Announcement PDF 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Elizabeth Creek Copper-Silver Drilling Recommences in 2026 Drilling at Coda’s ongoing major drill programme at Elizabeth Creek recommences following the holiday break. Highlights • Drilling recommenced at Emmie Bluff: Coda has restarted its three-rig, ~6,000–7,000m diamond drilling program at Emmie Bluff, the flagship deposit within the Elizabeth Creek Copper-Silver Project in South Australia. • ~70% of drilling now complete: Drilling is finished at MG14 and Windabout, with a further six of the planned 12 holes completed at Emmie Bluff and two of the remaining holes well advanced. • Core samples submitted for testing: The first batch of drill core has been delivered to Adelaide for assay and geotechnical testing, with the final batch expected later this month. • Strong economics already established with major commodity price upside: The most recent Scoping Study update estimated the pre-tax NPV(7) of the Elizabeth Creek project to be approximately $1.3B, with an Internal Rate of Return (IRR) of 39%1. Copper and Silver spot prices have risen materially and are currently 37% and 167% higher than were assumed in that study. This highlights considerable commodity price upside when assumptions are updated.2 • PFS Advancing Rapidly: Highly experienced Study Manager appointed as PFS gains pace with critical path drilling nearing completion, approvals pathway advanced and major work-package contracts awarded. • Active news flow expected: - Assay and geotechnical results supporting an Updated Emmie Bluff Mineral Resource Estimate (MRE). - Metallurgical variability testing to confirm optimal processing technology. - Exploration and fieldwork update, including hydrogeology and associated drilling - Mine plan optimisation study confirming go-forward development case and updated project economics. - Progress on environmental and mining approvals advancing Elizabeth Creek toward development readiness. Coda Minerals Limited (ASX: COD, “Coda” or “the Company”) is pleased to update the market regarding ongoing drilling at its flagship 100%-owned Elizabeth Creek Copper-Silver Project in South Australia. The current programme comprises three diamond drill rigs operating across Coda’s three major deposits at Elizabeth Creek. A total of 19 holes for approximately 6,000–7,000 metres of PQ-sized core are planned. Each drill hole has multiple objectives — including resource definition, metallurgical sampling and geotechnical characterisation — providing critical data to support the Pre-Feasibility Study (PFS) currently underway. 1 For full details, including JORC Table 1, please see “New Flowsheet Delivers Significant Cu-Ag Economic Uplift”, released to the market on 28 August 2025 and available at https://codaminerals.com/announcements/7126651 2 Study assumed commodity prices of $9,260 USD/t Cu and $30 USD/Oz Ag. Current spot as of the time of writing is $12,720 USD/t Cu and $80 USD/Oz Ag. ASX RELEASE 2026 Code: COD 12 January 2026 ASX:COD 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Commenting on the drill programme, Coda Minerals CEO Chris Stevens said: ““We are very pleased to have drilling progressing well at Emmie Bluff as we complete the final holes of this program and transition into the next stage of value creation at Elizabeth Creek. With a substantial body of high-quality core and data now in hand, the focus is firmly on converting this work into updated technical and economic outcomes across the project. “Near-term priorities include metallurgical variability testing, updating the Emmie Bluff Mineral Resource and advancing geotechnical analysis, all of which will feed directly into an integrated mining plan for the broader deposit inventory. Importantly, this work is being undertaken against a commodity price backdrop that is materially stronger than that assumed in previous studies. “Copper and silver prices have increased significantly since our last economic assessment, and when this is considered alongside the forecast improvement in recoveries through our whole-ore chloride leach technology, there is a strong rationale to revisit historic mining assumptions. The revised flowsheet provides much greater exposure to silver with silver now a highly material percentage of expected revenue just at a time that the commodity is becoming more strategically important and in-demand from investors. “Higher prices and improved metallurgical performance have the potential to materially change what is considered economically viable within the system, with positive implications for mine life, production profiles and overall project economics. We see this as a highly attractive setup and are very encouraged by the upside potential that the next phase of work may unlock for Elizabeth Creek.” Figure 1 Drill rig in operation at Elizabeth Creek (Emmie Bluff deposit), January 2026. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Current Status Table 1 Summary of ongoing drill programme status. Deposit Planned Planned Metres Completed In-Progress Pending Percentage Completed Drillholes (Approx.) Drillholes Drillholes Drillholes (Approx.) Emmie Bluff 12 5600 6 2 4 65% MG14 2 120 2 0 0 100% Windabout 4 450 0 1 3 100% Cattle Grid South 1 100 0 0 1 0%3 Coda anticipates drilling will conclude at approximately the end of January 2026. Further updates will be provided as the drill programme progresses. Drillhole Information Table 2 Drillhole collar data and Tapley intercepts(downhole4) in completed holes to date Hole ID Prospect Easting Northing RL Planned Depth Dip Azimuth Status Tapley Intercept Actual Depth DD25EB0041 Emmie Bluff 704448 6556505 180 430 -75 30 Completed 18.3m from 383.4 420.4m DD25EB0042 Emmie Bluff 704465 6557137 147 436 -75 135 Completed 30.7m from 380.7 429.4m DD25EB00435 Emmie Bluff 706394 6557019 161 480 -80 315 Completed - 440.24m DD25EB0044 Emmie Bluff 706035 6555310 162 450 -70 330 Completed 20.3m from 424.05 465.38m DD25EB00456 Emmie Bluff 706749 6557189 174 520 -75 270 Completed - 495.37m DD25EB0046 Emmie Bluff 706512 6555271 168 440 -80 270 Completed 4.8m from 417.05 441.5m DD25EB0047A Emmie Bluff 706307 6555776 161 480 -70 130 In Progress DD25EB0048 Emmie Bluff 706293 6556351 169 480 -75 270 In Progress DD26EB0049 Emmie Bluff 705240 6556210 168 440 -70 190 In Progress DD25MG140001 MG14 704820 6520300 84 60 -70 90 Completed 5.7m from 29.1m 60m DD25MG140002 MG14 704350 6520275 87 60 -70 270 Completed 9.4m from 29.5m 55.5m DD25WIND0001A Windabout 702160 6525760 95 100 -70 270 Completed 12.8m from 76.4m 96m DD25WIND0002 Windabout 703415 6525485 105 100 -70 270 Completed 17.6m from 79.4m 126.2m DD25WIND0003 Windabout 702750 6525090 104 100 -70 90 Completed 23.8m from 68.9m 121.78m DD25WIND0004 Windabout 703200 6524670 107 100 -70 90 Completed 9.9m from 61m 100.7m Notable Results to Date: • DD25EB0041 1.75m from 397.7m with bleb and veinlet chalcopyrite (1-3%) as part of a broader sequence of 6.4m from 383.4m with 1-2% CPY, 0-2% PY and 0-3% SP • DD25EB0042 2.97m from 407.1m with veinlet and blebby chalcopyrite (1-2%) and pyrite (1-2%). • DD25EB0044 3m from 423.1m of approx.. 1-2% chalcopyrite and up to 1% Chalcocite/bornite, and a second intersection of 1.7m at approximately 3-4% Chalcopyrite from 440.6. • DD25EB0046 4.4m from 417m of approx. 1-2% chalcocite and up to 1% chalcopyrite. 3 This drillhole has been reprioritised and will be drilled as part of a later programme. 4 See Table 3, Appendix 2 for true widths. 5 Hole abandoned due to challenging drilling conditions 6 Hole achieved target depths on the northwestern edge of the resource but did not intercept Tapley Hill Formation black shale. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 • DD25EB0047A 4.1m from 438m of approx. 1-3% chalcopyrite, predominantly veinlets, and up to 1% chalcocite. Hole still in progress as of time of writing. • DD25MG140001 5m from 29.1m with 1-3% disseminated chalcocite and trace chalcopyrite • DD25MG140002 2m from 29.5m with 1-2% chalcocite • DD25WIND0001A 1.4m from 77.3m and 5.4m from 83.2m of approximately 1-2% chalcocite • DD25WIND0002 2.6m of approx. 2-3% Chalcocite from 79.5m within a larger 9.1m intersection of approximately 1% Chalcocite. • DD25WIND0003 4.4m from 70.4m of approx. 1-2% Chalcocite and trace chalcopyrite. • DD25WIND0004 2.65m of approx. 2-3% Chalcocite from 61.5m within a larger 9.2m intersection of approximately 1% Chalcopyrite and 0.5-1% Chalcocite. All results reported to date represent visual estimates. In line with AIG guidelines, Coda reminds readers that visual estimates should never be considered a proxy or substitute for more rigorous methods, and that they inherently include subjectivity and uncertainty. Laboratory confirmation is critical to determine the accuracy of estimates and accurately represent the metal grade of any given sample, or overall grade of any intercept. Figure 2 Tapley Hill Formation PQ drill core (85mm diameter) from the Windabout deposit, approx. 64.1m, DD25WIND0004. Sulphide abundance is estimated at approx. 50% chalcopyrite, 15% carrolite and 5% chalcocite in line with AIG guidelines. Note that these abundances are restricted to the immediate vein and are not representative of the broader intercept. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Figure 3 Map showing current progress at Elizabeth Creek 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Ongoing and Upcoming Work Programmes Simultaneously with the ongoing drilling, Coda is completing a number of metallurgical and other test work programmes: • Optimisation of the chloride leach flowsheet. This consists of a small number of optimisation tests to reduce the cost of reagents as much as possible in advance of variability testwork, which is expected to commence immediately subsequent to drilling. • Cobalt recovery test work. Coda is continuing to assess technologies top improve the recovery of Cobalt from Elizabeth Creek mineralisation treated using the chloride leach technology. Testwork will recommence when sample is available in the coming weeks. • Further work over the coming months will include: o Updated Emmie Bluff Mineral Resource Estimate (MRE), integrating the results from the ongoing drill programme. o Hydrogeological and associated drilling, which the company anticipates will commence late Q1 or early Q2 of 2026 in support of the ongoing PFS and environmental approvals process. o Future fieldwork plan, including an exploration update outlining next-phase targets, which the company hopes to drill simultaneously with upcoming hydrogeological drilling. o Mine plan optimisation study presenting the preferred development case and updated production schedule, associated with commentary on the expected impacts on project economics. The company remains on schedule to complete its PFS during 2026, and has appointed a Study Manager and a number of subject matter experts to assist in specific technical areas. 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. Further Information: Chris Stevens Chief Executive Officer Coda Minerals Limited info@codaminerals.com Media: Nicholas Read Read Corporate nicholas@readcorporate.com.au Forward-Looking Information: This announcement contains forward looking statements. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", “forecast”, "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. The forward-looking statements in this announcement are based on current expectations, estimates, forecasts and projections about the Company and the industry in which it operates. They are subject to various inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied by any forward-looking statements. The past performance of the Company is no guarantee of future performance. None of the Company or any of its directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward looking statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement. 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 About Coda Minerals 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)7. 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) deposits8. 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 the deposits at Elizabeth Creek was first released in March 20239 and subsequently updated in January10, March11, and December 202412, with the most recent update completed in August 202513. The latest study incorporated a major metallurgical breakthrough that increased copper and silver recoveries through a simplified whole-ore leach flowsheet, delivering stronger economics and lower costs. The result is a significantly strengthened copper–silver base case project, with a pre-tax NPV7 of $1.3 billion and an IRR of 39%, producing an average of 31.4kt of copper and 1.4Moz of silver per annum over a 15.5-year mine life. The revised copper–silver base case forms the foundation for the ongoing Prefeasibility Study, with cobalt providing future upside potential. Coda is rapidly advancing a fully funded Pre-Feasibility Study (PFS) at Elizabeth Creek with an aggressive ongoing work programme with the aim to advance the Elizabeth Creek Copper-Silver Project towards development and commercialisation. 7 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics Competent Person: Dr Michael Cunningham. 8 2020.10.26 - Confirmation Statements JORC, Competent Person: Tim Callaghan. 9 2023.03.23 - Elizabeth Creek Copper-Cobalt Project Positive Scoping Study 10 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics 11 2024.03.14 – Further Key Improvement in Underground Project Economics 12 2024.12.03 – New Resources, Higher Recoveries Boost Elizabeth Creek Value. See below for LR 5.23.2 Statement. 13 2025.08.28 - New Flowsheet Delivers Significant Cu-Ag Economic Uplift 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Elizabeth Creek Mineral Resources Table 3 Aggregated Mineral Resources at Elizabeth Creek OPEN PIT Proposed Tonnage Cut-off Copper Cobalt Silver Zinc Copper Equivalent Resource Category Type Mining Mt Grade Grade Contained Grade Contained Grade Contained Grade Contained Grade Contained Method (% Cu) Metal (t) (ppm Co) Metal (t) (g/t Ag) Metal (Moz) (ppm Zn) Metal (t) (% CuEq) Metal (t) MG14 Indicated Zambian Open Pit 1.8 0.5% CuEq 1.2% 22,700 330 600 14 0.8 1.7% 30,600 Cattle Grid South Inferred Breccia Open Pit 5.8 0.2% Cu 0.6% 36,000 120 700 3.5 0.7 684 4000 36,00014 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 1 684 4,000 UNDERGROUND Proposed Tonnage Cut-off Copper Cobalt Silver Zinc Copper Equivalent Resource Category Type Mining Mt Grade Grade Contained Grade Contained Grade Contained Grade Contained Grade Contained Method (% 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 Total15 65.5 Mt 725,800t Contained Cu 33,000t contained Co 28 Moz Contained Ag 75,000t Contained Zn16 1,067,000t contain CuEq 14 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. 15 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. 16 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. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 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/2924-02298915- 6A1003162&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/2924-02298915- 6A1003162&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/2924-02823989- 6A1214274&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. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 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. 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 Coefficient Forecast Price Price Unit Copper 0.8 $7,000 USD/Tonne Cobalt 0.85 $55,000 USD/Tonne Zinc 0.9 $2,100 USD/Tonne Silver 0.85 $18.50 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 Mining Recovery % Dilution % Recovery % Payability % Forecast Price Price Unit Copper 0.9 0.05 0.6 0.7 $6,600 USD/Tonne Cobalt 0.9 0.05 0.85 0.75 $55,000 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 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 It is the opinion of the company that both sets of prices used in the calculations are reasonable to conservative long-term 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. 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/wp-content/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study- Update-Delivers-Materially-Improved-Economics_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 23rd October 2020 and available at https://www.codaminerals.com/wp-content/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation- Statements-JORC.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 rea