Coda Minerals Advances Elizabeth Creek with Key PFS Data and $4.7m Placement

Engineering and Environmental Foundations Strengthen Elizabeth Creek

Coda Minerals (ASX:COD) has taken significant strides in advancing its 100%-owned Elizabeth Creek Copper-Silver Project in South Australia during the June 2026 quarter. The delivery of a high-precision 480km² airborne LiDAR terrain model has provided an engineering backbone for mine planning, infrastructure layout, and environmental studies, enabling parallel progress across multiple workstreams.

Following quarter-end, the South Australian Department for Energy and Mining formally gazetted the project’s Scoping Report, establishing a binding framework for environmental studies and setting a clear pathway towards the Mining Lease Application. This regulatory milestone reduces uncertainty and locks in the scope of data collection required for approvals.

Hydrogeological Drilling and Exploration Drilling on the Horizon

The company has commenced a targeted hydrogeological drilling program comprising six bores across Emmie Bluff and Windabout prospects. These bores will underpin critical water management decisions, mine dewatering strategies, and environmental approvals by providing data on aquifer characteristics and groundwater response. Notably, one monitoring bore is positioned near previously identified sub-economic copper mineralisation outside the current resource boundary, offering incidental exploration potential.

Once hydrogeological drilling concludes, Coda plans to relocate the rig to the Oakden prospect, a new shallow open-pit target within the Elizabeth Creek tenure. This follow-up program will involve approximately 5–6 reverse circulation drill holes to test the target’s potential, further expanding exploration exposure.

Metallurgical and Mine Planning Progress Towards PFS Completion

Metallurgical test work continues to refine the processing pathway options, with ongoing chloride leaching and flotation test programs designed to inform a trade-off study that will determine the preferred flowsheet. These studies are critical to optimising recoveries and project economics.

Mine planning and resource estimation are advancing in tandem, pending final geotechnical laboratory results. The recent LiDAR data also supports detailed design work on the Tailings Storage Facility and other non-process infrastructure, ensuring integrated development planning.

Corporate Strength Bolsters Development Activities

Coda’s financial position remains robust following an oversubscribed $6.7 million placement priced at $0.13 per share, with $4.7 million raised in tranche 1 during the quarter. The company ended June with $10.77 million in cash, supported by an expected additional $2 million pending shareholder approval at the upcoming 3 August 2026 meeting. This funding underpins ongoing PFS workstreams and exploration drilling.

Operating cash outflows amounted to $2.55 million for the quarter, primarily reflecting drilling, technical advisory fees, and corporate costs. The company confirms no mining production or development activities occurred during this period.

Looking Ahead: Key Catalysts and Milestones

In the coming months, Coda will focus on completing hydrogeological drilling and initiating exploration at Oakden, alongside progressing metallurgical test work and finalising mine design. The company targets delivery of the Elizabeth Creek Pre-Feasibility Study in Q1 2027, a milestone that will integrate updated resource estimates, processing pathway selection, and infrastructure plans.

Environmental approvals will continue to advance, with the Scoping Report’s gazettal marking the formal start of the approvals pathway. Subsequent environmental impact assessments will build on this foundation as Coda moves closer to submitting its Mining Lease Application.