Coda Minerals Ltd. advised that it has achieved a key breakthrough in its plans to develop a long-term copper mining operation at the 100%-owned Elizabeth Creek Project in South Australia's Olympic Copper Province after receiving very positive results from recently completed underground and open pit mining studies. The mining studies encompassed the cornerstone Emmie Bluff underground deposit and the satellite MG14 and Windabout open pit copper-cobalt-silver deposits. The Emmie Bluff Mining Study, which was undertaken by independent consultants Mining Plus Pty Ltd, has confirmed the technical viability of mining the large Emmie Bluff deposit using conventional mining methods at the desired production rate, establishing a strong "go-forward" case that will inform the ongoing Scoping Study.

The proposed mining schedule would see the Emmie Bluff deposit mined over a 17-year mine life at a steady-state production rate of 2.5 million tonnes per annum (Mtpa). Mining will be undertaken using conventional underground drill- and-blast methods and utilising a standard underground mining fleet. Of the four underground mining methods evaluated, the optimal method selected was Long-hole Open Stoping with Pillars.

Total mined ore over the life of mine is anticipated to be in excess of 26 million tonnes at an average grade of 1.86% CuEq 1. Importantly, no technical barriers were identified to achieving the higher production rates required to optimise returns from the Project. Coda has also engaged Crystal Sun Consulting to undertake mining engineering studies into the shallower open-pit deposits MG14 and Windabout. Material from these deposits is expected to total 1.3Mt at 1.42% Cu and 371 ppm Co (MG14) and 6Mt at 1.03% Cu and 667 ppm Co (Windabout).

This mineralisation will supplement the Emmie Bluff material, providing mill feed during ramp-up and development of the underground mine to allow the operation to rapidly achieve nameplate capacity for the proposed Emmie Bluff processing plant, which is currently expected to be 2.5Mtpa. Coda engaged mining consultants Mining Plus to undertake a comprehensive underground mining study of the Emmie Bluff deposit. The scope of works included the collating and reviewing of relevant input data (including the geological model provided by Coda and previous studies, geotechnical review, mining method selection, mine design and scheduling, and optimisation in line with high-level financial modelling.

Input Parameters: Non-mining input parameters (e.g. processing costs, metal recoveries, commodity prices, FOREX etc.) were developed by Coda and provided to Mining Plus based on work carried out by Coda Minerals as part of the broader ongoing scoping study into the Elizabeth Creek copper-cobalt project. Mining Method Selection: Mining Plus considered four mining methods based on the key characteristics of the orebody: mineralisation at Emmie Bluff lies approximately 400m below the surface and is composed of a pair of flat dipping, laterally extensive lodes with substantial plan view area, but low thickness (between 2 and 15m). The methods considered were: · Longhole Open Stoping with pillars; · Longhole Open Stoping with paste fill; · Drift and Fill; and · Drift and Fill with wall stripping.

Ultimately, Longhole Open Stoping with pillars was chosen as the preferred mining method. Longhole open stoping is conducted by developing drill drives, and slots with longhole stope rings fired into the open/developed slot drive. Pillars are left between the stopes for stability within the active mining areas, thus reducing overall ore body recovery.

Geotechnical guidelines and ore boundaries determine pillar dimensions. This method allows larger capacity drills and loaders based on the chosen development size. The benefits of longhole open stoping with pillars include multiple faces being available to work simultaneously, no backfilling required and low ore body dilution where the mineralisation thickness is the same or greater than the drive size height.

The method was chosen due to its flexibility and high-productivity mechanisation, enabling multiple headings and work areas to be established, increasing the production rate. The Drift and Fill methods were discarded due to their lower productivity and higher cost. The large plan-view area of the orebody, widths accommodation, larger mining equipment and the grade distribution enable the productive and low- cost Longhole Open Stope method to create a flexible mining process with good selectivity.

Longhole Open Stoping with paste fill was considered; however tight paste filling flatter stopes have multiple technical challenges. Paste filling is productive when stopes dip at 5° or more and where the metal grades support greater extraction despite the more significant investment. Mining recovery is also inversely proportional to stope height, with pillar volume increasing in line with stope heights.

However >10m high stopes are only 2% of the inventory, and methods to improve extraction is high-grade areas will be investigated during later studies., but was not considered a sufficiently economically robust option for the base case. Similarly, consideration will be given to pillar scavenging, a variation of the method where the pillar size can be reduced by adding backfill, depending on the geotechnical stability.