Coda Minerals Secures Formal Mining Lease Approvals Pathway at Elizabeth Creek

Coda Minerals Clears Approvals Milestone at Elizabeth Creek as Mining Lease Pathway Becomes Clearer

Coda Minerals (ASX: COD) has reached an important regulatory milestone at its 100%-owned Elizabeth Creek Copper-Silver Project in South Australia, with the South Australian Department of Energy and Mines (SA DEM) formally accepting and gazetting the company's Scoping Report. This step establishes a project-specific Terms of Reference for the Mining Lease approvals process, giving Coda a more clearly defined pathway towards a future Mining Lease Application.

For investors, this matters because the update is not about project economics or a new resource estimate. It is about the approvals process. In practical terms, the announcement indicates that the environmental studies, supporting work plans, and consultation steps required before a Mining Lease Application can be assessed are now formally documented.

What Just Changed for Elizabeth Creek?

In the announcement, Coda stated that the gazettal of the Scoping Report defines the scope of work required before a South Australian Mining Lease application can be submitted. This includes the environmental studies and associated work plans that the company must complete.

The company also noted that the gazetted report now forms the Terms of Reference against which a future Mining Lease Application will be assessed. That is a meaningful point because it replaces the standard Terms of Reference that would otherwise have applied.

According to the announcement, the practical benefits include:

• A defined approvals pathway for the Mining Lease process
• Greater certainty on the scope, timing and likely cost of required studies
• Lower risk of duplicated work or rework later in the approvals process
• A framework that remains fixed, unless changes are made by mutual agreement between Coda and the South Australian Government as the project evolves during the Pre-Feasibility Study

For resource investors, regulatory uncertainty can be difficult to price. A project may have scale and commodity exposure, but if the pathway to approvals remains unclear, timelines can drift and study costs can increase. The latest update appears to reduce that uncertainty at Elizabeth Creek.

Furthermore, CEO Chris Stevens commented directly on the significance of the milestone:

"Formal acceptance and gazettal of our Scoping Report is an important vote of confidence in Coda's constructive engagement with regulators on Elizabeth Creek. This provides us with a settled, agreed roadmap for the environmental and community-facing studies we now need to complete."

"We have already commenced a material amount of this work, and our teams are now moving into design finalisation and execution of all required studies."

Understanding the Scoping Report and Why the Term Can Confuse Investors

One of the more important clarifications in the ASX release is that this Scoping Report is not the same as a scoping study used in project economics. Mining investors often see the word "scoping" and assume it refers to an early economic assessment. In this case, however, the Scoping Report is a regulatory document used in South Australia's approvals system.

Key Terms Explained

What Does a Scoping Report Actually Do in Mining Approvals?

A Scoping Report helps define what regulators expect a company to study before a mine proposal is assessed. This usually includes baseline environmental data, water studies, consultation with stakeholders, and specialist technical work.

In simple terms, it answers an early question: what information must be gathered so the Mining Lease Application can be properly assessed?

According to Coda's announcement, the South Australian scoping process was designed to replace older informal pre-lodgement consultation. The intended benefit is a more transparent process with clearer expectations for both the company and the regulator. That does not mean approval is guaranteed — it means that the work required to seek approval has been more clearly set out.

Elizabeth Creek Remains a Sizeable Copper-Silver Development Asset

The approvals update sits against the backdrop of a substantial mineral resource base at Elizabeth Creek. The project includes four deposits — Emmie Bluff, Windabout, MG14, and Cattle Grid South — with a mix of proposed open pit and underground mining methods.

Project-Wide Mineral Resource Summary

*For Cattle Grid South, no copper equivalent grade was calculated. The CuEq figure shown reflects contained copper only, according to the company.

Project Totals in Context

The largest contributor is Emmie Bluff, which the company has identified as the flagship underground deposit. According to the resource summary included in the release, Emmie Bluff hosts 40.2 Mt at 1.27% copper and 1.87% copper equivalent, containing 511,000 tonnes of copper and 751,000 tonnes copper equivalent.

For investors, that scale is relevant because approvals progress tends to carry more weight when attached to a project with a material resource base rather than an early exploration target.

Two Workstreams Are Advancing at the Same Time

A notable aspect of the update is that Coda is progressing the Pre-Feasibility Study and the environmental approvals process in parallel. That approach can matter significantly in project development.

If technical studies are progressed first and approvals work is delayed until later, companies can lose considerable time between milestones. In Coda's case, the ASX announcement indicates the company is trying to keep both tracks moving together.

Chris Stevens stated that progressing the environmental work alongside the PFS "positions Coda to move directly into a Mining Lease once the PFS is completed, without losing momentum on either front."

Groundwater Drilling Is the Next Shared Catalyst

The next major step for both workstreams is groundwater drilling, which the company said is anticipated to begin in the coming days at Windabout, followed by Emmie Bluff. This is an important example of one programme serving multiple purposes.

For the approvals process, groundwater drilling is needed to establish a hydrogeological baseline. Hydrogeology is the study of groundwater, including where it sits underground, how it moves, and how mining activity could affect it.

For the PFS, the same data supports:

• Site water balance calculations, which estimate water inflows, storage needs and usage
• Mining and geotechnical studies, which assess ground conditions and mine design factors
• Processing and metallurgical studies, where water availability and management can affect plant design
• Site infrastructure planning, including water handling systems

This dual use of groundwater data can improve efficiency by reducing the chance that the same area needs to be revisited later for separate work programmes.

What Investors Should Watch Next

Following the gazettal of the Scoping Report, the next phase is centred on execution. The company stated it intends to appoint key consultants for studies outlined in the report that have not already commenced.

The near-term milestone sequence outlined in the announcement is relatively clear.

The company said it anticipates submitting a Mining Lease Application in the months immediately following completion of the PFS. That remains conditional on completion of the required environmental and technical studies and further regulatory assessment.

The Investment View: A Risk-Reduction Milestone Rather Than an Economic Re-Rate Event

This update is best understood as a de-risking event in the approvals timeline rather than a change to project economics. It does not alter the Elizabeth Creek resource base, nor does it provide a new financing package, development decision, or final approval.

However, what it does appear to provide is a more defined route through the South Australian approvals system. From an investor perspective, several points stand out:

1. Regulatory clarity has improved — the Terms of Reference are now formal and project-specific, which should reduce uncertainty around what studies are required.
2. The study programme is more visible — scope, timing and cost of required work are now more clearly documented, supporting better project planning.
3. Parallel execution could help preserve momentum — advancing approvals work and PFS activities together may reduce downtime between development stages.
4. The project already has material scale — Elizabeth Creek's 65.5 Mt resource base and 705,800 tonnes of contained copper give this approvals milestone more relevance than it would at a much earlier-stage project.
5. Copper exposure remains central — Elizabeth Creek is copper-dominant, with silver, cobalt, and zinc also present, providing additional commodity optionality.

Why Elizabeth Creek Is Worth Following From Here

The announcement suggests Coda is moving from framework setting into delivery. The regulatory path is now better defined, and the next task is to complete the studies required under that framework while continuing the PFS.

For the market, this type of update can sometimes receive less attention than exploration drilling or economic study numbers. Even so, it can be material. Mining projects are not advanced by resources alone — they also need a credible, workable path through approvals.

Elizabeth Creek now appears to have that path set out more clearly than before. With groundwater drilling due to start shortly, consultant appointments expected, and the PFS continuing in parallel, the company is entering a period where technical and regulatory progress may be tracked side by side.

Key takeaway: Coda Minerals has secured a formally documented, project-specific approvals framework for Elizabeth Creek, according to its ASX announcement. For investors, the main significance is reduced uncertainty around the Mining Lease pathway, while upcoming groundwater drilling and continued PFS work are likely to be the next operational markers to watch.

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