Announcement PDF CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 1 ANNUAL REPORT 2026 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 2 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 1 02 LETTER FROM THE CHAIR 04 CEO’S REPORT 06 OPERATIONAL REVIEW 16 DIRECTORS’ REPORT 36 AUDITOR’S INDEPENDENCE DECLARATION 38 INDEPENDENT AUDITOR’S REPORT 44 DIRECTORS’ DECLARATION 46 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 47 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 48 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 49 CONSOLIDATED STATEMENT OF CASH FLOWS 50 CONSOLIDATED NOTES TO THE FINANCIAL STATEMENT 85 CONSOLIDATED ENTITY DISCLOSURE STATEMENT 86 ASX ADDITIONAL INFORMATION 94 CORPORATE DIRECTORY CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2025 TABLE OF CONTENTS CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 2 LETTER FROM THE CHAIR CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 3 Dear Shareholders, The 2026 financial year was an important year for Coda, with significant progress at our wholly owned Elizabeth Creek Copper-Silver Project. We strengthened the project’s technical and financial foundations and materially advanced the Pre-Feasibility Study (PFS). The principal technical advance was the further development of the whole-ore chloride-leach flowsheet, with improved copper and silver recoveries and lower estimated capital and operating costs. These improvements were incorporated into the August 2025 Scoping Study update, establishing a copper-silver base case with cobalt retained as potential additional value. We now have two processing options, and the PFS is assessing their relative risks and benefits. Upward revisions to long-term copper and silver price assumptions during the year have strengthened the project’s estimated economics, even on relatively conservative assumptions.1 Advancing a project from Scoping Study through a Pre-Feasibility Study requires significant investment, and we have received strong support from our shareholders and investors. We raised approximately A$19 million before costs, including the final tranche received after year end, to advance the PFS and expedite an expanded programme of metallurgical testing, hydrogeological work and independent technical review. We appreciate the confidence shown by existing shareholders and new investors. A 19-hole drilling programme to support resource estimation, metallurgical testing and geotechnical assessment was conducted and engineering, environmental and tailings studies are all progressing positively. Importantly the formal gazettal of the project’s approvals Scoping Report has established the assessment requirements for a future Mining Lease application. Our immediate priority remains completion of a technically sound PFS that provides a reliable basis for the next stage of development and financing decisions. I thank my fellow Directors, Chris Stevens and the Coda team, our consultants and advisers for their commitment and efforts throughout the year, and our shareholders for their continued confidence and support. Keith Jones Chair Coda Minerals Ltd LETTER FROM THE CHAIR 1. Please see announcement to ASX on 10 March 2026. Long term Copper Price assumed base case of US$ 10,500/t. CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 4 CEO’S REPORT CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 5 Dear Shareholders, The next major step for Coda is to set out a credible path to development for Elizabeth Creek. Our Pre-Feasibility Study is central to that objective. We intend it to give shareholders a much clearer understanding of how the project could be developed, what that would require and the value it could create. The advances of FY26 have given us a stronger starting point. Building on earlier testwork, the chloride-leach flowsheet materially improved the project’s processing options and estimated economics. Successful capital raisings provided the funding to advance and expand the study programme, while drilling and technical studies strengthened the information available to our team. Together, these achievements have opened a significant opportunity for Coda. For a company at our stage, few pieces of work are more consequential than the PFS. This is where decisions about mining, processing, infrastructure and costs come together in a coherent development plan. Those decisions will influence the project well beyond the study itself. Getting them right can improve the economics, reduce uncertainty and create more attractive options for the next stage. That is what makes this phase particularly rewarding. Each important question resolved gives us a better understanding of the operation we could build and the choices available to improve it. Our ambition is to deliver a study whose quality is evident in the strength of its evidence, the practicality of its design and the assumptions underpinning its conclusions. The work now underway is directed towards those outcomes. The encouraging preliminary metallurgical results reported after year end support continued confidence in the preferred chloride-leach route. Further testing and process modelling will inform final flowsheet selection and translate laboratory results into plant requirements and cost estimates. In parallel, resource and geotechnical assessments are informing mine planning, while groundwater, tailings and environmental studies contribute to the overall project design.1 The value lies in bringing these findings together. A processing choice, for example, has implications for water requirements, infrastructure and operating costs. Understanding those relationships allows us to assess alternatives properly and select the approach that offers the strongest overall development case. This is also where we have the opportunity to identify improvements before major development commitments are made. Shareholders should be able to see what each significant result changes for Elizabeth Creek. As the study advances, our technical updates will explain the decisions being resolved, their implications for the project and the next steps they enable. We are focused on turning the work in progress into outcomes that shareholders can assess. I believe the completed PFS can be a significant catalyst for Coda. A compelling study would give investors, potential partners and funding providers a more rigorous basis on which to assess Elizabeth Creek. It could broaden our commercial options and strengthen our position as we consider further feasibility work, approvals and the pathway towards development. That opportunity is a powerful motivation for the team and for me personally. We are determined to deliver a PFS that supports those ambitions. The progress made has reinforced my conviction in Elizabeth Creek, and our focus is firmly on demonstrating its potential through sound decisions and meaningful results. I thank Coda’s Chair, Keith and the Board, our team, consultants and advisers for their contribution, and our shareholders for backing the Company through this important stage. I look forward to sharing the next steps with you. Chris Stevens CEO Coda Minerals Ltd CEO’S REPORT 1 2026.09.25 - Elizabeth Creek PFS Copper & Silver Results - Amended CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 6 OPERATIONAL REVIEW CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 7 OPERATIONAL REVIEW CODA MINERALS LIMITED (ASX: COD) is focused on the discovery and development of minerals that are leveraged to the global energy transformation through electrification and the adoption of renewable energy technologies. Coda’s flagship asset is the 100%-owned Elizabeth Creek Copper-Silver Project, located in the world-class Olympic Copper Province in the Eastern Gawler Craton, South Australia’s most productive copper belt. Elizabeth Creek is centred 100km south of BHP’s Olympic Dam copper-gold-uranium mine, 15km from its Oak Dam West Project and 50km west of its Carrapateena copper-gold project. EMMIE BLUFF FLAGSHIP Zambian Style Underground Deposit ~ 400m depth EMMIE DEEPS Iron Oxide Copper Gold (IOCG) Underground Deposit ~ 800m depth WINDABOUT Zambian Style Open Pit Deposit ~ 50 - 70m depth MG14 Zambian Style Open Pit Deposit ~ 20m depth CATTLE GRID SOUTH Cu Breccia Open Pit Deposit ~ 30m depth LEGEND Mineral resource outline Infrastructure footprint Camp Process Plant TSF EB Decline Pit Outlines Haul road Base Case route Alternative route Carrapateena road OAKDEN Cu-Co-Ag Prospect ~ 30m depth CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 8 ELIZABETH CREEK PROJECT The Elizabeth Creek project consists of 4 tenements, EL6265, EL6518, EL6141 and EL6945 covering a total area of 774sq km. The tenure hosts three distinct mineralisation styles, the Zambian-Style Copper Cobalt Mineralisation, the Iron Oxide Copper Gold (IOCG) mineralisation and the Cattle Grid copper breccia mineralisation. The Elizabeth Creek project hosts over 1 million tonnes of contained copper equivalent, spread across four JORC 2012 Mineral Resources, all of which fall broadly into the same geological category of “sediment-hosted” copper deposits. Additional large-scale copper mineralisation is known from the Emmie Deeps IOCG deposit, but the company has not yet attempted to estimate a JORC compliant Mineral Resource for that deposit. OPERATIONAL REVIEW CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 9 ELIZABETH CREEK JORC 2012 MINERAL RESOURCES RESOURCE CONFIDENCE CUT-OFF Mt Cu (%) Co (%ppm) Ag (g/t) CuEq (%) CuEq Contained Metal (kt) Emmie Bluff 93% Indicated, 7% Inferred 1.0% CuEq 40.2 1.3% 569 17 1.87% 751 MG14 Indicated 0.5% CuEq 1.8 1.2% 334 14 1.67% 31 Windabout Indicated 0.5% CuEq 17.7 0.8% 492 8 141.00% 249 Cattle Grid South Inferred 0.2% Cu 5.8 0.6% 121 4 N/A 36 TOTAL 65.5 1.63 1,067 During the year, Coda’s principal operational focus was the advancement of Elizabeth Creek from Scoping Study-level optimisation into a Pre-Feasibility Study (“PFS”). The programme included further metallurgical optimisation, a major PFS drilling campaign, geotechnical work, environmental and regulatory approvals, hydrogeological planning and the commencement of engineering and infrastructure studies. PROCESSING FLOWSHEET AND SCOPING STUDY UPDATE In August 2025, following preliminary whole-ore leach results announced in June 20251 , Coda announced the adoption of a simplified whole-ore chloride leach flowsheet as the base case for Elizabeth Creek. The revised process offers an alternative to the previous base case flotation and downstream hydrometallurgical recovery. The current process route comprises: • milling and grinding to approximately P80 75µm; • whole-ore oxidative chloride leaching at approximately 90°C; • hydrometallurgical processing to produce copper cathode by solvent extraction and electrowinning; and • recovery of silver doré and a minor zinc carbonate by-product. The revised flowsheet achieved overall recoveries of 94.8% for copper and 98.2% for silver from Emmie Bluff material, compared with 82.8% copper and 82.0% silver under the previous flotation-based flowsheet. Importantly, the revised base case is based on copper and silver revenues only. Cobalt was removed from the base-case economic model while further work continues to establish a technically robust and economically viable recovery route. The ability of the Project to demonstrate strong economics without cobalt reduces reliance on a third commodity and associated processing and marketing assumptions, while cobalt remains a potential future source of additional value. The August 20252 Scoping Study update incorporated the new flowsheet into the existing mine schedule and development case. The updated study contemplated a 3Mtpa operation over a 15.5-year mine life, producing approximately 454kt of copper and 20.3Moz of silver over the life of mine. Steady-state production was estimated at approximately 31.4ktpa of copper and 1.4Mozpa of silver. Under the commodity price assumptions used in that study, US$9,260/t copper, US$30/oz silver and an AUD exchange rate of 0.68—the Project delivered an estimated pre-tax NPV7 of approximately A$1.29 billion and pre-tax IRR of 39%, together with a post-tax NPV7 of approximately A$855 million and post-tax IRR of 30%. Total project capital was estimated at A$615 million, including A$472 million of pre-production capital and A$143 million of post-production capital. The estimated financing requirement was A$478 million, with a capital payback period of approximately 3.25 years from first production. The whole-ore leach development case represented a material improvement over the December 20243 Scoping Study, including increased copper and silver production, a A$74 million reduction in total estimated capital and a reduction in processing operating costs of approximately A$7.50/t. OPERATIONAL REVIEW 1 2025.06.26 - Material Uplift in Copper and Silver Recoveries 2 025.08.28 - New Flowsheet Delivers Significant Cu-Ag Economic Uplift 3 2024.12.03 - New Resources, Higher Recoveries Boost Elizabeth Creek Value CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 10 OPERATIONAL REVIEW ECONOMIC UPDATE – COPPER AND SILVER PRICING During the first half of 2026, copper and silver prices strengthened materially and traded well above the assumptions used in the August 2025 Scoping Study. Copper reached record highs above US$14,000/t in January 2026, supported by tight supply conditions, mine disruptions, geopolitical uncertainty and expectations of continued demand growth from electrification, grid infrastructure and data centres. Silver also experienced a significant increase, with prices rising sharply during the period amid strong investor demand and broader precious metals market strength. In response, Coda released an updated assessment of the Project economics in March 20264 . The update was limited to changes in commodity price assumptions and foreign exchange. No changes were made to the underlying mining, processing, capital or operating cost assumptions from the August 2025 Scoping Study. As such, the update remained a Scoping Study-level assessment rather than an update to the technical basis of the Project. The revised base case adopted long-term assumptions of US$10,500/t copper and US$60/oz silver, with an AUD exchange rate of 0.68. On this basis, the estimated pre-tax NPV7 increased to approximately A$2.25 billion with an IRR of 56%, while the estimated post-tax NPV7 increased to approximately A$1.52 billion with an IRR of 43%. Estimated capital payback reduced to approximately 2.5 years from first production. AREA MEASURE UNIT PREVIOUS STUDY UPDATED BASE CASE SPOT PRICE(1) Commodity Prices Copper (USD/t) 9,260 10,500 13,108 Silver (USD/Oz) 30.00 60.00 82.00 FX (USD:AUD) 0.68 0.68 0.71 Revenue Revenue A$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$M 2,397 4,040 5,873 Pre-Tax (NPV7) A$M 1,289 2,247 3,322 Pre-Tax IRR % 39% 56% 74% Total Capital Payback Years 3.25 2.50 1.75 Post-Tax Net Cash Flow A$M 1,692 2,841 4,129 Post-Tax (NPV7) A$M 855 1,521 2,278 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[2] Ktpa 31.9 Silver – Steady State Average[2] 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 C1 Cost USD/lb Cu 1.90 1.30 0.97 All In Sustaining Cost[3] USD/lb Cu 2.15 1.60 1.33 [1] Spot Prices as of 11th February 2026. [2] Steady State Average is calculated from year 5 to year 15 [3] All-In Sustaining Cost (AISC) includes all mining, processing, tailings management, transport including freight, sustaining capital, royalties & G&A costs 4 2026.03.10 - Elizabeth Creek Project Economics CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 11 OPERATIONAL REVIEW The price update demonstrated the leverage of the Elizabeth Creek development case to copper and silver prices while retaining the simplified copper-silver flowsheet and excluding cobalt from project revenues. Coda intends to confirm appropriate long-term commodity price assumptions as part of the PFS. PRE-FEASIBILITY STUDY A major PFS drilling programme commenced in late 2025, with three diamond drill rigs operating across the Project. The programme was designed principally to provide representative core for metallurgical testwork, specifically focused in supporting the development of the Company’s whole-ore chloride leach flowsheet, which was adopted as the base case for Elizabeth Creek in August of 2025. Secondary goals of the programme included provision of geotechnical data and supporting the existing Mineral Resource Estimates. The programme comprised 19 successful PQ diamond drill holes for a total of 6,352m across the principal open-pit and underground deposits. Emmie Bluff was the primary focus, accounting for 12 drill holes and approximately 88% of the total metres drilled. Drilling was completed in February 2026. All core was subsequently processed and submitted for assay and other testing. Following completion of drilling, work continued on Mineral Resource updates, mining and geotechnical studies. Extensive metallurgical testwork also took place, principally focused on refining and optimising the flowsheet to improve net metal recovery, reliability and replicability. Selected results from this work were reported to the ASX after the end of the reporting period.5 The PFS owner’s team was also established during the year, with a dedicated PFS Study Manager and specialist consultants appointed across key technical disciplines, including mining and metallurgy. APPROVALS AND PROJECT FIELD STUDIES Coda continued to advance the regulatory approvals pathway for Elizabeth Creek in parallel with the PFS. During the March 2026 quarter, Coda developed a conceptual groundwater model and undertook detailed field assessment of groundwater-dependent ecosystems as part of the environmental baseline programme. In May 20266 , Coda commenced a broader programme of critical on-ground PFS studies. Work advanced on tailings storage facility site selection and engineering, while the next phase of environmental and ecological surveys commenced. LiDAR and aerial survey programmes were scheduled to provide detailed topographic information for infrastructure layout, mine planning, surface-water studies and environmental assessment. Detailed hydrogeological planning was also completed during the period, allowing hydrogeological drilling to commence shortly after year end. The drilling programme is designed to provide data to support potential process water supply, mine dewatering and depressurisation, groundwater modelling and environmental approvals. 5 2026.09.25 - Elizabeth Creek PFS Copper & Silver Results - Amended 6 2026.05.18 - Critical On-Ground Studies Begin at Elizabeth Creek CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 12 OPERATIONAL REVIEW NEXT STEPS – ELIZABETH CREEK Coda continues to advance the Elizabeth Creek PFS through a series of parallel technical, environmental and engineering workstreams. Following the substantial field and study programme undertaken during the year, key areas of focus include: Mineral Resource and Mine Planning: Completion of the updated Mineral Resource estimation process will provide the basis for integrated mine planning across the Project’s open-pit and underground deposits. Updated resource models will be incorporated into mine optimisation and scheduling work using the whole-ore leach processing assumptions. Metallurgical Testwork: Metallurgical variability and optimisation programmes will continue using material collected during the PFS drilling programme. Work will focus on validating recovery assumptions across the deposits, refining key design parameters and providing the data required for PFS-level process design. Hydrogeology and Water Balance: Hydrogeological drilling, aquifer testing and groundwater modelling will inform mine dewatering and depressurisation requirements, site water balance calculations and potential future water-supply options. Environmental Approvals: Coda will continue the environmental and community-facing work required under the South Australian approvals process, with baseline surveys and supporting technical studies progressing alongside the PFS. Tailings and Infrastructure: Tailings storage facility design and site selection, infrastructure layout and supporting engineering studies will continue as design criteria are progressively defined through the PFS. Cobalt Optionality: Cobalt remains excluded from the current copper-silver base case. Further testwork will continue to assess practical and economically viable recovery pathways. Successful reintroduction of cobalt represents a potential future upside opportunity but is not required to support the current copper-silver development case. FUNDING OF THE PRE-FEASIBILITY STUDY During the year, Coda strengthened its balance sheet to support the PFS and associated technical programmes. In October 20257 , the Company completed an A$12.33 million capital raising, comprising an approximately A$8.3 million entitlement offer and an A$4.0 million institutional placement. The raising provided funding to progress the planned Elizabeth Creek PFS, including geotechnical, metallurgical, engineering and hydrogeological workstreams, together with piloting and contingency. With the PFS advancing across multiple parallel workstreams, Coda subsequently secured commitments in June 20268 for a further A$6.7 million placement. The additional funding is being directed towards accelerating selected value and risk-reduction workstreams, including expanded metallurgical programmes, additional hydrogeological drilling and enhanced independent technical review. SUBSEQUENT TO THE END OF THE REPORTING PERIOD Subsequent to 30 June 2026, a number of important PFS and approvals milestones were achieved at Elizabeth Creek. In July 20269 , Coda completed a 480km² fixed-wing airborne LiDAR survey across the Project. The survey delivered a high-resolution three-dimensional terrain model for use across mine planning, infrastructure design, environmental studies, hydrology and other PFS engineering workstreams. Coda currently targets completion of the Elizabeth Creek PFS in the first quarter of 2027. On 22 July 202610 , the South Australian DEM formally accepted and gazetted the Elizabeth Creek Scoping Report. The gazetted Scoping Report establishes the project-specific Terms of Reference against which a future Mining Lease Application will be assessed and defines the environmental studies, work plans and consultation requirements to be completed. Coda expects to submit a Mining Lease Application following completion of the PFS and associated project definition work. Hydrogeological drilling commenced on 23 July 202611 . The programme comprises six bores—three production bores and three monitoring bores—for approximately 1,400m of drilling at Windabout and Emmie Bluff. The programme will provide data for groundwater modelling, aquifer testing, mine dewatering and depressurisation, site water balance work and environmental approvals. 7 2025.10.23 - $12.3m Funding Secured, PFS Fully Funded 8 2026.06.01 - $6.7m Placement to Expedite PFS Workstreams 9 2026.07.13 - Key Engineering Data Delivered for Elizabeth Creek PFS 10 2026.07.22 - Elizabeth Creek Approvals Milestone Achieved 11 2026.07.23 - Hydrogeological Drilling Starts at Elizabeth Creek CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 13 OPERATIONAL REVIEW EXPLORATION – SEDIMENT HOSTED - OPEN PIT Coda also continued to evaluate opportunities to identify additional shallow sediment-hosted copper mineralisation capable of complementing the existing Elizabeth Creek resource base. Subsequent to the end of the reporting period, Coda announced a new drilling programme at the Oakden prospect, approximately 15km south-southwest of MG14. Oakden lies within the broader Elizabeth Creek tenure and contains historical shallow copper intersections associated with the same regional stratigraphy that hosts the Project’s principal sediment-hosted copper resources. The initial programme comprises approximately 5–6 shallow reverse circulation holes designed to confirm historical mineralisation and test its immediate continuity. Historical drilling at Oakden includes an intersection of 6m at 0.63% copper from 39m, including 3m at 1.15% copper. The initial programme will determine whether a larger second-phase programme is warranted to assess the broader mineralised corridor. The shallow nature and proximity of the Oakden target to the existing Elizabeth Creek development footprint means that any future discovery has the potential to provide additional optionality to the broader development case. No Mineral Resource has been estimated at Oakden and the programme remains at an early exploration stage. OTHER PROJECTS During the year, Coda continued to evaluate its other mineral assets, including the Kinloch Copper Project in South Australia and the Cameron River Copper-Gold Project in Queensland, together with potential project and joint venture opportunities. The Company’s principal operational and funding focus during the period remained the advancement of the Elizabeth Creek Copper-Silver Project and its PFS. CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 14 25 CORPORATE PROJECT PFS DRILLING COMMENCES A major 19-hole diamond drilling programme commenced across Elizabeth Creek to support the PFS. The programme targeted approximately 6,000–7,000m of core for Mineral Resource definition, metallurgical variability testing and geotechnical characterisation. OCTOBER 2025 NEW FLOWSHEET DELIVERS SIGNIFICANT ECONOMIC UPLIFT Coda adopted the simplified whole-ore leach flowsheet as the new base case for the Elizabeth Creek Project following successful metallurgical testwork that achieved copper recoveries of up to 96%. The updated Scoping Study subsequently delivered a pre-tax NPV7 of A$1.29 billion and IRR of 39%, alongside lower estimated CAPEX and OPEX. AUGUST 2025 A$12.3M FUNDING SECURED Coda completed an oversubscribed A$12.33 million capital raising at $.10 per share, strengthening the Company’s balance sheet and providing funding to progress the Elizabeth Creek PFS and associated technical workstreams. OCTOBER 2025 KEY APPROVALS MILESTONE ACHIEVED Coda submitted its draft Scoping Report for Elizabeth Creek to the South Australian Department of Energy and Mining, progressing the regulatory approvals pathway towards a future Mining Lease Application. JULY 2025 TIMELINE 2025.08.28 - New Flowsheet Delivers Significant Cu-Ag Economic Uplift CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 15 26 CRITICAL ON-GROUND STUDIES COMMENCE Coda commenced a major phase of PFS field activities, including hydrogeological, tailings, environmental and ecology programmes. LiDAR and aerial surveys were also advanced to support mine planning, infrastructure design and environmental approvals. MAY 2026 A$6.7M RAISED TO ACCELERATE PFS WORKSTREAMS Coda raised A$6.7 million through a placement to accelerate selected PFS workstreams, including expanded metallurgical programmes, additional hydrogeological drilling and enhanced independent technical review. JUNE 2026 MAJOR PFS DRILLING PROGRAMME COMPLETED The PFS drilling programme was completed, comprising 19 diamond holes for 6,352m across the Project’s open-pit and underground deposits. The programme provided critical data and samples for Mineral Resource, metallurgical and geotechnical work. MARCH 2026 TIMELINE 2026.03.10 - https://codaminerals.com/announcements/7430400 PROJECT ECONOMICS STRENGTHEN ON PRICE UPDATE Updated copper and silver price assumptions increased Elizabeth Creek’s estimated pre-tax NPV7 to approximately A$2.25 billion and IRR to 56%, while post-tax NPV7 increased to approximately A$1.52 billion with an IRR of 43%. MARCH 2026 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 16 DIRECTORS’ REPORT CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2026 17 DIRECTORS’ REPORT FOR THE YEAR ENDED 30 JUNE 2026 NAME & QUALIFICATIONS EXPERIENCE AND SPECIAL RESPONSIBILITIES Mr Keith F Jones BBus, FCA, FAICD Non-Executive Chairman Appointed: 26 April 2018 Other current directorships: Nil Former directorships in last 3 years: Ecograf Limited (Appointed May 2023 to 31 Dec 2025) Mr Jones is an experienced public company Chairman with a background of over 42 years professional experience providing advisory and consulting services to the mining and resources sector. Mr Jones is the former Chairman of