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CODA MINERALS LTD Capital/Financing Update 2021

Mar 16, 2021

64682_rns_2021-03-16_07a1b8c8-bf26-4bfe-abf8-4b143e29e717.pdf

Capital/Financing Update

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ASX RELEASE 17[th] March 2021 ASX Code: COD

Emmie Bluff Drilling Paves Way for Maiden JORC Resource

17-hole diamond drill program strongly validates Exploration Model for extensive zone of copper-cobalt mineralisation extending well over 4.5 square kilometres of lateral extent.

Highlights

  • 17-hole diamond drill program completed safely at the Emmie Bluff copper-cobalt deposit

  • Geological logging continues to support the previously announced Exploration Target

  • Final core being transported to Adelaide for cutting, sampling and submission, with results expected in April 2021

  • Further 4-6 in-fill drill holes planned for June 2021 Quarter to support a maiden JORC 2012 compliant Mineral Resource Estimate in Q3 2021

  • Drilling of Tier-1 IOCG targets on track for April 2021, subject to final approvals

  • Coda is well-funded with over $10 million cash at bank

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Coda Minerals Limited (ASX:COD, “Coda” or “the Company”) is pleased to advise that it has completed, on-time and on-budget, the 17hole Phase 2 exploration and mineral resource definition drill program at the Emmie Bluff copper prospect, part of its Elizabeth Creek Copper Project in South Australia (Figure 2).

Emmie Bluff forms part of a suite of highquality copper projects at Elizabeth Creek, which is located in the heart of the Olympic Copper Province.

The Olympic Copper Province hosts the Prominent Hill, Olympic Dam and Carrapateena copper-gold operations as well as BHP’s recent Oak Dam West copper-gold discovery, which is located just 15km from Emmie Bluff.

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.

Coda is pleased that the drilling program was completed safely and without incident, and thanks the drilling companies, suppliers, field geologists, and supervisors, who have

Figure 1: Elizabeth Creek Project Map

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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supported the Company throughout this program. Their shared commitment to the highest standards of safety, heritage and environmental custodianship is greatly valued by Coda.

Remaining diamond drill core is currently being transported to Adelaide, where it will be cut and relevant sections of the target Tapley Hill Formation shale will be submitted for assay. Final assay results are expected in late April 2021 subject to laboratory processing times.

The Company is focused on converting a substantial proportion of the previously announced Exploration Target[1] for Emmie Bluff into a maiden JORC 2012 Compliant Mineral Resource Estimate as the basis for a significant uplift in its mineral resource base at Elizabeth Creek. In parallel, drilling of a number of Tier-1 IOCG targets in the adjacent exploration corridor is scheduled to commence next month, subject to receipt of final approvals.

Resource Definition and Future Work

The Company is increasingly confident, based both on previously released assays and preliminary assessment of more recently drilled holes, that the Exploration Target represents an accurate first-pass approximation of the vast scale and lateral extent of the main mineralised Emmie Bluff embayment. The Emmie Bluff copper-cobalt mineralisation remains open, especially to the south-east where strong potential for sub-basins and associated satellite deposits has been identified, work to fully evaluate this area is ongoing.

Given these results, Coda is committed to its previously announced work program at Emmie Bluff (see Figure 1, below), with a program of additional in-fill drilling expected to comprise 4-6 diamond holes scheduled to commence in the June 2021 Quarter.

This drilling is designed to provide the Company with sufficient data to support an Inferred Mineral Resource classification at Emmie Bluff, based on a significant portion of the previously announced Exploration Target in the same area[2] . The maiden Mineral Resource Estimate is expected to be completed in Q3 2021.

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Figure 2: Indicative timeline for showing Coda’s planned exploration programme at Elizabeth Creek to August 2021.

Regional Exploration and IOCG Targets

The Company recently completed a successful heritage survey in association with the Kokatha Aboriginal Corporation, the traditional owners of the land on which the Elizabeth Creek Project is situated, in support of its regional exploration objectives

1 - See announcement “Confirmation Statements (JORC)”, released to the ASX on 26 October 2020 for full details: https://www.codaminerals.com/wp content/uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-Statements-JORC.pdf

2 See Footnote 1.

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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at the Emmie Bluff Deeps and Elaine IOCG prospects, as well as the Zambian-style, shale-hosted copper-cobalt prospects at MG14 North, Hannibal and Powerline. Coda anticipates drilling at its IOCG prospects will commence in April subject to final environmental approvals, while work at its additional Zambian-style prospects will commence immediately following the resource definition drilling at Emmie Bluff, as detailed above.

Discussing the Company’s upcoming field program, Coda Minerals CEO Chris Stevens said:

“ With a successful drill program at Emmie Bluff under our belts – and that prospect moving into an exciting new phase of resource definition – we’ve never been more enthusiastic about the opportunities for growth at Elizabeth Creek.

“The next few months have the potential to be transformational for Coda, as we drill our high-priority IOCG and Zambian-style copper targets and advance Emmie Bluff rapidly towards a maiden JORC Mineral Resource. We are fully-funded for the planned programs with a healthy cash balance of over $10 million. Coda is looking forward to delivering a consistent flow of news and results over the coming three to four months. Thanks to our supportive shareholder base, our recent IPO has put us in a strong position to undertake an ambitious, fully-funded exploration program of this scale.”

—

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

Further Information:

Investors:

Chris Stevens Chief Executive Officer [email protected]

Media:

Nicholas Read Read Corporate [email protected]

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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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 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.

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Appendix 1: Detailed Technical Information and JORC Table 1

Table 1 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 Completed,Results Pending
DD21EB0009 2 706602 6555859 218.7 -88 270 471.8 Completed,Results Pending
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 -75 180 469 Completed,Results Pending.

Table 2 Referenced Historic 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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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

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
techniques random chips, or specific specialised industry switched over to HQ drill core.
standard measurement tools appropriate to the • Core was logged in the field and rough metal content was measured at
minerals under investigation, such as down hole regular intervals with a portable XRF device. XRF measurement intervals
gamma sondes, or handheld XRF instruments, varied depending on lithology, from 10m in suspected unmineralised strata to
etc). These examples should not be taken as 10cm 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.

6 Altona Street West Perth Western Australia, 6005

E: [email protected]

ABN 49 625 763 957

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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 512.8m.
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 • Recovery of diamond tails was consistently excellent, with minimal core loss.
and 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 experienced field geologists on RC precollars.
of 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
• The total length and percentage of the relevant analysis revealed geochemical anomalism.
intersections logged.

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E: [email protected]

6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Sub-sampling • If core, whether cut or sawn and whether • Sample intervals were defined by field geologists based on portable XRF
techniques quarter, half or all core taken. results 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
• For all sample types, the nature, quality and brick saw, where it was not.
appropriateness of the sample preparation • A total of 417 samples were taken across the entire programme, including
technique. field duplicates and standards, which were inserted at a 1:20 and 1:10 ratio
• Quality control procedures adopted for all sub- respectively (42 standards,21 field duplicates), leaving a total of 354 samples.
sampling stages to maximise representivity of • Core was cut on a sample-by sample-basis according to need in the following
samples. manner:
• Measures taken to ensure that the sampling is o
Where a field duplicatewas notrequired:¼ core for assay, ¼ core
representative of the in situ material collected, for retention by Coda on site for future review, ½ core for future
including for instance results for field metallurgical work (currently being held in cold storage).
duplicate/second-half sampling. o
Where a field duplicatewasrequired:¼ core for assay, ¼ core for
• Whether sample sizes are appropriate to the duplicate assay, ¼ core for retention by Coda on site for future
grain size of the material being sampled. review, ¼ core for future metallurgical work (currently being held in
cold storage).
• Samples varied in width from 0.1 to 1.74m, with an average of 0.62m per
sample.
• Field duplicates were taken based on sample numbers ensuring random
selection of mineralised and unmineralized material.

6 Altona Street West Perth Western Australia, 6005

E: [email protected]

ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Quality of • The nature, quality and appropriateness of the • Assays were/will be undertaken by Bureau Veritas in Adelaide SA.
assay data and assaying and laboratory procedures used and • Quartered core was/will be crushed, split and pulverised before being
laboratory whether the technique is considered partial or digested with a mixture of nitric, perchloric and hydrofluoric acids. This digest
tests total. approximates a total digest in most samples.
• For geophysical tools, spectrometers, handheld • Al, Ca, Fe, Mg, Mn and S were/will be determined by ICP-AES, Ag, As, Bi, Ce,
XRF instruments, etc, the parameters used in Co, Cu, La, Ni, Pb, Th, Y, Zn, Zr.were/will be determined by ICP-MS.
determining the analysis including instrument • These techniques were determined in consultation with the assay laboratory
make and model, reading times, calibrations and are considered appropriate for the deposit type.
factors applied and their derivation, etc. • Field duplicates and standards were inserted at a 1:20 and 1:10 ratio
• Nature of quality control procedures adopted (eg respectively.
standards, blanks, duplicates, external laboratory
checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been
established.
Verification of • The verification of significant intersections by • Significant intersections have been verified against geological logging,
sampling and either independent or alternative company portable XRF results, and distributed to field geologists for further review.
assaying personnel. • No adjustments have been made to assay data, and no assay data has been
• The use of twinned holes. reported 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 collar locations (including RL) have been located using handheld GPS,
data points drill holes (collar and down-hole surveys), MGA 94 Zone 53.
trenches, mine workings and other locations used
•		 Precise location of drillholes will be determined by an independent surveyor
in Mineral Resource estimation. at the completion of the overall drill programme (expected April 2021).
• Specification of the grid system used.
• Quality and adequacy of topographic control.

E: [email protected]

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
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 (DD20EB0002 – DD21EB0017) and a maximum of 1,759m (DD20EB0005 –
and 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).
• 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.
Orientation of • Whether the orientation of sampling achieves • Due to drilling conditions, drillholes at Emmie Bluff are difficult to keep
data in unbiased sampling of possible structures and the straight and tend to dip towards -90 degrees as they increase in depth,
relation to extent to which this is known, considering the regardless of starting dip. This makes orienting of core difficult and largely
geological deposit type. ineffective at the prospect.
structure • If the relationship between the drilling • The main mineralised stratum (Tapley Hill Fm shale) is relatively flat lying
orientation and the orientation of key throughout the prospect area based on previously announced seismic results
mineralised structures is considered to have and historical drilling. As such, the near-vertical intersects reported are
introduced a sampling bias, this should be believed to be broadly representative of true width and are not believed to
assessed and reported if material. 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
reviews techniques and data. QA/QC procedures.

Section 2 Reporting of Exploration Results

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

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E: [email protected] ABN 49 625 763 957

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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 • EL 6265 is owned in a 70:30 relationship by Coda Minerals Ltd and Terrace
land tenure issues 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
park and environmental settings. formed 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.
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
mineralisation. Olympic 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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6 Altona Street E: [email protected] West Perth Western Australia, 6005 ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Drill hole • A summary of all information material to the • See Table 1 and Table 2 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.

E: [email protected]

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Data • In reporting Exploration Results, weighting • No assays are reported in this announcement.
aggregation averaging techniques, maximum and/or minimum
•		 When announced to the market, the cut off grade for reporting assays will be
methods grade truncations (eg cutting of high grades) and 0.5% CuEq (unless otherwise stated).
cut-off grades are usually Material and should be • CuEq is calculated at Cu%+).0012* Co ppm. For full derivation, see Footnote
stated. 1 in the main body of the announcement.
• Where aggregate intercepts incorporate short • Due to the narrow nature of the mineralised intercepts, Coda believes that
lengths of high grade results and longer lengths of selective mining of high grade bands is likely impractical and would be
low grade results, the procedure used for such misleading. All intersects reported to date have been reported as length
aggregation should be stated and some typical weighted averages, in line with how they would most likely be eventually
examples of such aggregations should be shown extracted.
in detail.
• The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship • These relationships are particularly important in • Due to drilling conditions, drillholes at Emmie Bluff are difficult to keep
between the reporting of Exploration Results. straight and tend to dip towards -90 degrees as they increase in depth,
mineralisation • If the geometry of the mineralisation with respect regardless of starting dip.
widths and to the drill hole angle is known, its nature should • The main mineralised stratum (Tapley Hill Fm shale) is relatively flat lying
intercept be reported. throughout the prospect area based on previously announced seismic results
lengths • If it is not known and only the down hole lengths and historical drilling. As such, the near-vertical intersects reported are
are reported, there should be a clear statement to believed to be broadly representative of true width.
this effect (eg ‘down hole length, true width not
known’).
Diagrams • Appropriate maps and sections (with scales) and • No significant discoveries are being reported in this release.
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.

6 Altona Street E: [email protected] West Perth Western Australia, 6005 ABN 49 625 763 957

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Criteria JORC Code explanation Commentary Commentary
Balanced • Where comprehensive reporting of all Exploration
•		 No Exploration Results are being reported in this release.
reporting Results is not practicable, representative
reporting of both low and high grades and/or
widths should be practiced to avoid misleading
reporting of Exploration Results.
Other • Other exploration data, if meaningful and • No other substantive exploration results are considered relevant to this
substantive material, should be reported including (but not release.
exploration limited to): geological observations; geophysical • The information regarding the Exploration Target referred to on page 2 is
data survey results; geochemical survey results; bulk extracted from the report entitled Confirmation of Exploration Target and
samples – size and method of treatment; Mineral Resource and Ore Reserve Statement, created on 23 October 2020
metallurgical test results; bulk density, and is available to view on
groundwater, geotechnical and rock https://www.asx.com.au/asxpdf/20201026/pdf/44p31fmg5k2579.pdf.The
characteristics; potential deleterious or company confirms that it is not aware of any new information or data that
contaminating substances. 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.

E: [email protected]

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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Criteria JORC 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 3: 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

E: [email protected]

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6 Altona Street West Perth Western Australia, 6005

ABN 49 625 763 957

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