Announcement PDF SCOPING STUDY 2023X ASX RELEASE ELIZABETH CREEK 23rd March 2023 ASX Code: COD Positive Scoping Study – Elizabeth Creek Copper-Cobalt Project Scoping Study confirms the potential of the Elizabeth Creek Project as a financially robust, globally competitive copper-cobalt project in South Australia’s Olympic Copper Province Highlights Scoping Study – Key Outcomes: • Mineralisation to be sourced from two open pits, and one long-life underground mine to underpin average steady state annual production of ~25,000tpa copper and ~1,000tpa cobalt at a lifetime average grade of 1.86% CuEq- 1.29% Cu and 515ppm Co • The Elizabeth Creek Project will be undertaken in two phases: – Phase 1, consisting of ~1-year of copper-cobalt concentrate production to drive early cash-flow; followed by – Phase 2, involving the construction of a hydrometallurgical plant using the Albion ProcessTM to produce ~13 years of the higher value saleable end-products copper cathode, battery-grade cobalt sulphate, zinc carbonate and silver doré. • Pre-production (Phase 1) CAPEX of approximately $277 million. Phase 2 CAPEX of approximately $320 million in year 3 partly supported by cashflow from Phase 1, with peak negative net cashflow of approximately $438 million. Payback period for both Phase 1 and Phase 2 capital of approximately 4.75 years (pre-tax). • Estimated pre-tax NPV(8) of approximately $570 million and 26.5% IRR; Total pre-tax revenue of approximately $5.73 billion over the life of mine; • Coda is currently finalising its forward work plan for next stage studies. At the time of this announcement, the Company has a cash balance of over $6 million and remains well funded to continue study work as well as to fund ongoing exploration. Coda Minerals Ltd (“Coda” or “the Company”) (ASX: COD) is pleased to announce the results of a positive Scoping Study (“Study”) completed on the sedimentary copper-cobalt mineralisation at its 100%-owned Elizabeth Creek Copper-Cobalt Project in South Australia. The Study has delivered compelling financial metrics and technical outcomes, and the Coda Minerals Board has approved the commencement of next-stage Pre-Feasibility Study (PFS) work. The Elizabeth Creek Project comprises three granted Exploration Licences covering an area of 701km2 in the Olympic Dam Copper Province, Australia’s most productive copper belt. The project lies in the heart of an active mining region, being located 100km south of BHP Billiton’s Olympic Dam coppergold-uranium mine and 50km west of OZ Minerals’ Carrapateena copper-gold project, with access to high-quality infrastructure. It is located 35km south-east of the town of Woomera and 135km north-west of Port Augusta in South Australia. 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK SCOPING STUDY Coda’s primary focus at Elizabeth Creek is on the development of the sedimentary copper-cobalt mineralisation (which forms the subject of this Study) as the basis for a sustainable long-term mining and processing operation. In parallel, the Company is also continuing to explore for deeper iron-oxide copper-gold (IOCG) mineralisation following the discovery of the Emmie IOCG copper-gold deposit in June 2021. For the avoidance of doubt, the contents, technical information and forecast financial information in this Scoping Study focus solely on the copper-cobalt mineralisation and do not include any reference to or inclusion of the IOCG mineralisation. The Study confirms the potential for a globally competitive, long-life mine based on the copper-cobalt mineralisation contained within the MG14, Windabout and Emmie Bluff deposits. The Study is based on low-risk, conventional open pit and underground mining techniques with processing using conventional flotation and downstream processing common to copper-cobalt projects globally. The project is well supported for infrastructure and boasts excellent ESG credentials, being located in a stable, tier-1 mining jurisdiction with access to the nation’s most renewable power grid. Coda Minerals Chairman, Keith Jones, commented: “The Scoping Study results contained within this announcement mark the culmination of just over 15 months of intense and highly focused work since the publication of the Emmie Bluff Copper-Cobalt Resource in December 2021. During that time, the Coda team has delivered a robust metallurgical process for the project, identified the optimal mining method and defined a detailed mine plan. Through this work, we have demonstrated a means to produce mineral products that are in high demand and integral to a decarbonised future. "I congratulate the team for their hard work and dedication in completing this study and would like to thank all of the consultants who have been instrumental in achieving this result. I would also like to extend my appreciation to the Kokatha People for their help during the Study process and for the strong working relationship we have built. We look forward to continuing this strong relationship through further studies and into project development.” Coda Minerals CEO, Chris Stevens commented “This Study marks an important milestone in the life of the Elizabeth Creek Project, providing detailed financial analysis for the first time to complement the technical and exploration achievements over the past year. “This study underpins a robust go-forward case for the Elizabeth Creek Project with excellent project economics. We also have multiple opportunities for expansion and improvement underway. Recent geophysical work has defined several highly prospective expansion targets for the sediment-hosted copper-cobalt mineralisation at Emmie Bluff which have the potential to increase project size and scope beyond the already excellent 14 year mine life. “In addition to exploration, we continue to focus on optimisation of the integrated mine plans, opportunities from XRF ore sorting, as well as our study into the potential use of mechanical cutting techniques at Emmie Bluff. This work is well advanced and has the potential to result in material financial uplift and reduction in geotechnical risk and ventilation demand for Emmie Bluff. “As we proceed to PFS we will maintain strong cash discipline while also keeping focus on the many significant exploration opportunities that remain at Elizabeth Creek and beyond. Although the deeper IOCG mineralisation has not been included in this study, the exploration for a tier-1 IOCG continues. This search has been enlivened by the success of our recent ANT geophysical survey, with further exciting results expected from the tight spaced gravity work currently underway. “We have an exceptional group of assets here at Elizabeth Creek and we are delighted to be able to provide detailed technical and financial information to our shareholders.” 6 Altona Street West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK SCOPING STUDY This announcement has been approved for release by the board of Coda Minerals Ltd. Please see the full text of the public Study release below. Further Information: Chris Stevens Chief Executive Officer Coda Minerals Limited info@codaminerals.com 6 Altona Street West Perth Western Australia, 6005 Media: Nicholas Read Read Corporate nicholas@readcorporate.com.au E: info@codaminerals.com ABN 49 625 763 957 1 ELIZABETH CREEK SCOPING STUDY 2023 2023 ELIZABETH CREEK SCOPING STUDY 2023 1 TABLE OF CONTENTS Cautionary Statements.......................................................................................................... 3 Forward Looking Statements................................................................................................. 5 Metal Equivalents.................................................................................................................... 6 Key Study Findings................................................................................................................. 9 Introduction...........................................................................................................................10 Key Consultants...................................................................................................................... 13 Key Risks and Sensitivity Analysis........................................................................................... 14 Next Steps and Project Timeline............................................................................................. 14 Indicative Project Timeline...................................................................................................... 15 Copper Market......................................................................................................................... 16 Cobalt Market.......................................................................................................................... 17 Project Description................................................................................................................ 19 Location and Layout............................................................................................................... 20 Geology and Resources........................................................................................................... 21 Mineralisation.................................................................................................................... 22 Mineral Resources............................................................................................................. 23 Competent Persons’ Statements............................................................................................ 23 Mining.................................................................................................................................... 24 Open Pit Mining...................................................................................................................... 25 Pit Shell Optimisation and Design........................................................................................... 26 Proposed Mining Methodology.................................................................................................27 Site Preparation works and Land Clearing..........................................................................27 Overburden Removal and Storage.......................................................................................27 Ore and Waste Mining, Ore Stockpiling and Ore Rehandling.................................................27 In-Pit Backfilling and Progressive Rehabilitation.................................................................27 Underground Mining............................................................................................................... 28 Mine Design and Ventilation.................................................................................................... 31 Equipment Selection.............................................................................................................. 32 Drill rig (Jumbo) - Sandvik DD4421...................................................................................... 32 Long hole drill rig - Sandvik DL431...................................................................................... 32 Loader - Sandvik LH517i..................................................................................................... 32 Truck – Sandvik TH551i....................................................................................................... 32 Production Schedule...............................................................................................................33 Metallurgy and Processing................................................................................................... 36 Mineralogy...............................................................................................................................37 Comminution and Flotation.....................................................................................................37 Crushing.............................................................................................................................37 Grinding..............................................................................................................................37 Flotation.............................................................................................................................37 Flotation Concentrate.............................................................................................................38 Downstream Processing.........................................................................................................39 Solvent Extraction/Electrowinning..........................................................................................39 Zinc and Cobalt.......................................................................................................................39 Cyanidation and Silver Recovery..............................................................................................39 ELIZABETH CREEK SCOPING STUDY 2023 2 TABLE OF CONTENTS Metal Production.................................................................................................................... 40 Tailings Disposal.................................................................................................................... 40 Residuals Management.......................................................................................................... 40 Alternate Downstream Processing Options............................................................................ 42 Infrastructure....................................................................................................................... 43 Transport............................................................................................................................... 44 Power..................................................................................................................................... 44 Accommodation..................................................................................................................... 44 Hydrogeology and Water........................................................................................................ 44 Approvals and ESG................................................................................................................ 46 Environmental Impacts and Management...............................................................................47 Native Title and Heritage.........................................................................................................47 Approvals Timeline................................................................................................................. 49 Project Funding and Economics............................................................................................ 51 Project Financial Summary.................................................................................................... 52 Capital Cost Estimate............................................................................................................. 52 Operating Cost Estimate.........................................................................................................53 All In Sustaining Cost.............................................................................................................. 54 Annual Cashflow..................................................................................................................... 54 NPV Sensitivity Analysis..........................................................................................................55 Copper Price Sensitivity..........................................................................................................56 Taxation..................................................................................................................................56 Alternate Product Marketing Model - LOM Concentrate Sales .................................................56 Project Funding.......................................................................................................................57 Funding Options – Debt and Equity.....................................................................................57 Strategic Partners – Sources of Funding............................................................................57 Critical Minerals – Australian Government...........................................................................58 Due Diligence and ESG........................................................................................................58 Board and Management Experience...................................................................................58 Key Upside Opportunities..................................................................................................... 59 Risks and Mitigations............................................................................................................ 62 Technical................................................................................................................................63 Geotechnical...........................................................................................................................63 Metallurgical............................................................................................................................63 Infrastructure.........................................................................................................................63 Permitting and ESG.................................................................................................................63 Water Management................................................................................................................ 64 Funding and Economics......................................................................................................... 64 Elizabeth Creek Pre-Feasibility Study.................................................................................. 65 About Coda........................................................................................................................... 67 Appendix 1: Table 1, Section 4..................................................................................................68 Appendix 2: Detailed Technical Information and JORC Table 1.................................................78 ELIZABETH CREEK SCOPING STUDY 2023 CAUTIONARY STATEMENTS The Scoping Study referred to in this ASX release has been undertaken for the purpose of initial evaluation of the potential for development of a series of open pit and underground mines and a mineral processing facility at the Elizabeth Creek Copper-Cobalt Project (The “Elizabeth Creek Project” or “Elizabeth Creek”). It is a preliminary technical and economic study of the potential viability of the Elizabeth Creek Project. It is based on low level technical and economic assessments that are not sufficient to support the estimation of ore reserves. Further exploration and evaluation work and appropriate studies are required before Coda will be in a position to estimate any ore reserves or to provide any assurance of an economic development case. The Scoping Study outcomes, production target and forecast financial information referred to in the release are based on low level technical and economic assessments that are insufficient to support estimation of Ore Reserves. The Company has concluded that it has reasonable grounds for disclosing a production target which includes an amount of Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Inferred Mineral Resources comprise only approximately 0.15%, 0.66% and 4.83% of the contained metal (copper equivalent) in the first three years, five years and the project’s entire operating life respectively. Inferred Mineral Resources comprise approximately 0.19%, 0.67% and 6.31% of production on a tonnage basis in the first three years, five years and the project’s entire operating life respectively. The viability of the development scenario envisaged in the Scoping Study does not depend on the inclusion of Inferred Mineral Resources. To achieve the range of outcomes indicated in the Scoping Study, funding of in the order of $460 million will likely be required. Investors should note that there is no certainty that the Company will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Coda Minerals’ existing shares. The Mineral Resources underpinning the production target in the Study have been prepared by a Competent Person in accordance with the requirements of Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves JORC Code (2012). The Competent Person’s Statements are found in the Geology and Resources section of the Study. The Study is based on the material assumptions outlined below. These include assumptions about the availability of funding. While Coda considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Study will be achieved. 3 It is also possible that Coda could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the project. If it does, this could materially reduce the Company’s proportionate ownership of the project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. 3 ELIZABETH CREEK SCOPING STUDY 2023 CAUTIONARY STATEMENTS For full details of the Mineral Resource Estimates for the Emmie Bluff Resource, including JORC Table 1, please refer to “ASX Release – Standout 43Mt Maiden Cu-Co Resource at Emmie Bluff”, released to the ASX on 20 December 2021 and available at https://www.codaminerals.com/wp-content/ uploads/2021/12/20211220_Coda_ASX-ANN_Standout-43MtMaiden-Cu-Co-Resource-at-Emmie-Bluff_RELEASE.pdf. For full details of the Mineral Resource Estimates for the MG14 and Windabout Resources, including JORC Table 1, please refer to “Securities Exchange Announcement – Mt Gunson Copper-Cobalt Project Update”, released to the ASX on 19 January 2018 and available at https://www.asx.com.au/ asxpdf/20180119/pdf/43qxphjd18l2x0.pdf. Coda confirms that it is not aware of any new information or data that materially affects the information included in those releases. All material assumptions and technical parameters underpinning the estimates in those announcements continue to apply and have not materially changed. 4 This announcement contains forward-looking statements. Coda Minerals has concluded that it has a reasonable basis for providing these forward-looking statements and believes it has a reasonable basis to expect it will be able to fund development of the Elizabeth Creek Project. However, several factors could cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements. Given the uncertainties involved, investors should not make any investment decisions based solely of the results of this study. The Study has been completed to a level of accuracy of +/-35% in line with industry standard accuracy for this stage of development. All dollar figures are presented in Australian dollars (AUD) except where specifically otherwise indicated. ELIZABETH CREEK SCOPING STUDY 2023 FORWARD LOOKING STATEMENTS The Scoping Study referred to in this ASX release 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. 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. 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. 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. 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. 5 ELIZABETH CREEK SCOPING STUDY 2023 6 METAL EQUIVALENTS 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 43Mt @ 1.3% Cu, 470 ppm Co, 11 g/t Ag and 0.15% Zn (1.84% 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/t Cobalt 0.85 $55,000 USD/t Zinc 0.9 $2,100 USD/t 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. These 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 ELIZABETH CREEK SCOPING STUDY 2023 METAL EQUIVALENTS 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/t Cobalt 0.9 0.05 0.85 0.75 $55,000 USD/t 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 flotation 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 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 “Standout 43Mt Maiden Cu-Co Resource at Emmie Bluff”, released to the ASX on 20th December 2021 and available at https://www.codaminerals.com/wp-content/ uploads/2021/12/20211220_Coda_ASX-ANN_Standout-43Mt-Maiden-Cu-Co-Resource-at-Emmie-Bluff_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/wpcontent/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-Statements-JORC.pdf. 7 ELIZABETH CREEK SCOPING STUDY 2023 8 ELIZABETH CREEK COPPER-COBALT SCOPING STUDY ELIZABETH CREEK SCOPING STUDY 2023 KEY STUDY FINDINGS EXECUTIVE SUMMARY OF FINDINGS The Scoping Study is based on Coda Minerals’ 100%-owned Elizabeth Creek Copper-Cobalt Project located in South Australia. All financial outcomes reflect an approximate or estimated value. This should be read in the context of the NPV sensitivity analysis (Figure 1). Key physical metrics for the Project, key financial outcomes and key assumptions used in the Scoping Study are summarised below. NET REVENUE NET CASHFLOW PRE-TAX NPV PRE-TAX $5,728 $1,298 $570 IRR P