Elizabeth Creek Project Expands with New Copper-Cobalt Shale Discovery and $4.97M Cash

Exploration Breakthrough at Emmie East

Coda Minerals has reported a significant advancement in its Elizabeth Creek Copper-Cobalt-Silver Project in South Australia following the completion of a four-hole diamond drilling program at the Emmie East prospect. The highlight was the intersection of mineralised Tapley Hill Formation shale approximately 1,600 metres southeast of the established Emmie Bluff Mineral Resource. This marks the first drill-confirmed occurrence of copper-bearing shale outside the main resource area, suggesting the potential for a materially larger deposit.

The drilling campaign, guided by active seismic geophysics, successfully identified a second substantial shale body south of Emmie Bluff. While some shale encountered was oxidised and unmineralised, the presence of fresh, mineralised shale in Hole 38 opens new exploration avenues. The findings indicate that the mineralised basin extends further than previously mapped, with significant areas remaining untested, particularly to the northeast of the new discovery.

Innovations in Metallurgical Processing

In parallel with exploration, Coda has initiated two metallurgical testwork programs aimed at optimising the processing flowsheet. The first program evaluates ammoniacal whole-ore leaching technology, which could potentially replace both flotation and Albion™ leaching steps, streamlining operations. The second assesses the Halion Loop technology as a lower-cost alternative to Albion™, focusing on copper-cobalt concentrate processing. These technologies promise to enhance metal recoveries and reduce capital expenditure, critical factors for project economics.

Results from these testwork programs are expected in the coming quarter and will inform the selection of the most economically viable processing route. This focus on flowsheet optimisation underscores Coda’s commitment to advancing Elizabeth Creek towards commercial viability with an efficient and cost-effective operation.

Corporate and Financial Position

Financially, Coda Minerals ended the March 2025 quarter with $4.97 million in cash, positioning the company well to fund ongoing exploration and development activities. Operating cash outflows were $0.94 million for the quarter, primarily driven by exploration expenditure and corporate administration costs. The company also appointed Chris Burton as Chief Financial Officer, signaling strengthened leadership as it progresses its strategic objectives.

Importantly, Coda continues to advance environmental and regulatory approvals for Elizabeth Creek under South Australian jurisdiction, a critical step towards project development. The company’s leadership remains optimistic despite global market volatility, buoyed by strong copper prices and a notable 41% increase in cobalt spot prices driven by supply constraints in the Democratic Republic of Congo.

Looking Ahead

With the Emmie East drilling results currently under evaluation, Coda plans to refine targeting strategies for both copper-cobalt-silver and copper-gold mineralisation. The integration of geophysical insights from the recent campaign is expected to enhance future exploration efficiency. Meanwhile, metallurgical testwork outcomes will be pivotal in shaping the project’s processing approach and capital requirements.

Overall, these developments reinforce Elizabeth Creek’s potential as a significant source of critical minerals in Australia, aligning with growing global demand for copper and cobalt in clean energy technologies. Investors and stakeholders will be watching closely as Coda navigates the next phases of exploration, testwork, and regulatory milestones.