Coda Minerals Advances Elizabeth Creek PFS With Five Field Programmes

Coda Minerals Puts Boots on the Ground at Elizabeth Creek as PFS Momentum Builds

Coda Minerals (ASX: COD) has commenced significant on-ground activity at its Elizabeth Creek Copper-Silver Project in South Australia, marking a pivotal transition in the Coda Minerals Elizabeth Creek PFS field programmes underway — moving from desktop analysis into active field execution. The company has appointed a hydrogeological drilling contractor, commissioned tailings storage facility studies, initiated environmental surveys, and scheduled high-resolution aerial surveys. Notably, one planned drillhole carries dual objectives that could extend the resource footprint beyond current boundaries.

A Project Reaching an Inflection Point

Elizabeth Creek hosts a total Mineral Resource of more than 65.5 million tonnes across three deposits — Emmie Bluff, Windabout, and MG14 — collectively containing over 1 million tonnes of contained copper equivalent. The flagship Emmie Bluff deposit comprises 40.2Mt at 1.27% copper, 569ppm cobalt, 17g/t silver and 0.17% zinc, with 95% of contained metal classified in the higher-confidence Indicated Resource category.

The project's most recent Scoping Study update, completed in August 2025, incorporated a simplified whole-ore leach flowsheet that materially improved both copper and silver recoveries. The result delivered a significantly enhanced economic case:

This revised copper-silver base case now underpins the ongoing Pre-Feasibility Study, with cobalt retained as future upside potential. The current field programmes represent the PFS converting study assumptions into real-world data.

Five Programmes, One Coordinated Push

The announcement is notable for the simultaneous launch of five distinct field programmes that collectively address core technical and regulatory requirements for advancing the project from study-stage toward development approval.

1. Hydrogeological Drilling

Coda has appointed a specialist hydrogeological contractor, with drilling expected to commence in June 2026. The programme covers three production bores and four monitoring bores across the Elizabeth Creek project area.

Planned production bore specifications are as follows:

No drilling is required at the MG14 deposit due to excellent historical data already identified by Coda's hydrogeological consultants. Monitoring bores will be positioned within 50 metres of each production bore and will utilise Vibrating Wire Piezometers for deeper intervals, supporting site water balance modelling across multiple technical workstreams including mining, geotechnical, metallurgical, and tailings activities.

2. Tailings Storage Facility (TSF) Studies

Specialist consultants have been appointed to advance detailed TSF engineering and site selection assessments. This infrastructure component represents an essential element for mine development and a key input to future approvals processes. The work builds on earlier studies completed during the Scoping Study phase.

3. Environmental and Ecology Surveys

A second phase of environmental and ecology surveys is currently underway across the broader project area. Early results have been encouraging, with no groundwater-dependent ecosystems identified that are expected to be impacted by proposed mining activities.

This represents a positive early indicator, as groundwater-related environmental approvals can often present complex regulatory challenges for mining projects in arid regions.

4. Lidar and Aerial Surveys

High-resolution Lidar and aerial surveys are scheduled to run concurrently with the hydro drilling programme. These surveys will support infrastructure planning, tailings design, environmental studies, and broader project development activities.

5. Exploration Upside — The Bonus Drillhole

One planned monitoring bore at Emmie Bluff carries a secondary objective that may interest investors. Previous drilling in early 2025 intersected copper mineralisation in the Tapley Hill Formation black shale south of the current Emmie Bluff Mineral Resource boundary. This monitoring bore will consequently function as both an exploration and sterilisation hole, partially testing whether the mineralisation extends the resource footprint southward.

CEO Chris Stevens noted: "Multiple on-ground programmes are now moving ahead simultaneously at Elizabeth Creek as the Project continues to advance through the PFS stage. Water studies, environmental baseline work and tailings planning are all important parts of progressing any mining project toward development and approvals. Although the primary focus of the hydro programme is water and environmental data collection, one of the planned holes will also test an area south of the current Emmie Bluff Resource where previous drilling intersected copper mineralisation outside the existing resource boundary."

Understanding the PFS Stage — Why This Work Matters

What is a Pre-Feasibility Study (PFS)?

A Pre-Feasibility Study represents the second major technical study phase in mining project development, positioned between a Scoping Study (high-level concept) and a Definitive Feasibility Study (detailed engineering ready for financing and construction decisions). A PFS is designed to assess whether a project demonstrates technical viability and economic robustness sufficient to justify the significant capital required for a full Feasibility Study.

Critically, a PFS requires real field data rather than estimates or historical records. The current Coda Minerals Elizabeth Creek PFS field programmes underway are generating precisely this type of information:

• Hydrogeological drilling establishes actual water availability, representing a fundamental input for mine water balance modelling
• Environmental baseline surveys create the foundation for regulatory approvals, as regulators require documented baseline conditions before assessing mining impacts
• TSF studies determine where and how tailings can be safely stored, influencing both capital cost estimates and land disturbance footprints
• Lidar surveys provide high-resolution topographic data essential for infrastructure and transport planning

Investor Significance: Each programme incrementally de-risks the project. Studies returning favourable results — such as accessible water sources or low environmental sensitivity — reduce the range of potential cost and timeline outcomes, supporting project economics and investor confidence.

Key Technical Components of Modern PFS Development

• Water Balance Modelling: Determines sustainable extraction rates and environmental impact mitigation
• Geotechnical Assessment: Evaluates ground stability for underground mining and surface infrastructure
• Metallurgical Optimisation: Refines processing flowsheets and recovery assumptions
• Environmental Baseline: Establishes pre-mining conditions for regulatory comparison
• Infrastructure Planning: Defines access roads, power supply, and processing facilities

The Resource Base Behind the Activity

Elizabeth Creek's three JORC-compliant deposits collectively represent a substantial copper-focused resource base in a tier-one mining jurisdiction:

The project is situated in the Eastern Gawler Craton — South Australia's most productive copper belt — approximately 100km south of BHP's Olympic Dam mine, 15km from BHP's Oak Dam West project, and 50km west of the Carrapateena copper-gold project. Proximity to established infrastructure corridors and regional mining history provide practical advantages for project development.

What's Ahead — Key Milestones to Watch

Based on the programmes now underway, investors can anticipate a series of updates over coming weeks and months. The following near-term catalysts are expected:

CEO Stevens has indicated shareholders can expect "a steady flow of technical and field activities" as these programmes progress, suggesting news flow is likely to remain active through 2026.

The Investment Case in Focus

Several factors combine to distinguish this announcement from routine operational updates.

Scale of the Asset: With over 1 million tonnes of contained copper equivalent across three deposits, Elizabeth Creek represents a large-scale copper development proposition. The Emmie Bluff deposit alone, at 40.2Mt with strong Indicated classification, provides a foundation for detailed mine planning.

Enhanced Economics from Updated Scoping Study: A pre-tax NPV of $1.3 billion and IRR of 39% — incorporating the improved whole-ore leach flowsheet — represent materially stronger economics than earlier studies. This case now drives the Coda Minerals Elizabeth Creek PFS field programmes underway.

Positive Early Environmental Indicators: The absence of groundwater-dependent ecosystems in current survey areas represents an encouraging early indicator for one of the more sensitive components of the approvals pathway.

Resource Extension Potential: The dual-purpose monitoring bore at Emmie Bluff adds exploration value to what is primarily an engineering and environmental drilling programme. Furthermore, prior drilling confirmed copper mineralisation outside the current resource boundary, and this hole will partially test southward mineralisation extent at no incremental cost to shareholders.

Jurisdiction Advantages: South Australia maintains an established track record as a mining-friendly state with clear regulatory frameworks. The Eastern Gawler Craton's credentials as a world-class copper address are, moreover, well-established.

Why Investors Should Monitor Elizabeth Creek Progress

Coda Minerals is executing a structured development pathway. The current field programmes represent essential building blocks of a PFS already backed by a $1.3 billion NPV Scoping Study and a resource base with strong confidence classification.

The coming months will generate real data on water availability, environmental sensitivity, and tailings options. Each component has the potential to further validate or improve the project's development parameters. Combined with a low-cost exploration opportunity on the same drill programme, the current activity phase carries more informational value than headline activities alone might suggest.

Investment Thesis Summary: Elizabeth Creek represents a large-scale copper-silver development project in one of Australia's premier copper provinces, supported by a pre-tax NPV of $1.3 billion and a resource base exceeding 1 million tonnes of contained copper equivalent. With multiple PFS field programmes running simultaneously and a drill programme that doubles as a resource extension test, investors face a potentially active news flow period as the project advances toward feasibility assessment.

Key Risk Considerations:

• Water availability and environmental approvals represent critical pathway dependencies
• Capital cost estimates require validation through detailed engineering studies
• Commodity price assumptions underpin economic projections and may fluctuate
• Regulatory approval timelines can affect development schedules

Educational Section: Understanding Pre-Feasibility Studies in Mining

What Makes a PFS Different from Earlier Studies?

Mining projects typically progress through three main study phases before construction decisions. Each requires increasing levels of detail and field data:

1. Scoping Study (Conceptual): High-level assessment using preliminary data and assumptions. Accuracy typically ±50%.

2. Pre-Feasibility Study (PFS): Detailed technical and economic evaluation using real field data. Accuracy typically ±25%. Requires actual drilling, environmental surveys, and engineering assessments.

3. Definitive Feasibility Study (DFS): Comprehensive engineering-level study suitable for financing decisions. Accuracy typically ±15%. Includes detailed mine planning, environmental approvals, and construction scheduling.

Why Does Field Data Matter?

Desktop studies can model potential scenarios, however lenders and developers require actual measurements. Water flow rates, environmental conditions, and geotechnical properties must be physically tested before major capital commitments.

PFS Investment Significance

A positive PFS typically triggers increased institutional investor interest as technical risk decreases materially. Projects with robust PFS economics often attract development partnerships or acquisition interest from larger mining companies. In this respect, the Coda Minerals Elizabeth Creek PFS field programmes underway represent a meaningful step along that pathway.

Glossary of Key Terms:

• PFS (Pre-Feasibility Study): Detailed technical and economic assessment of project viability, requiring real field data rather than estimates
• Hydrogeological drilling: Drilling to understand underground water systems for mine water supply and environmental impact assessment
• TSF (Tailings Storage Facility): Engineered facility for storing mining waste material after ore processing
• Lidar: Light Detection and Ranging technology using laser pulses to generate high-resolution terrain maps
• VWP (Vibrating Wire Piezometer): Instrument measuring groundwater pressure over time to monitor water extraction effects
• CuEq (Copper Equivalent): Single grade figure converting multiple metals into copper-equivalent value based on assumed prices and recoveries
• Indicated Resource: Mineral resource classification under JORC Code indicating sufficient geological confidence for technical studies
• NPV (Net Present Value): Present-day value of project's future cash flows, discounted at a set rate
• IRR (Internal Rate of Return): Discount rate at which project's NPV equals zero, indicating economic attractiveness
• Tapley Hill Formation: Geological unit where copper mineralisation has been intersected outside existing resource boundary

Want to Learn More About Coda Minerals' Elizabeth Creek Project?

With a pre-tax NPV of $1.3 billion, over 1 million tonnes of contained copper equivalent, and multiple PFS field programmes now actively underway, Coda Minerals (ASX: COD) is advancing Elizabeth Creek toward feasibility with real momentum. To explore the full details of the project, the resource base, and the company's development pathway, visit www.codaminerals.com to find out more.