Coda Minerals : Cameron River Updated IP Targets - Additional Information

ASX RELEASE

16 June 2022 ASX Code: COD

For personal use only

Updated IP Delineates Promising Target at Cameron River - Additional Information

Coda Minerals Ltd ("Coda", "ASX:COD", or "the Company") refers to the release "Updated IP Delineates Promising Target at Cameron River" released on 8 June 2022.

Following consultation with ASX, the announcement is hereby re-released to include additional commentary on the rock- chip images provided in figures 3 and 6 of the release.

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

Further Information:

Chris Stevens

Chief Executive Officer

Coda Minerals Limited

[e-mail]

Media:

Nicholas Read

Read Corporate

[e-mail]

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005	ABN 49 625 763 957

ASX RELEASE

16 June 2022 ASX Code: COD

For personal use only

Updated IP Delineates Promising Target at Cameron River

Maiden drilling programme in August will target coincident geophysical and geochemical targets, including intense, shallow IP chargeability anomaly at Rebound prospect.

Highlights

• Final results from IP surveys at Cameron River have been received, and have identified multiple significant targets, including a number of outstanding chargeability anomalies identified at the Rebound prospect.
• Modelled chargeability anomaly peak of 48 msec identified in Dipole-Dipole IP survey, with source estimated to be less than 100m below the surface, and proximal to highly anomalous surface sampling (>5% Cu, >3 g/t Au).
• Gradient Array IP suggests a chargeability anomaly trend of at least 1,200m strike length associated with the Rebound geochemical anomalism, as well as numerous other high priority targets.
• First phase of drilling comprising a 30 hole, 2,200-3,000m RC programme to commence in August following completion of environmental approvals process.

Coda Minerals Limited (ASX: COD, "Coda", or "the Company"), reports results from recently completed geophysical programmes at its highly prospective Cameron River Project, located in the heart of the world-class Mt Isa mineral province in North Queensland.

Cameron River comprises 35km2 of copper and gold exploration tenure immediately north of the historical Mary Kathleen Uranium Mine. In March 2021, the Company entered in a binding Farm-In and Joint Venture Agreement giving it the right to acquire up to an 80% ownership in the Cameron River Project.

Final geophysical survey results have been received for the IP programme comprising three grids of Gradient Array Induced Polarisation (GAIP) and a single line of Dipole-Dipole Induced Polarisation (DDIP) which commenced at Cameron River on April 3rd of this year. The IP surveys targeted the company's key prospects: Copper Weed, Rebound, Bluey and Bingo and their associated mineralised trends, identified by field mapping. Preliminary results of these surveys were reported on April 22nd, with the full results now available.

Figure 1 DDIP inversion model cross section, looking north north-east. The prominent chargeability anomaly near the centre of the survey line (up to 48 msec) is associated with the Rebound prospect. The lower intensity (up to 29 msec) anomaly in the centre west is located immediately south of Copper Weed.

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005	ABN 49 625 763 957

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GAIP has identified numerous chargeability anomaly trends, several of which are associated with mapped malachite and/or geochemically anomalous rock chip samples. The most prominent of these are the Copper Weed and Rebound trends, two chargeability trends extending approximately 2km north and 1.6km north northeast respectively from a common starting point in the south of the tenure. Both trends have extensive mapped malachite occurrences at various points and are associated with numerous high grade rock chips, both modern and historic. Additional IP anomalies, including a significant conductivity anomaly at the Bluey prospect, were also identified. For full details, see "Results in Detail: Gradient Array IP Survey", below"

Based on these results, a single line of DDIP was designed to cover both trends, passing from an area south of Copper Weed to east of Rebound. Inversion modelling of the DDIP data identified four prominent shallow chargeability anomalies, each associated with trends identified in GAIP and surface geochemistry.

Figure 2 DDIP chargeability inversion cross section, looking north north-east and GAIP chargeability image. The prominent modelled chargeability anomaly (up to 48 msec) is associated with the Rebound 2 prospect. The lower intensity (up to 29 msec) anomaly is located immediately south of Copper Weed.

From east to west these are:

• Copper Weed Trend: With a peak chargeability of >27.5 msec at approximately 95m below the surface, this anomaly is located due south of the Copper Weed prospect and is associated with a major trend identified in GAIP as well as extensive mapped malachite.
• Rebound 1 Trend: Though the least intense and deepest (peak chargeability of >15 msec at approximately 140m below surface) of the three Anomalies, Rebound 1 has the strongest association with both mapped malachite and numerous high grade copper and gold bearing rock chips, including sample R22CR0102 (See Figure 3).
• Rebound 2 Trend: The most prominent anomaly along the DDIP survey line, this anomaly peaks at >47.5 msec and is located at approximately 90m below the surface (depth to top). GAIP has identified a local trend extending approximately 500m NNE/SSW, associated with some extremely high-grade rock chips, but work in the area has been relatively scarce. This anomaly is among Coda's highest priority targets for upcoming drilling, anticipated in August 2022.
• Rebound 3 Trend: The second very high intensity shallow anomaly identified on the DDIP line (>32.5 msec, approximately 75m below the surface), Rebound 3 is associated with a local peak in an extensive (>2,300m)

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005	ABN 49 625 763 957

For personal use only

chargeability anomaly that the company had previously believed to be stratigraphic or associated with large scale shearing. However, a high-grade historical rock chip (8% Cu) is located less than 90m south of the DDIP line at this point, making this another high priority target for future drilling.

Commenting on the results to date, Coda's CEO Chris Stevens said: "We are extremely pleased by the quality of the data we received from the recent surveys, and excited by the potential it has revealed at Cameron River. In particular, the DDIP survey, which produced not only an extensive zone of anomalism, but also peaks of extraordinarily high intensity for the region.

"IP has been the key driver behind multiple recent major copper discoveries in the Mt Isa Region- this combined with high grade geochemical sampling at surface and field mapping strongly suggests the potential for an extensive, shallow copper-gold system.

"Having now finalised this important step in the targeting work, we are looking forward to commencing our 30-hole maiden RC programme which is expected to commence in August this year subject to final phases of environmental approvals."

Figure 3 Sample R22CR0102, collected earlier this year by Coda, is located approximately 90m north of the DDIP line at

the Rebound 2 trend, and contains 5.02% Cu and 3.72g/t Ag1. Mineralisation is comprised of malachite rimming

weathered, coarse ex-bornite crystals (now largely converted to copper oxides, oxyhydroxides and possible carbonates accounting for approximately 10% of the rock mass) within Corella Formation. Similar sulphide mineralisation at depth, below the base of oxidation, could explain the DDIP anomalism identified during the survey.

1 For full details, including JORC table 1, see announcement "Strong IP, Geochemistry, and High-grade Rock Chips at Cameron River", released to the market on 26 April, 2022.

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005	ABN 49 625 763 957

For personal use only

Results in Detail: Gradient Array IP Survey

The recently completed GAIP survey was designed to test three priority target areas at Cameron River, the Copper Weed and Rebound prospects, as well as the recently identified Bluey/Bingo trend. Final results have been received and plotted as Figure 4 (chargeability) and Figure 5 (Conductivity, which was calculated by the inverse of the measured resistivity). GAIP is a geophysical technique whereby an electrical current is passed through the subsurface in between two transmitters located outside of the survey area, inducing an electrical charge in disseminated electrically conductive minerals such as sulphides.

Results from the survey highlighted several significant trends of chargeability within the target areas, many associated with known prospects, but some, such as the Clifford prospect, resulting in the delineation of new, highly priority targets which were then assessed by field mapping and sampling (See "Other Work and Next Steps", below).

The copper mineralisation at Rebound is clearly reflected in the IP as a moderate chargeability anomaly, increasing in intensity towards the south, with an associated moderate conductivity anomaly over approximately 500m of strike. At the southern end of this trend is a coincident elliptical high-conductivity anomaly and moderate chargeability anomaly, associated with local historic rock chips of >1% Cu.

Additionally, a north trending high chargeability feature (the "Copper Weed Anomaly") has been identified, corresponding with both a magnetic high and the trend of the historic Copper Weed artisanal workings. Mapped malachite appears to flank either side of the peak of the chargeability trend, and historic rock chip samples taken from several points along this trend have reported results of up to 22% Cu.

The chargeability anomaly may in fact represent two separate anomalies, with the northern NNW trending portion consistent with topography suggesting a stratigraphic response, while the southern portion reorients to SSW and is consistent with a trend of mapped malachite to the west of the ridge at Copper Weed, suggesting a non-stratigraphic source. The company considers the more southerly portion of the anomalism to be a high priority target for further work.

Magnetic data supported by geological mapping suggest that the chargeability response and interpreted mineralisation are associated with fault splays feeding north off the regional Cameron Fault, acting as conduits for mineralising fluid, while marble and recrystallised limestone units within the geological package are a focus for deposition with minor to moderate copper mineralisation occurring in the rocks adjacent to the carbonate units. Intensity of alteration and mineralisation increased southwards with proximity to the Cameron Fault.

A small number of conductivity anomalies were identified through the survey, but most have been identified to represent stratigraphic responses of little economic interest. One anomaly in the far northwest of the survey area is of far greater significance. By far the most conductive material within the survey area, the discrete anomalism is at least 500m long (extending to the edge of the survey area) and is associated with the large central ridge at the prospect, which has previously identified numerous conductivity anomalies through historical VTEM surveys, each with significant multielement geochemical signatures suggesting economic potential. The newly identified conductive material appears to lie below cover, and has been tested through biogeochemistry (results pending, see "Other Work and Next Steps", below).

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005	ABN 49 625 763 957