Elizabeth Creek PFS Copper & Silver Results - Amended
Released
Released
Announcement PDF
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
Strong Copper & Silver Results Drive Elizabeth Creek PFS – Amended
Announcement
Coda Minerals Limited (ASX: COD, "Coda" or "the Company") releases an amended version of its announcement of 21
September 2026, "Strong Copper & Silver Results Drive Elizabeth Creek PFS" (the "Original Announcement").
An internal review has identified that the metal feed grades in Table 1 of the Original Announcement were presented on an
incorrect basis. The figures shown were calculated head grades, being the length-weighted averages of the individual
interval assays used to construct each composite (as set out in Table 4). They should have been the assayed head grades of
each composite as determined by the metallurgical laboratory. The assayed headgrades were correctly shownin the legends
to Figures 2 and 3.
Differences between calculated and assayed head grades arise from sample heterogeneity and sub-sampling during
composite preparation and are expected in metallurgical test work.
All extraction results in the Original Announcement were calculated by AMAC Process Solutions from the assayed head,
leach solution and residue assays for each test, and were not derived from the calculated head grades. Accordingly, no
extraction percentage, average, or conclusion in the Original Announcement is affected by this correction.
Table 1 has been amended to show the assayed head grades and now reconciles with Figures 2 and 3. No other changes
have been made to the Original Announcement. The Competent Person, Dr Carl Urbani, has reviewed the amended Table 1
and consents to its inclusion in the form and context in which it appears.
Mineralogy Feed Grade Metal Extraction (8 hours) Metal Extraction (24 hours)
Composite Sample
Chalcocite,
Covellite,
Bornite
Chalcopyrite Carrolite
Cu
(%)
Ag
(g/t)
Co
(ppm)
Cu
(%, 8 hr)
Ag
(%, 8 hr)
Co
(%, 8 hr)
Cu
(%, 24 hr)
Ag
(%, 24 hr)
Co
(%, 24 hr)
DD26EB0050_Upper 40 21 7 1.11 12.2 820 87.0% 90.8% 34.2%
DD26EB0051_Upper 58 11 2 0.69 11.2 245 97.2% 99.7% 51.4%
DD25EB0046_Merged 64 10 2.5 1.51 14.5 995 93.6% 97.1% 43.6% 96.9% 97.7% 51.7%
DD26EB0050_Lower 51 23 3 2.13 11.4 1025 79.3% 85.8% 12.8% 96.4% 95.3% 21.5%
DD26EB0051_Lower 16 53 0 0.41 4.1 110 82.2% 82.4% 26.1% 90.0% 86.8% 22.0%
DD25WIND0004_Upper 33 17 5 1.03 14.2 587 93.4% 96.8% -1
--
This announcement has been approved for release by the board of Coda Minerals.
ASX RELEASE
2026
Code: COD
25th
September 2026 ASX:COD
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
Strong Copper & Silver Results Drive Elizabeth Creek PFS
Variability programme reaffirms excellent copper and silver extraction across a range of mineralogies and
head grades.
Highlights
• Preliminary variability test programme completed: Results validate chloride leach flowsheet across samples with
different mineral compositions and metal grades.
• High copper and silver extraction: Selected representative Emmie Bluff variability composites averaged 94.4%
copper and 95.9% silver extraction, with peak extractions of 97.2% copper and 99.7% silver. This demonstrates
strong consistency with Scoping Study level estimates2.
• Encouraging results using Elizabeth Creek site water: A direct laboratory comparison using the same Emmie Bluff
composite returned similar copper and silver extraction with Elizabeth Creek water and fresh tap water.
• Cobalt extraction reaches 51.7%: Extraction averaged 39.7% across the same representative Emmie Bluff
variability samples. The company is working to improve cobalt leach performance and investigate post-leach
recovery options. Coda’s published whole-ore chloride leach base-case economics exclude cobalt revenue.
• Further testing and modelling are informing process selection: Work continues on downstream metal recovery,
reagent recycling and the alternative flotation process ahead of final flowsheet selection for the PFS.
Ongoing Elizabeth Creek PFS Status
• PFS Studies Advancing: Metallurgical work continues alongside resource assessment, geotechnical, groundwater,
tailings, environmental and mine planning studies.
• Key study completions expected shortly: Waste-rock characterisation, flood modelling and comminution (crushing
and grinding) test work are expected to be completed in the near term.
• Groundwater drilling well advanced: Drilling is progressing on Coda’s deepest production bore at Emmie Bluff.
• Process engineering moves forward: Coda has selected Ausenco as its principal process engineering consultant,
with metallurgical modelling now underway.
Coda Minerals Limited (ASX: COD) has completed preliminary laboratory testing of its preferred whole-ore chloride leach
process for the 100%-owned Elizabeth Creek Copper-Silver Project in South Australia.
The programme tested performance across samples with different grades and mineral compositions, together with a direct
comparison of Elizabeth Creek water and Perth tap water. The results will inform ongoing process assessment and design
work for the Pre-Feasibility Study.
As part of that process, two key programmes of work have been undertaken:
2
For more details, see “New Flowsheet Delivers Significant Cu-Ag Economic Uplift”, released to the market on 28 August 2025 and available at
https://codaminerals.com/announcements/7126651
ASX RELEASE
2026
Code: COD
21st
September 2026 ASX:COD
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
• A comparison of leach performance in site water vs fresh tap water using a composite Emmie Bluff sample; and
• A programme of “pre-variability” test work, utilising sample made available following its recent drilling
programme at the Emmie Bluff and Windabout prospects, which was also undertaken using site water.
Key conclusions from the two programmes were:
• Site water appears to have no detrimental impact on chloride leaching process and may, due to its existing high
salinity, actually improve metal extraction relative to fresh tap water; and
• Variability suggests consistently high copper and silver extraction, from representative samples while cobalt
extraction has begun to stabilise as the flowsheet has solidified.
The Company notes that the results described in this announcement are derived from lab scale batch test work and
remain preliminary at this stage. They should be considered indicative under the stated laboratory conditions, not an
absolute measure of final metallurgical recovery. Investors are cautioned that these results are not definitive and should
not be relied upon as a basis for investment decisions. Please see full disclaimer below.
Pre-Variability3
Testing
Preliminary variability test work was undertaken by AMAC Process Solutions in Western Australia on five Emmie Bluff
samples and one Windabout sample, from drillholes identified in Figure 1. The samples were leached using a chloride
solution following the optimised flowsheet the Company has been developing over the last several months. All tests took
place using site water from Elizabeth Creek to improve representivity after the practical use of this water was demonstrated
in an earlier test (Table 2).
24-hour leach extractions (including a residue wash stage) across the four most representative Emmie Bluff composites in
the variability programme averaged 94.4% copper extraction,95.9% silver extraction, and 39.7% cobalt extraction4. A fifth,
deliberately very low-grade and high chalcopyrite composite (DD26EB0051_Lower) was tested as a proof-of-concept rather
than a representative sample, and still returned 90.0% Cu and 86.8% Ag extraction, confirming the process extracts metal
effectively even from low-grade feed.
Table 1 Cu, Co and Ag extraction from Emmie Bluff and Windabout variability composites. Copper mineralogy for key sulphide groups is
included as deportment (i.e. % of Cu hosted within a specific mineral/mineral group), as determined by QEMScan. Where mineral
percentages do not sum to 100%, the difference is typically made up by “Cu S Fe Intergrowths” or “Other”, neither of which can be
specifically allocated to known mineralogies. The first 4 samples (highlighted in orange) are considered by the company to be
representative of expected production from Emmie Bluff based on grade. Note that all figures assume a wash step to capture precipitated
metal solids, which the company has integrated into its base-case flowsheet. Note that 8-hour samples for DD26EB0050_Upper,
DD26EB0051_Upper and DD25WIND0004_Upper were not washed, and therefore no representative result was recorded; unwashed
results are available as part of Figure 2 and Figure 3.
Mineralogy Feed Grade Metal Extraction (8 hours) Metal Extraction (24 hours)
Composite Sample
Chalcocite,
Covellite,
Bornite
Chalcopyrite Carrolite
Cu
(%)
Ag
(g/t)
Co
(ppm)
Cu
(%, 8 hr)
Ag
(%, 8 hr)
Co
(%, 8 hr)
Cu
(%, 24 hr)
Ag
(%, 24 hr)
Co
(%, 24 hr)
DD26EB0050_Upper 40 21 7 1.11 12.2 820 87.0% 90.8% 34.2%
DD26EB0051_Upper 58 11 2 0.69 11.2 245 97.2% 99.7% 51.4%
DD25EB0046_Merged 64 10 2.5 1.51 14.5 995 93.6% 97.1% 43.6% 96.9% 97.7% 51.7%
DD26EB0050_Lower 51 23 3 2.13 11.4 1025 79.3% 85.8% 12.8% 96.4% 95.3% 21.5%
DD26EB0051_Lower 16 53 0 0.41 4.1 110 82.2% 82.4% 26.1% 90.0% 86.8% 22.0%
DD25WIND0004_Upper 33 17 5 1.03 14.2 587 93.4% 96.8% -5
3
The Company has chosen to call this a “Pre-Variability” study, to distinguish from a more comprehensive and detailed variability study which will be
undertaken following a final flowsheet selection between whole-ore chloride leach and flotation, with that decision expected in the coming weeks.
However, the results of this study still inform the understanding of the process’ applicability to the variable mineralisation at Elizabeth Creek, and the study
has been carried out with the same levels of technical rigour that Coda expects from its final PFS variability study.
4
Extraction from composite samples DD26EB0050_Upper, DD26EB0051_Upper, DD25EB0046_Merged and DD26EB0050_Lower ranged from 87.0–97.2%
Cu, 90.8–99.7% Ag, and 21.5–51.7% Co extraction. For full details, see Table 1.
5
Cobalt data is not available for this sample due to mass imbalance between fluid and solid assays. All other tests reconciled solid and liquor assays to
within acceptable parameters. The Company is repeating the test to confirm cobalt recovery percentage from Windabout ore.
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
The results which are outlined in Table 1, confirmed strong copper extractions across a range of mineralogical compositions
and head grades from the Company’s flagship Emmie Bluff deposit. A sample from the Windabout deposit also returned
93.4% copper extraction after 24 hours, supporting continued confidence in the broader applicability of the processing
pathway.
Commenting on the metallurgical test work, Coda Minerals CEO Chris Stevens said: “These results add momentum to
Elizabeth Creek. High copper and silver extraction across a broader range of samples strengthens our confidence in the
preferred chloride leach process, while the encouraging site-water results bring the testing closer to the conditions relevant
to the project.
“For shareholders, the significance is the growing body of evidence supporting the next stage of development studies. We
are bringing test work and process modelling together to establish plant requirements, assess costs and select the final PFS
flowsheet. This is tangible progress towards defining how Elizabeth Creek could be developed.
“Cobalt provides a further opportunity. Our published whole-ore chloride leach base-case economics exclude cobalt revenue,
yet these tests achieved more than 50% cobalt extraction in two samples. That gives us a strong reason to pursue the
additional value cobalt could bring. Our focus is now on establishing a practical, economic route to capture that potential.”
Pre-variability testing will be followed up by more formal variability test work utilising larger samples generated following
comminution test work once the Company has made a firm and final selection between the current base-case whole-ore
chloride leach and a flotation-based flowsheet with an Albion hydrometallurgical circuit attached.
Site Water Testing
Two tests of the whole-ore chloride leach flowsheet were performed simultaneously by AMAC Process Solutions in Western
Australia on a representative composite Emmie Bluff sample from collars identified in Figure 1 and Table 3. Like the
variability samples outlined above, this material was leached using a chloride solution following the optimised flowsheet
the Company has been developing over the last several months, with the only difference between the two tests being the
use of Elizabeth Creek site water vs Perth tap water. The leach process was completed slightly short of the tests undertaken
during the variability programme at 22.5 rather than 24 hours but otherwise utilised an identical flowsheet.
The two samples performed similarly (Table 2), with a slight benefit to Perth tap water in the short term, with site water
improving over the long term, and once the final wash step is undertaken to recapture metal precipitates. Site water saw a
0.7% improvement in copper and silver extraction relative to tap water, and a 6.6% improvement in cobalt extraction.
The superior performance may be caused by the natural salinity of Elizabeth Creek site water, which increases the amount
of chloride in solution; further testing would be required to confirm this.
Table 2 Cu, Co and Ag extraction from an Emmie Bluff composite leached in site water vs Perth tap water. Mineralogy is
reported as per Table 1, above. The testing indicates that site water is not deleterious to leaching performance, and may in
fact improve extraction, most likely due to the existing high chloride content in the water prior to adding leach reagents.
Note that 22.5 hour extractions assume a wash step to capture precipitated metal solids, which the company has integrated
into its base-case flowsheet, while the 8 hour samples did not undergo the wash step.
Composite Sample
Chalcocite,
Covellite,
Bornite
Chalcopyrite Carrolite Cu%
Est
Ag
(g/t)
Est Co
(ppm)
Cu
Extraction
(%, 8 hr)
Ag
Extraction
(%, 8 hr)
Co
Extraction
(%, 8 hr)
Cu
Extraction
(%, 22.5 hr)
Ag
Extraction
(%, 22.5 hr)
Co
Extraction
(%, 22.5 hr)
Composite (Site Water) 25 44 2 1.15 12 470 82.5% 86.2% 2.4% 95.8% 93.6% 30.6%
Composite (Tap Water) 25 44 2 1.15 12 470 84.5% 88.0% - 95.1% 92.9% 24.0%
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
Figure 1 Drillhole collar locations of holes utilised in recent metallurgical test work at Elizabeth Creek.
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
Figure 2 Chloride leach kinetic extraction curves for copper in Emmie Bluff Pre-Variability samples. Note the significant
improvement associated with the completion of a short wash cycle following 24 hours of leaching.
Figure 3 Chloride leach kinetic extraction curves for silver in Emmie Bluff Pre-Variability samples. Note the improvement
associated with the completion of a short wash cycle following 24 hours of leaching - still present, though not as significant
as observed for copper, above.
0
10
20
30
40
50
60
70
80
90
100
0 4 8 12 16 20 24
Extraction
%
Time (h)
Whole-Ore Chloride Leaching, Emmie Bluff Pre-Variability -
Copper
Lower 50, Head Grade:
2.13% Cu
Merged 46, Head
Grade: 1.51% Cu
Upper 50, Head Grade:
1.11% Cu
Upper 51, Head Grade:
0.69% Cu
Lower 51, Head Grade:
0.41% Cu
WASHED
SAMPLE
0
10
20
30
40
50
60
70
80
90
100
0 4 8 12 16 20 24
Extraction
%
Time (h)
Whole-Ore Chloride Leaching, Emmie Bluff Pre-Variability -
Silver
Lower 50, Head Grade:
11.4g/t Ag
Merged 46, Head Grade:
14.5g/t Ag
Upper 50, Head Grade:
12.2g/t Ag
Upper 51, Head Grade:
11.2g/t Ag
Lower 51, Head Grade:
4.1g/t Ag
WASHED
SAMPLE
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
Implications and Significance to the Elizabeth Creek PFS
Coda is highly encouraged by the results, which continue to support whole-ore chloride leach as its preferred base case for
the Elizabeth Creek PFS.
Chalcopyrite content appears to have a modest influence on leach speed and extraction, although the results demonstrate
that chalcopyrite and other key minerals can be leached effectively under near-neutral laboratory conditions. The final leach
duration remains under assessment and is expected to be longer than was anticipated during the Scoping Study. While test
work was completed to 24 hours, a shorter leach duration may be possible given the very flat nature of the kinetic leach
curves between 8 and 24 hours (see Figure 2 and Figure 3, above).
PFS process engineering will refine tank sizing to suit the final leach conditions. A longer leach duration would be expected
to increase tankage requirements and associated capital cost, however, this may be partially offset by the increase in solids
ratio from original scoping study assumptions. Tanks are a relatively straightforward modification to the flowsheet, however,
any impact has yet to be quantified. The final requirements will reflect the assessment of solids ratio, leach duration,
extraction performance and plant design.
Based on this work, average net metal recovery assumed in the PFS is expected to remain close to the estimates provided
during that study of 94.8% Cu and 98.2% Ag6, though again, further work will be required to confirm these figures. Final PFS
recovery assumptions will, depend on completion of the broader variability programme including additional test work at
MG14 and Windabout, downstream recovery test work and process modelling.
Cobalt
Cobalt extraction, though variable, is encouraging, having exceeded 50% in more than one sample and averaging
approximately 40% across the 4 representative Emmie Bluff samples. Improving this low overall extraction and providing a
more consistent result has been one of Coda’s key priorities over the past several months.
The leaching challenge appears to stem from the principal cobalt host mineral at Elizabeth Creek: carrollite. Carrollite is a
relatively uncommon thiospinel-structure Cu-Co sulphide, giving it a tight packed crystal lattice which is resistant to oxidative
leaching. Carrollite can also suffer relatively rapid passivation (a process whereby a thin film of waste products from the
leach process form on sulphide surfaces, physically preventing the leach chemistry from attacking fresh sulphides).
Carrollite also hosts its Cobalt in the 3+ oxidation state rather than the 2+ state, which makes holding the ion in solution
more challenging once it has been dissolved from the sulphide.
The improved cobalt extractions achieved over the last several tests are the result of tweaks made to the leach chemistry,
and the Company will continue to test minor adjustments to chemistries and physical properties of the feed ore to stabilise
and improve cobalt extraction. Additionally, the company is continuing to test concentration technologies which may be
applied to the leach residue, including magnetic separation and traditional low-cost flotation to generate a cobalt
concentrate which may be further processed to improve overall net recovery.
Regardless of the results of these upcoming experiments, the results already achieved to date strongly suggest that material
percentage of the contained cobalt can be extracted from Elizabeth Creek mineralisation using this method.
All previous economic estimates for an Elizabeth Creek Project using a whole-ore chloride leach flowsheet have assumed
zero recovery/revenue from Cobalt, however, assuming continued replication of these or similar results, the Company will
seek to include cobalt in future economic assumptions.
6
For more details, see “New Flowsheet Delivers Significant Cu-Ag Economic Uplift”, released to the market on 28 August 2025 and available at
https://codaminerals.com/announcements/7126651
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
Next steps
Several key workstreams remain ongoing within the broader umbrella of the overall PFS metallurgical programme. The
company is currently:
• awaiting final comminution test work data which will inform the design of crushing and grinding circuits in the
PFS;
• undertaking residue concentration tests using magnetic and flotation separation to improve net cobalt recovery
from the chloride leach process;
• finalising downstream test work from the chloride leach process to confirm solvent extraction efficiency, identify
optimal products for zinc and cobalt7 and confirm OPEX associated with metal recovery; and
• undertaking test work in Adelaide to clarify the potential for the project’s backstop flotation-based flowsheet,
including options to produce a split cobalt concentrate, which, if successful, could allow development of the
Elizabeth Creek project with a much smaller downstream processing circuit, and potentially significantly reduced
CAPEX.
Finally, with the chloride leach flowsheet effectively finalised, the Company is also launching a chemical modelling exercise
via Ausenco, who have been engaged as principal process engineers, to confirm key inputs and recyclability of reagents for
a detailed understanding of process OPEX.
With this information, and that derived from ongoing test work programmes, Coda expects to be able to select a final
flowsheet and proceed to detailed design and engineering in support of the final PFS, detailed water balance, tailings
characterisation and other associated studies.
Figure 4 Downstream copper solvent extraction test work: prior to extraction (left) and following extraction (right).
7
Copper cathode and silver doré have been identified for some time by Coda as preferred, highly saleable products, however additional work is required
to confirm similarly optimal products for cobalt and zinc, though the company is confident that both products are saleable at the volumes expected to be
produced. This may include negotiating preliminary offtake agreements or less formal investigations for the regional and global market for various products
to identify demand and payability.
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
Next Steps – Wider PFS
Coda is progressing the Elizabeth Creek PFS across multiple technical disciplines, with metallurgical work advancing
alongside resource assessment, geotechnical, groundwater, tailings, environmental and mine planning studies.
The next phase is focused on completing key studies and bringing their findings together to inform project design and
engineering. These activities are expected to provide the basis for further announcements as results become available and
their implications for the PFS are assessed.
Key areas of progress and anticipated news flow include:
• Completion of supporting studies: Waste-rock characterisation, flood modelling and comminution test work are
expected to be completed in the near term. These studies will inform waste-rock management, assessment of
flood conditions and the design of the crushing and grinding circuits, providing inputs into the broader project
design.
• Groundwater drilling at Emmie Bluff: Work is well advanced on Coda’s deepest production bore at Emmie Bluff.
This forms part of the ongoing groundwater programme, which is developing the information needed to inform
water planning for the project. Further updates may include drilling progress and findings from the programme.
• Process modelling and engineering: Coda has selected Ausenco as its principal process engineering consultant,
with metallurgical modelling now underway. This work will help translate the laboratory results into process
design inputs and support assessment of the proposed plant’s operating requirements.
• Integration of the wider PFS studies: Resource assessment, geotechnical, tailings, environmental and mine
planning work continues in parallel. Findings from these programmes will be considered alongside the
metallurgical and groundwater work as the PFS develops.
Together, these workstreams are building the technical foundation for the next stage of project assessment. Future
updates are expected to cover study completions, engineering progress and their significance for Elizabeth Creek. The
timing and scope of announcements will depend on completion of the underlying work and assessment of the results.
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
Technical Details
Sample Compositing and Drillhole Details
Samples were selected based on a combination of availability and diversity, with the company targeting a diverse range of
grades and mineralogies, as well as geographic spread across the Emmie Bluff deposit, and a representative sample from
the open pit deposits (in this case, from Windabout). Collar details for these drillholes are provided as Table 3 and displayed
as Figure 1.
The material utilised consisted of a series of composites generated from coarse reject material in the case of the Emmie
Bluff sample, and material which was identified as surplus to requirements for comminution work at the Windabout
deposit8. The samples utilised including key assay results are outlined as Table 4.
Table 3 Drillhole collar details for holes utilised in recent metallurgical test work at Elizabeth Creek. All collars are reported
in GDA94, MGA Zone 53.
Prospect HoleID
Easting
(mE)
Northing
(mN)
RL
(m AHD)
EOH
Depth (m)
Collar
Dip (deg)
Collar
Azi (deg)
EOH Dip
(deg)
EOH Azi
(deg)
Survey
Method
Tenement
Associated Comp.
Emmie Bluff DD25EB0046 706512 6555271 168 441.5 -80 270 -81.79 274.83 GPS EL 6265 DD25EB0046_Merged
Emmie Bluff DD25EB0047A 706307 6555776 161 468 -70 130 -72.87 130.41 GPS EL 6265 Composite (Site Water)
Emmie Bluff DD25EB0048 706293 6556351 169 474.39 -75 270 -74.52 265.79 GPS EL 6265 Composite (Site Water)
Emmie Bluff DD26EB0049 705237 6556215 162 459.4 -70 190 -69.66 190.31 GPS EL 6265 Composite (Site Water)
Emmie Bluff DD26EB0050 705645 6555780 168 443.05 -75 270 -77.42 277.22 GPS EL 6265
DD26EB0050_Upper,
DD26EB0050_Lower
Emmie Bluff DD26EB0051 705041 6556599 156 486.35 -70 135 -69.52 130.73 GPS EL 6265
DD26EB0051_Upper,
DD26EB0051_Lower
Windabout DD25WIND0004 703204 6524664 104 100.7 -70 90 -72.12 98.18 GPS EL 6518 DD25WIND0004_Upper
Flowsheet details
Coda is employing a pre-patent whole-ore chloride leach process which utilises chloride rich water and air sparging to
promote oxidation of sulphides9. The process has evolved since the Company’s last detailed release10, but functionally
remains similar: sample is ground to P80 75μm and leached in a chloride solution at 90⁰C with sparged air for up to 24 hours.
Test work was undertaken at a 10% pulp density using a stirred reactor with samples taken periodically to assess extraction
over time. Samples received a short wash cycle following leaching to redissolve and capture any metal precipitates,
improving net extraction. pH was maintained near-neutral to prevent dissolution of dolomite and production of excess CO2.
The process uses readily commercially obtainable chemicals as lixiviants, and the only fully consumed reagent is air, with
the remainder anticipated to be highly recyclable (to be confirmed through modelling in the coming weeks).
8
See “Sample Compositing and Drillhole Details” below for full details on samples and compositing.
9
The Company is choosing to maintain certain specific properties of the process as commercial-in-confidence pending patent submission to maintain
novelty and prevent prior-art disclosure.
10
See “Material Uplift in Copper and Silver Recoveries”, released to the market on 26 June 2025, available at
https://codaminerals.com/announcements/7023903
6 Altona Street, West Perth
Western Australia, 6005
E: info@codaminerals.com
ABN 49 625 763 957
Table 4 Details for samples used in metallurgical testwork composite generation.
Hole Comp. Sample From To Int. Cu Co Ag Ni Zn Pb Mg Fe S
m m % ppm ppm ppm ppm ppm % % %
DD25EB0046 DD25EB0046_Merged D25Z0667 416.88 417.07 0.19 0.776 648 11.2 150 828 108 2.45 1.39 0.315
DD25EB0046 DD25EB0046_Merged D25Z0668 417.07 417.32 0.25 2.1 313 44.8 75 1810 2460 1.97 1.39 0.83
DD25EB0046 DD25EB0046_Merged D25Z0669 417.32 417.62 0.3 0.896 2050 7 210 576 540 2.91 1.65 0.56
DD25EB0046 DD25EB0046_Merged D25Z0670 417.62 418.07 0.45 1.75 1060 16.6 115 2340 962 2.55 2.4 1.55
DD25EB0046 DD25EB0046_Merged D25Z0671 418.07 418.6 0.53 0.824 247 8.6 65 3580 1590 3.93 2.62 1.48
DD25EB0046 DD25EB0046_Merged D25Z0675 419.92 420.15 0.23 0.572 631 3.2 85 1140 488 5.49 3.06 1.07
DD25EB0046 DD25EB0046_Merged D25Z0676 420.15 420.66 0.51 2.01 1540 16.4 325 4540 1720 1.69 2.32 1.39
DD25EB0046 DD25EB0046_Merged D25Z0677 420.66 421.4 0.74 0.576 107 6.8 60 408 167 0.72 1.71 0.195
DD25EB0047A EB Site Water Test Composite D25Z0711 448.09 448.24 0.15 0.924 206 9.4 75 2450 1430 1.96 3.11 2
DD25EB0047A EB Site Water Test Composite D25Z0712 448.24 448.42 0.18 0.673 152 7 50 1240 200 2.83 2.98 1.41
DD25EB0047A EB Site Water Test Composite D25Z0713 448.42 448.68 0.26 1.19 533 5.4 80 1850 297 3.32 2.93 1.47
DD25EB0047A EB Site Water Test Composite D25Z0714 448.68 448.82 0.14 2.51 1750 12.8 215 8190 2070 2.69 2.36 1.71
DD25EB0047A EB Site Water Test Composite D25Z0715 448.82 449 0.18 1.68 41 23.4 25 4400 1410 4.51 1.98 0.69
DD25EB0048 EB Site Water Test Composite D25Z0723 429.68 430.56 0.88 1.47 1220 11.4 190 1300 594 3.89 1.64 0.775
DD25EB0048 EB Site Water Test Composite D25Z0724 430.56 430.9 0.34 2.34 1950 13.8 270 2260 766 2.26 3.05 2.8
DD25EB0048 EB Site Water Test Composite D25Z0725 430.9 431.69 0.79 1.52 615 13.4 105 2200 764 2.5 3.16 2.41
DD25EB0048 EB Site Water Test Composite D25Z0726 431.69 431.92 0.2
Share your feedback
Discover