Coda Minerals Advances Elizabeth Creek Copper-Silver Project Development

Copper demand fundamentals continue to strengthen globally as the energy transition accelerates, making Coda Minerals' Elizabeth Creek project exceptionally well-positioned in the current market environment. The company has now completed approximately 70% of its planned 6,000-7,000 metre drilling campaign across three major deposits, with the first batch of drill core already submitted for comprehensive assaying and geotechnical testing. This systematic approach positions Elizabeth Creek for substantial value creation as commodity prices surge well above previous study assumptions.

Strong Foundation with Exceptional Commodity Price Tailwinds

The timing of this drilling completion couldn't be more favourable for investors. Elizabeth Creek's most recent Scoping Study estimated a pre-tax NPV of $1.3 billion with an impressive 39% Internal Rate of Return. However, current market conditions present extraordinary upside potential that wasn't captured in those calculations.

Current vs. Study Price Assumptions:

This dramatic commodity price appreciation, combined with Coda's breakthrough chloride leach technology that significantly improves silver recoveries, creates a compelling case for updated project economics that could materially exceed the already robust baseline study.

Furthermore, the silver market outlook remains exceptionally positive, driven by industrial demand growth and supply constraints. This development particularly benefits Elizabeth Creek's unique metallurgical advantages.

CEO Chris Stevens: "Higher prices and improved metallurgical performance have the potential to materially change what is considered economically viable within the system, with positive implications for mine life, production profiles and overall project economics."

Drilling Programme Delivers Consistent Visual Results

According to the announcement, the current three-rig programme has systematically targeted resource definition, metallurgical sampling, and geotechnical characterisation across Coda's flagship deposits. The olympic copper province geology has consistently delivered high-grade mineralisation patterns that support the project's exceptional economics.

Programme Completion Status:

Visual estimates from completed holes continue to demonstrate the consistency of Elizabeth Creek's mineralisation, with notable intercepts including:

• DD25EB0044: 3m from 423.1m showing 1-2% chalcopyrite and up to 1% chalcocite/bornite
• DD25WIND0002: 9.1m intersection with approximately 1% chalcocite, including 2.6m at 2-3% chalcocite
• DD25MG140001: 5m from 29.1m with 1-3% disseminated chalcocite

The announcement notes these results reinforce the geological model underpinning Elizabeth Creek's substantial 1 million tonnes of contained copper equivalent across the three deposits. Moreover, the consistency of these intercepts validates the mining project valuation methodologies applied to previous economic studies.

Understanding Copper Equivalent: A Key Valuation Metric

Copper equivalent (CuEq) represents the total value of all metals in a deposit expressed as if it were entirely copper. This metric is crucial for investors as it provides a standardised way to compare multi-metal projects and understand their true economic potential.

For Elizabeth Creek, the CuEq calculation incorporates:

• Copper: The primary revenue driver
• Silver: Becoming increasingly valuable with improved recovery technology
• Cobalt: Strategic metal with strong long-term demand fundamentals
• Zinc: Additional revenue contribution

The company's chloride leach breakthrough significantly enhances silver exposure, meaning each tonne of ore now generates more revenue from silver than previously possible. Consequently, this represents a game-changing development as silver prices have soared 167% above study assumptions.

Copper equivalent calculations use standardised metal prices and recovery rates to express the combined value of all payable metals. For Elizabeth Creek's flagship Emmie Bluff deposit, the company reports 40.2Mt @ 1.87% CuEq, reflecting the substantial combined value of copper, silver, cobalt, and zinc mineralisation.

In addition, the project's mining resource estimation methodology follows industry best practices, providing investors with confidence in the reported grades and tonnages.

Pre-Feasibility Study Accelerating Toward 2026 Completion

With the appointment of an experienced Study Manager and critical drilling nearing completion, Coda's Pre-Feasibility Study (PFS) is advancing rapidly on multiple fronts, according to the announcement. The mining feasibility studies framework ensures comprehensive evaluation of all technical and economic aspects.

Immediate Catalysts (Next 3 Months):

• Updated Emmie Bluff Mineral Resource Estimate incorporating new drill data
• Metallurgical variability testing confirming optimal processing parameters
• Geotechnical analysis supporting mine design optimisation
• Exploration update identifying next-phase drilling targets

Medium-Term Milestones (Q2-Q3 2026):

• Hydrogeological drilling supporting environmental approvals
• Mine plan optimisation study with updated production schedules
• Environmental and mining approvals pathway advancement
• Comprehensive project economics update reflecting current commodity prices

The company states this systematic approach ensures each workstream feeds directly into an integrated development plan that maximises the value of Elizabeth Creek's exceptional resource base.

Investment Thesis: Leveraging Multiple Value Drivers

Elizabeth Creek represents a unique convergence of favourable factors rarely seen in a single project. However, understanding mining investment risks remains crucial for evaluating the opportunity comprehensively.

1. Exceptional Resource Scale

• 65.5 million tonnes of total resources across four deposits
• 725,800 tonnes of contained copper across the project
• 95% of flagship Emmie Bluff classified as higher-confidence Indicated Resource

2. Breakthrough Metallurgical Technology

• Simplified whole-ore chloride leach flowsheet
• Dramatically improved silver recoveries
• Lower processing costs than conventional methods

3. Favourable Commodity Environment

• Copper prices 37% above study assumptions
• Silver prices 167% above study assumptions
• Growing strategic importance of silver in renewable energy applications

4. Strategic Location Advantage

• Situated in the world-class Olympic Copper Province
• 100km from BHP's Olympic Dam
• 15km from Oak Dam West Project
• Established infrastructure and mining-friendly jurisdiction

For instance, the project's proximity to established infrastructure significantly reduces development capital requirements compared to greenfield projects in remote locations.

What Are the Key Risk Factors for Elizabeth Creek?

Despite the compelling opportunity, investors should carefully consider potential challenges. Mining exploration risks include drilling results that may not meet expectations or geological complexities that could impact development timelines.

Furthermore, commodity price volatility represents a significant factor, as copper and silver prices could decline from current elevated levels. The project's economics, whilst robust at current prices, would be sensitive to material price corrections.

Additionally, regulatory approval processes may extend development timelines beyond current expectations. However, South Australia's mining-friendly jurisdiction and established regulatory framework mitigate these risks considerably.

Project Resource Base and Current Status

Elizabeth Creek's resource inventory comprises four deposits totalling 65.5 million tonnes, with the flagship Emmie Bluff deposit containing 40.2Mt @ 1.27% copper, 569ppm cobalt, 17g/t silver and 0.17% zinc. The project's total contained metal inventory includes:

• 725,800 tonnes of contained copper
• 33,000 tonnes of contained cobalt
• 28 million ounces of contained silver
• 75,000 tonnes of contained zinc

The company's breakthrough chloride leach technology provides enhanced exposure to silver pricing, with the metal now representing a material percentage of expected revenue. This technological advancement, combined with current silver prices at $80/oz versus $30/oz study assumptions, creates significant economic upside potential for updated feasibility studies.

Consequently, the mineral resource classification places 95% of Emmie Bluff resources in the higher-confidence Indicated category, providing substantial confidence for development planning.

Why Investors Should Monitor This Development Story

Coda Minerals has systematically built one of Australia's most compelling copper-silver development stories, with multiple value inflection points approaching in 2026. The combination of substantial resources, proven metallurgical breakthroughs, and dramatically improved commodity fundamentals creates an exceptional setup for material value creation.

Key Monitoring Points:

• Resource updates incorporating new drilling data
• Metallurgical test results confirming optimised recoveries
• Economic studies reflecting current commodity prices
• Approval progress advancing toward development readiness

With a fully funded work programme through PFS completion and active newsflow expected throughout 2026, Coda Minerals' Elizabeth Creek project represents a compelling opportunity for investors seeking exposure to the structural copper deficit and silver's growing strategic importance.

Key Takeaway:
Elizabeth Creek combines world-class resource scale, breakthrough processing technology, and exceptional commodity price tailwinds into a development story that could materially outperform existing economic assumptions. With 70% of critical drilling complete and systematic value catalysts approaching, investors should closely monitor this emerging copper-silver development opportunity.

Could Elizabeth Creek Be Your Next High-Conviction Mining Investment?

With drilling now 70% complete and commodity prices sitting dramatically above study assumptions, Coda Minerals is positioned for multiple value catalysts throughout 2025. The combination of world-class resources, breakthrough metallurgical technology, and exceptional copper-silver price tailwinds creates a compelling development story that investors should closely monitor. To explore the full investment opportunity and stay updated on Elizabeth Creek's progress towards Pre-Feasibility Study completion, visit www.codaminerals.com for comprehensive project details and corporate updates.