Announcement PDF ASX RELEASE 22 February 2021 nd ASX Code: COD Assay Results Confirm Huge Lateral Extent of Emmie Bluff Copper – Cobalt Mineralisation Highlights • Drilling defines major extensions of Emmie Bluff copper-cobalt mineralisation • Enormous lateral extent of over 4.5km2 confirmed; open in several directions • Mineralisation extent extended by up to 830m in three directions, including new intercepts of 2.05m at 4.09% CuEq and 3.49m at 2.49% CuEq • All holes collared within Emmie Bluff Exploration Target to date have encountered mineralisation • Maiden JORC 2012 Compliant Mineral Resource estimate process to commence shortly Coda Minerals Limited (ASX:COD, “Coda” or “the Company”) is pleased to provide the market with an update on its ongoing drill programme at the Emmie Bluff prospect, part of the Elizabeth Creek Copper Project (Coda 70%, Torrens Mining ASX:TRN 30%) in South Australia. Assays received to date confirm the continuity of mineralisation, establishing significant mineralised extensions from historical holes drilled at the Emmie Bluff deposit. This drilling also provides further drill-backed evidence supporting the broad geometry and scale of the Emmie Bluff Exploration Target, first defined in 2019. All holes drilled within the Emmie Bluff Exploration Target area during the current program encountered mineralisation. Further to this, drilling and geophysical work undertaken subsequent to the completion of these drill holes demonstrates the potential for an extension of the Emmie Bluff deposit of over 3km, with exploration drilling currently testing zones outside of the existing defined Exploration Target area. Commenting on the results, Coda CEO Chris Stevens said: “Our programme was designed to improve confidence and coverage within the bounds of the Exploration Target itself, and we have achieved that goal. We deliberately took some big swings, placing holes hundreds of metres away from known mineralisation, and we got the results we wanted, extending the mineralisation in multiple directions.” “Assays from this round of drilling, as well as from historical drilling intersections, confirm that the Emmie Bluff mineralisation occurs in flat-lying beds, typically 2-6m in thickness. The key to the Emmie Bluff copper-cobalt deposit is its lateral scale. The Emmie Bluff Exploration Target already covers an area over 4.5km2, larger than King’s Park in Perth and it has considerable scope to expand. On that scale, mineralisation of this great lateral extent adds up to an impressive whole. “Although rarely seen in Australia, these large, laterally-extensive copper deposits commonly occur in other parts of the world. Indeed, the Kupferschiefer, one of the world’s greatest copper deposits rarely exceeds 60cm in thickness but has incredible lateral extent. Although clearly there are some differences, we believe that Kupfershiefer, located in Northern Europe, is an excellent analogue, both chemically and genetically, for Emmie Bluff.” 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Ongoing Drill Programme Coda commenced its current drill programme at Emmie Bluff in late 2020, and has completed 14 holes to date, with two key objectives. Coda’s first objective was to drill within the area of the Exploration Target 1, in order to increase confidence in the continuity of the copper-cobalt mineralisation and to extend the known mineralised envelope (See Figure 1 and Figure 2 below). To date, all drillholes collared within the Exploration Target have encountered mineralisation 2. In addition, drillholes in the northeast of the target area have extended the mineralised envelope several hundred metres in that direction, and the mineralisation remains open along most of the eastern and south eastern flanks. Figure 1 Implicit model of Tapley Hill Formation at Emmie Bluff showing major extensions of known mineralisation by three mineralised holes within the Emmie Bluff Exploration Target. 1 2 See “The Emmie Bluff Exploration Target”, below . As determined by Assays (see “”, below) where available, or by geological logging and portable XRF where assays are pending. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Detailed assay results for the first seven holes (including three mineralised holes within the Exploration Target) are included in “2021 Results”, below. An additional key objective of the initial drill programme was to test geophysical anomalies at significant distances from the boundaries of the Exploration Target. Three holes designed to test magnetotelluric and seismic anomalism to the south of the deposit did not directly encounter Tapley Hill Formation shale. However, one of these holes (DD20EB0002) did encounter prospective stratigraphy, and a major structure which hosts vuggy copper-bearing sulphides. This structure is interpreted by Coda to be a key mineralising pathway along which, copper and cobalt metals have been introduced into the prospective host stratigraphy. A downhole EM survey of DD20EB0002 confirmed a nearby off-hole conductor, currently interpreted as Tapley Hill Formation shale, will be drill tested in the coming weeks. 3 This drillhole demonstrates the potential to open up a 3-kilometre extension to Emmie Bluff mineralisation. It also interpreted as evidence for an entirely new mineralised zone extending into the southeast corridor. Speaking about the future of the Emmie Bluff prospect, Mr Stevens said: “We are thrilled with the results to date and we still have some of our most exciting drillholes ahead of us, from an exploration and expansion perspective. In particular, we anticipate drilling the downhole EM anomaly at hole DD20EB0002 in the coming fortnight, potentially extending the known mineralisation several kilometres to the southeast. Given these results, Coda is increasingly confident about Emmie Bluff’s future as major new South Australian copper-cobalt project. We are now moving towards a full Resource Estimation process over the Emmie Bluff Exploration Target area. We will also continue to systematically explore opportunities for major extensions to known mineralisation. We have a track record of delivering copper-cobalt resources at Elizabeth Creek and fully intend to keep on delivering with Emmie Bluff.” Resource Definition Drilling is ongoing at Emmie Bluff, with a total of 14 holes having been completed to date, and 17 expected to be completed by early March 2021. So far, all criteria including assays (See Section 2021 Results below), geological logging in the field and handheld XRF results have confirmed Coda’s exploration model of the deposit, demonstrating strong continuity between holes and its enormous lateral extent, currently estimated to exceed 4.5 square kilometres. In line with these results, Coda confirms that it has appointed a resource geologist to begin the work of upgrading the Emmie Bluff Exploration Target to JORC 2012 Mineral Resource status. This work is expected to take place in three steps: 1. Assess existing drilling and geophysical data and determine any additional work which may be required for JORC 2012 compliance. Coda estimates that this is likely to be no more than 4-6 drillholes over and above the current programme. 2. Execute any additional drilling required to complete Mineral Resource definition. Full approvals are in place for any additional drilling likely to be required, and Coda does not anticipate significant delays before undertaking this drilling, currently planned for Q2 2021. 3. If results of this work allow, generate a maiden JORC 2012 Compliant Mineral Resource estimate for the Emmie Bluff Exploration Target. 3 For full details, please see ASX Release “Downhole EM Supports Major Extension at Emmie Bluff” at https://www.codaminerals.com/download/downhole- em-supports-major-extension-at-emmie-bluff/?wpdmdl=2137 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Figure 2 (Above) Plan view showing the Emmie Bluff Exploration Target and the current understanding of the extent of the Tapley Hill Formation host rock embayment at Emmie Bluff, major faults and exploration/expansion corridor to the southeast. (Right, Above) Emmie Bluff Long Section West, showing an estimated 3.4 linear km of potential mineralisation. (Right, Below) Emmie Bluff Long Section West, showing and estimated 2.3 linear km of potential mineralisation. Further drilling on and around both sections is anticipated as part of the process of defining an Inferred Mineral Resource. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Figure 3 Emmie Bluff Exploration Target with preliminary implicit model of the host Tapley Hill Formation shale. Note the extension to the northeast. The area to the southeast is a potential expansion zone which will be tested by upcoming drilling. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 2021 Results Of the seven drillholes, three were drilled in the Exploration Target, all of which were mineralised. The remaining holes were designed to define the edges of the mineralisation, or test seismic anomalism, a process which is still ongoing. Results from the mineralised holes are summarised in Table 1, below. Collar locations can be seen in Figure 3, above. Table 1 Emmie Bluff Drilling Results, 0.5% CuEq cutoff. HoleID DD20EB0001 DD20EB0002 DD20EB0003 DD20EB0004 DD20EB0004 DD20EB0004 DD20EB0005 DD20EB0005 DD20EB0006 DD20EB0007 Results Not Assayed No Significant Results Not Assayed 1.75m from 405.9 @ 1.48% CuEq (1.45% Cu, 24ppm Co and 43.81g/t Ag) 2.05m from 408.95 @ 4.09% CuEq (1.76% Cu, 1,936ppm Co and 16.89g/t Ag) 1.51m from 434.34 @ 1.83% CuEq (1.62% Cu, 179ppm Co and 11.88g/t Ag) 1.5m from 351.9 @ 0.7% CuEq (0.68% Cu, 15ppm Co and 17.17g/t Ag) 1.28m from 364.85 @ 0.9% CuEq (0.71% Cu, 156ppm Co and 5.87g/t Ag) Not Assayed 3.49m from 454.2 @ 2.22% CuEq (1.47% Cu, 620ppm Co and 17.45g/t Ag) The Emmie Bluff Exploration Target The Emmie Bluff Exploration Target was first defined in 2019, and most recently updated in 2020. 4 It consists of two layers of laterally extensive copper-cobalt-silver mineralisation at the upper and lower contacts of the Tapley Hill Formation black shale, with a combined tonnage of 46 to 77 million tonnes and an estimated grade of between 0.5 and 2.3% CuEq. The Company notes that the potential grade and tonnage is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Table 2 Emmie Bluff Exploration Target. Mineralisation Area Layer Thickness (m) Tapley Hill Formation Upper Layer 1.7 - 6.1 14,271,000 28.7 – 47.8 0.9 - 1.6 0.04 - 0.06 11 – 19 1.4 – 2.3 Tapley Hill Formation Lower Layer 0.8 - 4.7 8,642,000 17.4 – 29.0 0.3 - 0.6 0.02 - 0.03 5 – 18 0.5 – 0.9 Total 0.8 - 6.1 22,913,000 46.1 – 76.8 0.3 - 1.6 0.02 - 0.06 5 - 19 0.5 – 2.3 Volume (m3) Cu Tonnage Range (Mt) Range (%) Co Range Ag Range (%) (%) Cu Eq. Range 5(%) 4 Please see ASX Announcement “Confirmation Statements (JORC)” (Confirmation of Exploration Target & Mineral Resource and Ore Reserve Statement), released to the ASX on 23rd October 2020, for full details and Competent Person’s Statement. 5 Cu Eq = Cu % + (Co ppm*0.0012). Please see Coda Announcement “Appendix to the Annual Report 2020 – Mineral Resource and Ore Reserve Statement”, released 31/07/2020, available at https://www.codaminerals.com/wp-content/uploads/2020/08/Coda_Announcement_Resource-andReserve-statement-2020_Typeset.pdf for derivation. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Figure 4 Long section looking southwest through the approximate centre of the Emmie Bluff deposit. Recent (2020) drillholes are labelled in red, historical drillholes are labelled in white. Mineralisation is located at the upper and lower contacts of the Tapley Hill Formation shale, displayed in red. Figure 5 Emmie Bluff Exploration Target rotated 95° degrees and overlaid on top of Kings Park in Perth, WA, to demonstrate the extent of the mineralisation. The scale of the Emmie Bluff Exploration Target shows the potential of the prospect to compare favourably with notable copper projects such as the Capricorn Copper Mine in Queensland, one of the largest copper development projects completed in Australia within the last decade, and Sandfire Resources’ recently acquired T3 project in Botswana (See Figure 6). 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Figure 6 Graph showing comparable copper projects to Emmie Bluff Exploration Target CuEq grade and tonnes range. Data and commodity prices for CuEq calculations taken from S&P Global. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 — This announcement has been authorised for release by the Board of Coda Minerals Ltd For more information, please contact info@codaminerals.com Further Information: Chris Stevens Chief Executive Officer info@codaminerals.com Confirmatory Statement The information is extracted from the report entitled “Confirmation Statements JORC” created on 26th October 2020 and is https://www.codaminerals.com/wp-content/uploads/2020/10/20201026_Coda_ASXavailable to view on ANN_Confirmation-Statements-JORC.pdf 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. Forward Looking Statements This announcement contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Competent Person’s Statement 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. Mr Weber is a Member of the Australasian Institute of Mining and Metallurgy and has 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. Mr Weber consents to the inclusion in this report of the matters based on the information compiled by him, in the form and context in which it appears. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Appendix 1: Detailed Technical Information and JORC Table 1 Table 3 Completed and ongoing drillholes at Emmie Bluff at the time of publication. HoleID DD20EB0001 DD20EB0002 DD20EB0003 DD20EB0004 DD20EB0005 DD20EB0006 DD20EB0007 DD21EB0008 DD21EB0009 DD21EB0010 DD21EB0011 DD21EB0012 DD21EB0013 DD21EB0014 Phase 1 1 1 1 1 Easting 708140 708025 707260 705461 704128 Northing 6553048 6554312 6554861 6555872 6557375 EOH (RC) 212.7 251.3 251.4 155.7 Dip -80 -80 -90 -80 -75 Azi 270 280 273 90 90 EOH (DD) 490.08 512.85 456.77 456.8 390.9 1 1 1 2 2 2 705158 706583 706331 706602 705715 705937 6555872 6556580 6556140 6555859 6555250 6555248 220.5 218.7 218.7 218.7 218.7 218.7 -80 -80 -88 -88 -75 -85 90 270 90 270 90 90 414 479.4 460 471.8 390.7 432.8 2 2 2 706651 705408 706490 6557401 6556132 6556220 219.6 218.7 218.7 -60 -80 -80 270 90 90 519.5 453.3 468.4 Table 4 Referenced Historic drillholes at Emmie Bluff HoleID IHAD2 IHAD5 IHAD6 IHAD7 MGD 1 MGD 55 MGD 57 PEB 64 SAE 12 SAE 13 SAE 14 SAE 15 SAE 16 SAE 17 SAE 18 SAE 19 SAE 20 SAE 21 SAE 22 SAE 3 SAE 4 SAE 5 SAE 6 DD18EB0001 DD19EB0001 DD18EB0002 DD19EB0002a Easting 705450 705119 704806 704430 706687.9 704100 705350 704838.9 705879 706969 705429 704459 705929 706519 706439 706579 706309 705799 705279 704379 704179 706029 705029 706110 706378 706122 705792 6 Altona Street West Perth Western Australia, 6005 Northing 6557500 6557882 6558260 6557930 6554811 6555500 6556700 6555982 6555682 6556872 6558162 6556812 6554722 6555292 6555362 6555512 6555212 6556302 6556962 6555352 6556172 6557322 6556222 6555382 6555681 6555939 6556452 Dip -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -90 -60 -90 -90 Azi 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 90 0 0 EOH 1158.8 1152.8 1116.7 465.9 435.66 1107.3 1242.9 401 446.3 477.6 498.44 400.81 357.8 435.2 426.7 429.7 417.85 452.3 435.6 1221 1172.5 914.4 1200 441.88 467.5 444.04 456.9 E: info@codaminerals.com ABN 49 625 763 957 Comments Results released Results released Results released Results released Results released Results released Results released Completed, Results Pending Completed, Results Pending Completed, Results Pending Completed, Results Pending Completed, Results Pending Completed, Results Pending Completed, Results Pending. Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections.) Criteria JORC Code explanation Sampling • Nature and quality of sampling (eg cut channels, techniques random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Commentary • • • • RC precollars of varying depths were drilled before drilling technique switched over to HQ drill core. Core was logged in the field and rough metal content was measured at regular intervals with a portable XRF device. XRF measurement intervals varied depending on lithology, from 10m in suspected unmineralised strata to 10cm in areas of suspected mineralisation. Sampling intervals were selected by field geologist based on logging and XRF results. Understanding of the mineralising system based on historical drilling and the XRF results allowed large parts of the holes to remain unsampled. Typically, sampling as restricted to the Tapley Hill Formation shale, and the material immediately above and below its upper and lower contacts. Criteria Drilling techniques JORC Code explanation Drill sample recovery • • • • Logging • • • 6 Altona Street West Perth Western Australia, 6005 Commentary Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc). • Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant intersections logged. E: info@codaminerals.com ABN 49 625 763 957 • • • • • All drill holes with one exception were drilled with RC precollars to approximately 150 – 250m, followed by HQ standard tube diamond tails to a maximum depth of between 400 and 512.8m. The one exception (DD20EB0004) was drilled as diamond from surface, commencing as PQ until 50.9m, then changing over to HQ for the remainder of the hole. Core was oriented by Ezymark core orientation tool. RC precollars are not believed to be relevant to the mineralising system at Emmie Bluff and were not assessed for recovery. Recovery of diamond tails was excellent based on minimal core loss. No relationship is believed to exist between sample recovery and grade. Basic stratigraphic logging has been carried out by appropriately trained and experienced field geologists on RC precollars. Detailed qualitative geological logging has been carried out by appropriately trained and experienced field geologists on all diamond core. Quantitative logging by means of portable XRF has been undertaken on an as needed basis in areas of prospectivity, typically utilising a 0.5m interval with interval reduction down to 0.2, 0.1 or 0.05m in areas of known prospectivity (i.e. the upper and lower contacts of the Tapley Hill Fm shale) or where coarser analysis revealed geochemical anomalism. Sub-sampling techniques and sample preparation • • • • • • 6 Altona Street West Perth Western Australia, 6005 If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all subsampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. E: info@codaminerals.com ABN 49 625 763 957 Sample intervals were defined by field geologists based on portable XRF results and detailed geological logging. • Core was then transported by road to Adelaide where the core was cut by means of an Almonte core saw (where competent enough to do so) or by brick saw, where it was not. • A total of 171 samples were taken, including field duplicates and standards, which were inserted at a 1:20 and 1:10 ratio respectively (17 standards, 8 field duplicates), leaving a total of 146 samples. • Core was cut on a sample-by sample-basis according to need in the following manner: o Where a field duplicate was not required: ¼ core for assay, ¼ core for retention by Coda on site for future review, ½ core for future metallurgical work (currently being held in cold storage). o Where a field duplicate was required: ¼ core for assay, ¼ core for duplicate assay, ¼ core for retention by Coda on site for future review, ¼ core for future metallurgical work (currently being held in cold storage). • Samples varied in width from 0.2 to 1.6m, with an average of 0.64m per sample. Mineralised samples (i.e. CuEq>0.5) varied in width from 0.2 to 0.86m, with an average of 0.39m per sample. Full details regarding the CuEq calculation can be found in the body of the document. • Field duplicates were taken based on sample numbers ensuring random selection of mineralised and unmineralized material: Hole ID SampleID From To Interval Cu Co Ag DD20EB0002 D20A0019 492.30 493.00 0.70 30 4 <0.2 DD20EB0002 D20A0021 492.30 493.00 0.70 40 5 <0.2 DD20EB0002 D20A0039 507.00 508.00 1.00 4 4 <0.2 DD20EB0002 D20A0041 507.00 508.00 1.00 9 4 <0.2 DD20EB0004 D20A0059 410.20 410.60 0.40 13000 588 14.6 DD20EB0004 D20A0061 410.20 410.60 0.40 12400 567 14.2 • Criteria JORC Code explanation Commentary DD20EB0004 DD20EB0004 DD20EB0004 DD20EB0004 DD20EB0005 DD20EB0005 DD20EB0005 DD20EB0005 DD20EB0007 DD20EB0007 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 D20A0079 D20A0081 D20A0099 D20A0101 D20A0119 D20A0121 D20A0139 D20A0141 D20A0159 D20A0161 421.80 421.80 435.85 435.85 352.20 352.20 363.8 363.8 454.6 454.6 422.36 422.36 436.50 436.50 352.50 352.50 364.2 364.2 454.88 454.88 0.56 0.56 0.65 0.65 0.30 0.30 0.40 0.40 0.28 0.28 52 67 121 58 6600 7870 751 763 30900 33000 18 17 5 5 11 10 186 186 37 31 4.4 4 0.8 1.6 17 17.8 5.8 6.2 25.8 28 Criteria Quality of assay data and laboratory tests JORC Code explanation • • • 6 Altona Street West Perth Western Australia, 6005 The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. E: info@codaminerals.com ABN 49 625 763 957 Commentary • • • • • • Assays were undertaken by Bureau Veritas in Adelaide SA. Quartered core was crushed, split and pulverised before being digested with a mixture of nitric, perchloric and hydrofluoric acids. This digest approximates a total digest in most samples. Al, Ca, Fe, Mg, Mn and S were determined by ICP-AES, Ag, As, Bi, Ce, Co, Cu, La, Ni, Pb, Th, Y, Zn, Zr.were determined by ICP-MS. These techniques were determined in consultation with the assay laboratory and are considered appropriate for the deposit type. Field duplicates and standards were inserted at a 1:20 and 1:10 ratio respectively (17 standards, 8 field duplicates over 171 total samples). Average error for target elements was 0.02% (Cu), 0.13 ppm (Ag) and 23 ppm (Co). See below: Cu Measured 40100 4020 4010 4130 4040 3950 3710 4230 4070 7140 7050 7190 7450 7720 7770 31400 • 32500 Cu Expected 39300 4090 4090 4090 4090 4090 4090 4090 4090 7720 7720 7720 7720 7720 7720 32000 32000 Ag Measured 11.2 1 1 1 1 1 1 1.2 1.2 3.2 3.2 3.2 3.4 3.6 3.6 3 3 Ag Expected 11.5 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 3.5 3.5 3.5 3.5 3.5 3.5 3.02 3.02 Co Measured 49.9 119 119 119 119 119 119 119 119 631 631 631 631 631 631 2445 2445 Co Expected 53 113 104 109 117 107 114 123 124 583 579 618 625 674 652 2380 2360 Criteria Verification of sampling and assaying JORC Code explanation • • • • Location of data points • • • Data spacing and distribution • • • Commentary The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data. • Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control. • Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. • • • • • • 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Significant intersections have been verified against geological logging, portable XRF results, and distributed to field geologists for further review. No adjustments have been made to assay data except to composite for simplicity in this release. No twin holes have been undertaken at this prospect. Drill collar locations (including RL) have been located using handheld GPS, MGA 94 Zone 53. Precise location of drillholes will be determined by an independent surveyor at