Announcement PDF C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D EN T I T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME N TS 2 02 2 ANNUAL REPORT 2022 1 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D EN T I T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME N TS 2 02 2 TABLE OF CONTENTS LETTER FROM THE CHAIR 02 OPERATIONAL UPDATE 04 ABOUT CODA MINERALS 06 DIRECTORS’ REPORT 16 AUDITOR’S INDEPENDENCE DECLARATION 36 INDEPENDENT AUDITOR’S REPORT 38 DIRECTORS’ DECLARATION 42 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 44 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 45 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 46 CONSOLIDATED STATEMENT OF CASH FLOWS 47 CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS 48 ASX ADDITIONAL INFORMATION 81 CORPORATE DIRECTORY 88 3 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D E NTI T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME NTS 2 02 2 LETTER FROM THE CHAIR Dear Shareholders, I am pleased to present Coda Mineral’s 2022 Annual Report and to reflect on a year marked by continued advancement of our flagship assets at Elizabeth Creek. Our exploration and development activities were complimented by the strategic acquisition of Torrens Mining giving us 100% ownership of the Elizabeth Creek assets. The Coda team focussed on and delivered safely on time and on budget two major exploration campaigns at Elizabeth Creek and post year end a limited campaign at Cameron River in Queensland. Given the very difficult people and logistics issues across the industry this was a very positive outcome from our team. Elizabeth Creek Resource increased to over One Million Tonnes contained copper equivalent Our exploration team delivered a major uplift in resources over the year by adding a new resource for the Emmie Bluff Copper-Cobalt Deposit taking Coda’s total Resources from just 280 thousand tonnes on listing to over 1.1 million tonnes contained copper equivalent. The Emmie Bluff asset is now progressing through a Scoping Study, which we anticipate finalising during the fourth quarter of 2022. Coda is very well placed as the global energy transformation unfolds and copper and cobalt are forecast to be in significant supply deficit. During financial year 2023 we will continue to build on this success as we look to advance studies and prepare Emmie Bluff and its satellite deposits, MG14 and Windabout for future commercialisation. Elizabeth Creek IOCG Exploration In June 2021, our first deep exploration drill hole at Emmie IOCG led to the discovery of a major IOCG system beneath the shallower mineralisation at Emmie Bluff. During the whole of financial year 2022, Coda undertook a significant programme consisting of a total of 21 drill holes for over 23,000m of diamond drilling to follow up and define this discovery. On completion of the phase one programme, we moved to a geophysical approach using cutting-edge ambient noise technology (ANT) as we seek to uncover and understand more of this vast copper-rich system. We expect to see the results of this work in early 2023 as we continue to define and understand what remains an enormous opportunity for the Company. Emmie IOCG is a rare and important discovery on the Gawler Craton which is host to some of the largest IOCG systems on Earth. There is much work remaining to understand this system and we will continue to execute against our exploration plan in financial year 2023. 4 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D EN T I T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME N TS 2 02 2 LETTER FROM THE CHAIR Coda’s Non-Core Assets During financial year 2022 the Company advanced work at Cameron River in Queensland defining multiple targets on this prospective ground. Phase one drilling commenced after year end. We expect to achieve 51% ownership of Cameron River during financial year 2023. Coda acquired gold and rare earths exploration assets in Victoria, New South Wales and PNG as part of the Torrens acquisition. In July 2022 Coda sold the Mt Piper gold exploration assets to Kalamazoo Resources (ASX:KZR) retaining an interest in the package through ownership of a share package in Kalamazoo and a royalty from any future production on the tenure. We will continue to evaluate opportunities for the other former Torrens assets to drive the greatest value for all shareholders whilst allowing us to maintain our focus on Elizabeth Creek Conclusion We enter financial year 2023 stronger than ever having delivered a maiden Mineral Resource Estimate for Emmie Bluff, one of the largest sedimentary copper deposits in Australia and are well advanced in delivering a Scoping Study on the copper-cobalt deposits at Elizabeth Creek. Emmie IOCG exploration continues to offer exciting upside as we build our knowledge of the structures. I would like to thank our shareholders for their tremendous support over the past year. The share markets both on a global and local basis have been difficult but Coda is well placed with developing assets in growing markets. Coda has maintained an extremely low corporate cost base while expanding a quality copper asset base. This positions us to capitalise on the enormous forecast demand for copper as the world works towards decarbonization. In conclusion, I thank my fellow board members, our CEO Chris Stevens and the team at Coda as well as our advisers, CPS Capital, who have provided excellent support and guidance over the past year. Keith Jones Chair Coda Minerals Ltd 5 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D E NTI T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME NTS 2 02 2 O P E R AT I O N A L U P D AT E 6 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D EN T I T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME N TS 2 02 2 OPERATIONAL UPDATE I am pleased to look forward to the work programme for financial year 2023 following another extremely active year for the Company. Over the past year we have focused on building long term, stable foundations for Coda Minerals to position your Company to become an integral supplier of minerals required for global energy transformation through electrification and the adoption of renewable energy technologies. Against a challenging global economic environment, copper prices have fallen, however, price forecasts remain strong as the continued supply of copper is critical to changes in the way energy is produced, stored, and transmitted. These forecast demand increases are against the backdrop of declining mine grades, declining production, and a scarcity of exploration over the past decades. Elizabeth Creek is located in arguably the world’s premier copper jurisdiction with a stable and supportive government, exceptional access to the skills and services required to develop projects and forward-thinking renewable energy policies. This is the right time, and the right place to be creating a strong base of copper assets. Financial Year 2023 will see us take the next steps along the path to commercialisation for the shallower sedimentary copper-cobalt Resources at Emmie Bluff, Windabout, and MG14. We anticipate the delivery of a Scoping Study during the latter part of 2022 which will detail plans for the mining and processing of JORC Resources totalling 1.1 million tonnes of contained copper equivalent. This Scoping Study will define the next stage of work looking towards pre-feasibility studies and the continued de-risking and commercialisation of our copper-cobalt Resources. Beyond our flagship project at Emmie Bluff, we will continue to explore the deeper IOCG mineralisation at Elizabeth Creek. Our work during financial year 2023 will focus on better defining this system, initially through a major geophysical programme which will be calibrated against existing drilling. IOCG exploration can be challenging and requires persistence and careful planning. With the geophysical work building on a solid foundation of drilling we believe we are taking the appropriate steps to understand the Emmie IOCG mineralising system; the coming work programme is exciting and carries potentially enormous upside for shareholders. We will also continue to maintain our focus on commercialising non-core exploration assets at Cameron River, Club Terrace, and Balmoral through low-cost exploration, divestiture, or joint venture. With Elizabeth Creek now consolidated to one hundred percent ownership and the incredible progress at Emmie Bluff and Emmie IOCG our focus will remain on building on these strong geological foundations over the coming year. We look forward to another exciting, fast paced, and successful year building value for all shareholders. Chris Stevens CEO Coda Minerals Ltd 7 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D E NTI T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME NTS 2 02 2 ABOUT CODA MINERALS 8 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D EN T I T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME N TS 2 02 2 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 copper-cobalt 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 equivalent. 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 mineralisation. 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 gold. Coda has a dual strategy for success at Elizabeth Creek. Firstly, it is working towards a Scoping Study to determine the economic potential of the known sediment-hosted Mineral Resources on the tenure, while simultaneously undertaking exploration to further define and extend known Zambian-style copper-cobalt 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 the Torrens Mining acquisition, Coda also owns exploration tenements in Victoria, New South Wales and Papua New Guinea. BALMORAL CLUB TERRACE TOTAL AREA 701km2 9 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D E NTI T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME NTS 2 02 2 ELIZABETH CREEK THE ELIZABETH CREEK COPPER-COBALT PROJECT HOSTS THREE DISTINCT MINERALISATION STYLES, THE ZAMBIAN- STYLE COPPER-COBALT MINERALISATION, THE IRON OXIDE COPPER GOLD (IOCG) MINERALISATION AND THE CATTLEGRID COPPER BRECCIA MINERALISATION. OVER THE FINANCIAL YEAR, CODA REMAINED FOCUSED ON PURSUING AND PROGRESSING EXPLORATION ACROSS THE FIRST TWO MINERALISATION STYLES. Zambian Style Copper-Cobalt Deposits The core focus of the company over the financial year has been to systematically prove up its flagship Emmie Bluff Copper-Cobalt Deposit. Located at the northern edge of the company’s tenure, Emmie Bluff is geologically consistent with the company’s other two deposits at MG14 and Windabout, consisting of an extensive, flat-lying sheet of Tapley Hill Formation black shale. Mineralisation occurs at the upper and lower contacts of the shale and extends over an extensive area of approximately 4.5 square kilometres, at an approximate depth of 400m. During the first quarter of financial year 2022, Coda completed a major resource drill program consisting of 12 Holes (principally RC pre-collars, diamond tails) across the deposit to underpin a maiden JORC 2012 Mineral Resource Estimate. OVERVIEW ELIZABETH CREEK Sedimentary: Cu-Co - Established JORC Resources - 1.1Mt of Contained CuEq Defined - Scoping study expected 2H 2022 IOCG: Cu-Au - Major IOCG mineralised system identified - Extensive geophysics campaign planned - High risk, high reward exploration Cattlegrid: Cu - Copper breccia prospect - Extensive historical drilling - Rapid pathway to Resource estimate Mineral Resource In December 2021, Coda delivered a standout maiden Emmie Bluff Mineral Resource Estimate of 43Mt at 1.30% Cu, 470ppm Co and 11 g/t Ag and 0.15% Zn, for an approximate net grade of 1.84% CuEq. Approximately 39Mt, comprising 90% of the mass and 92% of the metal (contained CuEq) is classified in the Indicated Resource category, with the remainder Inferred. The resource is split into two lodes, each with comparable grades, but with the upper lode containing the majority of the mass and therefore the contained metal. In combination with the already defined Mineral Resources at MG14 and Windabout, Coda has a total of 1.1Mt of CuEq defined across the tenure. Following this significant milestone, Coda commenced and is continuing to undertake a detailed scoping study into the defined resources. The study is progressing towards an anticipated release date in the fourth quarter of 2022. 10 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D EN T I T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME N TS 2 02 2 ELIZABETH CREEK Isometric west view of Emmie Bluff upper Tapley lode (5 times vertical exaggeration). EXISTING JORC 2012 MINERAL RESOURCES Category Mt Cu% Co% Ag g/t CuEq%6 Windabout1,2 Indicated 17.67 0.77 0.05 8 1.414 MG141,2 Indicated 1.83 1.24 0.03 14 1.674 19.5 0.8 0.05 8.6 1.14 Indicated 38.80 1.30 0.05 11 1.905 Inferred 4.50 1.10 0.02 9 1.405 43.3 1.30 0.047 11 1.84 Tonnes Tonnes MOz Tonnes 721,000 29,400 20.90 1,100,000 TOTAL Emmie Bluff 1,3 TOTAL Contained Metal 1 Numbers have been rounded (JORC 2012 Indicated) 0.5% CuEq. cut-off. See Gindalbie Metals ASX announcement on 19 January 2018 for Competent Person’s statement and full details 3 JORC 2012 Indicated) 1.0% CuEq. cut-off. See Coda Minerals ASX announcement on 20 December 2021 for Competent Person’s statement and full details 4 Copper equivalent calculated using the following formula CuEq% = Cu% + 0.0012 × Co ppm 5 Copper equivalent calculated using the following formula CuEq% = Cu% + 0.00068 × Co ppm + 0.337 × Zn % + 90.3 × (Ag ppm)/10000 6 Although CuEq calculation differs between the resources, the company believes it is reasonable to compare and combine the contained tonnes 1 2 IOCG Coda commenced drilling at Emmie IOCG in May 2021, with the initial discovery hole, DD21EB0018, announced in June 2021. Coda spent much of the following twelve months undertaking follow up exploration, completing a total of nine parent holes and 12 wedges, plus an additional IOCG hole at the Elaine prospect, before concluding its financial year 2022 IOCG drill program in May 2022. At Emmie IOCG, all but three holes at encountered mineralisation, some with over 3% copper and 0.5g/t gold. EBD3W2 BORNITE DOMINATED 69m BORNITE DOMINATED EB18W2 BORNITE DOMINATED 27m @ 2.0% Cu, 0.29 g/t Au 912m 42m @ 1.2% Cu, 0.28 g/t Au 24m 815m 24m @ 2.2% Cu, 0.29 g/t Au 13m 902m 13m @ 3.5% Cu, 0.64 g/t Au 24m 815m 24m @ 2.2% Cu, 0.29 g/t Au 13m 902m 13m @ 3.5% Cu, 0.64 g/t Au CHALCOPYRITE DOMINATED EB18W2 803m 11 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D E NTI T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME NTS 2 02 2 ELIZABETH CREEK The programme, which comprised approximately 23,000m of diamond drilling, has shown Emmie IOCG to be a significant and extensive mineralised system, with many noteworthy similarities to major Eastern Gawler IOCGs such as Olympic Dam and Carrapateena, but also some differences, particularly in the geometry of the ore body. Emmie IOCG appears to be fed from a series of north-northwest aligned conduits, of which Coda has positively identified three to date. These conduits allow copper and iron bearing fluids to flow into high permeability zones in the surrounding rock, generating laterally extensive tabular mineralised lodes. These lodes show classic IOCG sulphide zonation, with the cores nearest the conduits often dominated by high grade copper minerals like bornite and chalcocite. To date, Coda has identified three geochemically distinct “bornite zones”. Mineralisation has been established over an area greater than 500m east-west and 800m north-south, with indications from historical drilling suggesting the overall system extends considerably further. Exploration moving forward will focus on improved definition of the system through geophysics and further drilling of prospective conduit sites to extend high-grade bornite zones. Events Subsequent to Year End Final assays result for drillholes EBD7W1 and EBD8 from the Emmie IOCG program were received in August 2022. The results significantly enhanced Coda’s understanding of the geological structure and support the current exploration model. The next step of exploration for Emmie IOCG will be the deployment of Fleet Space Technologies’ “ExoSphere” – an Acoustic Noise Tomography (ANT) survey. ExoSphere is a real-time ANT passive seismic exploration technique that makes use of pervasive seismic noise from natural and anthropogenic sources to visualise a three-dimensional subsurface shear wave velocity model. This technology is able to cover a large area and visualise below cover of more than 1000m. For Emmie IOCG, the survey will produce an image of the paleotopographic surface to help create detailed 3D constrained models using geophysical data and provide indications of velocity anomalies which may signal the presence of material iron oxide deposition. This will help in the understanding of geological structures as well as indicate presence of any large-scale conduits. The ANT survey has also been designed to detail the extent and gross geometry of the Zambian Style mineralisation at Emmie Bluff. The planned survey is expected to cover an area of roughly 40 square kilometres across Emmie Bluff, Emmie IOCG and numerous other prospective density related anomalies in the immediate area. The survey data is expected to be collected in December and fully processed and interpreted early in calendar year 2023, enabling the Company to plan next steps, including further drilling or geophysics, with the maximum potential for success. 12 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D EN T I T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME N TS 2 02 2 CAMERON RIVER CAMERON RIVER CONSISTS OF 35KM2 OF COPPER AND GOLD EXPLORATION TENURE SPANNING TWO EXPLORATION PERMITS (EPMS 27042 AND 27053). THE TENURE IS LOCATED APPROXIMATELY HALFWAY BETWEEN MT ISA AND CLONCURRY, AND IMMEDIATELY NORTH OF THE HISTORIC MARY KATHLEEN URANIUM MINE IN NORTH QUEENSLAND. In March 2021 Coda entered into 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. Over financial year 2022, numerous geochemical and geophysical programs were carried out, including a Gradient Array Induced Polarisation (GAIP) and Dipole-Dipole Induced Polarisation (DDIP) survey. These programmes delineated multiple high priority targets across the tenure including at the historical Copper Weed and Rebound prospects, as well as the newly identified Bluey, Bingo, Clifford prospects, among others. A maiden drill programme to test the targets, comprising approximately 30 holes for 3,000m of Reverse circulation drilling commenced in September 2022. Events Subsequent to Year End A 27-hole RC drill programme was completed in September of 2022 for a total of 2,830m. As of the time of the preparation of this report, samples were being prepared for assay and final results had not yet been received. 13 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D E NTI T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME NTS 2 02 2 ESG 14 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D EN T I T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME N TS 2 02 2 ESG AT CODA MINERALS, THE HEART OF OUR BUSINESS IS TO GENERATE VALUE FOR OUR SHAREHOLDERS THROUGH THE PRODUCTION OF MINERAL RESOURCES CRITICAL TO GLOBAL DEVELOPMENT ON A SUSTAINABLE BASIS. CODA’S VALUES ARE UNDERPINNED BY OPERATING IN A WAY THAT ENSURES FOCUS ON AND RESPECT FOR THE HEALTH AND SAFETY OF ALL PEOPLE WORKING ON OUR SITES; BUILDING EFFECTIVE RELATIONSHIPS WITH TRADITIONAL OWNERS OF THE LAND UPON WHICH WE OPERATE, AND WITH LOCAL COMMUNITIES, SUPPLY NETWORKS, CONTRACTORS, AND CUSTOMERS. CODA ALSO HAS AN UNWAVERING COMMITMENT TO MINIMISING THE ENVIRONMENTAL IMPACT OF THE COMPANY’S ACTIVITIES, WITH REGARD TO BIODIVERSITY, NATURAL ECOSYSTEMS AND THE COMPANY’S CARBON FOOTPRINT AS A PART OF ITS OPERATING STRATEGY. Environment In an industry dependent upon the development of natural resources in remote and sensitive environments, Coda recognises our responsibility to conduct operations with care for the natural environment. Coda continues to do this by; - Pursuing mining methods with the lowest possible environmental impact - Investigating the integration of renewable energy generation options into operations - Implementing best practices for clean water and waste management - Ongoing studies and conservation of flora and fauna habitats Community Relations & Indigenous Affairs Coda holds the values of respect for indigenous heritage and environmental custodianship at the core of every activity undertaken across our projects. As Coda grows in size and development focus, we will maintain that respect by; - Developing sustainable businesses to create employment and local business opportunities - Developing long-term relationships that value cultures and traditions of the region and by listening to key stakeholders, embedding ongoing communication and continuous improvement into everything that we do. - Identifying social needs in the area for tailored community investment Safety Management The foundation of Coda’s success is driven by our people. As such, the health and safety of all employees, contracting partners, site visitors and the wider community in which we operate are central to our organisation. Coda continues to strive towards a ‘zero harm’ philosophy by; - Maintaining a health and safety system based on best industry standard - Developing and empowering employees and contractors through engagement - Identifying, assessing, mitigating and managing risks - Setting measurable objectives and targets aimed at continuous improvement and eliminating work-related illness; and - Ensuring completed work meets or exceeds relevant standards and codes of practice. 15 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D E NTI T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME NTS 2 02 2 CODA MINERALS TIMELINE APPOINTMENT OF CFO CORPORATE Coda welcomed experienced mining executive Mr Kudzai Mtsambiwa to the team as Chief Financial Officer. SEPTEMBER 2021 ESTABLISHMENT OF SMALL HOLDING SALE FACILITY This facility was established to provide shareholders with small holdings (< $500) an opportunity to sell their shares without incurring any brokerage or handling costs This facility completed on 27 January 2022, successfully decreasing the number of small parcel shareholders of the company. OCTOBER 2021 CONTINUATION OF MAIDEN DRILL PROGRAMME AT EMMIE IOCG RESOURCE DRILLOUT COMPLETES AT EMMIE BLUFFF The programme, which commenced in May 2021, progressed over the next 11 months, completing 9 parent drillholes and 12 wedges, all but three of which were mineralised. This drilling program identified three major conduits driving two geochemically and geologically distinct bornite zones. Coda completed a 13-hole resource drill out program at Emmie Bluff, Maiden Resource estimate to follow. PROJECT JULY 2021 SEPTEMBER 2021 43MT MAIDEN CU-CO RESOURCE AT EMMIE BLUFF Following an extensive drilling campaign since listing in October 2020, a Maiden Mineral Resource Estimate with a combined Indicated and Inferred Mineral Resource of 43Mt @ 1.3% Cu, 470 ppm Co, 11 g/t Ag and 0.15% Zn (1.84% CuEq). DECEMBER 2021 16 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D EN T I T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME N TS 2 02 2 CODA MINERALS TIMELINE TAKEOVER OF TORRENS MINING LIMITED Coda and Torrens Mining announced an intention to merge via a recommended off-market all-scrip bid to acquire 100% ownership of Elizabeth Creek Copper Project. FEBRUARY 2022 100% OWNERSHIP OF ELIZABETH CREEK ACHIEVED Completion of takeover of Torrens Mining resulting in 100% ownership of Elizabeth Creek by Coda Minerals.. JUNE 2022 SCOPING STUDY COMMENCES Following the estimation of the Emmie Bluff Resource, a Scoping Study into the Zambian style copper-cobalt mineralisation at the Elizabeth Creek Project has commenced. JANUARY 2022 MOBILE MT HELICOPTER AIRBORNE SURVEY Mobile MT helicopter airborne survey, partially funded through the South Australian Government’s Accelerated Discovery Initiative (ADI), commence. JANUARY 2022 COMPLETION OF PHASE 1 AND 2 DRILL PROGRAMME AT EMMIE IOCG First two phases of drilling at Emmie IOCG completed on-time and on-budget. MAY 2022 17 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D E NTI T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME NTS 2 02 2 D I R EC T O R S ’ R E P O R T 18 C O DA MI NE R A L S L I MI TE D A ND I TS C O NTRO L L E D EN T I T I E S ACN 6 25 7 6 3 9 5 7 ANNUAL RE PORT AND FI NANC I AL STAT E ME N TS 2 02 2 DIRECTORS ’ REPORT FOR THE PERIOD ENDED 30 JUNE 2022 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 2022 and the Auditor’s Report thereon. In order to comply with the provisions of the Corporations Act 2001, the Directors’ report 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, FFin Non-Executive Chairman Mr Jones is an experienced public company Chairman with a background of over 40 years professional experience providing advisory and consulting services to the mining and resources sector. Appointed: 26 April 2018 Mr Jones served for 10 years on the Board of Deloitte Australia and was elected Chairman of Deloitte Australia for four years. He is the former Chairman of Gindalbie Metals Limited and Cannings Purple and currently serves as a Non-Executive Director of ASX listed Ora Banda Mining Limited. Other current directorships: Ora Banda Mining Limited (Appointed April 2019) Former directorships in last 3 years: Gindalbie Metals Ltd (February 2013 to July 2019) 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 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. Appointed: 19 July 2019 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. Former directorships in last 3 years: Gindalbie Me