Announcement PDF 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Positive Cobalt Flotation Results at Elizabeth Creek In laboratory testing, up to 83% of the cobalt left after leaching has been collected into just 4% of the remaining material, opening a pathway to bring cobalt back into Elizabeth Creek’s economics. Highlights • Flotation stage targets cobalt left behind by the leach: Testwork shows a conventional flotation stage, inserted after the whole-ore chloride leach and before tailings disposal, can capture most of the cobalt that does not dissolve in the primary leach. • 83% of cobalt left after leaching collected into 4% of the material: The latest laboratory test demonstrates the potential to collect most of that cobalt for further treatment. • An additional recovery step under evaluation: Flotation separates cobalt-bearing minerals from the material left after leaching, producing a smaller, cobalt-rich concentrate. • Project economics have previously assumed zero cobalt revenue: To date, Coda’s published whole-ore chloride leach economics, have excluded cobalt revenue entirely, even though the Emmie Bluff Mineral Resource alone contains approximately 23kt of cobalt. • Next steps: Further leaching tests are underway. Testing will then assess a wider range of samples and performance when material is recycled through the process. Ongoing Elizabeth Creek PFS Status • Metallurgical Studies Advancing: Metallurgical and associated engineering work continues alongside the work supporting this announcement: Advanced metallurgical modelling using the Metsim software suite is now materially advanced, and will supporting engineering decisions for the process plant. • Key study completions: Flood modelling and comminution studies (crushing and grinding) are materially completed. • Groundwater drilling nearing completion: Finalisation of final bore expected in the coming days. • Additional Environmental Studies Commence: Greenhouse gas assessment commences in support of future Mining Lease Application. Coda Minerals Limited (ASX: COD) has successfully concentrated cobalt from the material left after whole-ore chloride leaching. The laboratory tests used conventional flotation and build on last month’s leach results. This work was undertaken in support of the company’s ongoing Pre-Feasibility Study (PFS) into the 100%-owned Elizabeth Creek Copper-Silver Project in South Australia. The programme consisted of a series of flotation tests designed to simulate the insertion of a flotation circuit after the whole-ore chloride leach step but before residue was disposed of in the tailings storage facility (TSF). The flotation circuit primarily targeted carrollite, the principal cobalt host mineral in Elizabeth Creek ore, but any remnant sulphides, including copper, silver or zinc bearing sulphides, had the potential to be captured by the flotation process. ASX RELEASE 2026 Code: COD 22 October 2026 ASX:COD 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 With the most recent primary leach test work extracting an average of 39.7% of the cobalt across the most representative Emmie Bluff composites1, the majority of the cobalt in the ore currently reports to the leach residue. Capturing that cobalt in a small, high-grade concentrate offers the opportunity to substantially increase net cobalt recovery relative to leaching alone. Tests used residue from the Company’s whole-ore chloride leach programme. The initial test, JR009, was followed by JR0122, which used a different, lower-grade residue sample. Coda’s metallurgical consultants and technical team considered the JR012 sample more representative of the anticipated chloride leach residue. JR012 also introduced a recleaner step and a polishing grind. Results improved markedly in JR012, with higher recovery, a higher-grade concentrate and a lower mass pull (the proportion of residue collected into concentrate). The feed samples and test conditions differed: JR009: 73% Cobalt recovery to 1.28% Co concentrate at 5.5% mass pull from a head grade of 960ppm Co; and JR012: 83% Cobalt recovery to 1.48% Co concentrate at 4.0% mass pull from a head grade of 717ppm Co. In this context, recovery refers to the amount of metal extracted from the residue into the concentrate, while mass pull refers to the mass of the concentrate produced after the flotation step. A lower mass pull is generally preferred, as fewer resultant tonnes of concentrate need to be treated in the next-stage hydrometallurgical plant. The Company notes that the results described in this announcement are derived from lab scale batch test work and remain preliminary at this stage. They should be considered indicative under the stated laboratory conditions, not an absolute measure of final metallurgical recovery. Realising these recoveries would be expected to require additional capital expenditure which has not been assumed in any Elizabeth Creek economic analysis released by the Company to date. Investors are cautioned that these results are not definitive and should not be relied upon as a basis for investment decisions. Please see full disclaimer below. Table 1 Summary of key results from JR009 and JR012. Head grades are calculated from the test products. JR009 and JR012 were run on different residue composites from Emmie Bluff (see Sample Compositing and Drillhole Details, below). Recoveries are of metal contained in the leach residue, not in the original ore. Bench-scale, open-circuit tests. For full details, including JR011, see Table 3. JR009 JR012 Single cleaner Cleaner + recleaner Mass pull to concentrate 5.5% 4.0% Cobalt Head grade 0.10% 0.07% Concentrate grade 1.28% 1.48% Recovery 73% 83% Upgrade ratio 13.4× 20.6× Copper Head grade 0.49% 0.15% Concentrate grade 3.72% 1.27% Recovery 41.5% 34.8% Upgrade ratio 7.6× 8.6× Silver Head grade 2.1 g/t 0.9 g/t Concentrate grade 25.3 g/t 10.6 g/t Recovery 66.6% 47.1% Upgrade ratio 12.2× 11.7× 1 For full details, including JORC Table 1, please see “Strong Copper and Silver Results Drive Elizabeth Creek PFS – Amended Announcement”, released to the market on 25 September 2026 and available at https://codaminerals.com/announcements/7753644 2 Another test, JR011, was carried out in between the two tests, but failed to produce comparable results due to poor froth stability, possibly as a result of organic contamination of the sample; JR012 was a modified repeat of this test. Results and methods for all three tests are detailed in the “Technical Details” section, below, for completion. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Commenting on the results, Coda Minerals CEO Chris Stevens said “Cobalt offers potential upside for Elizabeth Creek that is not currently included in our published leach-case economics. These results are an encouraging step in pursuing that opportunity. “In the latest laboratory test, we collected 83% of the cobalt left after leaching into just 4% of the residue mass. That gives us a much smaller amount of material to treat and a clear focus for the next stage of work. “The task now is to extract the cobalt from that concentrate and demonstrate that it makes economic sense. Our preferred option is to return it to the proposed leach circuit, subject to the test results. “We are keeping our options open on the primary processing route. If flotation delivers the better outcome, we can take that path. Recovery, cost and practicality will guide the decision.” Figure 1 Flotation recovery curves for cobalt from Emmie Bluff chloride leach residue samples. Implications and Significance to the Elizabeth Creek PFS Elizabeth Creek hosts approximately 23kt of contained cobalt in the Emmie Bluff Mineral Resource and a further approximately 9.3kt across the Windabout and MG14 Mineral Resources. Cobalt is classified as a critical mineral by Australia, the United States and the European Union. Earlier Elizabeth Creek scoping studies included cobalt as a payable product; however, the simplified whole-ore chloride leach flowsheet introduced in August 2025, which underpins the current copper– silver base case, includes no cobalt revenue. The primary chloride leach extracts copper and silver efficiently, but around 60% of the cobalt remains in the residue. This is based on the average extraction achieved by the representative Emmie Bluff samples reported in the 25 September 2026 announcement. Under the current leach case, that cobalt would otherwise go to tailings. The flotation results show a way to collect much of that cobalt for further treatment, rather than send it to tailings. The leach and residue-flotation figures come from different samples and tests. They have not been demonstrated together in an integrated test and should not be combined to estimate project recovery. The key question is how much cobalt can be extracted from the concentrate, by what method and at what cost. Coda’s preferred option is to return the concentrate to the proposed chloride leach circuit. If successful, this could avoid a separate hydrometallurgical (metal-extraction) circuit. Copper and silver were also concentrated above their residue head grades (Table 1), giving them another opportunity for recovery if re-leaching proves effective. The concentrate’s copper 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 0 10 20 30 40 50 60 70 80 90 100 Grade (Co%) Cobalt Recovery (%) Cobalt Flotation Recovery JR009 JR012 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 grade is broadly in line with the Emmie Bluff Mineral Resource; its effect on run-of-mine feed grades remains to be assessed. Laboratory testing is underway. If re-leaching does not prove viable, Coda could assess a dedicated circuit to treat carrollite, the principal cobalt-bearing mineral. The small amount of concentrate suggests such a circuit could be modest in scale relative to the main plant. Its size and cost would need to be established through further testwork and engineering design. Figure 2 Conceptual simplified flowsheet currently under consideration. Leach residue flotation followed by re-leaching through the original chloride-leach circuit is the Company’s preferred option, and results from testwork on this pathway are currently pending. Figure footnotes, see below3. Next Steps Coda is testing whether cobalt in carrollite can be extracted by a second chloride leach. The current work involves regrinding leached residue to break up any surface coatings that may prevent the solution reaching the cobalt minerals (passivating layers), followed by a 24-hour re-leach under the proposed base-case conditions outlined in last month’s announcement. Further work will assess the amount of cobalt that can be extracted from the concentrate and the cost of doing so. Locked- cycle tests will recycle and refloat cleaner tailings to assess recovery when material passes through the process more than once. Variability tests will assess performance across different samples from the deposit, using residue generated by the ongoing PFS chloride leach programme. These results and an economic assessment will determine whether residue flotation is included in future project studies. This work concerns flotation after leaching. Separately, Coda retains the option to use flotation as the primary processing route if that proves technically or financially preferable. Coda will update the market as work progresses. 3 Figure 2 footnotes: a. Assumes the 39.7% (rounded) representative average extraction reported on 25 September 2026 as “Strong Copper and Silver Results Drive Elizabeth Creek PFS – Amended Announcement”, available at https://codaminerals.com/announcements/7753644 b. See Table 1. c. Requires demonstration of successful re-leach of carrollite in the primary chloride leach lixiviant mix. d. Assumes the 39.7% as per footnote a. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Technical Details Sample Compositing and Drillhole Details Samples were selected based primarily on availability of residue generated during the whole-ore chloride leach testwork programme. Testwork for JR009 was undertaken on samples derived from drillhole DD25EB0044. Tests JR011 and 012 were undertaken on samples from drillholes DD25EB0047A, DD25EB0048 and DD26EB0049. Cobalt is hosted primarily as carrollite. Collar details for these drillholes are provided as Table 2 and displayed as Error! Reference source not found.. Constituent sample assays are provided as Table 4. Table 2 Drillhole collar details for holes utilised in recent metallurgical test work at Elizabeth Creek. All collars are reported in GDA94, MGA Zone 53. Prospect HoleID Easting (mE) Northing (mN) RL (m AHD) EOH Depth (m) Collar Dip (deg) Collar Azi (deg) EOH Dip (deg) EOH Azi (deg) Survey Method Tenement Associated Test. Emmie Bluff DD25EB0044 706035 6555310 162 465.38 -70 345 -67.28 346.52 GPS EL 6265 JR009 Emmie Bluff DD25EB0047A 706307 6555776 161 468 -70 130 -72.87 130.41 GPS EL 6265 JR011, JR012 Emmie Bluff DD25EB0048 706293 6556351 169 474.39 -75 270 -74.52 265.79 GPS EL 6265 JR011, JR012 Emmie Bluff DD26EB0049 705237 6556215 162 459.4 -70 190 -69.66 190.31 GPS EL 6265 JR011, JR012 Flotation Methodology All tests were performed with 500 g charge of leach residue at 33% w/w solids in tap water at ambient temperature, natural pH (about 7.4–8.2). Residue was pre-screened at 75 µm, with the oversize ground to 100% passing 75 µm. JR012 included a polishing regrind. Tests used a four-stage rougher with a dithiophosphate and xanthate collector suite and NaSH sulphidisation. JR011 used a single cleaner stage. JR012 used two cleaner stages and a recleaner. Roughing was done in a 1.1 L cell and cleaning in a 0.5 L cell. The tests were open circuit, so cleaner tails were not recycled. JR011 exhibited unstable froth behaviour and air flow had to be adjusted heavily to maintain froth height. This behaviour was largely managed in JR012. Table 3 Full results for major economic metals at Elizabeth Creek. JR011 and JR012 used the same homogenised material. Test Final con mass pull (%) Element Head, calc. (%) Head, assay (%) Concentrate Grade (%) Recovery Upgrade ratio JR009 5.5 Cu (%) 0.49 0.53 3.72 41.5% 7.6× Co (%) 0.096 0.1 1.28 73.0% 13.4× Ag (g/t) 2.1 3 25.3 66.6% 12.2× Zn (%) 0.045 0.04 0.28 34.4% 6.3× JR011 12.9 Cu (%) 0.15 0.2 0.42 36.7% 2.8× Co (%) 0.07 0.073 0.42 77.4% 6.0× Ag (g/t) 0.7 <1 2 37.5% 2.9× Zn (%) 0.01 <0.01 0.035 45.9% 3.6× JR012 4 Cu (%) 0.15 0.2 1.27 34.8% 8.6× Co (%) 0.072 0.073 1.48 83.3% 20.6× Ag (g/t) 0.9 <1 10.6 47.1% 11.7× Zn (%) 0.013 <0.01 0.075 24.0% 5.9× 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Figure 3 Drillhole collar locations of holes utilised in recent metallurgical test work at Elizabeth Creek. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Table 4 Details for samples used in metallurgical testwork composite generation. Samples were generated from coarse reject following assay. Samples marked with an asterisk were duplicates. Hole Test Sample From To Int. Cu Co Ag Ni Zn Pb Mg Fe S m m % ppm ppm ppm ppm ppm % % % DD25EB0044 JR009 D25Z0447 423.10 423.32 0.22 2.83 2110 22.6 315 2110 1650 1.52 2.61 1.47 DD25EB0044 JR009 D25Z0448 423.32 423.78 0.46 2.32 2760 15.0 355 2370 1640 1.91 2.92 2.25 DD25EB0044 JR009 D25Z0449 423.78 424.38 0.60 1.42 262 15.2 70 2330 1460 1.96 3.38 2.41 DD25EB0044 JR009 D25Z0450 424.38 425.38 1.00 0.24 137 7.6 60 2110 520 2.53 3.64 1.84 DD25EB0047A JR011, JR012 D25Z0711 448.09 448.24 0.15 0.924 206 9.4 75 2450 1430 1.96 3.11 2 DD25EB0047A JR011, JR012 D25Z0712 448.24 448.42 0.18 0.673 152 7 50 1240 200 2.83 2.98 1.41 DD25EB0047A JR011, JR012 D25Z0713 448.42 448.68 0.26 1.19 533 5.4 80 1850 297 3.32 2.93 1.47 DD25EB0047A JR011, JR012 D25Z0714 448.68 448.82 0.14 2.51 1750 12.8 215 8190 2070 2.69 2.36 1.71 DD25EB0047A JR011, JR012 D25Z0715 448.82 449 0.18 1.68 41 23.4 25 4400 1410 4.51 1.98 0.69 DD25EB0048 JR011, JR012 D25Z0723 429.68 430.56 0.88 1.47 1220 11.4 190 1300 594 3.89 1.64 0.775 DD25EB0048 JR011, JR012 D25Z0724 430.56 430.9 0.34 2.34 1950 13.8 270 2260 766 2.26 3.05 2.8 DD25EB0048 JR011, JR012 D25Z0725 430.9 431.69 0.79 1.52 615 13.4 105 2200 764 2.5 3.16 2.41 DD25EB0048 JR011, JR012 D25Z0726 431.69 431.92 0.23 0.702 182 7.2 45 1020 628 4.97 2.88 1.47 DD25EB0048 JR011, JR012 D25Z0766 452.57 452.71 0.14 0.423 248 12 60 322 184 1.4 4.18 2.89 DD25EB0048 JR011, JR012 D25Z0768 452.71 452.88 0.17 0.684 225 10.2 60 234 170 1.32 2.8 2.16 DD25EB0048 JR011, JR012 D25Z0769 452.88 453.02 0.14 0.427 79 3.8 25 54 86 3.08 3.87 1.96 DD25EB0048 JR011, JR012 D25Z0772 454.18 454.43 0.25 0.797 48 3.2 20 144 31 2.89 3.79 1.61 DD25EB0048 JR011, JR012 D25Z0776 455 455.21 0.21 0.315 39 2.6 20 426 30 1.18 2.73 0.91 DD25EB0048 JR011, JR012 D25Z0778* 455 455.21 0.21 0.361 33 2.6 20 412 30 1.21 2.69 0.955 DD25EB0048 JR011, JR012 D25Z0779 455.21 455.86 0.65 0.632 60 6.4 45 940 430 2.65 3.77 1.83 DD26EB0049 JR011, JR012 D25Z0806 416.61 417.16 0.55 2.67 1860 21.8 220 2790 1640 2.86 3.02 2.45 DD26EB0049 JR011, JR012 D25Z0807 417.16 417.42 0.26 0.428 94 5.4 20 738 413 6.57 3.57 0.945 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Next Steps – Wider PFS Coda continues to progress the Elizabeth Creek PFS across multiple technical disciplines, with metallurgical, engineering, groundwater and environmental work advancing alongside the test work reported in this announcement. Key areas of progress include: • Metallurgical modelling: Metallurgical modelling using the Metsim software suite is now materially advanced. Metsim is a process simulation package that builds a mass and energy balance of the proposed flowsheet, allowing laboratory test work results to be assessed at plant scale. This allows alternative flowsheet configurations, reagent and power consumption, and equipment sizing to be compared, supporting metallurgical and engineering decisions for the process plant. • Key study completions: Flood modelling and comminution (crushing and grinding) studies are materially complete. Flood modelling defines the likely extent and behaviour of flood events across the project area, supporting infrastructure design and overall site layout planning, while the comminution results will inform the design of the crushing and grinding circuits. • Groundwater drilling nearing completion: The hydrogeological drilling programme comprises six holes (three monitoring and three production bores), four at Emmie Bluff and two at Windabout. The final bore is expected to be completed in the coming days. On completion, the rig will move to the Oakden prospect to commence exploration drilling.4 • Additional environmental studies commence: A greenhouse gas assessment has commenced in support of a future Mining Lease Application. This builds on environmental work previously reported, including the groundwater assessment programme, ecological surveys and dust monitoring, which together, along with other studies yet to commence, will contribute to the baseline information required for project approvals. Together, these workstreams are building the technical foundation for the PFS. Further updates are expected as studies are completed and their results are assessed. 4 For more details on the upcoming Oakden drill programme, please see “Oakden Shallow Copper Drilling Set to Commence”, reported to the market on 19 August 2026, available at https://codaminerals.com/announcements/7689976 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 - This announcement has been authorised for release by the Board of Coda Minerals Ltd. Further Information: Chris Stevens Chief Executive Officer Coda Minerals Limited info@codaminerals.com Competent Person’s Statement The information in this report which relates to metallurgical results is based on, and fairly represents, information compiled by Mr Nick Vines, who is an employee of Strategic Metallurgy Pty Ltd. Mr Vines is a Member of the Australasian Institute of Mining and Metallurgy and has 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. Mr Vines consents to the inclusion in this report of the matters based on the information compiled by him, in the form and context in which it appears. Cautionary Statement Regarding Metallurgical Test Work The Company advises that the metallurgical results presented in this announcement are preliminary in nature and based on early-stage test work. While the test work has been conducted and reported with due care, and while it is the opinion of Coda’s technical experts and its metallurgical consultants that the laboratory results relied on in this release are likely to be applicable to all the mineralogically and geologically similar deposits at Elizabeth Creek, further work is required to confirm this belief. The applicability of these results across the broader Elizabeth Creek Project, including additional variability testing at Emmie Bluff, as well as assessment of the technique at the MG14 and Windabout deposits, are planned parts of Coda’s ongoing PFS, but this test work has not yet been completed. Investors are cautioned that these results are not definitive and should not be relied upon as a basis for investment decisions. Additional test work and analysis yet to be undertaken (as described in the body of the text) are expected to provide greater confidence when estimating the economic potential of the Project at PFS level. This test work will be required before any production, or economic outcomes can be confirmed. Forward-Looking Information: This announcement contains ‘forward-looking statements’ that are based on the Company’s current expectations, estimates, forecasts and projections about the Company and the industry in which it operates as at the date on which the statements are made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Forward-looking statements are often, but not always, identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘seek’, ‘forecast’, ‘plan’, ‘evolve’ and ‘scheduled’, and statements that an event or result ‘may’, ‘will’, ‘should’, ‘could’, ‘would’ or ‘might’ occur or be achieved, and other similar 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 expressions. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such statements. Persons reading this announcement are cautioned that such statements are only predictions and that the Company’s actual future results or performance may be materially different. The past performance of the Company is no guarantee of future performance. None of the Company or any of its directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward-looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 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-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. 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-silver-cobalt deposit at Elizabeth Creek, which was later updated in January of 2024. The Mineral Resource comprises 40.2Mt @ 1.27% copper, 569ppm cobalt, 17g/t silver and 0.17% zinc (1.87% Copper Equivalent (CuEq)) containing approximately 510kt copper, 23kt cobalt, 21.7Moz silver and 70kt zinc (751kt CuEq)5. Importantly, 95% 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-silver-cobalt deposits at Elizabeth Creek, including JORC 2012 compliant Indicated Mineral Resources at the Windabout (18Mt @ 1.41% CuEq) and MG14 (1.8Mt @ 1.67% CuEq) deposits6. Collectively, the three resources at Elizabeth Creek now host a total of over 1 million tonnes of contained copper equivalent. A Scoping Study into the development of the deposits at Elizabeth Creek was first released in March 20237 and subsequently updated in January8, March9, and December 202410, with the most recent updates completed in August 202511 and February 202612 (commodity price update). These latest studies incorporated increased copper and silver recoveries through a simplified whole-ore leach flowsheet, delivering stronger economics and lower costs. The result is a significantly strengthened copper–silver base case project, with a pre-tax NPV7 of $2.25 billion and an IRR of 56%, producing an average of 31.4kt of copper and 1.4Moz of silver per annum over a 15.5-year mine life. The revised copper–silver base case forms the foundation for the ongoing Prefeasibility Study, with cobalt providing future upside potential. The Scoping Study referred to in this report is based on low-level technical and economic assessments, and is insufficient to support estimation of Ore Reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the Scoping Study will be realised. Coda is rapidly advancing a fully funded Pre-Feasibility Study (PFS) at Elizabeth Creek with an aggressive ongoing work programme with the aim to advance the Elizabeth Creek Copper-Silver Project towards development and commercialisation. 5 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics Competent Person: Dr Michael Cunningham. 6 2020.10.26 - Confirmation Statements JORC, Competent Person: Tim Callaghan. 7 2023.03.23 - Elizabeth Creek Copper-Cobalt Project Positive Scoping Study 8 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics 9 2024.03.14 – Further Key Improvement in Underground Project Economics 10 2024.12.03 – New Resources, Higher Recoveries Boost Elizabeth Creek Value. See below for LR 5.23.2 Statement. 11 2025.08.28 - New Flowsheet Delivers Significant Cu-Ag Economic Uplift 12 2026.02.17 - Elizabeth Creek Project Economics Strengthen on Price Update 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Elizabeth Creek Mineral Resources Table 5 Aggregated Mineral Resources at Elizabeth Creek OPEN PIT Proposed Tonnage Cut-off Copper Cobalt Silver Zinc Copper Equivalent Resource Category Type Mining Mt Grade Grade Contained Grade Contained Grade Contained Grade Contained Grade Contained Method (% Cu) Metal (t) (ppm Co) Metal (t) (g/t Ag) Metal (Moz) (ppm Zn) Metal (t) (% CuEq) Metal (t) MG14 Indicated Zambian Open Pit 1.8 0.5% CuEq 1.2% 22,700 330 600 14 0.8 1.7% 30,600 Cattle Grid South Inferred Breccia Open Pit 5.8 0.2% Cu 0.6% 36,000 120 700 3.5 0.7 684 4000 36,00013 Windabout Indicated Zambian Open Pit 17.7 0.5% CuEq 0.8% 136,100 490 8700 8 4.6 1.4% 249,100 Sub Totals Indicated Zambian Open Pit 19.5 0.5 CuEq 0.8% 158,800 480 9300 8.5 5.4 1.4% 316,000 (Open Pit) Inferred Breccia Open Pit 5.8 0.2% Cu 0.6% 36,000 120 700 3.5 0.7 684 4,000 UNDERGROUND Proposed Tonnage Cut-off Copper Cobalt Silver Zinc Copper Equivalent Resource Category Type Mining Mt Grade Grade Contained Grade Contained Grade Contained Grade Contained Grade Contained Method (% Cu) Metal (t) (ppm Co) Metal (t) (g/t Ag) Metal (Moz) (ppm Zn) Metal (t) (% CuEq) Metal (t) Indicated Zambian Underground 37.5 1% CuEq 1.3% 485,000 590 22,000 17 20.6 1800 66000 1.9% 715,000 Emmie Bluff Inferred Zambian Underground 2.7 1% CuEq 0.9% 26,000 280 1,000 12 1.1 1700 5000 1.3% 36,000 Sub Total (Underground) Combined Zambian Underground 40.2 1% CuEq 1.3% 511,000 570 23,000 16.8 21.7 1700 70000 1.9% 751,000 Project Wide Total14 65.5 Mt 705,800t Contained Cu 33,000t contained Co 28 Moz Contained Ag 75,000t Contained Zn15 1,067,000t contained CuEq 13 No Copper Equivalent was calculated for Cattle Grid South. Contained CuEq