Announcement PDF Elizabeth Creek 2025X ASX RELEASE Code: COD 11 February 2025 ASX Code: COD Drilling Commences at Emmie East RC drill rig mobilised over the weekend and has commenced drilling at the Emmie East Copper-Cobalt Prospect, with a diamond rig to follow in the coming days. Highlights • Drilling of RC pre-collars commenced at Emmie East over the weekend, with a second drill rig anticipated to arrive on site later this week to complete the diamond tails. • Priority has been given to the easternmost holes, testing the geophysical response in the area which has been identified as being very similar to the Emmie Bluff deposit in its electromagnetic and seismic signature. • The four Emmie East drill-holes are anticipated to average between 400 and 500m, with the first diamond tail expected to be completed within the next 2-3 weeks. Coda Minerals Limited (ASX: COD, “Coda”, or “the Company”) is pleased to advise that drilling has now commenced at the Emmie East prospect, with the mobilisation of the first Reverse Circulation (RC) drill rig. Emmie East is a prospect located immediately east of the Emmie Bluff deposit, the cornerstone copper-cobalt-silver deposit within the Company’s 100%owned Elizabeth Creek Copper-Cobalt Project (ECCCP) in South Australia. Figure 1 RC drill rig commencing operations at Emmie Bluff 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK The first round of drilling will consist of up to 2,000m, comprising four Reverse Circulation pre-collars with diamond tails. The program will target repeats of the Emmie Bluff mineralisation immediately to the east and south-east of the main Mineral Resource (collectively the “Emmie East” prospect), which comprises 40.2Mt @1.87% CuEq 1. Additional holes may be drilled, subject to results. Commenting on the drilling programme, Coda CEO Chris Stevens said: “We have been evaluating the Emmie East target through advanced geophysics and geological input for some time now. At this point, there is nothing left to do but drill it. We are very pleased that the drill rigs are now turning and eagerly anticipate seeing the results. “We will monitor the drill programme over the coming weeks and provide regular updates to the market as information becomes available.” 1 Emmie Bluff Resource is comprised of 93% Indicated and 7% Inferred. Please see here for full Resource Information and here for LR 5.19.2 Statements. 6 Altona Street,West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Figure 2 Emmie Bluff MRE with MT anomalism (left) and seismic amplitude anomalism (right) showing the very similar geophysical signatures of the existing resource and the priority target areas identified by the Company. 6 Altona Street,West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Emmie Bluff Geology ELIZABETH CREEK Emmie Bluff is a sediment-hosted, Kupferschiefer or Zambian-style copper deposit, which typically form as relatively narrow but laterally extensive sheets of high-grade copper mineralisation at the contacts between black shale and red-bed sandstones. Accessory metals including copper, cobalt and zinc are also present in significant concentrations at Elizabeth Creek. Emmie Bluff is located at an approximate depth of 400m below the surface. The sediment-hosted mineralisation which this programme is targeting is separate and entirely distinct from the Emmie Deeps IOCG prospect, which the Company began drilling in 2021. Emmie Deeps mineralisation begins at approximately 800m below surface. Figure 3 Simplified section looking NNW, (3x Vertical Exaggeration) through Emmie Bluff MRE (left) and primary geophysical exploration target at Emmie East (right). Note the highly comparable electromagnetic signature in MT data. 6 Altona Street,West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Programme Timeline ELIZABETH CREEK The Company anticipates 5-7 days of RC pre-collar drilling at the easternmost targets at Emmie East before transitioning to diamond drilling, with the first two holes expected to take approximately 2 weeks to complete to final depth. At that point, depending on results, the Company will decide whether to move to a new target area in the south, or to complete drilling of Priority-2 targets at the Emmie East prospect. Proposed drilling after these four holes will be dependent on results and may include transitioning to drilling the Oakden Prospect further south or additional drilling at Emmie Bluff to follow up positive results. This announcement has been authorised for release by the Board of Coda Minerals Ltd Further Information: Chris Stevens Chief Executive Officer Coda Minerals Limited info@codaminerals.com Media: Nicholas Read Read Corporate nicholas@readcorporate.com.au 6 Altona Street,West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Appendix 1 – Drillhole Intercepts ELIZABETH CREEK To assist shareholders in their understanding of the Company’s exploration model at Emmie East, please see Table 1, below, which includes a list of mineralised intercepts from within the bounds of the Emmie Bluff Mineral Resource. For a visual representation of a sub-sample of the results, see the images in the main body of the announcement. Table 1 Emmie Bluff mineralised drillhole intercepts Hole ID SAE 20 DD21EB0029W1 IHAD5* DD21EB0013 SAE 12 DD21EB0009 DD21EB0025 SAE6 SAE 18 DD21EB0027 SAE 17 DD21EB0004 DD21EB0007 DD21EB0014 DD21EB0012 DD21EB0013 DD21EB0028 DD21EB0024 DD19EB0002A SAE 19 SAE5 DD21EB0020A DD18EB0002 DD21EB0021A DD21EB0026 DD21EB0030 DD21EB0019 DD21EB0030 DD21EB0004 DD18EB0001 DD19EB0001 DD21EB0008 IHAD2* SAE 21 DD21EB0005 DD21EB0004 DD18EB0001 SAE 22 DD21EB0031 DD21EB0019 MGD57 DD21EB0020A DD21EB0006 DD21EB0021A DD21EB0019 IHAD2* DD21EB0031 DD21EB0023 DD21EB0022 DD21EB0027 DD21EB0028 DD18EB0002 DD21EB0026 DD21EB0023 DD21EB0024 DD21EB0022 From (m) 403.35 480.96 392.84 400.47 400 440.63 480.32 386 410.8 411.85 411 408.55 454.2 445.25 497.11 440 402.14 431.38 393.66 416.35 400 455 399.2 432.01 490.25 432.5 386.07 409.4 405.5 397.85 443.3 419.19 393.5 386.25 351.9 434.34 406.67 388.2 396.61 414.45 391.5 505 364.61 441.05 389.79 408 430.25 422.7 437.83 430 440.32 433.38 505.38 406.81 443.4 435.34 6 Altona Street,West Perth Western Australia, 6005 To (m) 406.65 483.6 398.6 403.5 405 448.2 483.7 392 416.85 415.4 414.05 411.8 457.7 447.4 501.8 443.6 407 435.1 397.4 420 401.7 458.3 402 434.7 491.7 434.3 388.3 411.5 407.7 400.3 445 421.8 395 388.85 356.3 435.9 409.5 390.53 398.8 415.9 393 506 366.4 442.1 391.4 409.4 431.3 424.5 438.8 431 441.9 434.7 505.9 407.7 444.2 435.9 Interval (m) 3.3 2.61 5.76 3 5 8.09 3.38 6 6.05 3.53 3.05 3.65 3.77 2.43 4.72 3.61 3.91 3.7 3.69 3.65 1.7 3.26 2.81 2.71 1.46 1.78 2.19 2.1 2.15 2.43 1.7 2.6 1.5 2.6 4.68 1.51 2.83 2.33 2.14 1.4 1.5 1 1.82 1.08 1.56 1.37 1.08 1.77 0.99 0.98 1.53 1.29 0.85 0.89 0.83 0.51 Lode Upper Upper Upper Upper Upper Upper Upper Upper Upper Upper Upper Upper Upper Upper Upper Lower Upper Upper Upper Upper Upper Upper Upper Upper Upper Lower Upper Upper Upper Upper Upper Upper Upper Upper Upper Lower Lower Upper Upper Lower Upper Lower Upper Lower Upper Lower Lower Lower Lower Lower Lower Lower Lower Upper Lower Upper Cu% 3.2 3.4 1.7 2.9 1.6 0.8 2.2 1.5 1.0 1.8 2.5 1.3 1.6 2.2 1.1 0.4 1.2 1.2 1 1.0 1.1 1.2 1.2 1.1 2 1.8 1.5 1.3 1.3 0.9 1.3 0.8 1.4 1.0 0.4 1.6 0.6 0.8 1 1.3 1 2 0.6 1.1 0.5 0.6 0.9 0.5 0.6 0.7 0.4 0.4 0.4 0.4 0.4 0.4 Co ppm 1967 2205 495 1545 579 535 795 576 883 55 1260 576 1259 670 115 563 470 710 653 574 620 673 1332 485 18 993 21 493 545 443 626 28 155 179 409 287 532 430 544 76 224 393 271 79 201 113 298 125 96 160 214 21 46 29 Ag g/t 31 47.6 18.5 27.5 17 8.1 41.8 21.3 11 23.4 29 13.7 18.1 32.7 13.8 192 20.5 27.3 13.5 10 38 11.9 20.4 16.5 32.8 25.4 28.8 12.4 41.8 9.5 18.8 8.8 17 19 8.7 11.9 9.4 11 9.16 10.6 9.4 2.8 6.4 9.3 8.2 4.3 2.3 4.9 3.5 7.9 4.8 0.6 3.9 19.4 5.9 15.6 Zn ppm 4636 2524 2388 2227 1061 1975 1512 1330 2048 2307 617 2176 2032 1470 1630 899 1277 1104 2186 2287 1942 1975 2040 1428 2904 683 1848 440 2134 3708 1511 3744 325 658 4759 1714 1161 1471 1997 1414 1540 2867 3913 1849 3445 1206 922 1777 480 942 1414 2222 56 2477 48 CuEq% 5.0 5.4 2.3 4.2 2.2 1.4 3.2 1.7 1.6 2.7 2.8 2.3 2.2 3.4 1.7 2.2 1.8 1.8 1.7 1.6 3.5 1.8 1.9 1.8 3.3 2.5 1.8 1.7 1.7 1.4 1.9 1.2 2.1 1.2 0.7 2 1 1.2 1.2 1.8 1.6 2.1 0.9 1.5 0.8 0.8 1.1 0.6 0.9 0.8 0.5 0.6 0.6 0.6 0.6 0.6 CuEq.m 16.5 14 13 12.7 11.0 10.9 10.7 10.4 9.7 9.4 8.6 8.4 8.4 8.3 8.1 8.1 7.2 6.8 6.3 5.9 5.9 5.8 5.3 4.9 4.7 4.4 3.8 3.6 3.6 3.4 3.3 3.2 3.2 3.2 3 3 2.8 2.7 2.7 2.5 2.3 2.1 1.7 1.7 1.3 1.2 1.1 1.1 0.9 0.8 0.8 0.7 0.5 0.5 0.5 0.3 E: info@codaminerals.com ABN 49 625 763 957 About Coda Minerals ELIZABETH CREEK 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-Cobalt 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 new Oak Dam West Project and 50km west of its Carrapateena copper-gold project. Coda consolidated 100% ownership of the Elizabeth Creek Copper Project after completing the acquisition of its former joint venture partner, Torrens Mining, in the first half of 2022. In December 2021, Coda announced a maiden Indicated and Inferred Mineral Resource Estimate for the Emmie Bluff copper-cobalt deposit at Elizabeth Creek, which was later updated in January of 2024. The Mineral Resource comprises 40.2Mt @ 1.27% copper, 569ppm cobalt, 17g/t silver and 0.17% zinc (1.87% Copper Equivalent (CuEq)) containing approximately 510kt copper, 23kt cobalt, 21.7Moz silver and 70kt zinc (751kt CuEq)2. Importantly, 95% of the contained metal is classified in the higher confidence ‘Indicated Resource’ category and is available for use in mining studies. Emmie Bluff is one of three known ‘Zambian-style’ copper-cobalt deposits at Elizabeth Creek, including JORC 2012 compliant Indicated Mineral Resources at the Windabout (18Mt @ 1.14% CuEq) and MG14 (1.8Mt @ 1.67% CuEq) deposits3. Collectively, the three resources at Elizabeth Creek now host a total of over 1 million tonnes of contained copper equivalent. A scoping study into the development of these three deposits was released in March of 2023 and updated in January4, March5 and December of 2024. The updated study demonstrated an economically robust project with a 16 year mine life, capable of producing approximately 26,700 tonnes of copper and 1,300 tonnes of cobalt at steady state production levels. The project had a lifetime average AISC of USD $1.80/lb of Cu (after by-product credits) and an approximately pre-tax NPV7 of $1.18B 6. Coda has also discovered a significant IOCG system adjacent to and below the Emmie Bluff target, with initial deep diamond drilling in June 2021 intersecting 200m of intense IOCG alteration at the Emmie IOCG target, including approximately 50m of copper sulphide mineralisation7. Since then, Coda has drilled 21 holes into Emmie IOCG, with all but three returning significant widths of mineralisation, some over 3% copper and 0.5g/t gold8. Coda has a dual strategy for success at Elizabeth Creek. Firstly, it is working towards the next step in the development process for its Zambian-style copper cobalt projects by advancing technical and economic studies to build on the results of the recently updated Scoping Study, while simultaneously undertaking exploration to further define and extend known Zambian-style copper-cobalt resources across multiple prospects. 2 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics Competent Person: Dr Michael Cunningham. 3 2020.10.26 - Confirmation Statements JORC, Competent Person: Tim Callaghan. 4 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics 5 2024.03.14 – Further Key Improvement in Underground Project Economics 6 2024.12.03 – New Resources, Higher Recoveries Boost Elizabeth Creek Value. See here for LR 5.23.2 Statement. 7 2021.06.22 - Thick Zone of IOCG Mineralisation Intersected at Emmie Bluff Deeps, Competent Person: Mr Matthew Weber. 8 2022.08.18 – Assays from IOCG Drilling Confirm Target Areas for Follow Up, Competent Person: Mr Matthew Weber. 6 Altona Street,West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Secondly, it is undertaking a substantial geophysical and related assessment programme at the Emmie IOCG prospect to further understand the structures and extent of the geological model defined through drilling. ELIZABETH CREEK Coda also has consolidated 100% ownership of the Cameron River Copper-Gold-Uranium Project, located in the highly prospective Mount Isa Inlier in Queensland. The Project comprises 35km2 of copper and gold exploration tenure spanning two Exploration Permits (EPMs 27042 and 27053). 6 Altona Street,West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Elizabeth Creek Mineral Resources Table 2 Aggregated Mineral Resources at Elizabeth Creek 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 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 Copper Cobalt 684 684 Silver 36,0009 4000 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 Emmie Bluff Inferred Zambian Underground 2.7 1% CuEq 0.9% 46,000 280 1,000 12 1.1 1700 5000 1.3% 36,000 Sub Total (Underground) Combined Zambian Underground 40.2 1% CuEq 1.3% 511,000 570 23,000 16.8 21.7 1700 70000 1.9% 751,000 Project Wide Total10 65.5 Mt 725,800t Contained Cu 33,000t contained Co 28 Moz Contained Ag 75,000t Contained Zn11 1,067,000t contain CuEq 9 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. 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. 11 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. 10 6 Altona Street,West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Competent Persons’ Statements and Confirmatory Statement - Mineral Resource Estimates and Production Targets 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/asx-research/1.0/file/2924-022989156A1003162&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. 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/asx-research/1.0/file/2924-022989156A1003162&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. 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 at: https://cdn-api.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. 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 at: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-028239896A1214274&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. Listing Rule 5.19.2 In relation to any Production Target or any forecast financial information based on any Production Target quoted or referenced in this announcement, the Company confirms that all material assumptions underpinning both the Production Target and any forecast financial information continue to apply and have not materially changed. The original ASX announcement released on 3 December 2024 relating to any Production Target or forecast financial information derived from any Production Target referenced within this announcement can be found here. 6 Altona Street,West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Listing Rule 5.23.2 The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements cited in this 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. 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 Mineral Resources, in this announcement. For the Emmie Bluff Mineral Resource: The Emmie Bluff Mineral Resource is reported as 40.2Mt @ 1.27% Cu, 569 ppm Co, 16.8 g/t Ag and 0.17% Zn (1.87% Copper 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 × 𝐴𝑔 𝑝𝑝𝑚 10000 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) 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 analyses 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 longterm 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 potential to be recovered and sold. 6 Altona Street,West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK For full details of the Emmie Bluff Metal Equivalent calculation, please see “Scoping Study Update Delivers Materially Improved Economics”, released to the ASX on 30th January 2024 and available at https://www.codaminerals.com/wpcontent/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-Materially-ImprovedEconomics_RELEASE.pdf. For full details of the MG14/Windabout Metal Equivalent Calculation, please see “Confirmation of Exploration Target & Mineral Resource and Ore Reserve Statement”, released to the ASX on 23 rd October 2020 and available at https://www.codaminerals.com/wp-content/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-StatementsJORC.pdf. 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. 6 Altona Street,West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957