Coda Minerals secured $12.33 million in capital to advance a major drilling campaign and pre-feasibility study at its Elizabeth Creek copper-silver project, maintaining a strong cash position as commodity prices surge.
- Raised $12.33 million through entitlement offer and placements
- Completed 70% of planned 6,000-7,000m drilling by December 2025
- Appointed experienced study manager and technical consultants for PFS
- Ended quarter with $11.25 million cash on hand
- Commodity prices for copper and silver strengthened significantly
Capital Raise Fuels Ambitious Drilling Programme
Coda Minerals Ltd has successfully completed a well-supported capital raising of $12.33 million (before costs) during the December 2025 quarter. This funding underpins the company’s largest drilling campaign at its flagship Elizabeth Creek copper-silver project in South Australia, marking a significant step forward in advancing the project’s pre-feasibility study (PFS).
The capital raise was oversubscribed and comprised an entitlement offer to existing shareholders alongside placements to institutional and sophisticated investors. In addition to the equity, the company issued options exercisable at $0.15, expiring in 2029, further aligning investor interests with the project’s development trajectory.
Drilling Progress and Technical Advancements
By the end of December 2025, Coda had completed approximately 70% of the planned 6,000 to 7,000 metres of diamond drilling across key deposits including Emmie Bluff, MG14, Windabout, and Cattle Grid South. This drilling programme is critical for gathering representative samples to support geotechnical and metallurgical testwork, which will feed into the PFS and enable a re-estimation of the Emmie Bluff Mineral Resource.
The company has bolstered its technical team with the appointment of an experienced Study Manager and engaged specialist consultants across mining engineering, metallurgy, and project management disciplines. These enhancements aim to ensure the PFS is delivered with robust technical and economic rigor, particularly in light of the recent surge in copper and silver prices.
Strong Commodity Prices Reinforce Project Economics
During the quarter, copper prices climbed above US$13,000 per tonne, while silver approached and then exceeded US$100 per ounce. These elevated commodity prices provide a more favourable backdrop for the Elizabeth Creek project, potentially enhancing its economic viability. Coda’s leadership emphasises the importance of progressing the PFS with conservative assumptions despite the stronger pricing environment, ensuring a disciplined evaluation of development options.
Financial Position and Upcoming Work
At quarter’s end, Coda held $11.25 million in cash and cash equivalents, reflecting a solid financial position to support ongoing exploration and study activities. Operating cash outflows of $3.02 million were primarily directed towards drilling and site costs, alongside corporate and administrative expenses.
Looking ahead, the company plans to complete the current drilling programme by late January 2026, followed by staged demobilisation and site rehabilitation. The March quarter will see the commencement of water bore drilling to assess groundwater potential, alongside continued metallurgical variability testing and geotechnical studies. These efforts are expected to generate progressive technical updates as the PFS advances through 2026.
Strategic Outlook
Coda Minerals remains focused on delivering a comprehensive PFS for Elizabeth Creek, which will underpin future development decisions. The combination of a well-funded drilling campaign, strengthened technical expertise, and a supportive commodity price environment positions the company to unlock value from its substantial mineral resources. Investors will be watching closely for assay results and technical milestones in the coming months as the project’s potential crystallises.
Bottom Line?
With drilling nearing completion and a strong cash buffer, Coda is poised to translate exploration into tangible project value amid rising copper and silver markets.
Questions in the middle?
- When will the first assay results from the late-2025 drilling be released, and what might they reveal about resource quality?
- How will the upcoming metallurgical and geotechnical testwork influence the final PFS outcomes and project economics?
- What are the company’s plans for further capital raising or project financing beyond the current cash runway?