Elizabeth Creek’s $1.3B NPV Backed by 70% Drilling Completion and Rising Metal Prices
Coda Minerals has resumed its extensive diamond drilling program at the Elizabeth Creek Copper-Silver Project, progressing towards a pivotal Pre-Feasibility Study with strong commodity price tailwinds. Approximately 70% of drilling is complete, setting the stage for updated resource estimates and enhanced project economics.
- Drilling recommenced at Emmie Bluff with ~70% of program completed
- Pre-tax NPV estimated at $1.3 billion with 39% IRR in latest scoping study
- Copper and silver prices significantly exceed prior study assumptions
- Ongoing metallurgical testing and updated mineral resource estimates underway
- Pre-Feasibility Study advancing rapidly with key approvals and contracts in progress
Drilling Momentum at Elizabeth Creek
Coda Minerals has restarted its major diamond drilling campaign at the Elizabeth Creek Copper-Silver Project in South Australia, focusing on the flagship Emmie Bluff deposit. The program, involving three rigs and targeting 6,000 to 7,000 metres of core, is now approximately 70% complete, with drilling finished at the MG14 and Windabout deposits and significant progress made at Emmie Bluff.
This drilling is critical for refining the mineral resource estimates, collecting metallurgical samples, and gathering geotechnical data to support the ongoing Pre-Feasibility Study (PFS). The company expects to complete drilling by the end of January 2026, with assay and geotechnical results to follow shortly thereafter.
Robust Economics Backed by Commodity Price Upside
The latest scoping study update from August 2025 estimates a pre-tax net present value (NPV) of approximately $1.3 billion and an internal rate of return (IRR) of 39% for Elizabeth Creek. Notably, the copper and silver spot prices at the time of this announcement are 37% and 167% higher, respectively, than those assumed in the study, suggesting substantial upside potential when economic models are refreshed.
Coda’s CEO Chris Stevens highlighted that the improved commodity prices, combined with advances in metallurgical processing; specifically the whole-ore chloride leach technology; could materially enhance project viability. Silver, in particular, is becoming a more significant revenue contributor, aligning with its growing strategic importance globally.
Advancing Towards Development Readiness
The PFS is progressing swiftly, supported by the appointment of an experienced Study Manager and the awarding of major work-package contracts. Alongside drilling, Coda is conducting metallurgical variability testing and hydrogeological studies, which will feed into an integrated mine plan optimisation study. This study aims to confirm the preferred development scenario and update production schedules and project economics.
Environmental and mining approvals are also advancing, positioning Elizabeth Creek towards development readiness. The project hosts over one million tonnes of contained copper equivalent across three deposits; Emmie Bluff, Windabout, and MG14; making it a significant asset within South Australia’s Olympic Copper Province.
Looking Ahead
With drilling nearing completion and a strong pipeline of assay results and technical studies forthcoming, Coda is well placed to refine its resource base and economic outlook. The company’s focus on leveraging improved commodity prices and metallurgical breakthroughs could unlock further value, potentially extending mine life and enhancing production profiles.
Investors and industry watchers will be keenly awaiting the updated mineral resource estimates and the final PFS outcomes, which will provide clearer insight into the project’s commercial potential and timing.
Bottom Line?
As Coda wraps up drilling and advances its PFS, Elizabeth Creek stands poised to capitalise on rising copper and silver markets, but assay results and approvals remain key milestones ahead.
Questions in the middle?
- How will upcoming assay results influence the updated mineral resource estimates?
- What impact will metallurgical variability testing have on processing costs and recoveries?
- How soon can Coda secure environmental and mining approvals to maintain development momentum?
