Coda Minerals : December 2021 Quarterly Activities and Cashflow Reports

		only
		ASX RELEASE
		31 January 2022
		ASX Code: COD
use
		CONTENTS
1.0		Overview
2.0		Projects & Assets
2.1	Tenement Schedule
personal	Elizabeth Creek
2.2
				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
				Programme
For	Corporate
3
3.1		Finance &
				Use of Funds

4 Events Subsequent

to Quarter End

QUARTERLY

ACTIVITIES REPORT

FOR THE QUARTER ENDED 31 DECEMBER 2021

HIGHLIGHTS

• Outstanding quarter for Coda Minerals with substantial progress achieved on several fronts at the Elizabeth Creek Project in South Australia.
• Standout maiden Indicated and Inferred Mineral Resource Estimate (MRE) of 43Mt at 1.83% CuEq delivered for the Emmie Bluff Zambian-stylecopper-cobalt deposit.
• The MRE, which contains approximately 560kt of copper, 20kt of cobalt, 15.5Moz of silver and 66kt of zinc (800kt CuEq), provides strong support for the go-forward case at Emmie Bluff and Elizabeth Creek more broadly.
• Exceptional copper-gold mineralisation intersected across numerous holes at the emerging Emmie Bluff Deeps IOCG deposit, located ~400m south-west of the Emmie Bluff deposit and 16km south-west of the world-class Oak Dam discovery (BHP).
• The latest drilling has continued to extend the mineralisation laterally across hundreds of metres in multiple directions.
• Multiple potential new base and precious metal prospects identified by a desktop review of historical geochemistry and geophysical datasets at the Cameron River Project in North Queensland.
• Preparations completed for a maiden drill programme to test the 2km long Cooper Weed/Rebound geochemical anomaly at Cameron River. Drilling is scheduled to commence following the end of the wet season in North Queensland.
• Strong financial position with $13.9 million cash on hand as at 31 December 2021, allowing the Company to continue to progress fast-paced exploration campaigns at both Elizabeth Creek and Cameron River in 2022.

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

1. Overview

For personal use only

Coda Minerals Chair, Keith Jones said: "Coda Minerals ended 2021 a very different company to how we started the year. This time last year, we were part-way through what would become the first phase of resource definition drilling at Emmie Bluff and Emmie Bluff Deeps was still in the targeting phase. Now, just 12 months later, not only have we completed that drilling and delivered a stand-out initial Mineral Resource estimate at Emmie Bluff, we have also made enormous progress drilling out one of the most exciting new IOCG discoveries in the Stuart Shelf.

"Our focus at Emmie Bluff Deeps during the December quarter was on continuing to extend the lateral footprint of the deposit, which remains open in almost all directions. We hope to further extend the deposit with the two important drill- holes currently in progress. Our understanding of the broader structural and geological setting at Emmie Bluff Deeps continues to evolve, with recent drilling successes such as the 63m thick intercept encountered in hole 2W4 during the quarter showing that there is still enormous upside potential as the deposit continues to expand both in terms of thickness and lateral extent.

"The delivery of the Emmie Bluff Resource in December represented a significant milestone for the Company, achieving one of the key goals we set for ourselves on listing. The maiden Resource exceeded our expectations, with our in-ground resources at Elizabeth Creek more than tripling in contained metal terms. With the vast majority of the Emmie Bluff Resource estimated to the Indicated classification, we are now moving forward confidently on scoping-level studies to confirm the mining and processing methods which will allow us to develop not only Emmie Bluff, but potentially also our other Indicated Mineral Resources at MG14 and Windabout. We expect that these resources, and in particular Emmie Bluff, will underpin the Company's growth into the future for many years to come.

"While we will continue to advance our existing deposits, the objective of any exploration company is discovery, and as we enter into 2022 we have numerous additional exciting discovery opportunities across our portfolio. Our short-term drill targets at Elaine, Cattlegrid South and Cameron River in Queensland are all scheduled for drilling in the coming months, and, with $13.9 million in the bank, we have both the capital and the technical resources to execute each of these programmes.

"2021, and in particular the December quarter, was an exceptional period for Coda Minerals as we continue to build the foundations that will transform Coda Minerals into a major copper company, ideally positioned to help meet the anticipated increase in demand for copper stemming from the global energy transformation and the rapid adoption of Electric Vehicles and renewable energy technologies."

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

For personal use only

2. Projects & Assets

Tenement Schedule

In accordance with ASX Listing Rule 5.3.3, Coda provides the following information about its Elizabeth Creek Project tenements located in South Australia for the quarter ended 31 December 2021.

Table 1 Elizabeth Creek project tenement schedule

Tenement	Holder/Applicant	Percentage Held*	Grant Date	Expiry Date	Area
EL6141	Coda Minerals Ltd	70%	29 October 2017	28 October 2022	47km2
Terrace Mining Pty Ltd	30%
EL6518	Coda Minerals Ltd	70%	25 March 2020	24 March 2022	363km2
Terrace Mining Pty Ltd	30%
EL6265	Coda Minerals Ltd	70%	7 October 2018	6 October 2023	291km2
Terrace Mining Pty Ltd	30%

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

For personal use only

Elizabeth Creek Copper Project Update

Coda is the operator and majority owner of the Elizabeth Creek Project, holding a 70% interest with Torrens Mining holding a 30% interest. Coda also holds an irrevocable option to acquire an additional 5% interest in the Project for a payment of A$1.5 million. This option may be exercised at any time up to 60 days from the parties reaching a Decision to Mine.

Figure 1 Tenement location and surrounding owners and mining activities.

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

Elizabeth Creek Exploration Activities & Results

For personal use only

Emmie Bluff Copper-Cobalt Mineral Resource1

In December 2022, the Company announced a maiden Mineral Resource Estimate (MRE) for the Emmie Bluff shale-hostedcopper-cobalt deposit. The MRE comprises a combined Indicated and Inferred Mineral Resource of 43Mt @ 1.3% Cu, 470ppm Co, 11 g/t Ag and 0.15% Zn (1.84% CuEq), reported at a cut-off grade of 1% CuEq (see Table 2 for full details). Of this, approximately 39Mt, comprising 90% of the mass and 92% of the metal (contained CuEq) is classified in the Indicated Resource category, with the remainder Inferred.

Table 2 Emmie Bluff Mineral Resource Estimate

	Copper Equivalent	Copper	Cobalt		Silver		Zinc
	Tonnes	Grade	Contained	Grade	Contained	Grade	Contained	Grade	Contained	Grade	Contained
Category	(% CuEq)	Metal (t)	(% Cu)	Metal (t)	(ppm Co)	Metal (t)	(g/t Ag)	Metal (MOz)	(% Zn)	Metal (t)
Indicated	38,800,000	1.9%	735,000	1.3%	515,000	500	19,000	11	15	0.15%	58,000
Inferred	4,500,000	1.4%	62,000	1.1.%	47,000	230	1,000	9	1	0.17%	8,000
Total	43,300,000	1.84%	797,000	1.30%	562,000	470	20,000	11	15.5	0.15%	66,000

Figure 2 Mineral Resource outline (Red dashed line) at Emmie Bluff. The Emmie Bluffs Deeps IOCG prospect is located immediately to

the south-west.

1 Data in this section is extracted from "Standout 43Mt Maiden Resource at Emmie Bluff", released to market on 20 December 2021 and available at https://www.codaminerals.com/wp-content/uploads/2021/12/20211220_Coda_ASX-ANN_Standout-43Mt-Maiden-Cu-Co-Resource-at-Emmie-Bluff_RELEASE.pdf. Please see that announcement for full details, including JORC Table 1 and CP Consent.

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