Half Year Financial Report 31 December 2023
Released
Released
Announcement PDF
Coda Minerals Limited
ABN: 49 625 763 957
Half Year Financial Report
31 December 2023
Half-Year Financial Report
0
CODA MINERALS LIMITED and its controlled entities ACN 625 763 957
INTERIM FINANCIAL STATEMENTS
DIRECTORS’ REPORT
For the half-year ended 31 December 2023
The directors of Coda Minerals Ltd (‘the Company’ or ‘Coda’) present their report together with the financial statements of the
Company and its Subsidiaries (‘the Group’) for the half-year ended 31 December 2023, and the Auditor’s Review Report thereon.
In order to comply with the provisions of the Corporations Act 2001, the Directors’ report as follows:
1. DIRECTORS
The directors of the Company at any time during or since the end of the financial period were:
Name & Qualifications
Period of Directorship
Mr Keith F Jones
BBus, FCA, FAICD
Non-Executive Chairman
Mr Andrew Marshall
I Eng(UK), MAICD
Non-Executive Director
Mr Colin Moorhead
BSc (Hons), FAusIMM (CP), FSEG, GAICD
Non-Executive Director
Mr Paul Hallam
BE(Hons)Mining, FAICD, FAusIMM
Non-Executive Director
Mr Christopher Stevens
BA (Hons), MA (Oxon), MSc, GAICD, FAusIMM
Chief Executive Officer and Executive Director
Director and Chair since 26 April 2018
Director since 19 July 2019
Director since 21 August 2019
Director since 21 August 2019
Director since 26 April 2018
2. PRINCIPAL ACTIVITIES
The principal activities of the Company during the period were primarily focused on the progression of exploration and
evaluation activities associated with the Elizabeth Creek Copper Cobalt Project (“Elizabeth Creek”) in South Australia. The
Company also advanced exploration work at the Cameron River Copper Gold Project (“Cameron River”) as well as engaging
in the evaluation of projects and potential joint ventures with other mining companies to explore for minerals.
3. REVIEW OF OPERATIONS
Overview and strategy
Coda 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 coppergold-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 comprising 43Mt @ 1.3%
copper, 470ppm cobalt, 11g/t silver and 0.15% zinc (1.84% CuEq i) containing approximately 560kt copper, 20kt cobalt,
15.5Moz silver and 66kt zinc (800kt CuEqi). Importantly, 92% 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 i) and MG14 (1.8Mt @ 1.67% CuEq i) deposits. Collectively, the three resources at Elizabeth Creek
now host a total of 1.1 million tonnes of contained copper equivalent.
In March 2023, Coda released the results of the Elizabeth Creek Copper-Cobalt Project Scoping Study, which outlined an
economically robust, long-life project with potential to further improve on several key metrics. On 30 January 2024, Coda
released an update to this Scoping Study, integrating mechanical cutting as the principal underground mining method
employed at the Emmie Bluff deposit as well as improvements to the mineral processing flowsheet, a greater annual
throughput and other changes. The updated study delivered improved pre-tax NPV8 of approximately $735 million, an
increase of $165 million or 29% over the March 2023 Study, with an IRR of 27% and an AISC of $1.60 USD/lb Cu after
by-product credits.
Coda 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 mineralisation. 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 gold.
i
See on statement regarding metal equivalent calculations on page 22.
1
CODA MINERALS LIMITED and its controlled entities ACN 625 763 957
INTERIM FINANCIAL STATEMENTS
DIRECTORS’ REPORT
For the half-year ended 31 December 2023
Coda completed a substantial geophysics programme and announced a new geophysical interpretation of the Emmie
IOCG prospect in October 2023. The new model refines Coda’s existing hypothesis for the Emmie IOCG mineralising
event and suggests that a pair of North to NNE striking low angle thrust faults dipping to the east and plunging slightly to
the north are the most likely controlling structures and are associated with the highest density material in the area. The
model developed helps explain the structural controls underpinning the Emmie IOCG mineralisation and offers valuable
explanatory and predictive power. Under this exploration model, additional IOCG mineralisation is anticipated to be found
where permeable strata (as previously defined in drilling) interact with the two identified mineralising structures.
Coda has a dual strategy for success at Elizabeth Creek. Firstly, carrying out detailed optimisation in key areas of the
successful Scoping Study to enhance the economic potential of the known sediment-hosted Mineral Resources on the
tenure, while simultaneously undertaking exploration to further define and extend known Zambian-style copper-cobalt
resources across multiple prospects. Secondly, Coda completed a substantial geophysics programme and announced a
new geophysical interpretation of the Emmie IOCG prospect which will assist in making decisions about drill target locations
and is expected to result in the delineation of multiple new, high priority targets.
Coda also has a Farm-In and Joint Venture Agreement with Wilgus Investments Pty Ltd to acquire up to 80% ownership
of the Cameron River Copper-Gold 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).
Through the Torrens Mining acquisition, Coda also owns exploration tenements in Victoria, New South Wales and Papua
New Guinea
Key events for the half year ended 31 December 2023:
• Substantial progress on Elizabeth Creek Copper-Cobalt Study optimisation, including:
o Significant advances in mineral processing flowsheet development including a 40% increase in copper recoveries
from the MG14 open pit deposit and ongoing testwork for applicability of this enhancement to the Windabout and
Emmie Bluff deposits;
o Pivotal underground ore-sorting study completed with positive results released during the half year period; and
o Advanced work to add significant project value through the implementation of mechanical cutting as a more
selective, lower cost mining method at Emmie Bluff.
• Interpretation of tight-spaced forward gravity completed, integrating all previous and recently acquired IOCG related
datasets to generate IOCG targeting vectors. Results released during the half year period indicate the presence of a
structural corridor controlling the IOCG mineralisation and extending up to 2.4km to the northern tenement boundary,
significantly expanding the prospective IOCG search space.
• Strategic partner discussions continued regarding the future development of Elizabeth Creek including technical and
economic studies.
• During the half year period, Coda announced that it, in partnership with Boss Energy, had been successful in the
application for a package of highly prospective “Kinloch” project tenure covering the Cambrian-Ordovician Delamerian
Orogen basement rocks and the overlying Cenozoic Murray Basin sediments in eastern South Australia. The tenure,
awarded through the competitive Exploration Release Area (ERA) process will be held in a JV at a formal 75:25 ownership
split, with Coda holding 25%, However, Boss and Coda have agreed to progress the mineral rights sharing arrangement,
under which Coda will be entitled to 100% of the base metal rights while Boss will be entitled to 100% of the uranium
rights on the tenements.
• In October, Coda received confirmation from the South Australian Department for Energy and Mining of the formal grant
of EL 6954. This 72 square kilometre tenement is adjacent to and immediately south of Elizabeth Creek. The company
considers it prospective for additional shallow sediment-hosted copper-cobalt mineralisation.
• During the half year period, and in line with its commitment to high levels of environmental and social governance, Coda
initiated stand-alone ESG reporting with the release of its first standalone Sustainability Report.
4. FINANCIAL POSITION
As at 31 December 2023, Coda had cash and cash equivalents of $1,854,940 (30 June 23: $4,717,592) and net current
assets of $1,992,638 (30 June 23: $4,160,436).
For the half year period ended on 31 December 2023, Coda recorded a loss after tax of $2,324,614 (31 December 2022:
$4,298,561) and experienced net operating cash outflows of $2,809,775 (31 December 2022: $4,801,611).
No dividends were paid during the half year ended 31 December 2023.
5. GOING CONCERN
As disclosed in the financial statements the Group held cash and cash equivalents of $1,854,940, had a net current asset
surplus of $1,992,638 and incurred a net loss of $2,324,614, had cash outflows from operating activities of $2,809,775 for
the half year ended 31 December 2023.
2
CODA MINERALS LIMITED and its controlled entities ACN 625 763 957
INTERIM FINANCIAL STATEMENTS
DIRECTORS’ REPORT
For the half-year ended 31 December 2023
The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to meet its
working capital requirement by raising additional funds from equity markets and potential investors and curtailing corporate,
administration expenses and overhead cash outflows until such time as it attains positive cash flows from operating activities.
The Group does not have any recurring sources of income and therefore remains dependent on ongoing capital raising to
fund general working capital and exploration and evaluation activities.
The Directors believe that there are reasonable grounds to conclude that the Group will be able to continue as a going
concern, after consideration of the following factors:
The Group has substantial cash equivalents on hand as at 31 December 2023;
The ability of the Group to issue additional equity securities to raise further working capital; and
The ability to curtail corporate and administration expenses and overhead cash outflows as and when required.
•
•
•
On this basis, the Directors are of the opinion that the financial statements should be prepared on a going concern basis and
that the Group will be able to pay its liabilities as and when they fall due and payable.
6. EVENTS SUBSEQUENT TO REPORTING DATE
No matters or circumstances have arisen since the end of the half year period apart from the following:
•
•
•
•
On the 3rd of January 2024, Coda received 1 Kali Metals Limited (“Kali”) share for every 17.64 Kalamazoo Limited
(“Kalamazoo”) shares held following the successful spin out of Kali from Kalamazoo;
On 30 January 2024, Coda released an update to its Elizabeth Creek Copper-Cobalt Project Scoping Study, integrating
mechanical cutting as the principal underground mining method employed at the Emmie Bluff deposit as well as
improvements to the mineral processing flowsheet, a greater annual throughput and other changes. The updated study
delivered improved pre-tax NPV8 of approximately $735 million, an increase of $165 million or 29% over the March
2023 Study, with an IRR of 27% and an AISC of $1.60 USD/lb Cu after by-product credits;
On 9 February 2024, Coda executed agreements to consolidate 100% ownership of the Cameron River Project tenure
in Queensland; and
On 21 February 2024, Coda received a research and development tax offset refund of $268,933 from the Australian
Tax Office for the 30 June 2023 financial year under the ATO’s research and development tax incentive scheme.
7. AUDITOR INDEPENDENCE
A copy of the auditor’s independence declaration as required under section 307C of the Corporations Act 2001 is set out
on page 4.
This report is made in accordance with a resolution of Directors, pursuant to section 306(3)(a) of the Corporations Act 2001
at Perth, WA on 27 February 2024, on behalf of Directors.
K F Jones
Director
3
CODA MINERALS LIMITED and its controlled entities ACN 625 763 957
INTERIM FINANCIAL STATEMENTS
RSM Australia Partners
Level 32 Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the review of the financial report of Coda Minerals Limited for the half-year ended 31 December
2023, I declare that, to the best of my knowledge and belief, there have been no contraventions of:
(i)
the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
(ii)
any applicable code of professional conduct in relation to the review.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 27 February 2024
MATTHEW BEEVERS
Partner
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32, Exchange Tower
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
INDEPENDENT AUDITOR’S REVIEW REPORT
To the Members of Coda Minerals Limited
Report on the Half-Year Financial Report
Conclusion
We have reviewed the accompanying half-year financial report of Coda Minerals Limited which comprises the
consolidated statement of financial position as at 31 December 2023, the consolidated statement of profit or loss
and other comprehensive income, consolidated statement of changes in equity and consolidated statement of
cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies
and other explanatory information and the directors’ declaration of the consolidated entity comprising the company
and the entities it controlled at the half-year end or from time to time during the half-year.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that
the half-year financial report of Coda Minerals Limited is not in accordance with the Corporations Act 2001
including:
(a)
giving a true and fair view of the consolidated entity’s financial position as at 31 December 2023 and of its
performance for the half-year ended on that date; and
(b)
complying with Accounting Standard AASB 134 Interim Financial Reporting and Corporations Regulations
2001.
Basis for Conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the
Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for
the Review of the Financial Report section of our report. We are independent of the Company in accordance with
the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants
(including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in
Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to
the directors of Coda Minerals Limited, would be in the same terms if given to the directors as at the time of this
auditor’s review report.
THE POWER OF BEING UNDERSTOOD
AUDIT | TAX | CONSULTING
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent
accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
Directors’ Responsibility for the Half-Year Financial Report
The directors of Coda Minerals Limited are responsible for the preparation of the half-year financial report that
gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and
for such internal control as the directors determine is necessary to enable the preparation of the half-year financial
report that is free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility for the Review of the Financial Report
Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted
our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial
Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the
procedures described, we have become aware of any matter that makes us believe that the half-year financial
report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated
entity’s financial position as at 31 December 2023 and its performance for the half-year ended on that date; and
complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations
2001.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial
and accounting matters, and applying analytical and other review procedures. A review is substantially less in
scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not
enable us to obtain assurance that we would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion.
RSM AUSTRALIA PARTNERS
Perth, WA
Dated: 27 February 2024
MATTHEW BEEVERS
Partner
DIRECTORS’ DECLARATION
For the half-year ended 31 December 2023
In the opinion of the directors of Coda Minerals Ltd (“the Company”):
(a) the financial statements and notes comply with the Corporations Act 2001 Australian Accounting Standard AASB
134 ‘Interim Financial Reporting’, the Corporations Regulations 2001 and other mandatory professional reporting
requirements; and
(b) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable.
Dated at Perth this 27th day of February 2024.
Signed in accordance with a resolution of the directors made pursuant to section 303(5)(a) of the Corporations Act 2001.
_______________________
KF Jones
Director
7
CODA MINERALS LIMITED and its controlled entities ACN 625 763 957
INTERIM FINANCIAL STATEMENTS
Coda Minerals Limited and its controlled entities
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the half-year ended 31 December 2023
Consolidated statement of profit or loss and other
comprehensive income
Note
31 December
2023
$
31 December
2022
$
Other income
4
269,622
69,907
Administration expenses
Exploration & evaluation expenses
Corporate finance expenses
Other expenses
Results from operating activities
4(a)
4(b)
4(c)
4(d)
(1,392,220)
(1,134,137)
(48,000)
(79,485)
(2,384,220)
(2,363,757)
(1,883,679)
(98,251)
(81,018)
(4,356,798)
Finance income
Finance expenses
4
4(e)
67,711
(8,105)
59,918
(1,681)
Loss before income tax
(2,324,614)
(4,298,561)
Income tax benefit / (expense)
Loss for the period attributable to owners of the Company
(2,324,614)
(4,298,561)
7,625
61,000
(2,316,989)
(4,237,561)
($0.02)
($0.03)
Other comprehensive income
Fair value movement on financial asset
7
Total comprehensive loss for the period attributable to
owners of the Company
Earnings per share
Basic and diluted (loss) per share
The consolidated statement of profit or loss and other comprehensive income is to be read in conjunction with the notes
to the financial statements. Refer to Note 2 on basis of preparation.
8
CODA MINERALS LIMITED and its controlled entities ACN 625 763 957
INTERIM FINANCIAL STATEMENTS
Coda Minerals Limited and its controlled entities
Consolidated Statement of Financial Position
as at 31 December 2023
Consolidated statement of financial position
31 December
2023
$
30 June
2023
$
CURRENT ASSETS
Cash and cash equivalents
Receivables
Prepayments
TOTAL CURRENT ASSETS
1,854,940
282,307
289,864
2,427,111
4,717,592
77,572
224,185
5,019,349
NON-CURRENT ASSETS
Receivables
Financial assets at fair value through other comprehensive income
Receivables
Property, plant and equipment
Intangible assets
Exploration and evaluation assets
TOTAL NON-CURRENT ASSETS
54,107
183,000
150,328
297,460
111,219
17,926,175
18,722,289
175,375
150,328
165,812
117,887
17,926,175
18,535,577
21,149,400
23,554,926
CURRENT LIABILITIES
Trade and other payables
Employee benefits
Lease liabilities
TOTAL CURRENT LIABILITIES
131,389
199,781
103,303
434,473
581,587
269,658
7,668
858,913
NON-CURRENT LIABILITIES
Lease liabilities
TOTAL NON-CURRENT LIABILITIES
64,058
64,058
-
TOTAL LIABILITIES
498,531
858,913
20,650,869
22,696,013
44,320,954
12,040,106
1,271,772
(76,250)
(36,905,713)
44,137,422
12,040,106
1,368,926
(83,875)
(34,766,566)
20,650,869
22,696,013
Note
5
TOTAL ASSETS
NET ASSETS
EQUITY
Issued capital
Capital contribution reserve
Share based payments reserve
Revaluation reserve
Accumulated losses
6
7
7
7
TOTAL EQUITY
The consolidated statement of financial position is to be read in conjunction with the notes to the financial statements.
Refer to Note 2 on basis of preparation.
9
CODA MINERALS LIMITED and its controlled entities ACN 625 763 957
INTERIM FINANCIAL STATEMENTS
Coda Minerals Limited and its controlled entities
Consolidated Statement of Changes in Equity
For the half-year ended 31 December 2023
31 December 2023
Consolidated statement of changes in equity
$
$
Share
based
payments
reserve
$
$
$
$
Opening balance at 1 July 2023
Loss for the period
Fair value movement on financial asset
Total comprehensive loss for the period
Shares issued under placement
Share issue costs
Transferred from reserve upon expiry
Transferred from reserve upon exercise
Share-based payments to Directors and employees
44,137,422
183,532
-
12,040,106
-
1,368,926
(185,467)
(183,532)
271,845
(83,875)
7,625
7,625
-
(34,766,566)
(2,324,614)
(2,324,614)
185,467
-
22,696,013
(2,324,614)
7,625
(2,316,989)
271,845
Closing balance at 31 December 2023
44,320,954
12,040,106
1,271,772
(76,250)
(36,905,713)
20,650,869
Issued
capital
Capital
contribution
reserve
Revaluation
reserve
Accumulated
losses
Total
$
$
Share
based
payments
reserve
$
$
$
$
Opening balance at 1 July 2022
Loss for the period
Fair value movement on financial asset
Total comprehensive loss for the period
Shares issued under placement
Share issue costs
Transferred from reserve upon exercise
Share-based payments to Directors, employees & lead advisor
40,229,393
3,809,755
(264,265)
43,063
-
12,040,106
-
611,859
(43,063)
666,646
61,000
61,000
-
(27,003,901)
(4,298,561)
(4,298,561)
-
25,877,457
(4,298,561)
61,000
(4,237,561)
3,809,755
(264,265)
666,646
Closing balance at 31 December 2022
43,817,946
12,040,106
1,235,442
61,000
(31,302,462)
25,852,032
31 December 2022
Consolidated statement of changes in equity
Issued
capital
Capital
contribution
reserve
Revaluation
reserve
The statement of changes in equity is to be read in conjunction with the notes to the financial statements. Refer to Note 2 on basis of preparation.
10
CODA MINERALS LIMITED and its controlled entities ACN 625 763 957
INTERIM FINANCIAL STATEMENTS
Accumulated
losses
Total
Coda Minerals Limited and its controlled entities
Consolidated Statement of Cashflows
For the half-year ended 31 December 2023
Consolidated statement of cash flows
Cash flows from operating activities
Proceeds from government grants and tax incentives
Payments for exploration and evaluation expenditure
Payments for administration, corporate finance activities and
other expenditure
Interest received
Note
31 December
2023
$
31 December
2022
$
4
689
(1,314,752)
(1,563,423)
69,907
(3,163,626)
(1,767,810)
67,711
59,918
(2,809,775)
(4,801,611)
Cash flows from investing activities
Payments for property, plant & equipment
Proceeds from sale of Mt Piper
Premium on options issued
(1,817)
-
(5,434)
300,000
375
Net cash (used in) / from investing activities
(1,817)
294,941
Cash flows from financing activities
Proceeds from issue of shares
Payments associated with the issue of shares
Repayment of lease liabilities
(51,060)
3,809,755
(264,265)
(50,286)
Net cash from financing activities
(51,060)
3,495,204
Net decrease in cash and cash equivalents
(2,862,652)
(1,011,466)
Cash and cash equivalents at beginning of the period
4,717,592
8,178,668
Cash and cash equivalents at the financial period end
1,854,940
7,167,202
Net cash used in operating activities
The consolidated statement of cash flows is to be read in conjunction with the notes to the financial statements. Refer to
Note 2 on basis of preparation.
11
CODA MINERALS LIMITED and its controlled entities ACN 625 763 957
INTERIM FINANCIAL STATEMENTS
Coda Minerals Limited and its controlled entities
Notes to the Consolidated Financial Statements
For the half-year ended 31 December 2023
1.
REPORTING ENTITY
Coda Minerals Ltd (the ‘Company’ or ‘Coda’) is a company domiciled in Australia and listed on the Australian Securities
Exchange “ASX” (ASX:COD). The consolidated interim financial report as at and for the six months ended 31 December
2023 comprise the Company and its subsidiaries’ (‘the Group’) results. The Company is a for-profit entity primarily involved
in the exploration and evaluation of mineral resources. The annual financial report of the Company as at and for the year
ended 30 June 2023 is available upon request from the Company’s registered office at 6 Altona Street, West Perth WA or
at www.codaminerals.com
2.
SIGNIFICANT ACCOUNTING POLICIES
Statement of Compliance
These consolidated half-year financial statements are general purpose financial statements which have been prepared in
accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. Compliance with AASB 134 ensures
compliance with International Financing Reporting Standard IAS 34 Interim Financial Reporting. The consolidated half-year
financial statements do not include all the information required for a full annual report and should be read in conjunction with
the annual financial report of the Group as at and for the year ended 30 June 2023 and any public announcements made by
Coda during the half-year in accordance with the continuous disclosure requirements of the Corporations Act 2001. The
consolidated half-year financial statements were approved by the Board of Directors on 27 February 2024.
Basis of preparation
The financial statements have been prepared under the historical cost convention, except for, where applicable, the
revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other
comprehensive income, investment properties, certain classes of property, plant and equipment and derivative financial
instruments. All amounts are presented in Australian dollars, unless otherwise noted.
Going Concern
As disclosed in the financial statements the Group held cash and cash equivalents of $1,854,940, had a net current asset
surplus of $1,992,638 and incurred a net loss of $2,324,614, had cash outflows from operating activities of $2,809,775 for
the half year ended 31 December 2023.
The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to meet its
working capital requirement by raising additional funds from equity markets and potential investors and curtailing corporate,
administration expenses and overhead cash outflows until such time as it attains positive cash flows from operating activities.
The Group does not have any recurring sources of income and therefore remains dependent on ongoing capital raising to
fund general working capital and exploration and evaluation activities.
The Directors believe that there are reasonable grounds to conclude that the Group will be able to continue as a going
concern, after consideration of the following factors:
•
•
•
The Group has substantial cash equivalents on hand as at 31 December 2023;
The ability of the Group to issue additional equity securities to raise further working capital; and
The abilit
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