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. 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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