Announcement PDF ANNUAL REPORT 2023 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 1 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 2 TABLE OF CONTENTS 02 LETTER FROM THE CHAIR 04 CEO’S REPORT 06 ABOUT CODA MINERALS 20 DIRECTORS’ REPORT 38 AUDITOR’S INDEPENDENCE DECLARATION 40 INDEPENDENT AUDITOR’S REPORT 44 DIRECTORS’ DECLARATION 46 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 47 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 48 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 49 CONSOLIDATED STATEMENT OF CASH FLOWS 50 CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS 84 ASX ADDITIONAL INFORMATION 92 CORPORATE DIRECTORY CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 ToC 3 LETTER FROM THE CHAIR Dear Shareholders, I am pleased to present Coda Mineral’s 2023 Annual Report and to reflect on a year of transformation for our flagship assets at Elizabeth Creek. PUBLICATION OF ELIZABETH CREEK SCOPING STUDY The publication of the Elizabeth Creek Copper Project Scoping Study during the year marked a huge milestone for the Company and the culmination of more than two years of work by the Coda team. Emmie Bluff at Elizabeth Creek is one of the largest and highest-grade undeveloped copper projects in Australia. The Scoping Study, published in March 2023 demonstrated robust economics and a long-life, technically viable, low risk operation for Coda Minerals. With pre-production CAPEX of just $277 million, NPV8 of $570 million, and a pre-tax IRR of 27%. Coda’s team during this process established a viable mine plan using well-established underground mining methods conventional equipment and processing flowsheet across MG14, Windabout and Emmie Bluff. ONGOING OPTIMISATION AND VALUE CREATION Since publication of the study, we have continued optimising the underground mining at Emmie Bluff through initiatives to reduce mining costs, increase selective mining and improving resource conversion to mineable tonnes. We have also defined multiple near-term targets to expand the Resource and commenced target generation over an approximate 28km2 area immediately to the East of Emmie Bluff. Exploration success in this ‘near-mine’ environment would add significant overall value to Elizabeth Creek. Coda has commenced a process to evaluate funding options for the project. The project has attracted interest from multiple parties with discussions advancing. Our team’s objective is to fund the feasibility process at Elizabeth Creek as well as capitalise on the IOCG intercepts at Emmie IOCG. ELIZABETH CREEK IOCG EXPLORATION During 2023 we significantly advanced our exploration model at Emmie IOCG with an extensive geological and geophysics-based programme. This work has transformed our understanding of the geology at Emmie IOCG and provided an exciting second target at Maggie IOCG approximately 6km to the south-east of Emmie IOCG. The first results from this programme were released after the end of the financial year. CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 2 LETTER FROM THE CHAIR CONCLUSION As we enter the final quarter of 2023, we continue to build on the foundation of an exceptional Scoping Study, have transformed our understanding of exploration for both copper-cobalt and copper gold (IOCG) at Elizabeth Creek and are advancing discussions with multiple parties in regard to funding the advancement of the project. I would like to thank our shareholders for their support over the past year during challenging financial markets. The trends that continue to shape our world are increasing forecasts of copper supply deficit combined with unprecedented increases in copper demand in the medium term. With the value of our assets now demonstrated through the Scoping Study this leaves Coda in a very strong position. In conclusion, I thank my fellow board members, our CEO Chris Stevens and the team at Coda as well as our many advisers who have provided excellent support and guidance over the past year. . Keith Jones Chair Coda Minerals Ltd CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 3 CEO’S REPORT CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 4 CEO’S REPORT I am pleased to look forward to the coming year as we look to build on the incredibly strong foundations of both the Elizabeth Creek Scoping Study, and a materially improved understanding of our exploration options across both sedimentary and IOCG styles of copper mineralisation. The majority of the past year has been about getting on with challenging and transformative work. In the case of the coppercobalt that has meant completing mining, processing and economic studies culminating with the publication of the Elizabeth Creek Scoping Study. For the IOCG, we have gone back to basics, building a detailed geological model based on drilling, multiple geophysical surveys, and structural geology. The Scoping Study was completed with a great level of care and technical input to allow for a detailed understanding of the project and designed to pass due diligence with potential funding partners. The economic outputs demonstrated a robust project whilst using assumptions more conservative than many of our peers. We continue to optimise the copper-cobalt project underpinned by the Scoping Study with multiple updates expected in the latter part of 2023. We have also commenced the next stage of studies advancing critical path items including approvals and environmental monitoring. The IOCG modelling work has left us with a revolutionised understanding of the geological model. For the first time, we can explain why we encountered what we encountered in each drill hole and predict with much greater confidence where to drill and what to expect. We have also generated an exciting new target at Maggie IOCG which we believe is very much worthy of drill testing. We are working to unlock the enormous potential created by this work through funding structures and ongoing partnership discussions. Our focus will remain very strongly on unlocking this exploration value while advancing the foundational project. Against a challenging market backdrop, it must be remembered that copper is forecast to move into massive supply deficit at a time of increasing demand from electrification. Although there are many competing technologies for the storage of electricity, there is only one credible way to move electricity and that requires enormous quantities of copper. I believe that Coda is incredibly well placed to be a part of required copper supply. Chris Stevens CEO Coda Minerals Ltd CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 5 ABOUT CODA MINERALS CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 6 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 OZ Minerals’ 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 coppercobalt deposit at Elizabeth Creek comprising 43Mt @ 1.3% copper, 470ppm cobalt, 11g/t silver and 0.15% zinc (1.84% CuEq) containing approximately 560kt copper, 20kt cobalt, 15.5Moz silver and 66kt zinc (800kt CuEq). Importantly, 92% of the contained metal is classified in the higher confidence ‘Indicated Resource’ category and is available for use in mining studies. Emmie Bluff is one of three known ‘Zambian-style’ copper-cobalt deposits at Elizabeth Creek, including JORC 2012 compliant Indicated Mineral Resources at the Windabout (18Mt @ 1.14% CuEq) and MG14 (1.8Mt @ 1.67% CuEq) deposits. Collectively, the three resources at Elizabeth Creek now host a total of 1.1 million tonnes of contained copper equivalent1,2. A scoping study into the development of these three deposits was released in March of 2023 demonstrated an economically robust project with a 14 year mine life, capable of producing approximately 25,000 tonnes of copper and 1,000 tonnes of cobalt at steady state production levels. The project had a lifetime average AISC of USD $2.19/lb of Cu (after by-product credits) and an approximately pre-tax NPV8 of $570M3. 2021.12.20 - Standout 43Mt Maiden Cu-Co Resource at Emmie Bluff, Competent Person: Dr Michael Cunningham. 2020.10.26 - Confirmation Statements JORC, Competent Person: Tim Callaghan. 3 2023.03.23 – Elizabeth Creek Copper-Cobalt Project Scoping Study 1 2 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 7 ABOUT CODA MINERALS Coda has also discovered a significant IOCG system adjacent to and below the Emmie Bluff target, with initial deep diamond drilling in June 2021 intersecting 200m of intense IOCG alteration at the Emmie IOCG target, including approximately 50m of copper sulphide mineralisation4. Since then, Coda has drilled 21 holes into Emmie IOCG, with all but three returning significant widths of mineralisation, some over 3% copper and 0.5g/t gold5. Coda has a dual strategy for success at Elizabeth Creek. Firstly, it is working towards the next step in the development process for its Zambian-style copper cobalt projects by advancing technical and economic studies to build on the results of the recently released Scoping Study, while simultaneously undertaking exploration to further define and extend known Zambian-style coppercobalt resources across multiple prospects. Secondly, it is undertaking a substantial geophysics programme at the Emmie IOCG prospect to further understand the structures and extent of the geological model defined over the past year of drilling. Coda also has a Farm-In and Joint Venture Agreement with Wilgus Investments Pty Ltd to acquire up to 80% ownership of the Cameron River Copper-Gold Project, located in the highly prospective Mount Isa Inlier in Queensland. The Project comprises 35km2 of copper and gold exploration tenure spanning two Exploration Permits (EPMs 27042 and 27053). Through Torrens Mining acquisition, Coda also owns exploration tenements in Victoria, New South Wales and Papua New Guinea. BALMORAL CLUB TERRACE TOTAL AREA 701km2 4 5 2021.06.22 - Thick Zone of IOCG Mineralisation Intersected at Emmie Bluff Deeps, Competent Person: Mr Matthew Weber. 2022.08.18 – Assays from IOCG Drilling Confirm Target Areas for Follow Up, Competent Person: Mr Matthew Weber. CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 8 ELIZABETH CREEK CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 9 ELIZABETH CREEK ELIZABETH CREEK HOSTS THREE DISTINCT MINERALISATION STYLES, THE ZAMBIANSTYLE COPPER-COBALT MINERALISATION, THE IRON OXIDE COPPER GOLD (IOCG) MINERALISATION AND THE CATTLEGRID COPPER BRECCIA MINERALISATION. THE PRIMARY FOCUS FOR CODA DURING THE FINANCIAL YEAR WAS TO ADVANCE A SCOPING STUDY ON THE ZAMBIAN-STYLE COPPER-COBALT DEPOSITS AND CONDUCT A SUBSTANTIAL GEOPHYSICAL PROGRAM ACROSS MULTIPLE IOCG PROSPECTS. OVERVIEW ELIZABETH CREEK Sedimentary: Cu-Co - 1.1Mt of Contained CuEq Defined - Scoping Study Released March 2023: - NPV8(Pre-tax): $570 - IRR: 26.5% IOCG: Cu-Au - Major IOCG mineralised system identified - Near-term targets identified by ANT and Gravity Survey - High risk, high reward exploration Cattlegrid: Cu - Copper breccia prospect - Extensive historical drilling - Rapid pathway to Resource estimate ZAMBIAN STYLE COPPER-COBALT DEPOSITS Elizabeth Creek Copper Cobalt Project Scoping Study In March 2023, Coda released the results of the Elizabeth Creek Copper-Cobalt Project Scoping Study, which outlined an economically robust, long-life project with potential to further improve on several key metrics. The project has a relatively low CAPEX by comparison to its peers, and has a competitive AISC of US$2.13/lb Cu produced, with an approximate pre-tax NPV8 of $570M and an IRR of 26.5%. A brief summary of key study results and metrics is provided below, however full details, including all associated caveats and disclosures, is available at https://www.codaminerals.com/downloads/scoping-study. Mining Mining will consist of conventional open-pits at the Windabout and MG14 deposits and an underground, long-hole open stope operation at Emmie Bluff. Production Targets for each deposits are set out in Table 1, below. All mining has been assumed to be undertaken by contractors. Processing Coda will take a phased approach to mineral processing at Elizabeth Creek. MG14 will be the first deposit mined, during the construction and commissioning of the downstream processing plant. Material from MG14 will be processed in a nominal 2.5 Mtpa capacity flotation concentrator as part of Phase 1. The concentrate produced will be directly sold into the market without further downstream processing. Later, material produced form Windabout and Emmie Bluff will be concentrated through the same flotation plant before being further processed through a downstream hydrometallurgical plant as part of Phase 2. This downstream plant will be centred around the Albion Process atmospheric leach technology, and will produce copper cathode via SX/EW and battery grade cobalt sulphate as co-products, with zinc carbonate and silver dore produced as by-prodcuts. Anticipated steady state production of co-products is approximately 25 ktpa Cu and 1 ktpa Co. CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 10 ELIZABETH CREEK Infrastructure Elizabeth Creek is already well served by transport and power infrastructure in particular, and the Scoping Study envisions that minimal additional work will be required to upgrade these elements. An approximately 40km long haul road will be required to ship open pit mine to the concentrator at Emmie Bluff, with electrical transmission lines running parallel to this road having been connected at the Mt Gunson substation. The study also assumes a nominal 12 hole water borefield for onsite extraction of groundwater and a 450 bed camp, which is expected to be sufficient for both construction and ongoing operations. Table 1: Mineral Resources underpinning the Elizabeth Creek Copper Cobalt Project Scoping Study DEPOSIT NAME MINING METHOD RESOURCE CATEGORY RESOURCE PRODUCTION TARGET MG14 OPEN PIT 100% INDICATED 1.83 Mt @ 1.24% Cu, 0.03% Co (1.67% CuEq) 1.26Mt @ 1.42% Cu, 0.04% Co (1.87% CuEq) WINDABOUT OPEN PIT 100% INDICATED 17.67 Mt @ 0.77% Cu, 0.05% Co (1.41% CuEq) 5.96Mt @ 1.03% Cu, 0.07% Co (1.71% CuEq) EMMIE BLUFF UNDERGROUND 90% INDICATED 43.3 Mt @ 1.30% Cu, 0.05% Co (1.84% CuEq)* 26.2Mt @ 1.42% Cu, 0.04% Co (1.86% CuEq) Costs and Key Economic Metrics The Scoping Study makes macroeconomic assumptions as set out in Table 3, and delivers the results summarised as Table 2. Table 2: Summarised results of the Elizabeth Creek Copper Cobalt Project Scoping Study Financials (Pre Tax) 2 Operating Capital Production AREA Table 3: Economic assumptions underpinning the Elizabeth Creek Copper Cobalt Project Scoping Study MEASURE UNIT LOM Discount Rate Real % 8.0% Mine Life Years 14 Exchange Rate USD:AUD 0.68 Ore Process Rate Mtpa 2.5 30% % 94% Federal Corporate Tax Rate % Feed from Indicated Resource Feed from Inferred Resource % 6% Refined Product 3.5% Copper Produced Kt 317 Cobalt Produced Kt 14.4 Concentrate 5.0% Pre-Production Capital - Phase 1 A$M 277 Copper Price USD/t $8,800 Post-Production Capital - Phase 2 A$M 320 Cobalt Price USD/t $60,627 USD/t CuEq 5,987 Silver Price USD/Oz $21 Zinc Price USD/t $2,700 USD/lb CuEq 2.72 Revenue A$M 5,728 Net Cash Flow (Pre-Tax) A$M 1,298 Net Present Value (NPV8) A$M 570 Peak Negative Cash Flow A$M 438 Internal Rate of Return (IRR) % 26.5% Total Capital Payback Years 4.75 All In Sustaining Cost1 3 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 SA Government Royalty Rates 11 ELIZABETH CREEK Sensitivity Analysis Sensitivity analysis was carried out to determine the impact of various factors on the Project’s financial performance. The following factors were flexed: • Exchange Rate • Discount Rate • Copper Revenue (Price, Recovery or Grade) • Project CAPEX • Cobalt Revenue (Price, Recovery or Grade) • Project CAPEX • Silver Revenue (Price, Recovery or Grade) • Processing OPEX Figure 1, below, illustrates how the estimated base case NPV ($570M) varies when each of the above factors increases or decreases by 20%. Figure 1 Project pre-tax NPV sensitivity to key variables. Please note that the above chart does not account for correlation between variables and the model remains ceteris paribus. NPV Sensitivity Analysis (A$M) 0 90 180 270 360 450 540 570 630 720 810 900 990 1080 1170 1260 1350 Exchange Rate Copper Revenue (Price, Recovery or Grade) Processing OPEX Cobalt Revenue (Price, Recovery or Grade) CAPEX Discount Rate Mining OPEX Silver Revenue (Price, Recovery or Grade) The figure shows how the estimated base case pre-tax NPV of $570M varies using 20% higher and 20% lower assumptions for the key input variables. The Project is most sensitive to exchange rates, followed by copper revenue. Flexing of all other variables result in a change in NPV of less than $200M in either direction and, under all of the flexed scenarios, the Project’s NPV remains positive. Events Subsequent to Year End Subsequent to the end of the financial year, Coda has continued to optimise the Scoping Study, investigating opportunities for refinement in underground mining techniques, ore sorting and the mineral processing flowsheet. While studies are ongoing, key improvements to date include demonstrations of the efficacy of tails leach and reduction in costs associated with flotation reagents6. Ongoing studies with step-change potential include: • Mechanical cutting at Emmie Bluff, a more precise and lower cost mining method made potentially viable by the softness and low abrasivity of the Emmie Bluff; • XRF ore sorting, a means by which dilution can be removed from RoM ore, improving the grade of mill feed and potentially opening up narrower seams or reducing processing CAPEX; • Pregnant Leach Solution neutralisation with flotation tails or on-site dolomite, reducing or eliminating a major cost associated with running the hydrometallurgical back end of the process plant, and potentially introducing additional copper credits. 6 20.09.4 – Test Work Delivers Elizabeth Creek Flowsheet Enhancements CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 12 ELIZABETH CREEK ELIZABETH CREEK - IOCG Final assay results were received in August 2022 for IOCG drill holes DD22EBD0007W1 and DD22EBD0008 7. The results of the sampling from wedge hole EBD7W1 were comparable with the intervals intersected in the parent hole EBD7. Conduits related to mineralising fluids and corresponding with intense vuggy haematite alteration and associated with gold enrichment were logged in both EBD7W1 and EBD8. Mineralisation within the drill holes occurred over multiple intervals a few metres thick with moderate copper and gold grades. Outside of drilling, exploration was focussed on geophysical surveys. • January to February 2023: an Ambient Noise Tomography (ANT) survey was carried out by Fleet Space Technologies utilising their real-time “Exosphere” system, a passive seismic exploration technique that makes use of pervasive seismic noise from natural and anthropogenic sources to visualise a three dimensional subsurface shear wave model8. Four surveys were successfully completed, three covering the combined Emmie Bluff and Emmie IOCG area, with the fourth covering the Elaine IOCG prospect. The programme resulted in generation of a highly detailed sub-surface velocity map with clear ANT anomalism identified coincident with the Emmie Bluff Mineral resource, as well as with other locations at the same stratigraphic level. A large north-south trending structure was identified in the final data interpretation, that appeared to control both the copper-gold mineralisation at Emmie IOCG and may have been structurally related to the deposition of the shale which hosts the copper-cobalt mineralisation at Emmie Bluff 9. Figure 2 Cross section through most recent interpreted ANT model, with inverted gravity shells (nominal SG 3.5, 4.0, 4.5) at northing 6,555,600 mN, filtered by shear wave velocity >2,800 m/sec. The prominent gravity anomaly associated with a marked step change in palaeotopography is Emmie IOCG. Emmie Bluff (blue outline) again shows coincident velocity anomalism 18.08.2022 - ASX Announcement - Final Assays from IOCG Drilling Confirm Target Areas for Follow Up 15.02.2023 - ASX Release - ANT Programme Completed at Elizabeth Creek Copper Project 9 20.04.2023 - ASX Announcement - ANT Survey Transforms Understanding of Emmie Bluff, IOCG 7 8 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 13 ELIZABETH CREEK • March 2023: A high-resolution gravity survey of 3,634 total stations was carried out by DaishSat10, the same company responsible for previous surveys in the area in 2008, 2009 and 2011. The survey covered a 65 square kilometer area encompassing the Emmie IOCG prospect, Emmie Bluff Mineral Resource and surrounding IOCG and sediment hosted prospects. The objective of the gravity survey was to improve the resolution of historical gravity surveys, to bring the entire prospect area to a consistent 125m x 125m grid. • April – September 2023: Consulting firm Mira Geoscience are preparing a comprehensive geophysical model of the Emmie Bluff and Emmie Deeps IOCG mineral deposits and their immediate surroundings. The model will build on geologically constrained inversions of the recently collected gravity data by Daishsat and Ambient Noise Tomography (ANT) data, as well as historical drill results, 2D seismic, and magnetotelluric (MT) data. Work is progressing and is expected to be completed in the third quarter of 2023. Events Subsequent to Year End Subsequent to the reporting period, from July to August 2023, contractors Moombarriga Geophysics carried out a ground magnetotelluric (MT) survey11 comprising 61 stations and covering areas prospective for sediment-hosted copper-cobalt mineralisation to the south and east of the Emmie Bluff Mineral Resource, areas identified as prospective based on coincident anomalies resulting from the ANT passive seismic and airborne MT surveys previously carried out over Emmie Bluff. The survey also covered several new IOCG target areas that occur beyond the existing Emmie IOCG discovery area. The survey supplements existing geophysical datasets and will assist in further refining targets from previous 2D seismic and ANT surveys. Ground magnetotellurics was selected as a low-impact proven technique based on the success of historical work completed in 2010, which imaged the basin which hosts Coda’s Emmie Bluff Mineral Resource, as well as identifying the contrast between the basement rocks and overlying cover. 10 11 05.04.2023 – ASX Announcement - Major Emmie IOCG Gravity Survey Completed 25.07.2023 - ASX Announcement - MT Survey Commences Targeting Emmie Bluff Extensions CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 14 CAMERON RIVER Cameron River Drilling at Cameron River concluded in September 2022 with a total of 27 Reverse Circulation (RC) drill-holes for a total of 2,839m. Despite initial challenges, the programme completed safely on schedule and within budget. The drilling had targeted the surface expression of mineralisation at the Rebound, Copper Weed and Clifford prospects and the associated Gradient Array Induced Polarisation (GAIP) and Dipole-Dipole Induced Polarisation (DDIP) geophysical anomalies, as well as the coincident geophysical and surface geochemical anomalies at Bingo and Bluey. A total of 711 samples comprising 4m composites of RC drill cuttings were collected and submitted to ALS in Mount Isa for analysis. The assay results returned several intersections of weak to moderately anomalous copper predominantly associated with drilling at the Copper Weed-Copper Weed South and Rebound trends, with gold, silver and cobalt assays displaying a weakly positive relationship with these copper zones. Project Review An external consultant has been commissioned to carry out a review of the Cameron River Project, with the aim to determine the next steps for exploration at the project. The report received suggested additional areas for investigation related to the gold potential at Cameron River. OTHER PROJECTS Events Subsequent to Year End Boolero:Tenure for the Booleroo project (EL 6917) was granted after the end of the reporting period. Club Terrace: A limited field programme including site visits and rock chip sampling was carried out at the Club Terrace project in Victoria in July 2023, testing across the trends of historic workings and mining activities. CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 15 ESG CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 16 ESG Coda has recently published its maiden Sustainability Report, marking the Company’s commitment to enhancing its approach to environmental, social and governance matters. Please refer to the 2023 Sustainability Report on the Coda Minerals website for more information on the Company’s ESG principle and goals. CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 17 CODA TIMELINE EXPLORATION TENURE GRANTED IN VICTORIA Grant of EL7637 – the Balmoral Project is prospective for multi-elements, primarily gold, rare earths (REE) and mineral sands. Grant of EL9238 & EL5455 – The Club Terrace Gold Project. SEPTEMBER 2022 CORPORATE CODA DIVESTS MT PIPER GOLD PROJECT TO KALAMAZOO Consideration package comprising a combination of upfront cash, shares in Kalamazoo and a future production royalty. Kalamazoo completes acquisition of Mt Piper Gold Project in September 2022 OCTOBER 2022 $3.85M RAISE TO FAST-TRACK ELIZABETH CREEK COPPER PROJECT STUDY Coda raised $3.85 million at $0.24 per share to fast track ongoing study work at the 100%-owned Elizabeth Creek Copper Project. This raise successfully completed on the 7 November 2022. OCTOBER 2022 DRILLING COMMENCES AT CAMERON RIVER The programme will consist of approximately 30 drill holes for an estimated 3,000m of reverse circulation drilling over the Bluey, Bingo, Copper Weed, Rebound and Clifford prospects. AUGUST 2022 MAIDEN DRILL PROGRAM COMPLETED AT CAMERON RIVER Initial drilling reveals anomalous copper at multiple prospects with several key geophysical anomalies still unexplained. OCTOBER 2022 PROJECT MINING STUDY COMPLETED AT ELIZABETH CREEK ALBION PROCESS™ RESULTS IN 99% CU & CO RECOVERIE Successful test work opens up the potential for relatively lower cost on-site production of high value products amenable for sale into the high-growth EV and battery markets. Positive Scoping-level mining study completed at both underground and open pit deposits. Study confirms a technically viable pathway to achieve steady-state 2.5Mtpa production. NOVEMBER 2022 JULY 2022 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 18 CODA TIMELINE ANT GEOPHYSICS COMMENCES AT EMMIE IOCG MAJOR IOCG GRAVITY SURVEY COMMENCED Ambient Noise Tomography (ANT) survey has commenced at Emmie Bluff, covering the Emmie IOCG copper-gold discovery and the Emmie Bluff copper-cobalt deposits. Survey completed on 15 February 2023. Preliminary models show exceptional applicability to both IOCG and sedimentary deposits, several target areas identified. Survey consisted of 3,634 stations covering 65 sq2 area encompassing the Emmie IOCG prospect, Emmie Bluff and surrounding IOCG and sed hosted deposits. Survey completed on 5 April 2023. Results to drive detailed inversions and support the recent ANT survey to generate IOCG drill targets. APRIL 2023 JANUARY 2023 ELIZABETH CREEK SCOPING STUDY RELEASE Scoping Study confirms economically robust, globally competitive coppercobalt project in South Australia, with potential for further improvement. Further optimisation studies underway. Key Metrics: NPV8 (Pre-Tax): $570, IRR: 26.5%, AISC: US$2.19/lb Cu Produced MARCH 2023 CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 7 6 3 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2023 19 DIRECTORS’ REPORT CODA MINERALS