CODA MINERALS LTD — Capital/Financing Update 2021

Mar 21, 2021

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ASX RELEASE 22[nd] March 2021

ASX Code: COD

Latest Assay Results Confirm Extent, Grade and Continuity of Copper-Cobalt Mineralisation at Emmie Bluff

Results from latest two holes of 17-hole diamond drill program continue to support objective of delivering a Maiden Mineral Resource Estimate in Q3 2021

Highlights

• Latest assay results continue to strongly validate the Emmie Bluff Exploration Target[1] , demonstrating increased thicknesses of mineralisation on the eastern side

• Every hole drilled within the defined Exploration Target area has encountered significant coppercobalt mineralisation

• New intercept of 7.58m @ 1.51% CuEq[1] demonstrates potential for thick intersections on the eastern side of the embayment, with widths such as this previously only seen on the western side

• Early work has commenced on the estimation of Maiden JORC 2012 Mineral Resource Estimate, which is expected to be completed in Q3 2021

• Coda has a current cash balance of +$10 million, with the Company fully funded to complete the Mineral Resource estimation process

Coda Minerals Limited (ASX:COD, “Coda” or “the Company”) is pleased to announce assay results from two drill holes that were undertaken during its recently completed 17-hole diamond drill programme at the Emmie Bluff prospect, part of its Elizabeth Creek Copper-Cobalt Project in the heart of the Olympic Copper Province in South Australia (See Figure 1).

Coda is the operator and majority owner of the Elizabeth Creek Project, holding a 70% interest alongside Torrens Mining (ASX: TRN), which holds a 30% interest.

The new assay results, from holes DD21EB0008 and DD21EB0009, include the following significant intercepts at a 0.3% copper equivalent (CuEq) cut-off:

• DD21EB0008: 3.56m @ 1.07% CuEq (0.64% Cu, 360ppm Co, 9.2g/t Ag) from 419.19m including o 1.83m @ 1.74% CuEq [2] (1% Cu, 615ppm Co, 10.3g/t Ag) from 419.96m (0.5% CuEq cutoff).

• DD21EB0009 : 7.58m @ 1.51% CuEq (0.84% Cu, 558ppm Co, 8.1g/t Ag) from 440.63m, including o 3.77m @ 2.1% CuEq (1.16% Cu, 784ppm Co, 13.8g/t Ag) from 440.63m (0.5% CuEq cutoff). o 1.02m @ 1.26% CuEq (0.91% Cu, 302ppm Co, 6.9g/t Ag) from 444.74m (0.5% CuEq cutoff). o 0.44m @ 2.63% CuEq (0.92% Cu, 1420ppm Co, 2.6g/t Ag) from 447.77m (0.5% CuEq cutoff).

1 The information related to the Emmie Bluff Exploration Target is extracted from the report entitled “Confirmation Statements JORC” created on 26[th] October 2020 and is available to view on https://www.codaminerals.com/wpcontent/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-Statements-JORC.pdf The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement

2 Cu Eq = Cu % + (Co ppm*0.0012). Please see Coda Announcement “Appendix to the Annual Report 2020 – Mineral Resource and Ore Reserve Statement”, released 31/07/2020, available at https://www.codaminerals.com/wpcontent/uploads/2020/08/Coda_Announcement_Resource-and-Reserve-statement-2020_Typeset.pdf for derivation.

6 Altona Street E: info@codaminerals.com West Perth Western Australia, 6005 ABN 49 625 763 957

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The Cu-Co sulphide mineralisation at Emmie Bluff typically occurs on both the upper and lower contacts of the host Tapley Hill Formation black shale. These two horizons can merge into a single lode as the host rock thins out at the edges of the basin, as exhibited in the thickened mineralisation in hole DD21EB0009 (7.58m @ 1.51% CuEq from 440.63m). This is considered particularly significant, as it demonstrates that thick intersections associated with the fringes of the embayment continue into the eastern side of the deposit. This implies a strong potential to optimise grade/tonnage trade off based on possible mining methods in a potential future resource. These opportunities will be followed-up in a mining study expected to be completed in Q2 2021

These results, together with the results previously announced[3] , continue to strongly validate the Emmie Bluff Exploration Target and support the Company’s goal of completing a maiden JORC 2012 Mineral Resource Estimate in Q3 2021.

The Emmie Bluff Exploration Target comprises 46 to 77 million tonnes at an estimated grade of between 0.5 and 2.3% CuEq (see Table 4 and its accompanying notes). The Exploration Target area stretches over 4.5 square kilometres and to date, every hole drilled within the defined Exploration Target area has encountered mineralisation. The Company notes that the potential grade and tonnage is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The company is encouraged by results to date and is currently pursuing an aggressive exploration programme to reduce this uncertainty and intends to deliver a JORC 2012 Compliant Mineral Resource Estimate in Q3 2021.

The Emmie Bluff copper-cobalt mineralisation remains open, especially to the south-east where strong potential for subbasins and associated satellite deposits has been identified. Work to fully evaluate this area is ongoing. Coda has recently commissioned a study into the structural geology of Emmie Bluff to help explain the better-than-expected thicknesses and grades on the eastern side of the deposit.

Coda CEO Chris Stevens said: “ These results, particularly those from hole DD21EB0009, have exceeded our expectations based on our preliminary logging, confirming strong continuity of grade and delivering surprising upside in terms of width for the mineralised body, particularly on the eastern side of the embayment.

“These results confirm the robustness of our Exploration Target and bring us closer to our short-term goal of delivering a Maiden Mineral Resource Estimate for Emmie Bluff in Q3 of this year.

“We are looking forward to receiving the balance of assay results from the remaining holes, currently in the laboratory, which are also expected to contribute towards recently commenced resource estimation work.”

3 Please see previous announcement “Retraction and Re-release of Release “Assay Results Confirm Huge Lateral Extent of Emmie Bluff Copper-Cobalt Mineralisation”, released to the marker on the 12[th] of March 2021, for full details. Announcement available at https://www.codaminerals.com/wpcontent/uploads/2021/03/20210312_Coda_ASX-ANN_RETRACTION-AND-RE-RELEASE_Assay-Results-Confirm-Huge-Lateral-Extent-of-Emmie-Bluff.pdf.

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E: info@codaminerals.com ABN 49 625 763 957

6 Altona Street West Perth Western Australia, 6005

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Table 1, below, includes all mineralised drill intersections of > 0.5% Copper Equivalent (CuEq):

Table 1 All mineralised intersections from holes DD21EB0008 and DD21EB0009, 0.5% CuEq cut-off.

	0.5% CuEq Cut Off
DD21EB0008	1.83m @ 1.74% CuEq (1% Cu, 615ppm Co, 10.3g/t Ag) from 419.96m.
DD21EB0008	0.38m @ 0.69% CuEq (0.39% Cu, 245ppm Co, 8.8g/t Ag) from 423.18m.
DD21EB0008	0.37m @ 0.68% CuEq (0.49% Cu, 145ppm Co, 4.6g/t Ag) from 437.35m.
DD21EB0009	3.77m @ 2.1% CuEq (1.16% Cu, 784ppm Co, 13.8g/t Ag) from 440.63m.
DD21EB0009	1.02m @ 1.26% CuEq (0.91% Cu, 302ppm Co, 6.9g/t Ag) from 444.74m.
DD21EB0009	0.39m @ 0.85% CuEq (0.54% Cu, 259ppm Co, 2.4g/t Ag) from 446.61m.
DD21EB0009	0.44m @ 2.63% CuEq (0.92% Cu, 1420ppm Co, 2.6g/t Ag) from 447.77m.

Results summarised in Table 2 below based on a 0.3% CuEq cut-off:

Table 2 All mineralised intersections from holes DD21EB0008 and DD21EB0009, 0.3% CuEq cut-off.

	0.3% CuEq Cut Off
DD21EB0008	3.56m @ 1.07% CuEq (0.64% Cu, 360ppm Co, 9.2g/t Ag) from 419.19m.
DD21EB0008	0.38m @ 0.69% CuEq (0.39% Cu, 245ppm Co, 8.8g/t Ag) from 423.18m.
DD21EB0008	0.37m @ 0.68% CuEq (0.49% Cu, 145ppm Co, 4.6g/t Ag) from 437.35m.
DD21EB0009	7.58m @ 1.49% CuEq (0.84% Cu, 558ppm Co, 8.1g/t Ag) from 440.63m, including 1.45m @ 3.51% CuEq (1.91% Cu, 1339ppm Co, 23.2g/t Ag) from 441.09m.

Previously Announced Results

Drillholes previously announced to the market are summarised as Table 3, below. Collar locations can be seen in Figure 2.

Table 3 Emmie Bluff Drilling Results, 0.5% CuEq cut-off.

HoleID	Collar Location	Results
DD20EB0001	Outside Exploration Target	Not Assayed
DD20EB0002	Outside Exploration Target	No Significant Results
DD20EB0003	Outside Exploration Target	Not Assayed
DD20EB0004	Within Exploration Target	1.75m from 405.9 @ 1.48% CuEq (1.45% Cu, 24ppm Co and 43.81g/t Ag)
DD20EB0004	Within Exploration Target	2.05m from 408.95 @ 4.09% CuEq (1.76% Cu, 1,936ppm Co and 16.89g/t Ag)
DD20EB0004	Within Exploration Target	1.51m from 434.34 @ 1.83% CuEq (1.62% Cu, 179ppm Co and 11.88g/t Ag)
DD20EB0005	Within Exploration Target	1.5m from 351.9 @ 0.7% CuEq (0.68% Cu, 15ppm Co and 17.17g/t Ag)
DD20EB0005	Within Exploration Target	1.28m from 364.85 @ 0.9% CuEq (0.71% Cu, 156ppm Co and 5.87g/t Ag)
DD20EB0006	Outside Exploration Target	Not Assayed
DD20EB0007	Within Exploration Target	3.49m from 454.2 @ 2.22% CuEq (1.47% Cu, 620ppm Co and 17.45g/t Ag)

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E: info@codaminerals.com

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Figure 1 The Elizabeth Creek Copper-Cobalt Project in South Australia

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Figure 2 Emmie Bluff Exploration Target with preliminary implicit model of the host Tapley Hill Formation shale and drillholes completed to date.

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Figure 3 Implicit model of Tapley Hill Formation at Emmie Bluff showing new and historical mineralised holes within the Emmie Bluff Exploration Target. Assays are pending for Holes DD21EB0014 and DD21EB0013

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ABN 49 625 763 957

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The Emmie Bluff Exploration Target

The Emmie Bluff Exploration Target was first defined in 2019, and most recently updated in 2020.[4] It consists of two layers of laterally extensive copper-cobalt-silver mineralisation at the upper and lower contacts of the Tapley Hill Formation black shale, with a combined tonnage of 46 to 77 million tonnes and an estimated grade of between 0.5 and 2.3% CuEq . The Company notes that the potential grade and tonnage is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Table 4 Emmie Bluff Exploration Target.

Mineralisation Area	Layer Thickness (m)	Volume **(m3) **	Tonnage Range (Mt)	Cu Range (%)	Co Range (%)	Ag Range (%)	Cu Eq. Range5(%)
Tapley Hill Formation Upper Layer	1.7 - 6.1	14,271,000	28.7 – 47.8	0.9 - 1.6	0.04 - 0.06	11 – 19	1.4 – 2.3
Tapley Hill Formation Lower Layer	0.8 - 4.7	8,642,000	17.4 – 29.0	0.3 - 0.6	0.02 - 0.03	5 – 18	0.5 – 0.9
Total	0.8 - 6.1	22,913,000	46.1 – 76.8	0.3 - 1.6	0.02 - 0.06	5 - 19	0.5 – 2.3

This announcement has been authorised for release by the Board of Coda Minerals Ltd For more information, please contact:

info@codaminerals.com

Further Information:

Investors:

Chris Stevens Chief Executive Officer info@codaminerals.com

Media:

Nicholas Read Read Corporate nicholas@readcorporate.com.au

4 Please see ASX Announcement “Confirmation Statements (JORC)” (Confirmation of Exploration Target & Mineral Resource and Ore Reserve Statement) , released to the ASX on 23[rd] October 2020, for full details and Competent Person’s Statement.

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6 Altona Street West Perth Western Australia, 6005

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About Coda Minerals

Coda Minerals (ASX: COD) is a minerals exploration company focused on the discovery, and development of base metals, precious metals, and battery minerals.

Coda is primed to unlock the value of its highly prospective Elizabeth Creek Copper Project, which is located in the heart of the Olympic Copper, Province Australia’s most productive copper belt.

The Elizabeth Creek Copper Project covers 739 km[2] is centred 100km south of BHP’s Olympic Dam mine 15km from BHP’s Oak Dam West Project and 50 km west of OZ Minerals’ Carrapateena copper-gold project. The project includes JORC 2012compliant Indicated Mineral Resources at the Windabout and MG14 deposits, which together host a combined 159,000 tonnes of contained copper and 9,500 tonnes of contained cobalt. The project also includes Coda’s Emmie Bluff prospect, which has a JORC compliant Zambian-style copper-cobalt Exploration Target, and strong IOCG potential.

Coda is the majority owner of the Elizabeth Creek Copper Project and operator of the Farm-in and Joint Venture with Torrens Mining (ASX: TRN), which currently owns 30% of the project. Coda holds the rights and interests to earn up to 75% interest in the project under the farm-in agreement with Torrens and anticipates completing its Farm-in expenditure commitment of a total project expenditure of $ 8.62 million by Q2 2021.

Coda has a dual strategy for success at Elizabeth Creek. Firstly, it is working to further define and extend known Zambianstyle copper-cobalt resources across multiple prospects, including Emmie Bluff, Powerline, MG14 North and Hannibal. Secondly, it is planning to systematically explore, define and where appropriate, drill-test copper-gold IOCG targets. Existing IOCG targets at Elizabeth Creek include Elaine, Elizabeth North, Chianti and also Emmie Bluff Deeps, which was recently redefined through extensive geophysical work.

The company listed on the ASX in October 2020 after a successful, heavily oversubscribed IPO which is funding an aggressive exploration campaign across the Elizabeth Creek project tenure.

Confirmatory Statement

The information related to the Emmie Bluff Exploration Target is extracted from the report entitled “Confirmation Statements JORC” created on 26[th] October 2020 and is available to view on https://www.codaminerals.com/wpcontent/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-Statements-JORC.pdf The company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of the MG14 and Windabout Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement.

Forward Looking Statements

This announcement contains ‘forward-looking information’ that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the Company’s business strategy, plans, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, mineral reserves and resources, results of exploration and related expenses. Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘potential’, ‘likely’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘would’, ‘could’, ‘should’, ‘scheduled’, ‘will’, ‘plan’, ‘forecast’, ‘evolve’ and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be

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6 Altona Street E: info@codaminerals.com West Perth Western Australia, 6005 ABN 49 625 763 957

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materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information.

Competent Person’s Statement

The information in this report which relates to exploration results is based on information compiled by Mr. Matthew Weber, who is an employee of the company. Mr Weber is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Weber consents to the inclusion in this report of the matters based on the information compiled by him, in the form and context in which it appears.

E: info@codaminerals.com

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Appendix 1: Core Photos

DD21EB0008

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Figure 4 Core photos showing the mineralised intersections in hole DD21EB0008.

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E: info@codaminerals.com

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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DD21EB0009

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Figure 5 Core photos showing the mineralised intersections in hole DD21EB0009. Note the pink sandstone and grey breccia interbeds at the lower contact which are lower in Cu and are the primary cause of the internal dilution.

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ABN 49 625 763 957

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Appendix 2: Detailed Technical Information and JORC Table 1

Table 5 Completed and ongoing drillholes at Emmie Bluff at the time of publication.

HoleID	Phase	Easting	Northing	EOH(RC)	Dip	Azi	EOH(DD)	Comments
DD20EB0001	1	708140	6553048	212.7	-80	270	490.08	Results released
DD20EB0002	1	708025	6554312	251.3	-80	280	512.85	Results released
DD20EB0003	1	707260	6554861	251.4	-90	273	456.77	Results released
DD20EB0004	1	705461	6555872	-	-80	90	456.8	Results released
DD20EB0005	1	704128	6557375	155.7	-75	90	390.9	Results released
DD20EB0006	1	705158	6555872	220.5	-80	90	414	Results released
DD20EB0007	1	706583	6556580	218.7	-80	270	479.4	Results released
DD21EB0008	1	706331	6556140	218.7	-88	90	460	Results released
DD21EB0009	2	706602	6555859	218.7	-88	270	471.8	Results released
DD21EB0010	2	705715	6555250	218.7	-75	90	390.7	Completed,Results Pending
DD21EB0011	2	705937	6555248	218.7	-85	90	432.8	Completed,Results Pending
DD21EB0012	2	706651	6557401	219.6	-60	270	519.5	Completed,Results Pending
DD21EB0013	2	705408	6556132	218.7	-80	90	453.3	Completed,Results Pending
DD21EB0014	2	706490	6556220	218.7	-80	90	468.4	Completed,Results Pending.
DD21EB0015	2	707014	6556335	218.7	-85	90	465.84	Completed,Results Pending.
DD21EB0016	2	708480	6555353	218.7	-85	90	501.9	Completed,Results Pending.
DD21EB0017	2	708210	6554280	302.7	-75	180	475	Completed,Results Pending.

Table 6 Referenced Historic Completed and ongoing drillholes at Emmie Bluff

HoleID	Easting	Northing	Dip	Azi	EOH
IHAD2	705450	6557500	-90	0	1158.8
IHAD5	705119	6557882	-90	0	1152.8
IHAD6	704806	6558260	-90	0	1116.7
IHAD7	704430	6557930	-90	0	465.9
MGD 1	706687.9	6554811	-90	0	435.66
MGD 55	704100	6555500	-90	0	1107.3
MGD 57	705350	6556700	-90	0	1242.9
PEB 64	704838.9	6555982	-90	0	401
SAE 12	705879	6555682	-90	0	446.3
SAE 13	706969	6556872	-90	0	477.6
SAE 14	705429	6558162	-90	0	498.44
SAE 15	704459	6556812	-90	0	400.81
SAE 16	705929	6554722	-90	0	357.8
SAE 17	706519	6555292	-90	0	435.2
SAE 18	706439	6555362	-90	0	426.7
SAE 19	706579	6555512	-90	0	429.7
SAE 20	706309	6555212	-90	0	417.85
SAE 21	705799	6556302	-90	0	452.3
SAE 22	705279	6556962	-90	0	435.6
SAE 3	704379	6555352	-90	0	1221
SAE 4	704179	6556172	-90	0	1172.5
SAE 5	706029	6557322	-90	0	914.4
SAE 6	705029	6556222	-90	0	1200
DD18EB0001	706110	6555382	-90	0	441.88
DD19EB0001	706378	6555681	-60	90	467.5
DD18EB0002	706122	6555939	-90	0	444.04
DD19EB0002a	705792	6556452	-90	0	456.9

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ABN 49 625 763 957

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Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC	Code explanation	Commentary	Commentary
Sampling	•	Nature and quality of sampling (eg cut channels,	•	RC precollars of varying depths were drilled before drilling technique switched
techniques		random chips, or specific specialised industry		over to HQ drill core.
		standard measurement tools appropriate to the	•	Core was logged in the field and rough metal content was measured at regular
		minerals under investigation, such as down hole		intervals with a portable XRF device. XRF measurement intervals varied
		gamma sondes, or handheld XRF instruments,		depending on lithology, from 10m in suspected unmineralised strata to 10cm
		etc). These examples should not be taken as		in areas of suspected mineralisation.
		limiting the broad meaning of sampling.	•	Sampling intervals were selected by field geologist based on logging and XRF
	•	Include reference to measures taken to ensure		results.
		sample representivity and the appropriate	•	Understanding of the mineralising system based on historical drilling and the
		calibration of any measurement tools or systems		XRF results allowed large parts of the holes to remain unsampled. Typically,
		used.		sampling as restricted to the Tapley Hill Formation shale, and the material
	•	Aspects of the determination of mineralisation		immediately above and below its upper and lower contacts.
		that are Material to the Public Report.
	•	In cases where ‘industry standard’ work has been
		done this would be relatively simple (eg ‘reverse
		circulation drilling was used to obtain 1 m samples
		from which 3 kg was pulverised to produce a 30 g
		charge for fire assay’). In other cases more
		explanation may be required, such as where there
		is coarse gold that has inherent sampling
		problems. Unusual commodities or mineralisation
		types (eg submarine nodules) may warrant
		disclosure of detailed information.

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Criteria		JORC	Code explanation	Commentary	Commentary
Drilling		•	Drill type (eg core, reverse circulation, open-hole	•	All drill holes excluding holes DD20EB0004 and DD21EB0017 were drilled with
techniques			hammer, rotary air blast, auger, Bangka, sonic,		RC precollars to approximately 150 – 250m, followed by HQ standard tube
			etc) and details (eg core diameter, triple or		diamond tails to a maximum depth of between 400 and 519.5m.
			standard tube, depth of diamond tails, face-	•	DD20EB0004 was drilled as diamond from surface, commencing as PQ until
			sampling bit or other type, whether core is		50.9m, then changing over to HQ diamond for the remainder of the hole.
			oriented and if so, by what method, etc).	•	DD21EB0017 was drilled RC from surface to 302.7m, then changing over to NQ
					diamond for the remainder of the hole.
				•	Core was oriented by Ezymark core orientation tool.
Drill	sample	•	Method of recording and assessing core and chip	•	RC precollars are not believed to be relevant to the mineralising system at
recovery			sample recoveries and results assessed.		Emmie Bluff and were not assessed for recovery.
		•	Measures taken to maximise sample recovery and	•	Recovery of diamond tails was consistently excellent, with minimal core loss.
			ensure representative nature of the samples.	•	No relationship is believed to exist between sample recovery and grade.
		•	Whether a relationship exists between sample
			recovery and grade and whether sample bias may
			have occurred due to preferential loss/gain of
			fine/coarse material.
Logging		•	Whether core and chip samples have been	•	Basic stratigraphic logging has been carried out by appropriately trained and
			geologically and geotechnically logged to a level of		experienced field geologists on RC precollars.
			detail to support appropriate Mineral Resource	•	Detailed qualitative geological logging has been carried out by appropriately
			estimation, mining studies and metallurgical		trained and experienced field geologists on all diamond core. Quantitative
			studies.		logging by means of portable XRF has been undertaken on an as needed basis
		•	Whether logging is qualitative or quantitative in		in areas of prospectivity, typically utilising a 0.5m interval with interval
			nature. Core (or costean, channel, etc)		reduction down to 0.2, 0.1 or 0.05m in areas of known prospectivity (i.e. the
			photography.		upper and lower contacts of the Tapley Hill Fm shale) or where coarser analysis
		•	The total length and percentage of the relevant		revealed geochemical anomalism.
			intersections logged.

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	•	Sample intervals were defined by field geologists based on portable XRF results	Sample intervals were defined by field geologists based on portable XRF results	Sample intervals were defined by field geologists based on portable XRF results	Sample intervals were defined by field geologists based on portable XRF results
		and detailed geological logging.
	•	Core was then transported by road to Adelaide where the core was cut			by
		means of an Almonte core saw (where competent enough to do so) or by brick
		saw, where it was not.
	•	In the batch of samples discussed primarily in this announcement, a total of
		121 samples were taken, including field duplicates and standards, which were
		inserted at a 1:20 and 1:10 ratio respectively (12 standards, 6 field duplicates),
		leaving a total of 103 samples.
	•	Core was cut on a sample-by sample-basis according to need in the following
		manner:
		o Where a field duplicate was notrequired:¼ core for assay, ¼ core for
		retention by Coda on site for future review, ½ core for future
		metallurgical work (currently being held in cold storage).
		o Where a field duplicatewasrequired:¼ core for assay, ¼ core			for
		duplicate assay, ¼ core for retention by Coda on site for future review,
		¼ core for future metallurgical work (currently being held in		cold
		storage).
	•	Samples varied in width from 0.12 to 1.74m, with an average of 0.54m		per
		sample. Mineralised samples (i.e. CuEq>0.5) varied in width from 0.12			to
		0.51.m, with an average of 0.34m per sample. Full details regarding the CuEq
		calculation can be found in the body of the document.
	•	Field duplicates were taken based on sample numbers ensuring random
		selection of mineralised and unmineralized material:
	Hole ID SampleID From To Interval Cu Co		Ag
	DD21EB0008 D20A0179 417.1 417.65 0.55 10 7		<0.2
	DD21EB0008 D20A0181 417.1 417.65 0.55 12 7		<0.2
	DD21EB0008 D20A0199 424.24 424.7 0.46 301 93		6.4
	DD21EB0008 D20A0201 424.24 424.7 0.46 280 91		4.6

Sub-sampling	Sub-sampling	•	If core, whether cut or sawn and whether quarter,	•	Sample intervals were defined by field geologists based on portable XRF results
techniques			half or all core taken.		and detailed geological logging.
and	sample	•	If non-core, whether riffled, tube sampled, rotary	•	Core was then transported by road to Adelaide where the core was cut by
preparation			split, etc and whether sampled wet or dry.		means of an Almonte core saw (where competent enough to do so) or by brick
		•	For all sample types, the nature, quality and		saw, where it was not.
			appropriateness of the sample preparation	•	In the batch of samples discussed primarily in this announcement, a total of
			technique.		121 samples were taken, including field duplicates and standards, which were
		•	Quality control procedures adopted for all sub-		inserted at a 1:20 and 1:10 ratio respectively (12 standards, 6 field duplicates),
			sampling stages to maximise representivity of		leaving a total of 103 samples.
			samples.	•	Core was cut on a sample-by sample-basis according to need in the following
		•	Measures taken to ensure that the sampling is		manner:
			representative of the in situ material collected,		o Where a field duplicate was notrequired:¼ core for assay, ¼ core for
			including for instance results for field		retention by Coda on site for future review, ½ core for future
			duplicate/second-half sampling.		metallurgical work (currently being held in cold storage).
		•	Whether sample sizes are appropriate to the grain		o Where a field duplicatewasrequired:¼ core for assay, ¼ core for
			size of the material being sampled.		duplicate assay, ¼ core for retention by Coda on site for future review,

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
DD21EB0008 DD21EB0008 DD21EB0009 DD21EB0009 DD21EB0009 DD21EB0009 DD21EB0009 DD21EB0009 All results in ppm	DD21EB0008	D20A0219	432.57	433.03	0.46 0.46	110 151	34 34	3 3
	DD21EB0008	D20A0221	432.57	433.03
	DD21EB0009	D20A0239	440.4	441.1	0.7 0.7	1000 1090	31 31	1.8 1.8
	DD21EB0009	D20A0241	440.4	441.1
	DD21EB0009	D20A0259	451.86	453	1.14 1.14	59 13	4 4	<0.2 <0.2
	DD21EB0009	D20A0261	451.86	453
	DD21EB0009	D20A0279	444.74	445.25	0.51 0.51	8320 8980	321 318	7 6.8
	DD21EB0009	D20A0281	444.74	445.25

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• Criteria JORC Code explanation Commentary Quality of • The nature, quality and appropriateness of the • Assays were undertaken by Bureau Veritas in Adelaide SA. assay data and assaying and laboratory procedures used and • Quartered core was crushed, split and pulverised before being digested with a laboratory whether the technique is considered partial or mixture of nitric, perchloric and hydrofluoric acids. This digest approximates a tests total. total digest in most samples.

• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

• Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

• Al, Ca, Fe, Mg, Mn and S were determined by ICP-AES, Ag, As, Bi, Ce, Co, Cu, La, Ni, Pb, Th, Y, Zn, Zr.were determined by ICP-MS.

• These techniques were determined in consultation with the assay laboratory and are considered appropriate for the deposit type.

• Field duplicates and standards were inserted at a 1:20 and 1:10 ratio respectively (12 standards, 6 field duplicates over 121 total samples).

• • Average absolute error for target elements was 0.034% (Cu), 0.15 ppm (Ag) and 21 ppm (Co). See below:

	Cu %	Cu %	Ag ppm	Ag ppm	Co ppm	Co ppm
	Measured	Expected	Measured	Expected	Measured	Expected
	0.39	0.409	1.2	1.1	113	119
	0.394	0.409	1.2	1.1	120	119
	0.356	0.409	1.2	1.1	111	119
	0.406	0.409	1	1.1	110	119
	0.465	0.409	1.2	1.1	123	119
	0.418	0.409	1.2	1.1	115	119
	0.713	0.772	3.4	3.5	632	660
	0.736	0.772	3.2	3.5	609	660
	0.71	0.772	3.4	3.5	605	660
	0.743	0.772	3.2	3.5	640	660
	0.74	0.772	3.2	3.5	606	660
	0.736	0.772	3.4	3.5	649	660
	~~•~~

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ABN 49 625 763 957

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Criteria			JORC	Code explanation	Commentary	Commentary
Verification		of	•	The verification of significant intersections by	•	Significant intersections have been verified against geological logging, portable
sampling and				either independent or alternative company		XRF results, and distributed to field geologists for further review.
assaying				personnel.	•	No adjustments have been made to assay data except to composite for
			•	The use of twinned holes.		simplicity in this release.
			•	Documentation of primary data, data entry	•	No twin holes have been undertaken at this prospect.
				procedures, data verification, data storage
				(physical and electronic) protocols.
			•	Discuss any adjustment to assay data.
Location		of	•	Accuracy and quality of surveys used to locate drill	•	Drill collar locations (including RL) have been located using handheld GPS, MGA
data points				holes (collar and down-hole surveys), trenches,		94 Zone 53.
				mine workings and other locations used in Mineral	•	Precise location of drillholes will be determined by an independent surveyor at
				Resource estimation.		the completion of the overall drill programme (expected March 2021).
			•	Specification of the grid system used.
			•	Quality and adequacy of topographic control.
Data	spacing		•	Data spacing for reporting of Exploration Results.	•	Drillholes are irregularly spaced, with a mean distance of 537m to their
and			•	Whether the data spacing and distribution is		nearest neighbour, a minimum nearest neighbour distance of 193m
distribution				sufficient to establish the degree of geological and		(DD20EB0002 – DD21EB0017) and a maximum of 1,759m (DD20EB0005 –
				grade continuity appropriate for the Mineral		DD21EB0013).
				Resource and Ore Reserve estimation	•	If nearby historic holes are included, the mean distance to their nearest
				procedure(s) and classifications applied.		neighbour falls to 433m, with an unchanged minimum and a new maximum
			•	Whether sample compositing has been applied.		of 1,356m (DD21EB0017 – MGD 42).
					•	Holes DD21EB0008 and DD21EB0009 are 396m apart on a roungh NW/SE
						axis.
					•	Physical compositing has not been applied to samples.
					•	Coda does not believe that the results reported in this release are sufficient to
						estimate a Mineral Resource and has not attempted to do so.

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Criteria		JORC	Code explanation	Commentary	Commentary
Orientation	of	•	Whether the orientation of sampling achieves	•	Due to drilling conditions, drillholes at Emmie Bluff are difficult to keep straight
data in relation			unbiased sampling of possible structures and the		and tend to dip towards -90 degrees as they increase in depth, regardless of
to geological			extent to which this is known, considering the		starting dip. This makes orienting of core difficult and largely ineffective at the
structure			deposit type.		prospect.
		•	If the relationship between the drilling orientation	•	The main mineralised stratum (Tapley Hill Fm shale) is relatively flat lying
			and the orientation of key mineralised structures		throughout the prospect area based on previously announced seismic results
			is considered to have introduced a sampling bias,		and historical drilling. As such, the near-vertical intersects reported are
			this should be assessed and reported if material.		believed to be broadly representative of true width and are not believed to
					introduce any meaningful sampling bias.
Sample		•	The measures taken to ensure sample security.	•	Samples were taken by representatives of Coda Minerals or Challenger
security					Geological Services from the field to a core cutting facility in Adelaide, and then
					on to the assay lab. No third party other than Challenger Geological Services
					had access to the samples between the field and the assay lab.
Audits	or	•	The results of any audits or reviews of sampling	•	No audits, umpire assays or reviews were undertaken beyond standard QA/QC
reviews			techniques and data.		procedures.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria		JORC	Code explanation	Commentary	Commentary
Mineral		•	Type, reference name/number, location and	•	All drilling took place on EL 6265.
tenement and			ownership including agreements or material issues	•	EL 6265 is owned in a 70:30 relationship by Coda Minerals Ltd and Terrace
land	tenure		with third parties such as joint ventures,		Mining Ltd.
status			partnerships, overriding royalties, native title	•	Coda Minerals is currently free-carrying Terrace until a total of 8.62 million
			interests, historical sites, wilderness or national		dollars is spent, at which point an unincorporated joint venture will be formed
			park and environmental settings.		to manage the tenure.
		•	The security of the tenure held at the time of	•	The tenure is in good standing and is considered secure at the time of this
			reporting along with any known impediments to		release. No other impediments are known at this time.
			obtaining a licence to operate in the area.

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Criteria	JORC	Code explanation	Commentary	Commentary
Exploration	•	Acknowledgment and appraisal of exploration by	•	Historical exploration of the Emmie Bluff prospect has been undertaken by
done by other		other parties.		(among others) Mt Isa Mines, Gunson Resources, Torrens Mining and
parties				Gindalbie Metals (Coda’s predecessor company).
			•	With the exception of data from Gindalbie Metals, all historical results used to
				guide Coda’s exploration has been obtained from the Geological Survey of
				South Australia via the South Australian Resources Information Gateway
				(SARIG).
Geology	•	Deposit type, geological setting and style of	•	The Elizabeth Creek project sits in the Stuart Shelf within the broader Olympic
		mineralisation.		Copper Province in South Australia. Specifically, mineralisation is hosted in the
				dolomitic shales and dolarenites of the Neoproterozoic Tapley Hill Formation.
				This formation unconformably overlies the Meso/Palaeoproterozoic Pandurra
				Formation due to local uplifting associated with the Pernatty Upwarp. This
				unconformity, as well as structures associated with the Pernatty Upwarp,
				represent the most likely fluid flow pathways associated with the
				emplacement of metal bearing sulphides.
			•	Emmie Bluff mineralisation closely resembles mineralisation in the MG14 and
				Windabout resources found approximately 40 kilometres to the south, also
				within the broader Elizabeth Creek tenure. It is considered to fall within the
				broad “Zambian-style” family of sediment hosted copper deposits.

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Criteria		JORC	Code explanation	Commentary	Commentary
Drill	hole	•	A summary of all information material to the	•	See Table 5 and Table 6 in body of announcement.
Information			understanding of the exploration results including
			a tabulation of the following information for all
			Material drill holes:
			o easting and northing of the drill hole collar
			o elevation or RL (Reduced Level – elevation
			above sea level in metres) of the drill hole
			collar
			o dip and azimuth of the hole
			o down hole length and interception depth
			o hole length.
		•	If the exclusion of this information is justified on
			the basis that the information is not Material and
			this exclusion does not detract from the
			understanding of the report, the Competent
			Person should clearly explain why this is the case.

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ABN 49 625 763 957

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • • •	Cut Off grade for reporting assays is 0.5% CuEq calculated as per Footnote 1 in the main body of the announcement, except where otherwise stated to be 0.3% CuEq. Due to the narrow nature of the mineralised intercepts, Coda believes that selective mining of high grade bands is likely impractical and would be misleading. All intersects have been reported as length weighted averages, in line with how they would most likely be eventually extracted. Typical example is included below: DD20EB0008:1.83m @ 1.74% CuEq (1% Cu, 615ppm Co, 10.3g/t Ag) from 19.96m. From To Length Cu ppm Co ppm Ag ppm CuEq% 419.96 420.32 0.36 7070 781 10 1.64 420.32 420.65 0.33 14400 1320 8.6 3.02 420.65 421 0.35 15400 885 12.2 2.60 421 421.42 0.42 9110 144 9.8 1.08 421.42 421.79 0.37 5030 104 11 0.63
	DD20EB0008:1.83m @ 1.74% CuEq (1% Cu, 615ppm Co, 10.3g/t Ag) from 19.96m.
	From To Length Cu ppm Co ppm Ag ppm CuEq%
	419.96 420.32 0.36 7070 781 10 1.64 420.32 420.65 0.33 14400 1320 8.6 3.02 420.65 421 0.35 15400 885 12.2 2.60 421 421.42 0.42 9110 144 9.8 1.08 421.42 421.79 0.37 5030 104 11 0.63
Relationship between mineralisation widths and intercept lengths • These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’). • •	Due to drilling conditions, drillholes at Emmie Bluff are difficult to keep straight and tend to dip towards -90 degrees as they increase in depth, regardless of starting dip. The main mineralised stratum (Tapley Hill Fm shale) is relatively flat lying throughout the prospect area based on previously announced seismic results and historical drilling. As such, the near-vertical intersects reported are believed to be broadly representative of true width.

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Criteria	JORC	Code explanation	Commentary	Commentary
Diagrams	•	Appropriate maps and sections (with scales) and	•	See map, sections and tables in main body of announcement.
		tabulations of intercepts should be included for
		any significant discovery being reported These
		should include, but not be limited to a plan view of
		drill hole collar locations and appropriate sectional
		views.
Balanced	•	Where comprehensive reporting of all Exploration	•	All assays > 0.5% CuEq reported in this announcement. Intersects not
reporting		Results is not practicable, representative reporting		specifically reported on in this announcement can be assumed to be <0.5%
		of both low and high grades and/or widths should		CuEq.
		be practiced to avoid misleading reporting of
		Exploration Results.
Other	•	Other exploration data, if meaningful and material,	•	No other substantive exploration results are considered relevant to this
substantive		should be reported including (but not limited to):		release.
exploration		geological observations; geophysical survey	•	The information regarding the Exploration Target referred to in this
data		results; geochemical survey results; bulk samples –		announcement is extracted from the report entitled Confirmation of
		size and method of treatment; metallurgical test		Exploration Target and Mineral Resource and Ore Reserve Statement, created
		results; bulk density, groundwater, geotechnical		on 23 October 2020 and is available to view on
		and rock characteristics; potential deleterious or		https://www.asx.com.au/asxpdf/20201026/pdf/44p31fmg5k2579.pdf. The
		contaminating substances.		company confirms that it is not aware of any new information or data that
				materially affects the information included in the original market
				announcement and that all material assumptions and technical parameters
				underpinning the estimates in the relevant market announcement continue to
				apply and have not materially changed. The company confirms that the form
				and context in which the Competent Person’s findings are presented have not
				been materially modified from the original market announcement.

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Criteria	JORC	Code explanation	Code explanation				Commentary	Commentary
Further work	•	The nature	and scale of	planned further work (eg			•	Coda has appointed a resource geologist to assess the existing drilling and
		tests for lateral extensions or			depth extensions or			geophysical dataset. The objective of this work is to identify necessary drill
		large-scale step-out drilling).						holes required to define a JORC 2012 compliant Inferred Mineral Resource.
	•	Diagrams clearly highlighting the areas				of possible		Coda anticipates that this will involve the drilling of up to six additional
		extensions,	including	the	main	geological		diamond drillholes within or at the fringes of the existing known mineralised
		interpretations and future drilling areas, provided						envelope, which it expects to complete in the second quarter of 2021.
		this information is not commercially sensitive.
								Figure 6: Map showing the current
								interpretation of known Tapley Hill
								Fm shale (red outline), the current
								Exploration Target outline (black
								and white outline) and drilling at the
								prospect (red, green and grey
								circles). Areas of proposed
								additional infill drilling are outlined
								in pink. Areas of possible
								extension/expansion are outlined in
								blue

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ABN 49 625 763 957