$6.7m Placement Accelerates Elizabeth Creek PFS Workstreams

Placement Raises $6.7 Million to Accelerate PFS

Coda Minerals (ASX:COD) has completed an oversubscribed $6.7 million placement at $0.13 per share, attaching listed options exercisable at $0.15 each on a 1-for-4 basis. The capital raise, targeted at institutional and sophisticated investors, is designed to expedite critical Pre-Feasibility Study (PFS) workstreams at the Elizabeth Creek Copper-Cobalt Project in South Australia’s Olympic Copper Province.

Following the placement, Coda’s cash reserves stand at approximately $13 million, providing a solid financial runway to advance multiple parallel technical and environmental programs. The decision to raise funds, despite a prior cash balance of around $7 million, reflects a strategic choice to accelerate high-value activities that could materially enhance the PFS quality and project de-risking.

Expanded Metallurgical and Hydrogeological Programs

The placement proceeds will fund an expanded metallurgical program, including lock-cycle testing brought forward from later study phases. This early testing aims to validate key processing assumptions sooner, increasing confidence in the project’s development pathways. Additional hydrogeological drilling and approvals-related activities are also planned to support water supply assessments and regulatory compliance.

These initiatives come as part of a broader push to address technical uncertainties and strengthen the robustness of the PFS. With resource drilling now complete and environmental surveys underway, the company is positioning Elizabeth Creek as a technically and commercially credible copper-cobalt development.

Project Milestones and Workstream Progress

Significant progress is evident across the project’s key workstreams. The 19-hole infill and geotechnical drilling program has been fully completed, supporting an updated Mineral Resource Estimate (MRE) expected by early July 2026. Stage 1 approvals, including a Scoping Agreement with South Australian authorities, are nearing completion, while water drilling is scheduled to commence imminently.

Additional environmental and ecological surveys have begun their second phase, and tailings storage facility studies are underway. Lidar and aerial surveys are slated for late June, with integrated mine planning across two open pits and a 400m underground operation set to follow the MRE update.

Placement Structure and Shareholder Involvement

The placement was led by Cumulus Wealth and Leeuwin Wealth as joint lead managers and was strongly supported, with demand exceeding the amount raised. Approximately 35.8 million shares were issued under existing placement capacity, with a further 15.4 million shares and 12.9 million attaching options subject to shareholder approval at an upcoming general meeting.

Notably, company directors have subscribed for over 1.1 million shares and nearly 290,000 options, signaling internal confidence in the project’s trajectory. Broker options totaling 7.7 million, exercisable at $0.26, will also be proposed for shareholder approval.

No Material Changes to Resource Estimates

Coda confirmed that there have been no material changes to previously reported mineral resource estimates or production targets. The company reiterated that all underlying assumptions and technical parameters remain valid, maintaining consistency with prior announcements on the Emmie Bluff, Windabout, MG14, and Cattle Grid South deposits.

This continuity provides a stable foundation as the PFS workstreams progress, with the updated resource estimation and ongoing metallurgical test work expected to refine the project’s development case further.