Announcement PDF ASX COD CEO Presentation Annual General Meeting November 2023 A 3D interactive version of the latest presentation can be found on the Company’s website at https://www.codaminerals.com/coda-minerals-imarc-presentation/ Important Notices Nature of this document: The purpose of this presentation is to provide general information about Coda Minerals Limited (ACN 625 763 957) (the ‘Company’). Unless otherwise stated herein, the information in this presentation is based on the Company’s own information and estimates as at the date of this presentation. In attending this presentation or viewing this document you agree to be bound by the following terms and conditions. Not an offer or advertisement: This presentation is for information purposes and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction. 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ASX COD $23M COD Market Capitalisation ASX Code $0.16 $2.8M 27 October 2023 30 September 2023 Share Price Cash and Equivalents 142,157,021 BOARD OF DIRECTORS CORPORATE Keith Jones NON-EXECUTIVE CHAIR Colin Moorhead NON-EXECUTIVE DIRECTOR Robin Marshall NON-EXECUTIVE DIRECTOR Paul Hallam NON-EXECUTIVE DIRECTOR TOP 5 SHAREHOLDERS (as of 27 October 2023) RANK SHAREHOLDER %IC 1 Angang Group Hong Kong (Holdings) Ltd 8.37% 2 Mr Keith Francis Jones & Mrs Jennifer Jones 5.52% 3 Lujeta Pty Ltd 4.68% 4 Sunset Capital Management Pty Ltd 2.81% 5 HSBC Custody Nominees (Australia) Limited 2.55% 4 Coda Minerals - Sustaining Tomorrow TOP 20 SHAREHOLDERS, 40.84% TOP 5 SHAREHOLDERS, 23.93% OTHER SHAREHOLDERS, 59.16% SENIOR MANAGEMENT Ordinary Shares Chris Stevens CEO, DIRECTOR Kudzai Mtsambiwa CHIEF FINANCIAL OFFICER Susan Park COMPANY SECRETARY Matt Weber MANAGER - GEOLOGY ASX COD OLYMPIC DAM - BHP 114KM NN ROXBY DOWNS CODA MINERALS Major Cu-Co Resource in an exceptional jurisdiction with massive upside OAK DAM WEST - BHP 16KM NE CARRAPATEENA - OZ MINERALS (BHP) 40KM EAST WOOMERA ELIZABETH CREEK Total Area: 701 km2 SOUTH AUSTRALIA 0 N 25 km PORT AUGUSTA 50 ELIZABETH CREEK PORT AUGUSTA ADELAIDE ASX COD 29 Cu Copper 63.55 CODA MINERALS Major Cu-Co Resource in an exceptional jurisdiction with massive upside EXCEPTIONAL COPPER EXPOSURE - 1.1Mt of JORC defined CuEq Planned 25ktpa copper cathode & 1ktpa cobalt sulphate production TIER 1 LOCATION – SOUTH AUSTRALIA - Standout ESG credentials Simple approvals process STRONG FOUNDATIONAL ASSET - Study demonstrates robust economics NPV8(Pre-Tax): $570M, IRR: 27% TRANSFORMATIONAL IOCG (Cu-Au) EXPLORATION - Multiple intercepts >3% Cu within 2.5km envelope New IOCG target identified, Maggie IOCG UNTAPPED EXPLORATION POTENTIAL 6 Coda Minerals - Sustaining Tomorrow Massive near resource Cu-Co extension potential Multiple Cu-Au targets from recent geophysics Emmie Bluff RESOURCES & MINING EMMIE BLUFF UNDERGROUND MINING, PHASE 2 Resource 43.3 Mt @ 1.30% Cu, 0.05% Co (1.84% CuEq)* Production Target 26.2Mt @ 1.42% Cu, 0.04% Co (1.86% CuEq) WINDABOUT OPEN PIT MINING, PHASE 2 Resource (100% Indicated) 17.67 Mt @ 0.77% Cu, 0.05% Co (1.41% CuEq) Production Target 5.96Mt @ 1.03% Cu, 0.07% Co (1.71% CuEq) MG14 OPEN PIT MINING, PHASE 1 Resource (100% Indicated) 1.83 Mt @ 1.24% Cu, 0.03% Co (1.67% CuEq) Production Target 1.26Mt @ 1.42% Cu, 0.04% Co (1.87% CuEq) *Of which 38.8 Mt @ 1.90 CuEq is Indicated, 4.5 Mt @ 1.40% CuEq is Inferred STUDY ASX COD Scoping Study Released - A$570M NPV8 (Pre Tax) A$5,728M A$1,298M A$570M A$438M OPEX • C1 Cash Cost of USD $1.88/lb Cu, AISC $2.19 • Low CAPEX keeps AISC:C1 ratio low relative to competitors 4.75 Years 26.5% PRODUCTION • 317,000 lifetime Copper tonnes @ 25,000tpa* • 14,400 lifetime Cobalt tonnes @ 1,000tpa* A$277M $2.19 CAPEX • Phased approach to processing will see concentrate sales from MG14, followed by high value-add hydromet processing • Early cashflow and staged approach limits PreProduction CAPEX and Peak Negative Cashflow 8 Net Revenue NPV8 (Pre Tax) Capital Payback Period (Years) Pre-Production CAPEX Net Cash Flow Peak Negative Cashflow IRR (Pre Tax) AISC -USD/lb Cu Coda Minerals - Sustaining Tomorrow *At steady-state average, calculated from year 5 to year 15. See Appendix C. Surface 100m 200m 300m 400m 500m LUBIN – POLAND AVG MINING THICKNESS: 2.8M EMMIE BLUFF - AUSTRALIA THICKNESS: 2.0-6.0M DEPTH: 400M AVG. MINING THICKNESS 43MT @ 1.84% CUEQ 3.4M POLKOWICE-SIEROSZOWICE – POLAND AVG MINING THICKNESS: 2.55M 600m ZHOMART - KAZAKHSTAN AVG MINING THICKNESS: 4.5M 700m 800m KHOEMACAU – BOTSWANA AVG MINING THICKNESS: 9M WHITE PINE – USA 900m AVG MINING THICKNESS: 4.5M 1000m RUDNA – POLAND 1100m AVG MINING THICKNESS: 4M Flat lying, underground Resources are commonly mined across the world Loader, Polkowice Sieroszowice Mine STEPNOY – KAZAKHSTAN AVG MINING THICKNESS: 4.5M 1200m 1300m DEEP GLOGOW – POLAND AVG MINING THICKNESS: 2.4M 1400m 1500m For more information, please see Appendix E Jumbo, Polkowice Sieroszowice Mine Exploration Massive blue-sky potential ANT AND BEYOND Advanced target generation positions for success ANT FOR SHALE HOSTED Cu-Co • Graben valley and directly imaged anomalism suggests potential for southern extension of Emmie Bluff host rock • Horst-and-Graben features tend to occur in groups – 6km of undrilled space to the east, with indications of potential sub basins from other geophysical surveys. • ANT provides walk up drill targets for potential resource expansion. 11 Coda Minerals - Sustaining Tomorrow BHP (65%)/Red Tiger (35%) Coda Minerals (100%) Eastern Targ ANT, 2D Seism NW Target MT, 2D Seismic SW Target ANT, MT, Structural Interp. SE Target ANT, 2D Seismic, Historical Drilling SSW Target ANT, MT, 2D Seismic EMMIE BLUFF EMMIE IOCG IOCG DRILL SUCCESS Breakthrough drillhole in June 2021 KNOWN IRON OXIDE COPPER GOLD (IOCG) • Gawler Craton - IOCG elephant country • Emmie IOCG – Known since time of Olympic Dam discovery Olympic Dam Oak Dam West OC Sulphide3: 9.6Bt @ 0.57% Cu, 0.19kg/t U3O8 UG Sulphide3: 1.7Bt @ 1.48% Cu, 0.44kg/t U3O8 AD-232: 425.7m @ 3.04% Cu, 0.59g/t Au 16km N 114km NNW BEST DRILL RESULTS1 DRILL SUCCESS • First drillhole into Emmie IOCG: - EB18, aggregate 35m @ >1% Cu from 797m1 • Early drilling success led to more drilling and more success; 803m 912m EB18W2 815m 24m @ 2.2% Cu, 0.29 g/t Au 902m 13m @ 3.5% Cu, 0.64 g/t Au EMMIE BLUFF EMMIE IOCG Emmie IOCG Area of Interest • Major geophysical survey and review commenced in 2023, IOCG target areas identified, 2.5km long, 75% of which is undrilled. 1Thicknesses and Cu grades have been rounded to the closest meter and 0.1% for simplicity. Please see ASX releases on 28 July 2021, 23 August 2021, 6 & 22 December 2021, 28 February 2022 and 20 June 2022 for full details of all mineralised holes and Table 1 900Mt @ 0.56% Cu, 40km East 0.24g/t Au, 2.6g/t Ag2 Emmie Bluff – 43 MT @ 1.83% CuEq 27m @ 2.0% Cu, 0.29 g/t Au 42m @ 1.2% Cu, 0.28 g/t Au EBD3W2 Carrapateena 2BHP Oak Dam West Drill Intercept, 27 November 2018 330 June 2022 Carrapateena Mineral Resource 330 June 2022 Olympic Dam Mineral Resource 4IOCG Target Area Interpretation – Updated Geological Model Transforms IOCG Understanding GEOPHYSICS - IOCG Breakthrough drillhole in June 2021 MAGGIE IOCG • Anomalous basement gravity signature identified during recent geophysical exercise. • Coincident with major northwest trending structure identifiable in gravity data MGD 42 • Historical drillhole, missed the Maggie IOCG gravity anomaly by >250m • Basement intersected felsic to intermediate volcanics with “pervasive hematite alteration”, chlorite and sericite. 13 Coda Minerals - Sustaining Tomorrow EMMIE BLUFF EMMIE IOCG NEWSFLOW STUDY: OPTIMISATION STUDIES CU-CO - Underground mining optimisation targeting lower cost, more selective mining methods - Commercialisation: - Discussions with multiple parties, focus on funding pathway EXPLORATION: SEDIMENT HOSTED CU-CO - Near-term targets identified proximal to Emmie Bluff for Resource expansion - Vast 28km2 area to east under exploration and target generation EXPLORATION: EMMIE IOCG - Near-term targets identified by ANT and Gravity Survey - BHP’s Oak Dam West demonstrates size of IOCG prize on Gawler Craton 14 Coda Minerals - Sustaining Tomorrow OPTIMISATION Q4 2023 INCREASE TONNES Q4 2023 TRANSFORMATIONAL Q4 2023 Appendices Cautionary Statement The Scoping Study referred to in this presentation was released to ASX on 23 March 2023 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 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. 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 $440 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. 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. 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. 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-43Mt-Maiden-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. 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. Metal Coefficient Forecast Price Price Unit Copper 0.8 $7,000 USD/Tonne 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. Cobalt 0.85 $55,000 USD/Tonne Zinc 0.9 $2,100 USD/Tonne Metal Equivalents Silver 0.85 $18.50 USD/Oz 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 assumptions in the table above. 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 assumptions in the table to the right. Metal Copper Cobalt Mining Recovery % 0.9 0.9 Dilution % 0.05 0.05 Recovery % 0.6 0.85 Payability % Forecast Price 0.7 $6,600 0.75 $55,000 Price Unit USD/Tonne USD/Tonne Price assumptions used when calculating copper equivalent grades were based on recent historical metal prices at the time of calculation (2018). Metallurgical assumptions are based on extensive metallurgical testwork undertaken on the two deposits to 2018 across various potential flowsheets involving both floatation and leaching. Ag analyses in the estimation and metallurgical testwork were considered insufficient at the time to include in the metal equivalent calculation. Application of these assumptions resulted in the following calculation of CuEq: CuEq% = Cu% + 0.0012 × Co ppm It is the opinion of the Company that both sets of prices used in the calculations are reasonable to conservative 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-CoResource-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. APPENDIX A: STATEMENTS Mineral Resources & Competent Person Statement Mineral Resources and Exploration Targets 1. MG14 Indicated Mineral Resource: The information is extracted from the report entitled "Mt Gunson Copper-Cobalt Project Update" created on 19 January 2018 and is available to view on https://www.asx.com.au/asxpdf/20180119/pdf/43qxphjd18l2x0.pdf. 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. 2. Windabout Indicated Mineral Resource: The information is extracted from the report entitled "Mt Gunson Copper-Cobalt Project Update" created on 19 January 2018 and is available to view on https://www.asx.com.au/asxpdf/20180119/pdf/43qxphjd18l2x0.pdf. 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. 3. Emmie Bluff Mineral Resource: The information is extracted from the report entitled “Standout 43Mt Maiden Cu-Co Resource at Emmie Bluff" created on 20 December 2021 and is available to view on https://cdn-api.markitdigital.com/apimangateway/ASX/asx-research/1.0/file/2924-02469004-6A1069433?access_token=83ff96335c2d45a094df02a206a39ff4. 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. Competent Person Statement for JORC 2012 Mineral Resources This report was prepared in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”) by Tim Callaghan, who is a Member of the Australian Institute of Mining and Metallurgy (“AusIMM”), has a minimum of five years’ experience in the estimation and assessment and evaluation of Mineral Resources of this style and is the competent Person as defined in the JORC Code. This announcement accurately summarises and fairly reports his estimations and he has consented to the resource report in the form and context it appears. The MG14 and Windabout Mineral Resource at the Mount Gunson Copper-Cobalt Project has been estimated by Mr Tim Callaghan, an external consultant, and is reported under the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves (see Gindalbie Metals ASX announcement 19 January 2018 titled: Mt Gunson Copper-Cobalt Project Update). Competent Person Statement for JORC 2012 Mineral Resources – Emmie Bluff The information in this statement that relates to the Mineral Resource Estimates is based on work done by Dr Michael Cunningham of Sonny Consulting Services Pty Ltd. 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. Dr Cunningham and Mr Weber are Members of the Australasian Institute of Mining and Metallurgy and have 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. The Competent Persons consent to the inclusion in this report of the matters based on the information compiled by them, in the form and context in which it appears. 17 Coda Minerals - Sustaining Tomorrow APPENDIX B: METAL EQUIVALENT CALCULATIONS 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 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 Copper Cobalt Zinc Silver Coefficient 0.8 0.85 0.9 0.85 Forecast Price $7,000 $55,000 $2,100 $18.50 Price Unit USD/Tonne USD/Tonne USD/Tonne USD/Oz Price assumptions used when calculating copper equivalent grades were based primarily on Consensus Economics forecasts of metals, except for Cobalt, which was sourced via communication with subject matter experts. Metallurgical assumptions used when calculating copper equivalent grades were based on a simple bulk float utilising rougher and minimal cleaner/scavenger circuits. The produced a reasonably consistent mean recovery across most metals of between approximately 83 and 94 percent. For simplicity, and to in part account for losses associated with less intensive cleaner floats and losses to the hydromet plant, these figures were rounded down to the nearest 5%. Application of these assumptions resulted in the following calculation of CuEq: For the Windabout and MG14 Mineral Resource: 𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶 = 𝐶𝐶𝐶𝐶𝐶 + 0.00068 × 𝐶𝐶𝐶𝐶 𝑝𝑝𝑝𝑝𝑝𝑝 + 0.337 × 𝑍𝑍𝑍𝑍 % + 90.3 × 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) 18 Coda Minerals - Sustaining Tomorrow 𝐴𝐴𝐴𝐴 𝑝𝑝𝑝𝑝𝑝𝑝 10000 APPENDIX B: METAL EQUIVALENT CALCULATIONS Statement Regarding Metal Equivalent Calculations (continued) The calculation of this metal equivalent is based on the following assumptions: Metal Copper Cobalt Mining Recovery % 0.9 0.9 Dilution % Recovery % Payability % Forecast Price Price Unit 0.05 0.05 0.6 0.85 0.7 0.75 $6,600 $55,000 USD/Tonne USD/Tonne Price assumptions used when calculating copper equivalent grades were based on recent historical metal prices at the time of calculation (2018). Metallurgical assumptions are based on extensive metallurgical testwork undertaken on the two deposits to 2018 across various potential flowsheets involving both floatation and leaching. Ag analyses in the estimation and metallurgical testwork were considered insufficient at the time to include in the metal equivalent calculation. Application of these assumptions resulted in the following calculation of CuEq: 𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶𝐶 = 𝐶𝐶𝐶𝐶𝐶 + 0.0012 × 𝐶𝐶𝐶𝐶 𝑝𝑝𝑝𝑝𝑝𝑝 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. 19 Coda Minerals - Sustaining Tomorrow APPENDIX C: STATEMENTS & REFERENCES Production Targets The information in relation to production targets included in this presentation specifically on slide 8 is taken from the Scoping Study published on 23 March 2023. The company confirms that it is not aware of any new information or data that m