Executive Officer Chris Stevens said: “We’ve received a large number of enquiries from shareholders asking how recent movements in copper and silver prices affect the value of Elizabeth Creek. This update is intended to answer those questions clearly and transparently. “What it demonstrates is the exceptional leverage the Project has to both copper and silver prices, while still showing very strong economics using conservative long-term assumptions. “At the same time, we are continuing to advance the Pre-Feasibility Study at pace. Drilling is materially complete, assays are pending, and all major PFS workstreams are now underway. “We believe the timing could not be better to be progressing Elizabeth Creek through advanced study stages, and we look forward to providing shareholders with further PFS updates as the project continues to be de-risked.” 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 6 Altona Street, West Perth Western Australia, 6005 Cautionary Statements Cautionary Statement Regarding Metallurgical Testwork The Company advises that the metallurgical results relied upon to generate this estimate 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 the ongoing 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 Study8F 3 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. 3 Coda’s last Scoping Study Update, released to the market on 3 December 2024, is available at https://codaminerals.com/announcements/6690414 E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Project Economic Modelling The economics of the Elizabeth Creek Project have been re-modelled with updated base-case commodity price assumptions. Material changes include: - Copper Price (USD/t) – From $9,260 to $10,500 - Silver Price (USD/Oz) – From $30 to $60 Coda’s updated 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$10,500/t (US$4.76/lb) is below the six-month average LME price leading up to release of this study and is considered conservative given the current market conditions. All other relevant economic factors, including assumptions around foreign exchange rates, royalty rates, etc, and technical factors, including recoveries, CAPEX and OPEX estimates, etc, remain as stated in the Company’s most recent Scoping Study7F 4. The table below shoes the assumptions underlying the new base-case project economics. Macroeconomic Assumptions Table DISCOUNT RATE REAL% 7.0% EXCHANGE RATE USD:AUD 0.68 FEDERAL CORPORATE TAX RATE % 30% SAROYALTY RATES REFINED PRODUCT 3.5% COPPER PRICE USD/T $10,500 SILVER PRICE USD/OZ $60 ZINC PRICE USD/T $2,700 4 Coda’s last Scoping Study Update, released to the market on 28 August 2025, is available at https://codaminerals.com/announcements/7126651 E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Project Economic Summary Area Measure Unit Previous Study Updated Base Case Spot Price[1] COMMODITY PRICES Copper (USD/t) 9,260 10,500 13,108 Silver (USD/Oz) 30.00 60.00 82.00 FX (USD:AUD) 0.68 0.68 0.71 REVENUE Revenue A$M 7,264 8,979 10,889 Copper % 85% 78% 77% Silver % 12% 20% 21% Zinc % 3% 2% 2% FINANCIALS Pre-Tax Net Cash Flow A$M 2,397 4,043 5,876 Pre-Tax (NPV7) A$M 1,289 2,249 3,324 Pre-Tax IRR % 39% 56% 74% Total Capital Payback Years 3.25 2.5 1.75 Post-Tax Net Cash Flow A$M 1,692 2,843 4,132 Post-Tax (NPV7) A$M 855 1,523 2,280 Post-Tax IRR % 30% 43% 57% PRODUCTION 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 Silver Produced – Total Moz 20.3 Copper – Steady State Average Ktpa 31.4 Silver – Steady State Average MOzpa 1.4 CAPITAL Pre-Production Capital A$M 472 Post-Production Capital A$M 143 Total Capital A$M 615 Total Financing Requirement A$M 478 OPERATING All In Sustaining Cost[2] USD/lb Cu 2.15 1.59 1.33 [1] Spot Prices as of 11th February 2026. [2] All-In Sustaining Cost (AISC) includes all mining, processing, tailings management, transport including freight, sustaining capital, royalties & G&A costs E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Sensitivity Analysis Sensitivity analysis was carried out to determine the impact of various factors on the Project’s financial performance. The graph below illustrates how the estimated base case NPV ($2.249B) varies when each of the key inputs increases or decreases by 20%, with the exception of the discount rate, which was varied between 6.5% and 12%, reflecting a more realistic market range. Sensitivity analysis on copper and silver prices has been excluded from this tornado analysis and has been assessed separately, due to the significant volatility and material price movements experienced over the past six months. $500 $1,500 $2,500 $3,500 Exchange Rate Discount Rate Mining OPEX Processing OPEX CAPEX Sensitivity Analysis 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. E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Coda has modelled the Project’s sensitivity to a range of potential copper and silver price scenarios, spanning from a low case of US$9,000/t12F copper (12-month low) and US$20/Oz silver, through to current spot prices (in bold) and upside case for both commodities, see Figure 2. Sensitivity has been independently modelled for movements in both copper and silver prices. On a standalone basis, the analysis indicates that, on average, a US$10/oz increase in silver price results in an increase in pre-tax NPV7 of approximately A$165 million, while a US$1,000/t increase in copper price results in an increase in pre-tax NPV7 of approximately A$377 million. Although silver prices have increased by a materially greater factor than copper prices over the past six months, the Project’s revenue remains predominantly driven by copper. Under the updated commodity price forecasts, copper contributes approximately 78% of lifetime project revenue (compared to 85% using previous commodity price assumptions) while silver remains an important by-product, accounting for approximately 20% (compared to 12% previously). If modelled at current spot prices, copper accounts for approximately 77% of total revenue, with silver contributing approximately 21%. Even at a highly conservative copper price of US$8,000/t, silver prices would need to exceed approximately US$180/oz before silver would exceed 50% of lifetime project revenue. Under the current assumed copper prices of US$10,500, silver would need to exceed US$240/Oz to achieve a 50% revenue share. Figure 2 Project pre-tax NPV7 sensitivity to changes in copper and silver prices at FX Rate USD:AUD 0.68. E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Project CAPEX Total project CAPEX has remained unchanged to the August 2025 Scoping Study update. Net project CAPEX is estimated at A$615 million under the current assumptions.15F 5 A detailed breakdown of project CAPEX is provided as Table 1, below. Table 1 Elizabeth Creek CAPEX cost breakdown PRE-PRODUCTION CAPITAL EXPENDITURE A$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 Intensity16F 6 , 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 5 Please see Cautionary Statement Regarding CAPEX and OPEX Estimates for caveats regarding the calculation of project CAPEX. 6 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). E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 Project OPEX Overall project OPEX has remained unchanged to the August Scoping Study update. A detailed breakdown of project OPEX is provided as Table 2. Table 2 OPEX per tonne of ore mined UNIT OPERATING COSTS 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$/t ore 55 78 110 87 Annual Cashflow Figure 3 Pre-Tax annual cashflow for the base case scenario, Elizabeth Creek Copper-Cobalt Project. -1,000 -500 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 -400 -300 -200 -100 0 100 200 300 400 500 600 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Cumulative Cashflow (A$M) Annual Cashflow (A$M) Pre-Tax Annual Cash Flow (A$M) E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 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$M 8,979 NET CASH FLOW (POST-TAX) A$M 2,843 POST-TAX NPV7 A$M 1,523 POST-TAX IRR % 43% CAPITALPAYBACK PERIOD33F33F33F33 F17F 7 YEARS 2.50 It is anticipated that the Project will contribute a total of approximately $313 million in state royalties and $1,199 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-own- operate (BOO) models, and offtake prepayments. No binding funding commitments have been entered into and there is no certainty that any funding will be secured on acceptable terms or at all. 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. 7 Capital payback period is calculated from first production E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 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. 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 assumptions18F 8, nor to the Mineral Resource estimates which underpinned them. These Mineral Resources were based on a Copper Equivalent calculation which included cobalt19F 9, 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 the whole-ore chloride leach flowsheet (which is assumed in this update) 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 of economic performance referred to in this announcement assume same metallurgical properties and assumptions as were detailed in the previous iteration of the Scoping Study (released 28 August 202510). These assumptions include the adoption of whole-ore chloride leach, and the removal of cobalt from the hydrometallurgical flowsheet entirely, i.e. 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, Coda 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 8 For full breakdown of the mined production schedule, please see Appendix 3: Mined Production Schedule 9 Please see “Appendix 1: Elizabeth Creek Mineral Resources” for full details. 10 Please see ASX Announcement “New Flowsheet Delivers Significant Cu-Ag Economic Uplift”, released to the market 28 August 2025, available at https://codaminerals.com/announcements/7126651 E: info@codaminerals.com ABN 49 625 763 957 6 Altona Street, West Perth Western Australia, 6005 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. Governance Note This announcement has been authorised for release by the board of Coda Minerals. 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 6 Altona Street, West Perth Western Australia, 6005 Appendix 1: Elizabeth Creek Mineral Resources Table 3 Aggregated Mineral Resources at Elizabeth Creek 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 36,00023F 11 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 Total24F 12 65.5 Mt 725,800t Contained Cu 33,000t contained Co 28 Moz Contained Ag 75,000t Contained Zn25F 13 1,067,000t contain CuEq 11 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. 12 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. 13 No Zinc estimate was provided for the MG14 and Windabout deposits. This figure reflects the contained tonnage solely from Emmie Bluff and Cattle G