Coda Minerals : EBD8 Extends Emmie IOCG - Additional Information

ASX RELEASE

6 June 2022 ASX Code: COD

For personal use only

Major Step-Out Hole EBD8 Extends Emmie IOCG by 900m to the North - Additional Information

Coda Minerals Ltd ("Coda", "ASX:COD", or "the Company") refers to the release "Major Step-OutHole EBD8 Extends Emmie IOCG by 900m to the North" released on 1 June 2022.

Following consultation with ASX, the announcement is hereby re-released to include a cautionary note on page 5 in relation to AIG guidance on reporting of visual estimates.

-

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

6 June 2022 ASX Code: COD

For personal use only

Major Step-Out Hole EBD8 Extends Emmie IOCG by 900m to the North

Highlights

• Drill hole EBD8, drilled from surface, has encountered multiple zones of visible copper sulphide mineralisation in the far north of the Emmie IOCG geophysical anomaly.
• Result provides additional evidence of mineralisation extending over 900m from drill hole EBD7W1, dramatically increasing the drill backed mineralised target zone within the greater anomaly.
• EBD8 also provides further evidence that the Emmie IOCG discovery contains multiple mineralised conduit zones.
• Mineralisation at Emmie IOCG remains open to the east, south and north-east.
• Geophysical surveys to commence shortly and will be calibrated against existing drilling to refine targeting for the next phase of drilling.

Operational Update

• Coda issued 24.2 million shares to eligible Torrens holders on 10 May 2022. It is expected that compulsory acquisition of the remaining shares in Torrens Mining will be completed in early June 2022.
• Emmie Bluff Copper-Cobalt mining study is now materially advanced with first-pass mining method, mine-plan, and equipment selection complete. The Study has moved to the detailed planning and optimisation phase with results expected in late-June 2022.
• Elizabeth Creek Copper-Cobalt scoping study progressing well and remains on track for delivery during the September quarter of 2022.
• Drilling at Cameron River in QLD is expected to commence early August 2022.
• Coda's cash balance is approximately $9.4 million at the date of this announcement, leaving the Company well- funded to advance exploration work.

Summary of Recent Work at Emmie IOCG

Coda Minerals Ltd (ASX: COD) (Coda or the Company) reports new exploration results from its Emmie IOCG Project in South Australia. Surface hole EBD8, a major step-out hole, has been completed to a depth of 1,033m intersecting significant widths of mineralisation visually logged as bornite and chalcopyrite by Coda's team of field geologists.

Drillhole EBD8 is located in the far north of the Emmie IOCG geophysical anomaly, approximately 900m from the most recently completed drilling at EBD7W1 and 700m from the discovery hole DD21EB0018.

Significance of EBD8

EBD8 has delivered a major lateral extension of the mineralisation delineated to date, providing further evidence of the extent and potential copper endowment of the Emmie IOCG geophysical anomaly. Located approximately 900m from the most recent drilling, this drill-hole has intersected significant mineralisation with the presence of bornite- a higher tenor of copper sulphide- and chalcopyrite mineralisation logged by geologists.

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

For personal use only

To date, Coda has been focusing primarily on the area close to the original discovery hole, announced in June 2020. However, with mineralised intercepts in EBD7 and now EBD8, more recent drilling has demonstrated additional mineralisation across a much broader area of the anomaly.

EBD8 encountered an intensely haematised hydrothermal breccia which extended for a depth of over 150m down-hole before reaching mineralised depths, implying an enormously active and high energy hydrothermal system commensurate with the scale of geophysical anomalism and intensity of mineralisation encountered at the prospect to date.

Together with EBD7W1, these three drill holes, in addition to the holes located close to the discovery hole, provide important information that will now allow the Company to calibrate geophysical survey methods to help refine and more accurately target the next phase of drilling. These geophysical surveys are expected to commence shortly.

EBD8

700m900m

EBD7W1

Figure 1 Scale map (plan view) showing drilling and material intercepts within the Emmie IOCG gravity anomaly area.

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

For personal use only

Next Steps at Emmie IOCG

Following release of the original discovery hole, DD20EB018, in June 2020, the Company has drilled a total of eight surface "parent" holes and 11 wedge holes as it seeks to define a major copper-gold deposit at Emmie IOCG. All but three of these completed holes have intersected copper-gold mineralisation, including at significant intensities (e.g. intercepts above 3.5% copper in EB18W2) and thicknesses (e.g. 42m at 1.2% Cu and 27m at 2.0% Cu for a total 69m of mineralisation within EBD3W2).

Coda's geological team believes that these results demonstrate an exceptional technical discovery with characteristics broadly similar to world-class deposits in the region, although the mineralisation discovered to date is structurally complex and requires further drilling to fully evaluate its potential.

The goal of current exploration work is to define a body of mineralisation that demonstrates clear economic potential through a combination of thickness and lateral extent. IOCG deposits in the region tend to be structurally controlled with a high-grade bornite dominated core, surrounded by lower grade chalcopyrite mineralisation.

The amount of drilling completed to date is also now considered to be sufficient to allow for the appropriate calibration of advanced, modern geophysical techniques. The Company is investigating the potential of techniques including cross-hole IP, 3D forward modelling of gravity data and passive seismic tomography. These techniques, together with existing magnetic and gravity data, are expected to assist with targeting of major structures and improve the accuracy of the next stage of drilling.

The Company is now preparing to deploy multiple geophysical surveys to Emmie IOCG with drilling expected to re-commence immediately following the next stage of targeting work.

Commenting on the recent developments at Elizabeth Creek, Coda CEO Chris Stevens said:

"Following the bornite dominated intercepts seen in holes EBD7 and EBD7W1, we decided to increase the distance of drilling with a major step-out hole in EBD8 as we continue to search for an increase in both the thickness and lateral extent of the mineralisation. This strategy has been rewarded with significant visual bornite and chalcopyrite mineralisation being encountered in an area previously backed only by historical drilling.

"This has delivered a major increase in the lateral extent of the known mineralisation within the geophysical anomaly some 900m to the north, demonstrating the scale and copper endowment of Emmie IOCG.

"Our task now is to find the structures that conveyed this copper and gold from the deeper regions of the crust to the shallower depths, where we have already demonstrated mineralisation in 16 of 19 holes drilled to date. It is this structure or structures that are likely to give us thicker intercepts consistent with the core of the IOCG deposit that we are currently seeking.

"Now that we have sufficient drilling to calibrate advanced geophysical techniques, we will commence the surveys that we expect will provide us with much greater accuracy in targeting our next drill holes."

"With a cash balance well in excess of $9 million, Coda remains well-funded to continue to achieve our strategic goals at Emmie IOCG, progress the scoping study at Emmie Bluff, Windabout and MG14 and commence upcoming drilling at Cameron River in Queensland.

"The reduced cost of geophysical work compared with deep drilling at Emmie IOCG will also significantly reduce our current cash burn and at the same time, allow for more accurate targeting of the next phase of drilling, which we expect will start soon after we complete the geophysical surveys."

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

For personal use only

Figure 2 Simplified geological cross section looking approx. 345 degrees. Mineralisation encountered in EBD 8 consists of bornite, chalcocite and chalcopyrite and is likely associated with the minor conduit encountered during drilling of the hole. This conduit does not appear to be of sufficient magnitude to explain the extensive (>70m) mineralisation at SAE 4, which is pyrite and chalcopyrite dominated, suggesting a distal origin. As a result, Coda hypothesises a larger scale conduit to the east of SAE 4 which is likely driving the mineralisation in the north of the system; this conduit will be a future exploration focus.

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