Coda Minerals : June 2022 Quarterly Activities and Cashflow Reports

	ASX RELEASE
	29 July 2022
	ASX Code: COD
	only
	CONTENTS
1.0		Overview
2.0		Projects & Assets
use
2.1	Tenement Schedule
2.2		Elizabeth Creek
			Copper Project
			Update
2.3		Exploration
		Activities & Results
2.4		Cameron River
			Farm-in Update
2.5		Cameron River
			Exploration
			Activities and
			Results
2.6		Future Work
personal	Programme
3		Corporate
3.1		Finance &
For	Use of Funds

4 Events Subsequent

to Quarter End

QUARTERLY

ACTIVITIES REPORT

FOR THE QUARTER ENDED 30 JUNE 2022

HIGHLIGHTS

• Coda Minerals consolidated 100% ownership of the Elizabeth Creek Copper Project in South Australia after completing the acquisition of JV partner, Torrens Mining.
• Elizabeth Creek IOCG:
• • Substantial lateral extensions of the known copper-gold mineralisation confirmed at the Emmie IOCG discovery through new mineralised intercepts.
  • Latest results demonstrate a new, geologically distinct zone of mineralisation with a high-grade bornite dominated core - supporting a new geological model comprising multiple zones of mineralisation within the wider IOCG anomaly.
  • Potential for multiple mineralised conduits to be further evaluated through geophysical programme commencing in Q3 2022.
• Elizabeth Creek Copper-Cobalt Study:
• • Scoping Study continuing to advance towards release in the second half of 2022.
  • Material progress achieved on key mining and metallurgical studies, including exceptional results from test work using the proven Albion Process to produce final product cobalt sulphate and copper cathode.
• Cameron River:
• • Multiple high-priority targets delineated following results from geochemical soil surveys across tenure.
  • Intense and extensive chargeability and conductivity trends identified following Gradient Array and Dipole-Dipole Induced Polarity (GAIP and DDIP) surveys.
  • Drilling scheduled to commence to test geochemical and geophysical Copper Weed/Rebound and Bluey/Bingo trends late August 2022 subject to final approvals.
• Coda Minerals remains well funded with $8.2 million cash on hand as at 30 June 2022
• Strong cash position, combined with a major geophysical study and corresponding reduction in drilling expenditure at Emmie IOCG, leaves the Company well-funded throughout FY23 to deliver exploration at Emmie IOCG, complete the Elizabeth Creek Scoping Study and initial drilling at the Cameron River Copper-Gold Project.

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

1. Overview

For personal use only

Coda Minerals Chair, Keith Jones said: "Coda closed out the first half of 2022 with energy and high activity levels across our two key Australian copper projects.

"At Elizabeth Creek, we completed two additional holes at Emmie IOCG leading to the identification of two new conduit zones within the broader anomaly in addition to the initial discovery zone. With sixteen holes now completed - all but three of which were mineralised - we now have a significant amount of data to analyse as we refine our geological models and understanding of this complex discovery.

"During the next phase of work at Emmie IOCG we utilise advanced geophysics to broaden our understanding of this deposit. We believe that the combination of the drilling data we have accumulated along with the upcoming geophysics will allow us to target the core mineralising structure of the deposit where thick accumulations of IOCG mineralisation are most likely to occur.

"Over the past 12 months we have completed an ambitious, and fast-paced drill programme, the current phase will see a marked reduction in the cost of exploration with the total budget for all the geophysical programmes we have planned expected to be similar in cost to a single deep exploration hole.

"In addition to the significant workload involved in drilling an IOCG, we have continued to make excellent progress with the Scoping Study into the million-tonne contained copper-cobalt Resources at MG14, Windabout and Emmie Bluff. We were delighted to recently announce success in using Albion leaching to produce high quality end-use products on site. This provides the Company options to consider not just a concentrate producing operation, but also much higher-value- add products as part of the Scoping Study process.

"At the Cameron River Project in Queensland, we completed an IP survey which indicates geophysical anomalies consistent with some of those that have driven recent discoveries in the Mt Isa region. When we have combined the IP survey with surface geochemical results, we have generated several large anomalous corridors containing multiple drill-ready copper- gold targets. We are currently finalising government approvals with drilling now expected to commence in late August.

"Corporately, the most significant event during the quarter was the successful completion of the acquisition of Torrens Mining. We now own 100% of our flagship Elizabeth Creek Copper Project giving us far greater flexibility as we progress the project.

"With drill rigs expected to be turning at Cameron River within weeks, deep penetrating geophysics at Elaine and Emmie IOCG planned and the ongoing Copper-Cobalt Scoping Study heading towards completion, we are looking forward to a big end to 2022."

Upcoming Milestones

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005

r personal use only

2. Projects & Assets

Tenement Schedule

In accordance with ASX Listing Rule 5.3.3, Coda provides the following information about its tenements for the quarter ended 30 June 2022.

Table 1 Coda tenement schedule

Tenement

Project

Location

Application Date

Grant Date

Expiry Date

Area

Ownership

Ownership Structure

km2

EL6141

Elizabeth

SA

29 October 2017

28 October 2022

47

100%

Creek

Tenements are held in a 70:30 split between Coda Minerals

EL6518

Elizabeth

SA

25 March 2020

24 March 20221

363

100%

and Torrens Mining Ltd, a wholly owned subsidiary of Coda

Creek

Minerals, resulting in effective 100% control by Coda

EL6265

Elizabeth

SA

7 October 2018

6 October 2023

291

100%

Minerals.

Creek

EPM27042

Cameron

Queensland

10 October 2019

9 October 2024

22.4

0%

Coda is currently engaged in a Farm-in to the Cameron River

River

project and has the option to earn up to 80% ownership by

Cameron

spending $2 million. The company expects to complete the

EPM27053

Queensland

14 February 2020

13 February 2025

12.8

0%

first tranche of this agreement by spending $1 million in the

River

second half of CY 2022.

EL6775

Mt Piper

Victoria

3 July 2020

2 July 2025

414

100%

EL7331

Mt Piper

Victoria

8 April 2021

7 April 2026

342

100%

On 4 July 2022 (subsequent to quarter end) the company

EL7337

Mt Piper

Victoria

29 April 2021

28 April 2026

61

100%

announced the proposed divestment of the Mt Piper

EL7366

Mt Piper

Victoria

15 March 2021

14 March 2026

22

100%

project and associated tenements to Kalamazoo Resources.

EL7380

Mt Piper

Victoria

15 March 2021

14 March 2026

334

100%

2

ELA7481

Mt Piper

Victoria

4 September 2020

N/A (application)

N/A (application)

447

100%

EL5455

Club Terrace

Victoria

22 October 2013

21 October 2023

8

100%

ELA7342

Club Terrace

Victoria

19 August 2020

N/A (application)

N/A (application)

375

100%

Held by wholly owned subsidiary Torrens Mining Ltd

ELA7584

Club Terrace

Victoria

18 January 2021

N/A (application)

N/A (application)

108.5

100%

ELA6263

Club Terrace

NSW

3 August 2021

3 August 2027

260

100%

ELA7612

Balmoral

Victoria

17 June 2021

N/A (application)

N/A (application)

835

100%

Held by wholly owned subsidiary Torrens Mining Ltd

EL2690

Rigo

Papua New

26 January 2022

26 January 2024

1164

100%

Held by wholly owned subsidiary Torrens Mining (PNG)

Guinea

Limited

ELA2557

Laloki

Papua New

16 November 2017

N/A (refused)

N/A (refused)

126

0%

Subject to litigation in Papua New Guinea courts

Guinea

1. Currently under renewal application
2. For full details, please see:https://www.codaminerals.com/wp-content/uploads/2022/07/20220704_Coda_ASX-ANN_Coda-Divests-Mt-Piper-Gold-Project-to-Kalamazoo_RELEASE.pdf

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005

For personal use only

Elizabeth Creek Copper Project Update

On 9 February 2022, Coda and Torrens Mining announced the intention to merge via a recommended off-marketall-scrip takeover offer. On the 8th of April 2022 the takeover bid by Coda for Torrens Mining was declared unconditional as Coda held relative interest in 80.84% in Torrens.

On 22 April 2022, Coda proceeded with the compulsory acquisition of the remaining Torrens shares in respect of which it had not received acceptances under the offer, after having reached a relevant interest of 91.28% of Torrens shares.

The completion of this transaction has resulted in Coda consolidating effective 100% control of the Elizabeth Creek Copper Project in South Australia.

Elizabeth Creek Exploration Activities & Results

Emmie Bluff/MG14/Windabout

Following the estimation of the Emmie Bluff Mineral Resource at the end of the December 2021 quarter (43Mt at 1.84% CuEq3), Coda accelerated the Scoping Study into the Zambian-stylecopper-cobalt mineralisation at the Elizabeth Creek Project, covering the resources at Emmie Bluff, Windabout and MG14.

Work continued on the Scoping Study during the quarter, with a focus on mining and metallurgical processing. Details of metallurgical recoveries and a general progress report was provided to the market subsequent to quarter-end4, with highlights including recoveries in excess of 99% for copper and cobalt being achieved using the Albion Process, a hydrometallurgical method for leaching metal from concentrate which is generally considered to be lower cost than comparable methodologies (such as pressure oxidation).

For full details, please see "Events Subsequent to Quarter End", below.

The Scoping Study remains on track for delivery in the second half of CY 2022.

Emmie IOCG

Coda began drilling at Emmie IOCG in the June 2021 quarter with drilling continuing almost continuously (apart from the Christmas/New Year break) until the June quarter of 2022.

During the reporting period, the Company completed two drill-holes, EBD7W1 and EBD8, to depths of 990.5m and 1,033m respectively5.

These drill-holes have confirmed the potential for lateral extensions of the deposit in multiple directions, with the results from EBD7 demonstrating a new, geologically distinct zone of mineralisation with a high-grade bornite dominated core which provides strong confidence in a new geological model comprising multiple zones of mineralisation developed within the wider anomaly.

The Company intends to follow up these exciting results in the coming months.

1. For full details, including JORC Table 1, please see "Standout 43Mt Maiden Cu-Co Resource at Emmie Bluff", released to market on 20 December 2021 and available at 20211220_Coda_ASX-ANN_Standout-43Mt-Maiden-Cu-Co-Resource-at-Emmie-Bluff_RELEASE.pdf
2. For full details, please see ">99% Recoveries of Cu, Co from Emmie Bluff Concentrate Using Albion ProcessTM", released to the market on 5 July 2022 https://www.codaminerals.com/wp-content/uploads/2022/07/20220705_Coda_ASX-ANN_99-Recoveries-of-Cu-Co-from-Emmie-Bluff-Concentrate_RELEASE.pdf
3. For full details, please see "Central Bornite Zone Materially Extended at Emmie IOCG", released to Market on 26 April 2022 and available athttps://www.codaminerals.com/wp-content/uploads/2022/06/20220601_Coda_ASX-ANN_Major-Step-Out-Hole-EBD8-Extends-Emmie-IOCG-by-900m-to-North_RELEASE.pdf,and "Major Step-Out Hole EBD8 Extends Emmie IOCG by 900m to the North", released to Market on 1 June 2022 and available at https://www.codaminerals.com/wp-content/uploads/2022/06/20220601_Coda_ASX-ANN_Major-Step-Out-Hole-EBD8-Extends-Emmie-IOCG-by-900m-to-North_RELEASE.pdf.These announcements include all relevant detail and JORC Table 1.

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005

For personal use only

Figure 1 Tenement location and surrounding owners and mining activities.

Assay Results

Assay results for two diamond drill holes at the Emmie IOCG prospect were released during the quarter. For full details, including Table 1, please see the relevant announcements per the footnotes below6. For a summary, please see Table 2, below.

6 For full details, please see "Central Bornite Zone Materially Extended at Emmie IOCG", released to Market on 26 April 2022 and available at https://www.codaminerals.com/wp-content/uploads/2022/06/20220601_Coda_ASX-ANN_Major-Step-Out-Hole-EBD8-Extends-Emmie-IOCG-by-

6 Altona Street	E: [e-mail]
West Perth
Western Australia, 6005