Announcement PDF 2026 Directors’ Report and Annual Financial Report Coda Minerals Ltd. ABN: 49 625 763 957 CORPORATE DIRECTORY 1 Directors Keith Francis Jones – Non-Executive Chairperson Andrew Marshall – Non-Executive Director Paul Hallam – Non-Executive Director Christopher Stevens – Executive Director and Chief Executive Officer Company secretary Susan Park Registered & corporate office 6 Altona Street West Perth, Western Australia 6005 Telephone: (08) 6270 6331 Email: info@codaminerals.com Share registry Automic Group Level 5, 126 Phillip Street Sydney, New South Wales 2000 GPO Box 5193 Sydney, New South Wales 2001 Telephone: 1300 288 664 (within Australia) +61 2 9698 5414 (outside Australia) Email: hello@automicgroup.com.au Auditor RSM Australia Partners Level 32 Exchange Tower 2 The Esplanade Perth, Western Australia 6000 Stock exchange listing Coda Minerals Limited shares are listed on the Australian Securities Exchange ASX code: COD Website www.codaminerals.com Corporate Governance Statement www.codaminerals.com/about/#corporate_governance DIRECTORS’ REPORT For the year ended 30 June 2026 2 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 financial year ended 30 June 2026 and the Auditor’s Report thereon. In order to comply with the provisions of the Corporations Act 2001, the Directors’ report is as follows: DIRECTORS The directors of the Company at any time during or since the end of the financial year were: Name & Qualifications Experience and Special Responsibilities Mr Keith F Jones BBus, FCA, FAICD Non-Executive Chairman Appointed: 26 April 2018 Other current directorships: Nil Former directorships in last 3 years: Ecograf Limited (Appointed May 2023 to 31 Dec 2025) Mr Jones is an experienced public company Chairman with a background of over 4 2 years professional experience providing advisory and consulting services to the mining and resources sector. Mr Jones is the former Chairman of Deloitte Australia and served for 10 years on the Board of Deloitte Australia. He is the former Chairman of Gindalbie Metals Limited and Cannings Purple and former Non-Executive Director of ASX listed Company Ora Banda Minerals Limited. Mr Jones has significant executive leadership experience serving for 15 years as the Managing Partner of Deloitte in Western Australia and as Leader of the National Chinese Services Group and National Energy and Resources Group. Mr Andrew Marshall I Eng (UK), MAICD Non-Executive Director Appointed: 19 July 2019 Mr Andrew (Robin) Marshall has previously been involved in managing the successful delivery of some of the world’s largest resource projects, including major projects for BHP Billiton, Vale Inco, Western Mining and North Limited. Most recently Mr Marshall provided oversight for the delivery of the Goldfields, Gold Road Gruyere Gold Project as a member of the Technical Steering Committee. At Vale Inco, he held the position of Project Director with responsibility for delivery of the multi-billion dollar Goro Nickel Project in New Caledonia through to its commissioning in early 2009. At BHP Billiton Iron Ore, Mr Marshall held the position of Vice President – Asset Development Projects with responsibility for the development of a number of projects in the first wave of expansion in the iron ore business sector. In additional to these roles, Mr Marshall also previously held key positions of Project Manager for the West Angelas Iron Ore Project with North Limited, Project Director with Iron Ore Company of Canada, Manager Projects for Forrestania Gold/LionOre Australia, Manager Engineering & Project Services for Western Mining Corporation and Project Manager for Nedpac (Signet Engineering). Mr Marshall provides consulting services to major companies and has extensive experience with overseas projects and operations. Mr Paul Hallam BE(Hons)Mining, FAICD, FAusIMM Non-Executive Director Appointed: 21 August 2019 Other current directorships: Greatland Gold Plc. (Appointed September 2021) Mr Hallam has more than 4 6 years Australian and international resource industry experience. His operating and corporate experience is across a range of commodities (iron ore, bauxite, alumina, aluminium, gold, silver, copper, zinc and lead) and includes both surface and underground mining. Mr Hallam retired in 2011 to pursue a career as a professional non-executive director. He has held Australian and international non-executive director roles since 1997. His former executive roles include Director – Operations with Fortescue Metals Group, Executive General Manager – Developments & Projects with Newcrest Mining Limited, Director – Victorian Operations with Alcoa and Executive General Manager – Base and Precious Metals with North Ltd. Mr Hallam is a qualified mining engineer and holds a BE (Hons) Mining from Melbourne University and a Certificate of Mineral Economics from Curtin University. He is a Fellow of the Australian Institute of Company Directors and the Australasian Institute of Mining & Metallurgy. DIRECTORS’ REPORT For the year ended 30 June 2026 3 Mr Chris Stevens BA (Hons), MA (Oxon), MSc, GAICD, FAusIMM Chief Executive Officer Appointed: 26 April 2018 Former directorships in last 3 years: Nil Mr Stevens is an experienced resources executive and mineral economist who joined Coda after holding the role of CEO at Gindalbie Metals. Prior to joining Gindalbie in 2016, Mr Stevens was the Western Australian Mining Consulting Lead at PricewaterhouseCoopers (PwC), where he managed professional teams to devise strategy, evaluate investment options and assist in delivery of major transactions for various ASX listed mining and energy companies. Prior to joining PwC, Mr Stevens held senior roles in the mining industry including General Manager- Commercial at Asia Iron and Commercial Manager at Gindalbie Metals. In addition to his executive resources experience, Mr Stevens has over 1 9 years’ experience working with Chinese companies in commercial consulting and private equity. Mr Stevens is a Fellow of the AusIMM, holds an Honours degree from the University of Oxford, a Master of Science in Mineral Economics from Curtin University, and is a fluent Chinese speaker. COMPANY SECRETARY The Company’s company secretary is Ms Susan Park BCom, ACA, F Fin, FGIA, FCIS, GAICD. Ms Park was appointed to the position of company secretary on 25 November 2020. 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 Silver Project (“Elizabeth Creek”) in South Australia. The Company continues to engage in the evaluation of projects and potential joint ventures with other mining companies to explore for minerals. REVIEW OF OPERATIONS 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-Silver Project, located in the world-class Olympic Copper Province in the Eastern Gawler Craton, South Australia’s most productive copper belt. Elizabeth Creek is centred 100km south of BHP’s Olympic Dam copper- gold-uranium mine, 15km from its new Oak Dam West Project and 50km west of its Carrapateena copper-gold project. In December 2021, Coda announced a maiden Indicated and Inferred Mineral Resource Estimate for the Emmie Bluff copper-cobalt deposit at Elizabeth Creek. 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 March 2023, the Company released the initial Scoping Study for the Elizabeth Creek Copper Project1 and has since delivered five successive updates, each of which has materially improved the Project’s economics. During the 2026 financial year, Coda further advanced the Elizabeth Creek Copper Project through an updated Scoping Study2 incorporating the simplified whole-ore leach flowsheet adopted following successful metallurgical testwork in FY25. The revised flowsheet achieved copper and silver recoveries of 94.8% and 98.2% respectively and reduced estimated capital and processing costs. The updated Scoping Study delivered a pre-tax NPV₇ of approximately $1.29 billion and IRR of 39%, with a post-tax NPV₇ of approximately $855 million and IRR of 30%. During the first half of 2026, copper and silver prices also strengthened materially above the assumptions used in the August 2025 Scoping Study. In response, Coda released an updated assessment of project economics in March 20263 . Using revised long-term commodity price assumptions, the Project delivered an estimated pre-tax NPV₇ of approximately $2.25 billion and IRR of 56%, highlighting the strong leverage of the Project to higher copper and silver prices. Coda also progressed the Elizabeth Creek Pre-Feasibility Study during the year. A major 19-hole diamond drilling programme totalling 6,352 metres was completed across the Project’s principal deposits, providing material and data for 1 For full details, see “Elizabeth Creek Copper-Cobalt Project Positive Scoping Study”, released to market on 23 March 2023 and available at https://codaminerals.com/announcements/4339038 2 For full details, see “New Flowsheet Delivers Significant Cu-Ag Economic Uplift”, released to market on 28 August 2025 and available at https://codaminerals.com/announcements/7126651 3 For full details, see “Elizabeth Creek Project Economics - Additional Information”, released to market on 10 March 2026 and available at https://codaminerals.com/announcements/7430400 DIRECTORS’ REPORT For the year ended 30 June 2026 4 metallurgical variability testing, geotechnical studies and an Updated Mineral Resource estimate. Work also advanced across mine planning, hydrogeology and other key PFS disciplines. In parallel, Coda continued to advance the environmental and approvals pathway for Elizabeth Creek. Environmental baseline studies and supporting field programmes progressed during the year, alongside the regulatory Scoping process with the South Australian Department for Energy and Mining. Subsequent to the end of the financial year, the Elizabeth Creek Scoping Report was formally gazetted by the South Australian Government, establishing the project-specific Terms of Reference for environmental assessment and providing a defined pathway towards a future Mining Lease Application. The Company continues to hold the Cameron River tenure in good standing while it considers the strategic direction for this asset. FINANCIAL RESULTS The net loss for the year ended 30 June 2026 was $10,856,225 (net loss for the year ended 30 June 2025 was $4,286,895). As at the reporting date, the Company has $10,767,106 of cash reserves. SIGNIFICANT CHANGES IN STATE OF AFFAIRS There were no significant changes in the state of affairs of the Company during the year not otherwise disclosed in this report. EVENTS SUBSEQUENT TO REPORTING DATE No matters or circumstances have arisen since the end of the financial year apart from the following:  On 29 July 2026, the Company announced the issue of 1,237 fully paid ordinary shares on the exercise of listed options at an exercise price of $0.15 per option.  On 3 August 2026, the Company received shareholder approval to issues the Tranche 2 shares announced as part of a capital raising on 1 June 2026.  On 11 August 2026, the Company issued 15,384,617 fully paid ordinary shares at an issue price of $0.13 per share to sophisticated investors. On the same day, the Company issued 12,884,616 options with an exercise price of $0.15 per option expiring on 28 March 2029.  On 11 August 2026, the Company issued 7,700,000 unquoted options with an exercise price of $0.26 per option expiring on 10 August 2029.  On 14 August 2026, the Company announced the lapse of 3,080,680 performance rights as the hurdles had not been satisfied.  On 25 August 2026, the Company announced the issue of 800,000 fully paid ordinary shares in satisfaction of investor services rendered.  On 8 September 2026, the Company issued 4,124 fully paid ordinary shares on the exercise of listed options at an exercise price of $0.15 per option. ONGOING WORK Elizabeth Creek Copper Project Prefeasibility Study The Company is advancing the Elizabeth Creek Pre-Feasibility Study (PFS), with a focus on completing key technical studies and integrating their findings into project design and engineering. Resource and geotechnical assessments, integrated mine planning, metallurgical testwork, and tailings and infrastructure studies are progressing in parallel. Together, these workstreams will inform the preferred development case, production schedule, and PFS capital and operating cost estimates. Metallurgical Test Work Programme Following completion of preliminary variability and site-water testwork, Coda is advancing the remaining testwork and process modelling required to support final PFS flowsheet selection. Whole-ore chloride leach remains the preferred base case, with ongoing work focused on downstream metal recovery, reagent recycling and opportunities to improve cobalt recovery, including treatment of leach residues. Assessment of an alternative flotation-based processing pathway is continuing in parallel to inform the final processing trade-off. Independent consultants have commenced modelling to translate laboratory results into plant design inputs and operating requirements. Final comminution results will inform crushing and grinding circuit design, while a more comprehensive variability programme is planned following flowsheet selection. These activities will support PFS recovery assumptions, process design and cost estimation. DIRECTORS’ REPORT For the year ended 30 June 2026 5 Hydrogeology, Environmental and Approvals Work A hydrogeological drilling programme commenced after year-end at Windabout and Emmie Bluff and is progressing to provide data for groundwater modelling, mine dewatering and depressurisation planning, the site water balance and environmental assessments. Environmental and ecological studies are continuing alongside the PFS, with waste-rock characterisation and flood modelling among the studies expected to be completed in the near term. In July 2026, the Elizabeth Creek Scoping Report was formally gazetted by the South Australian Government, establishing the project-specific terms of reference for the studies and assessments required to support a future Mining Lease Application. Ongoing work is directed towards addressing these requirements and integrating the findings into project planning. Other Projects Exploration The Company continues to hold assets with Boss Energy in South Australian and its 100% owned Cameron River project in Queensland. The Company is evaluating the next steps for these assets. CORPORATE GOVERNANCE In recognising the need for high standards of corporate behaviour and accountability, the Directors support and have substantially adhered to the best practice recommendations set by the ASX Corporate Governance Council. The Company’s corporate governance policies are all available on the Company’s website at www.codaminerals.com COMMITTEE MEMBERSHIPS The Company maintains an Audit and Risk Committee and a Nomination and Remuneration Committee which consist of the following Directors: Audit and Risk Committee Nomination and Remuneration Committee P Hallam (Chair) KF Jones (Chair) KF Jones A Marshall A Marshall P Hallam DIRECTORS’ MEETINGS The number of Directors’ meetings held during the financial year and the numbers of meetings attended by each Director were: Directors’ meetings Nomination and Remuneration Committee meetings Audit and Risk Committee meetings Held Attended Held Attended Held Attended KF. Jones 8 8 2 2 3 3 A. Marshall 8 8 2 2 3 3 P. Hallam 8 7 2 1 3 2 C. Stevens 8 8 - - - - ENVIRONMENTAL REGULATION The Company’s current exploration and development activities are conducted in accordance with environmental regulations under both Commonwealth and State legislation. As stated in the Environmental Policy, the Company is committed to achieving superior standards in its environmental performance. It has employed environmental professionals to monitor this area of operating performance, with responsibility for monitoring of environmental exposures and compliance with environmental regulations. Compliance with the requirements of environmental regulations and with specific requirements of the relevant managing authorities including the Department of Environment and Conservation, and the Department of Industry and Resources was achieved across all aspects of the current operations. There were no instances of non-compliance in relation to any instructions or directions from the relevant governing agencies. The Board is not aware of any significant breaches during the period covered by this report. DIRECTORS’ REPORT For the year ended 30 June 2026 6 KEY BUSINESS RISK The Company’s exploration and evaluation operations will be subject to the normal risks of mineral exploration. The material business risks that may affect the Company are summarised below. Future capital raisings and funding options The Company’s ongoing activities may require substantial further financing in the future. The Company is likely to require additional funding to continue its exploration and evaluation studies with the aim to continue the exploration process into development. Any additional equity financing may be dilutive to shareholders, may be undertaken at lower prices than the current market price and debt financing, if available, may involve restrictive covenants which limit the Company’s operations and business strategy. Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional funding as needed, it may be required to reduce, delay or suspend its operations and this could have a material adverse effect on the Company’s activities and could affect the Company’s ability to continue as a going concern. Exploration risk The success of the Company depends on the delineation of economically mineable reserves and resources, access to required development capital, movement in the price of commodities, securing and maintaining title to the Company’s exploration and mining tenements and obtaining all consents and approvals necessary for the conduct of its exploration activities. Exploration on the Company’s existing tenements may be unsuccessful, resulting in a reduction in the value of those tenements, diminution in the cash reserves of the Company and possible relinquishment of the tenements. The exploration costs of the Company are based on certain assumptions with respect to the method and timing of exploration. By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual costs may materially differ from these estimates and assumptions. Accordingly, no assurance can be given that the cost estimates and the underlying assumptions will be realised in practice, which may materially and adversely affect the Company’s viability. If the level of operating expenditure required is higher than expected, the financial position of the Company may be adversely affected. Mineral resource estimate risk Mineral resource estimates are expressions of judgement based on knowledge, experience and industry practice. These estimates were appropriate when made but may change significantly when new information becomes available. There are risks associated with such estimates. Mineral resource estimates are necessarily imprecise and depend to some extent on interpretations, which may ultimately prove to be inaccurate and require adjustment. Adjustments to resource estimates could affect the Company’s future plans and ultimately its financial performance and value. Cobalt, copper, sliver and zinc metal price fluctuations, as well as increased production costs or reduced throughput and/or recovery rates, may render resources containing relatively lower grades uneconomic and may materially affect resource estimations. Preliminary Feasibility Study Risk A preliminary feasibility study (“PFS”) involves significant assumptions, estimates and judgements regarding the technical, economic and commercial viability of an exploration project. There is a risk that the Company may not complete the PFS within the anticipated timeframe, or that the PFS may conclude that the project metrics have materially changed or in the worst case, the project is not technically or economically viable. The completion of a PFS is dependent on the availability and accuracy of geological, metallurgical, engineering, environmental and cost information, as well as commodity prices, capital and operating costs, permitting requirements, infrastructure and other factors that may change over time. Delays in completing the PFS, or an adverse outcome from the PFS, could result in additional expenditure, changes to the Company’s development plans, impairment or reduction in the value of exploration and evaluation assets, and may adversely affect the Company’s financial position, future prospects and share price. Native Title Mining Agreement Risk The Company’s ability to develop and undertake mining activities on its exploration tenements may depend on securing an appropriate Native Title Mining Agreement or other agreement with the relevant native title holders or claimants. There is a risk that negotiations may be delayed, may not result in an agreement on acceptable terms, or may not be successfully concluded, which could delay or prevent the Company from obtaining the necessary approvals and commencing or continuing development and mining activities. The terms of any agreement may also result in additional costs, compensation, benefit-sharing obligations, heritage requirements or other conditions that could materially affect the economic viability of the Company’s projects. Changes in native title claims, determinations, legislation, regulatory requirements or the identification of additional traditional owner interests may further affect the Company’s ability to access and develop its tenements and could adversely affect its financial position, future prospects and value. REMUNERATION REPORT - AUDITED For the year ended 30 June 2026 7 REMUNERATION REPORT – Audited The directors present the Coda Minerals Ltd 2026 remuneration report, outlining key aspects of our remuneration policy and framework, and remuneration awarded this year. (a) Key management personnel The following persons were deemed to be Key Management Personnel (“KMP”) during or since the end of the financial year for the purpose of Section 300A of the Corporations Act 2001 and unless otherwise stated were KMP for the entire reporting period. Non-executive directors Keith F. Jones Non-Executive Director & Chair Andrew Marshall Non-Executive Director Paul Hallam Non-Executive Director Executive directors Chris Stevens Chief Executive Officer & Executive Director Other executives Chris Burton Chief Financial Officer (b) Remuneration policy for key management personnel The Board is responsible for determining the appropriate remuneration for directors and senior management via the Remuneration Committee. The committee is made up of the non-executive chair and independent non-executive directors. The Company’s remuneration policy is designed to: • ensure that coherent remuneration policies and practices are observed which enable the attraction and retention of directors and management who will create value for shareholders; • fairly and responsibly reward directors and senior management having regard to the Company's performance, the performance of the senior management and the general pay environment; and • comply with all relevant legal and regulatory provisions. Non-executive directors The board’s policy is to remunerate Non-executive Directors at market rates for comparable companies for time, commitment and responsibilities. The Remuneration Committee on behalf of the board determines payments to the Non-executive Directors and reviews their remuneration annually to ensure it remains aligned to business needs and meets remuneration principles. From time to time, the committee also engages external remuneration consultants to assist with this review. Although no remuneration consultant was engaged during the current Financial Year the board undertook comparable benchmarking of peer remuneration in the previous financial year. In particular, the board aims to ensure that remuneration practices are: • competitive and reasonable, enabling the company to attract and retain key talent; • aligned to the company’s strategic and business objectives and the creation of shareholder value; • transparent and easily understood; and • acceptable to shareholders. The maximum aggregate amount of fees that can be paid to Non-executive Directors is $950,000 as approved by shareholders in July 2019. Fees for Non-executive Directors are not linked to the performance of the economic entity. However, to align Directors’ interests with shareholder interests, the Directors are encouraged to hold shares in the Company. Executive directors and other senior executives The remuneration policy for employees is developed by the Remuneration Committee taking into account market conditions and comparable salary levels for companies of a similar size and operating in similar sectors. The Board will make decisions regarding the remuneration of executive directors and senior management having regard to various factors including performance and any recommendations made by the Managing Director/CEO, senior management, compensation consultants and other advisors. The Board will also make a decision regarding the remuneration of non-executive directors having regard to, amongst other things, any recommendations made by compensation consultants and other advisors. REMUNERATION REPORT - AUDITED For the year ended 30 June 2026 8 Remuneration policy for key management personnel (continued) The Company’s Employee current Incentive Plan (“EIP”) for its staff, executive KMP and Non-executive Directors was updated on 7 November 2025 following shareholder approval. The board believes that the EIP will assist the Company in remunerating and providing ongoing incentives to employees of the Company. The rules of the EIP enable the Company to issue shares, options or performance rights to eligible personnel subject to performance and vesting conditions determined by the Company. All remuneration provided to KMP in the form of share based payments are valued pursuant to AASB 2 Share-Based Payment at fair value on grant date and are expensed on a pro rata basis over the vesting period of the relevant security. (c) Elements of remuneration Remuneration for non-executive directors may contain any or all of the following: (i) annual fees - reflecting the value of the individuals' personal performance, time commitment and responsibilities of the role; (ii) equity based remuneration - issues of shares or securities, reflecting the contribution of the Director towards the Company's medium and long term performance objectives; and (iii) other benefits - superannuation payments, but not including retirement benefits that are additional to the individual's superannuation. Remuneration for executive directors and other senior executives may incorporate fixed and variable pay performance elements with both a short term and long term focus. Remuneration packages may contain any or all of the following: (i) annual base salary - reflecting the value of the individuals' personal performance, their ability and experience, as well as the Company's obligations at law and labour market conditions and should be relative to the scale of the business of the Company; (ii) performance based remuneration - rewards, bonuses, special payments and other measures available to reward individuals and teams following a particular outstanding business contribution having regard to clearly specified performance targets and to the Company's circumstances, values and risk appetite; (iii) equity based remuneration - share participation via employee share and option schemes, reflecting the Company's short, medium and long term performance objectives; (iv) other benefits - such as holidays, sickness benefits, superannuation payments and long service benefits; (v) expense reimbursement - for any expenses incurred in the course of the personnel's duties; and (vi) termination payments - any termination payments should reflect contractual and legal obligations and will not be made when an executive is removed for misconduct. (d) Voting and comments made at the company's 2025 Annual General Meeting ('AGM') At the 2025 AGM, 98% of the total votes cast in the poll supported the adoption of the remuneration report for the year ended 30 June 2025. The company did not receive any specific feedback at the AGM regarding its remuneration practices. (e) Link between remuneration and performance The table below sets out summary information about the Consolidated Entity’s earnings and movements in shareholder wealth for the five years to June 2026. 30 June 2026 $ 30 June 2025 $ 30 June 2024 $ 30 June 2023 $ 30 June 2022 $ Revenue - - - - - EBITDA (10,924,212) (4,118,703) (4,511,866) (7,762,070) (14,070,685) EBIT (11,087,807) (4,118,703) (4,674,734) (7,924,530) (14,218,215) Net loss before tax (10,856,225) (4,286,895) (4,565,582) (7,762,665) (14,210,882) Net loss after t