CODA MINERALS LTD — Capital/Financing Update 2021

Feb 17, 2021

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ASX RELEASE 18[th] February 2021

ASX Code: COD

Coda to Drill Highly Prospective IOCG Targets at Elizabeth Creek

Highlights

• IOCG drilling at Elizabeth Creek to commence in Q2 2021.

• The drill programme will commence at Emmie Bluff Deeps, 16 km from BHP’s Oak Dam West and

• immediately adjacent to current drilling at Coda’s sediment hosted Emmie Bluff prospect.

• Priority targets at Emmie Bluff Deeps and Elaine will test for Prominent Hill type IOCG style

• mineralisation.

• Approvals have been submitted, dates for heritage surveys locked in for February 2021.

Coda Minerals Limited (ASX:COD, “Coda” or “the Company”) is planning to drill test Iron Oxide Copper Gold (IOCG) targets at its Elizabeth Creek project. In this update, Coda presents its proposed programme of work.

IOCG Prospectivity at Elizabeth Creek

Elizabeth Creek is considered to be highly prospective for IOCG deposits. Based upon the results of an extended targeting exercise resulting in the identification of multiple areas of high IOCG prospectivity, Coda has prioritised two of its highly prospective IOCG targets for drill testing in Q2 2021.

Background on IOCG Mineralisation

Some of the largest and most economically significant mineral deposits in Australia fall into the category of Iron Oxide Copper Gold, or IOCG. These deposits are characterised by elevated copper and gold, and a significant iron oxide (both haematite and magnetite) component in the gangue, typically deposited in breccias located within the basement complex. Elizabeth Creek is located in the Eastern Gawler Craton of South Australia highly proximal to world-class IOCG discoveries including Olympic Dam, Carrapateena, and Oak Dam West. IOCG discoveries in the Eastern Gawler are often characterised by their large scale, depth and valuable coproducts.

This programme will be the first drill programme by Coda targeting IOCG mineralisation at Elizabeth Creek.

In a separate diamond drilling campaign, Coda is presently targeting shallower Zambian style coppercobalt mineralisation at Emmie Bluff. Assays have now been received from the laboratory, an update on drill results will be released imminently. Indicated Mineral Resources have previously been announced for the MG14 and Windabout copper-cobalt deposits[1] .

1 Please see announcement 26 October 2020- Confirmation statements - JORC

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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Emmie Bluff Deeps IOCG Target

The Emmie Bluff Deeps IOCG target is defined by a series of coincident and semi-coincident gravity and magnetic anomalies in the north west of Coda’s tenure, immediately adjacent to its Zambian-style, sediment-hosted Cu-Co prospect at Emmie Bluff, and approximately 16km SSW from BHP’s recent discovery at Oak Dam West.

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Figure 1 High Pass filtered regional gravity data showing the Emmie Bluff Deeps prospect and the Oak Dam West prospect, held by BHP.

A large IOCG-style mineralised and altered system, hosted by brecciated metasediments in the basement rocks, was identified by historical drilling undertaken by Mt Isa Mines and Noranda in the 1990s. Evidence for the system includes large intersections of copper mineralisation (examples including 104 m @ 0.27% Cu in historic hole SAE 6, extensive brecciation and magnetite and haematite alteration (including bands of steely haematite up to several metres thick).

Coda’s planned drillhole will test an area of coincident high gravity anomalism and low magnetic anomalism, seeking a copper and haematite rich but magnetite poor core of a broader IOCG system. The geophysical signature is most consistent with that of the Prominent Hill copper-gold-uranium deposit currently being mined by Oz Minerals. It is also consistent with, to varying degrees, to geophysical signatures of other large IOCG mineralised systems in the Olympic Domain/Eastern Gawler Craton, including that of the Olympic Dam deposit, which hosts Australia’s largest underground mine.

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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 2 Mineralised drill core from historic drillhole SAE 4, from the South Australian Government’s SARIG portal. This section shows mineralised quartzite with extensive haematitie and sulphidic alteration, with an approimate average rade of 1% Cu and 0.28 g/t Au based on historic assays. SAE 4 is located approximately 900m northeast of Coda’s proposed drillhole at Emie Bluff Deeps and tested the northeastern fringe of the same gravity anomaly.

This vertical diamond drill hole is planned to be approximately 1,200m deep. It will be collared approximately 1.5km WSW of the shallower drilling currently exploring for sediment hosted copper at Coda’s Emmie Bluff Exploration Target[2] . The drillhole is also located 500m west of historic hole MGD 55, which encountered zones of economic copper-gold mineralisation, with a best reported intersection of 7m @ 2.17% Cu and 0.47 g/t Au from 974m. Coda interprets the mineralisation in these intersections as related to fault structures carrying mineralising fluids from a high-grade core, which the proposed hole is designed to test.

2 46 – 77 MT @ 0.5 – 2.3 per cent 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. 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. 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/wp content/uploads/2020/08/Coda_Announcement_Resource-and-Reserve-statement-2020_Typeset.pdf for derivation.

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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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Emmie Bluff Exploration Target Area
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Figure 3 Simplified north-looking cross section showing Coda's Emmie Bluff Exploration Target at approximately 400m below surface and it’s zone of geophysically defined IOCG prospectivity, starting at approximately 900m below surface and centred at approximately 1,000 – 1,200m below surface.

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Figure 4 (Main) The location of the planned IOCG drillhole (white) relative to the recent drilling at Coda’s Emmie Bluff Exploration Target. Note the magnetic low at the location of the proposed IOCG drillhole and the prominent gravity high which is associated with mineralised intercepts. Previous drilling at this gravity high has focussed on areas of strong magnetic response, which may represent a hotter, less prospective part of the IOCG system.

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Elaine IOCG Target

The Elaine IOCG prospect (centred approximately 42km southeast of Woomera), is characterised by a broad, triangular gravity high, and several coincident, discrete NE/SW trending circular/oval shaped magnetic highs. These geophysical anomalies are located immediately east of a large NE/SW trending fault identifiable in gravity data which may have served as a lithospheric scale fluid pathway for copper-gold mineralisation.

Historical deep IOCG drilling at Elaine focussed on areas of coincident magnetic and gravity anomalism. First drilled to depth in 1980, and followed up in 1981/82 and 2000/01, drilling has consistently encountered copper-gold mineralised metavolcanics and strong IOCG-style alteration, including chlorite, epidote, magnetite, and pyrite. “Red rock alteration,” the result of the intense hematitisation typical of IOCG mineralised systems, is pervasive and often intense, and accompanied by varying degrees of brecciation, which aids the mineralising process

Coda interprets the Elaine IOCG prospect as a large scale hydrothermal system within which copper has preferentially deposited in areas where temperature and oxidising conditions promoted the formation of haematite rather than magnetite. A second drillhole has been planned to test the Elaine IOCG target immediately following the completion of work at Emmie Bluff Deeps drillhole. This hole is also anticipated to be approximately 1,200m deep and will be collared approximately 1km south of historic hole PY 3, which encountered elevated copper and extensive IOCG-style alteration 1,036 – 1,232m.

Coda is currently seeking support from the South Australian Government’s Accelerated Discovery Initiative for the proposed Elaine drillhole[3] .

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Figure 5 Magnetic anomaly highs (pink polygons) and gravity anomaly highs (light blue polygons) overlaying magnetic (left) and gravity (centre) inversion model RL elevation slice images, and BA gravity with half vertical derivative over total magnetic intensity reduced to pole and 1.5 vertical derivative (right). Broad scale bedrock magnetic and gravity anomaly highs are also outlined in red and dark blue, respectively. Historical drill holes are shown and coloured by their EOH depth (left), maximum Cu values (centre), and maximum Cu intersected below 600 m from land surface (right). Coda’s proposed IOCG exploration drill hole is shown by a yellow star.

3 Drilling at Elaine will be undertaken if Coda is successful in receiving the Accelerated Discovery Initiative (ADI) grant, but the grant is not necessarily required for drilling to take place. Coda’s board will make a final decision regarding the Elaine drill hole following confirmation of the status of the grant (due to be announced on 1[st] of April 2021).

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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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Figure 6 Drill core from historic drillhole PY 3, approximately 1km north of Coda’s proposed hole at Elaine. Core consists of extensively altered Gawler Range Volcanics with chlorite and intense K feldspathisation, with extensive pyrite and minor chalcopyrite. Magnetite alteration was present higher up the hole, but is absent in areas with highest logged Cu grades (up to 0.93% Cu from 1,204-1,205m) supporting a possible haematite/chalcopyrite association.

Anticipated Timeline

Coda has submitted an EPEPR and is awaiting approval from the South Australian government to commence drilling. A heritage survey with the local traditional owners, the Kokatha people, will be undertaken in late February as part of this process. Assuming approvals are provided, drilling is expected to commence at Emmie Bluff Deeps in late April to early May 2021, with both holes completed before the end of Q2 2021.

Table 1 Collars of relevant historical drill holes.

					**Emmie Bluff Deeps **
HoleID	Easting	Northing	RL	Dip	Azimuth	EOH	Drilled (Year)	Drilled By
SAE 3	704379	6555352	192	-90	0	1221	1984	Carpentaria Exploration Co PtyLtd.
SAE 4	704179	6556172	180	-90	0	1172.5	1987	Carpentaria Exploration Co PtyLtd.
SAE 6	705029	6556222	169	-90	0	1200	1989	Carpentaria Exploration Co PtyLtd.
MGD 55	704100	6555500	168.5	-90	0	1107.32	2009	Gunson Resources Ltd
MGD 57	705350	6556700	148.6	-90	0	1242.9	2010	Gunson Resources Ltd
IHAD 2	705450	6557500	152.1	-90	0	1158.8	2007	Argo Exploration PtyLtd
IHAD 5	705119	6557882	160	-90	0	1152.8	2008	Argo Exploration PtyLtd
					Elaine
HoleID	Easting	Northing	RL	Dip	Azimuth	EOH	Drilled (Year)	Drilled By
MGD 26	708828.9	6526788	79	-60	90	1103.7	2000	Noranda Australia Ltd
MGD 27	709000.9	6526780	79.5	-55	90	1134	2001	Noranda Australia Ltd
EC 21	709565.2	6526709	73	-90	0	1002	1980	CSR Ltd
PY 2	710331.2	6523316	97.6	-90	0	926.6	1991	CSR Ltd
PY 3	708974.2	6524778	68.2	-90	0	1288.3	1982	CSR Ltd

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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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This announcement has been authorised for release by the Board of Coda Minerals Ltd

For more information, please contact info@codaminerals.com Further Information:

Chris Stevens Chief Executive Officer

info@codaminerals.com

Confirmatory Statement

The information 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/wp-content/uploads/2020/10/20201026_Coda_ASXANN_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 Mineral Resources or Ore Reserves, 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.

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.

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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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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,	•	No sampling was undertaken for this release. Samples and drill intersections
techniques		random chips, or specific specialised industry		referenced were extracted from public data obtainable from the South
		standard measurement tools appropriate to the		Australian Resources Information Gateway (SARIG).
		minerals under investigation, such as down hole
		gamma sondes, or handheld XRF instruments,
		etc). These examples should not be taken as
		limiting the broad meaning of sampling.
	•	Include reference to measures taken to ensure
		sample representivity and the appropriate
		calibration of any measurement tools or systems
		used.
	•	Aspects of the determination of mineralisation
		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	•	No drilling was undertaken for this release. Samples and drill intersections
techniques			hammer, rotary air blast, auger, Bangka, sonic,		referenced were extracted from public data obtainable from the South
			etc) and details (eg core diameter, triple or		Australian Resources Information Gateway (SARIG).
			standard tube, depth of diamond tails, face-	•	Reported intervals are a mix of HQ and NQ diamond core.
			sampling bit or other type, whether core is
			oriented and if so, by what method, etc).
Drill	sample	•	Method of recording and assessing core and chip	•	No sampling was undertaken for this release. Samples and drill intersections
recovery			sample recoveries and results assessed.		referenced were extracted from public data obtainable from the South
		•	Measures taken to maximise sample recovery and		Australian Resources Information Gateway (SARIG).
			ensure representative nature of the samples.	•	Review of historical data did not indicate sample recovery was a problem and
		•	Whether a relationship exists between sample		review of core photography created by HyLogger scanning system appeared to
			recovery and grade and whether sample bias may		show high recovery of core in relevant intersections.
			have occurred due to preferential loss/gain of
			fine/coarse material.
Logging		•	Whether core and chip samples have been	•	No drilling or logging was undertaken for this release. Data on drill
			geologically and geotechnically logged to a level of		intersections referenced were extracted from public data obtainable from the
			detail to support appropriate Mineral Resource		South Australian Resources Information Gateway (SARIG).
			estimation, mining studies and metallurgical	•	Detailed contemporaneous qualitative logs were reviewed during the
			studies.		development of this release, and appeared to be of high quality and aligned
		•	Whether logging is qualitative or quantitative in		with appearance of core based on HyLogger core photos, suggesting logging
			nature. Core (or costean, channel, etc)		has been carried out by appropriately trained and experienced field geologists.
			photography.	•	All referenced holes were exhaustively (I,e, 100%) logged.
		•	The total length and percentage of the relevant
			intersections logged.

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Criteria		JORC	Code explanation		Commentary	Commentary
Sub-sampling		•	If core, whether cut or sawn	and whether quarter,	•	No sampling was undertaken for this release. Samples and drill intersections
techniques			half or all core taken.			referenced were extracted from public data obtainable from the South
and	sample	•	If non-core, whether riffled,	tube sampled, rotary		Australian Resources Information Gateway (SARIG).
preparation			split, etc and whether sampled wet or dry.
		•	For all sample types, the	nature, quality and
			appropriateness of the	sample preparation
			technique.
		•	Quality control procedures	adopted for all sub-
			sampling stages to maximise representivity of
			samples.
		•	Measures taken to ensure	that the sampling is
			representative of the in situ material collected,
			including for instance	results for field
			duplicate/second-half sampling.
		•	Whether sample sizes are appropriate to the grain
			size of the material being sampled.

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Criteria		JORC	Code explanation	Commentary	Commentary
Quality	of	•	The nature, quality and appropriateness of the	•	No sampling or assaying was undertaken for this release. Samples and drill
assay data and			assaying and laboratory procedures used and		intersections referenced were extracted from public data obtainable from the
laboratory			whether the technique is considered partial or		South Australian Resources Information Gateway (SARIG).
tests			total.	•	Holes were drilled and assayed by a variety of companies, and QA/QC was not
		•	For geophysical tools, spectrometers, handheld		exhaustively recorded.
			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.
Verification	of	•	The verification of significant intersections by	•	No sampling or assaying was undertaken for this release. Samples and drill
sampling and			either independent or alternative company		intersections referenced were extracted from public data obtainable from the
assaying			personnel.		South Australian Resources Information Gateway (SARIG).
		•	The use of twinned holes.	•	Mineralised intersections were compared to available core images as a basic
		•	Documentation of primary data, data entry		check, but no additional verification was undertaken.
			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 referenced were extracted from public data obtainable
data points			holes (collar and down-hole surveys), trenches,		from the South Australian Resources Information Gateway (SARIG).
			mine workings and other locations used in Mineral
			Resource estimation.
		•	Specification of the grid system used.
		•	Quality and adequacy of topographic control.

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Criteria		JORC	Code explanation	Commentary	Commentary
Data spacing		•	Data spacing for reporting of Exploration Results.	•	No drilling was undertaken for this release. Information regarding drillholes
and		•	Whether the data spacing and distribution is		referenced were extracted from public data obtainable from the South
distribution			sufficient to establish the degree of geological and		Australian Resources Information Gateway (SARIG).
			grade continuity appropriate for the Mineral	•	The drillholes are irregularly spaced and are not considered sufficient to define
			Resource and Ore Reserve estimation		a Mineral Resource.
			procedure(s) and classifications applied.
		•	Whether sample compositing has been applied.
Orientation	of	•	Whether the orientation of sampling achieves	•	Given the sparsity of drilling and lack of detailed understanding of the
data in relation			unbiased sampling of possible structures and the		mineralising system due to the early stage of exploration, it is unknown to what
to geological			extent to which this is known, considering the		extent sampling is biased/unbiased.
structure			deposit type.
		•	If the relationship between the drilling orientation
			and the orientation of key mineralised structures
			is considered to have introduced a sampling bias,
			this should be assessed and reported if material.
Sample		•	The measures taken to ensure sample security.	•	No sampling was undertaken for this release. Samples and drill intersections
security					referenced were extracted from public data obtainable from the South
					Australian Resources Information Gateway (SARIG).
				•	Sample security measures are unknown.
Audits	or	•	The results of any audits or reviews of sampling	•	No audits were undertaken for this release.
reviews			techniques and data.

Section 2 Reporting of Exploration Results

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

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Criteria		JORC	Code explanation	Commentary	Commentary
Mineral		•	Type, reference name/number, location and ownership including	•	No drilling was undertaken for this release. Samples and
tenement and			agreements or material issues with third parties such as joint ventures,		drill intersections referenced were extracted from public
land	tenure		partnerships, overriding royalties, native title interests, historical sites,		data obtainable from the South Australian Resources
status			wilderness or national park and environmental settings.		Information Gateway (SARIG).
		•	The security of the tenure held at the time of reporting along with any	•	All referenced drilling at Emmie Bluff Deeps took place on
			known impediments to obtaining a licence to operate in the area.		what is now EL 6265, and all referenced drilling at Elaine
					took place on what is now EL 6518.
				•	Els 6265 and 6518 are currently owned in a 51%:49%
					relationship by Coda Minerals Ltd and Torrens Mining Ltd.
				•	Coda Minerals is currently farming in to increase its
					ownership to a maximum of 75%.
				•	The tenure is in good standing and is considered secure at
					the time of this release. No other impediments are known
					at this time.
Exploration		•	Acknowledgment and appraisal of exploration by other parties.	•	Historical exploration at the Emmie Bluff Deeps and
done by other					Elaine prospects have been undertaken by (among
parties					others) Mt Isa Mines, Carpentaria Exploration Co Pty Ltd,
					Argo Exploration, CSR Ltd, Gunson Resources, Torrens
					Mining and Gindalbie Metals (Coda’s predecessor
					company). See Table 1 for full details.
				•	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 mineralisation.	•	The Elizabeth Creek project sits in the Stuart Shelf within
					the broader Olympic Copper Province in South Australia.
				•	The mineralisation discussed (and sought by upcoming
					drilling) is Iron Oxide Copper Gold.

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Criteria		JORC	Code explanation	Commentary	Commentary
Drill	hole	•	A summary of all information material to the understanding of the	•	See Table 1 in body of announcements for hole details.
Information			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.
Data		•	In reporting Exploration Results, weighting averaging techniques,	•	No drilling was undertaken for this release. Samples and
aggregation			maximum and/or minimum grade truncations (eg cutting of high		drill intersections referenced were extracted from public
methods			grades) and cut-off grades are usually Material and should be stated.		data obtainable from the South Australian Resources
		•	Where aggregate intercepts incorporate short lengths of high grade		Information Gateway (SARIG). No assay results reported
			results and longer lengths of low grade results, the procedure used for		in this release.
			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.

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Criteria		JORC	Code explanation	Commentary	Commentary
Relationship		•	These relationships are particularly important in the reporting of	•	Due to drilling conditions, drillholes at Emmie Bluff are
between			Exploration Results.		difficult to keep straight and tend to dip towards -90
mineralisation		•	If the geometry of the mineralisation with respect to the drill hole angle		degrees as they increase in depth, regardless of starting
widths	and		is known, its nature should be reported.		dip.
intercept		•	If it is not known and only the down hole lengths are reported, there	•	The main mineralised stratum (Tapley Hill Fm shale) is
lengths			should be a clear statement to this effect (eg ‘down hole length, true		relatively flat lying throughout the prospect area based
			width not known’).		on previously announced seismic results and historical
					drilling. As such, the near-vertical intersects reported are
					believed to be broadly representative of true width.
Diagrams		•	Appropriate maps and sections (with scales) and tabulations of	•	See map included in release for location of drillholes.
			intercepts should be included for any significant discovery being	•	No assay results reported in this release.
			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 Results is not	•	No assay results reported in this release.
reporting			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 material, should be reported	•	No other substantive exploration results are considered
substantive			including (but not limited to): geological observations; geophysical		relevant to this release.
exploration			survey results; geochemical survey results; bulk samples – size and
data			method of treatment; metallurgical test results; bulk density,
			groundwater, geotechnical and rock characteristics; potential
			deleterious or contaminating substances.
Further work		•	The nature and scale of planned further work (eg tests for lateral	•	Coda intends to carry out the exploration described in the
			extensions or depth extensions or large-scale step-out drilling).		body of the announcement.
		•	Diagrams clearly highlighting the areas of possible extensions, including
			the main geological interpretations and future drilling areas, provided
			this information is not commercially sensitive.

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