Coda Minerals : Emmie Bluff Deeps IOCG Mineralisation Materially Extended

onlyASX RELEASE

6 December 2021 ASX Code: COD

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Emmie Bluff Deeps IOCG Mineralisation Materially Extended

• Thick copper-sulphide mineralised intercepts logged in four new holes: EBD2W2, 2W3, 3W3A and 3W3B extending the mineralised envelop to the north, east and south.
• • 56m of chalcopyrite dominated mineralisation from 903m in EBD2W3
  • 24.5m of chalcopyrite and 17m of bornite dominated mineralisation from 890m and 930m respectively in EBD2W2
  • 45m of bornite dominated mineralisation in EBD3W3
• Critically, hole EBD3W3B encountered additional zones dominated by bornite, a high-grade copper sulphide, extending the core of the mineralised zone a further 70m to the south where it remains open.
• An extensive (>90m wide) fault breccia preceded the mineralisation in EBD3W3B, suggesting the hole has very likely identified one of the key mineralising structures controlling Emmie Bluff Deeps.
• Reinterpretation of the Emmie Bluff Deeps gravity anomaly on 100m spacing (previously 200m) has extended the anomaly, with mineralisation open and unconstrained for over 700m to the south-east.
• Mineralisation at Emmie Bluff Deeps remains essentially open in all directions. The next hole will target an extension of the mineralisation a further 250m to the south-east.
• Assays for several previously released visual intercepts expected in mid-December 2021.

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Coda Minerals Limited (ASX: COD, "Coda", or "the Company"), in conjunction with joint venture partner Torrens Mining

Limited (ASX: TRN), a listed gold and copper company ("Torrens"), is pleased to report further significant preliminary results from the ongoing IOCG drilling programme at Emmie Bluff Deeps, part of its Elizabeth Creek Project in South Australia.

Work Completed at Emmie Bluff Deeps to Date

• On 9 June 2021, Coda announced that its first diamond drillhole at Emmie Bluff Deeps IOCG target, DD21EB0018, had intersected 200m of intense IOCG alteration including approximately 50m of copper sulphide mineralisation.
• In July 2021, the initial intersection was followed up by announcement of visual estimates from two wedge (daughter) holes drilled from the parent hole which demonstrated a significant intersection of high-grade bornite dominant copper mineralisation in Wedge 2. Subsequent assaying results confirmed the intersection of two mineralised lodes, namely 24m at 2.2% Cu and 0.3g/t Au and 13m at 3.5% Cu and 0.6g/t Au
• In October 2021, the results from five additional drill holes, (two parent and three wedge holes) demonstrated a material increase to the lateral extent of the mineralisation. Holes EBD2 (parent) and EBD2W2 (wedge) demonstrated a significant increase in the thickness and intensity of visual sulphides. EBD3W2 returned a 67m intersection of intermixed bornite and chalcopyrite copper mineralisation (assays pending).
• These two bornite-dominant intersections demonstrated the presence of a higher grade bornite-rich core within an overall laterally extensive chalcopyrite halo at Emmie Bluff Deeps.

At the time of finalising this announcement, assay results from the five drill holes, EBD2, EBD2W1, EBD3, EBD3W1 and EBD3W2, for which visual observations of mineralisation have been released to ASX, remain outstanding due to delays at assay laboratories. The Company expects to receive and release the majority of these results prior to Christmas 2021.

Work Completed in October and November 2021

Since the release of the visual results from the holes outlined above, the Company has focused on the following strategic objectives with its ongoing drilling program:

• Testing and extending the broader chalcopyrite-dominant halo of mineralisation identified in EBD2 with wedge holes drilled to the west (EBD2W2), north (EBD2W3) and east (EBD2W4); and
• Testing and extending the higher grade bornite-dominant mineralisation, following the trend to the south-east from the parent hole through EB0018W2 and EBD3W2 with wedge hole EBD3W3.

Summary of Results in This Release

The Company has now completed four new wedge holes, two wedges from parent hole EBD2 (wedges 2W2,and 2W3) and two from EBD3 (wedges 3W2A and 3W3B). A fifth wedge hole EBD2W4 is ongoing and is currently drilling an indeterminate thickness of chalcopyrite dominated mineralisation.

All of these new holes intersected copper-bearing sulphides at or about the target depths. Full details of the intersections are provided below in the relevant sections.

The most significant intersections were in 3W3B and 2W3, which encountered:

• 3W3B: 36m of bornite-dominatedmineralisation from 804m in its upper lode, followed by a second, lower, lode consisting of 10m of mixed chalcopyrite and bornite mineralisation from 955m, for a total of approximately 46m of mineralised core, extending the known copper-richbornite zone approximately 70m further to the south-east.
• 56m of chalcopyrite dominated mineralisation from 903m in EBD2W3;

This brings the total lateral extent of mineralisation encountered by Coda in its primary area of interest to an area of

approximately 450m E/W and 250m N/S, furthermore, incorporation of historical data suggests the potential for significant extension in multiple directions. Though of a slightly lower tenor, mineralisation at a similar RL is known from historical

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drillholes SAE 3 (300m east of easternmost intercept) and SAE 4 (730m NNE of northernmost intercept). The gravity anomaly also extends approximately a further 1,400m to the southeast beyond the southernmost mineralised intersection.

Both field logging and hand-held XRF measurements have confirmed the presence of material amounts of copper-bearing sulphides throughout the reported intervals. The Company is preparing all mineralised intercepts for assay and will release results to market as quickly as possible.

Additional visual observations confirm that the copper bearing mineralisation extends over a laterally extensive area with significant new intersections including:

• 24.5m of chalcopyrite and 17m of bornite dominated mineralisation from 890m and 930m respectively in EBD2W2; and
• 8m from 816m and 4.5m from 833m of bornite dominated mineralisation (split by a fault zone) in the upper lode and 29.5m of blebby chalcopyrite and bornite from 903m in the lower lode of EBD3W2A.

These results by themselves are highly encouraging; however, when taken in context with previous drilling they clearly demonstrate that the mineralised envelope extends to the north and south-east, with the mineralisation remaining open in both directions.

Coda plans to test both these directions but will prioritise the testing of extensions of the bornite-dominated core to the south in the short term with the next planned hole targeting an extension of approximately 250m in the south-east. Results from this hole are anticipated early in the New Year.

Commenting on the results, Coda's CEO Chris Stevens said: "We have now had an outstanding run of nine holes from this and the previous drilling programme. All have returned materially important intersections and we are beginning to demonstrate a clear trend of increasing thickness and tenor of mineralisation as we systematically follow the bornite-dominant zone to the south-east.

"In particular, the results from EBD3W3B are exceptional. Once confirmed by assays, this hole will not only materially extend the known bornite-dominated zone but should also give us one of our thickest sulphide intersections to date. It also appears to have identified at least one major mineralising structure, providing a significantly improved structural understanding of the deposit - and possible vectors towards a basement-tapping source or 'pipe' structure.

"The drilling to date has already delineated an extensive mineralised zone which remains wide open to the south - and the intercepts in EBD2W3 and 2W41 also show that it is also open to the north and east. In fact, the lateral extent of the mineralisation is largely unconstrained in almost every direction. Our short-term focus will be to continue to follow the highest grade bornite dominated mineralisation to the south-east, while at the same time continuing to test the mineralisation in as many directions as possible over the coming months.

"The strategy of cautiously stepping out and using a combination of parent and wedge holes to gain an understanding of trends within the mineralised area has achieved exactly what we hoped. We will now start to step out increasing distances, with EBD4 being the next planned parent hole from surface potentially extending the bornite dominated zone by over 250m to the south-east.

"With numerous assays due this month, and a maiden Mineral Resource Estimate for the Emmie Bluff Zambian-style copper- cobalt deposit on track for release before the end of the year, we expect 2021 to finish up as a transformational year for Coda Minerals. The board has now approved an ambitious ongoing exploration programme which is underpinned by a strong cash balance of $17.8M as at the end of the September quarter; we are looking forward to our exciting discovery journey continuing well into 2022."

Full details of these holes, including summary logs and visual estimates of sulphide abundances can be found below.

1 Drilling ongoing, summary visual results expected to be announced to market in mid-December 2021.

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	Label		HoleID	From (m)	To (m)	Int. (m)	Assay Results
	A	DD21EB0018W1	824	839	17	1.18% Cu, 0.31 g/t Au and 1.34 g/t Ag
	B	DD21EB0018	811	839	28	1.21% Cu, 0.37 g/t Au and 2.3 g/t Ag
	C	DD21EB0018W2	815	839	24	2.17% Cu, 0.29 g/t Au and 8.85 g/t Ag
	D	DD21EB0018W2	902	914.5	12.5	3.46% Cu, 0.64 g/t Au and 25.38 g/t Ag
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Figure 2 Emmie Bluff Deeps schematic long section, looking northeast. The parallel stacked lodes are open to the north and to the south east, where the major fault structure associated so far with bornite mineralisation is expected to continue. Potential for lateral extension to the east and west remains, but is not expressed on this section. Geology has been simplified and partially compressed into viewing plane for dispay purposes.

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Planned and Ongoing Work

Drilling is currently ongoing in two wedge holes:

EBD2W4 is targeting the area immediately east of EBD2. This hole is currently drilling chalcopyrite dominated mineralisation, but final thicknesses were unknown at the time of this announcement. The Company will update the market following completion of this hole to target depth.

EBD3W3B drilling is ongoing and will be extended into the basement granite. This will allow Coda to assess the levels of alteration (and potential mineralisation) at depth in proximity to the major structure encountered higher up the hole.

Following the completion of these holes, Coda has designed a number of additional wedge and parent holes to continue to step out from the initial discovery. Initially these will be:

EBD0004: Located approximately 330m due east of EBD3, and drilled to the southwest, this hole is designed to continue to extend the mineralisation encountered in EBD3W2 and EBD3W3B. If successful, this will add an additional approximately 250m of strike to the known bornite mineralisation. Additional wedge holes EBD4W1 and EBD4W2 are also anticipated. Decision to drill these wedges will be dependent on results from parent hole EBD4.

EBD0005: Located approximately 340m northwest of DD21EB0018, and drilled to the south, this hole is designed test the continuity of mineralisation encountered in 18W1 to the west, and attempt to extent that mineralisation to the edge of the gravity anomaly associated with Emmie Bluff Deeps. The anticipated pierce point for the mineralisation is just over 200m due west of 18W1, and will represent a material increase in the known mineralised envelope. An additional wedge hole, drilled to the southeast, is also anticipated.

EB18W4: A north-northwest oriented wedge from hole DD21EB0018, designed to test the area north of the hole and along strike from the known bornite corridor/fault zone to the southeast. Although f 18W3 did not present with visible copper sulphides, the results from this hole have since been reinterpreted in context and may represent only a localised structural removal of suitable host rocks for mineralisation rather than the actual end of that mineralisation in this direction. If successful, this wedge may open up the potential for the bornite zone to continue further to the northwest.

Other Developments

Earlier this month, Coda completed a heritage survey with representatives of the Kokatha people, the Traditional Owners of the project area, significantly expanding the number of potential drill sites available for future exploration.

The Company has also submitted an application for an ongoing EPEPR over Emmie Bluff project to the South Australian DEM, which, is expected to significantly streamline the environmental approvals process, allowing the company to be more flexible in its drill plans.

Emmie Bluff Shale hosted (Zambian-Style) Prospect

The Mineral Resource estimation process at the shallower, Zambian-style,sediment-hostedcopper-cobalt mineralisation at Emmie Bluff (approximately 1km northeast of the Emmie Bluff Deeps IOCG deposit) is on schedule and proceeding well. The majority of assay results have been received, with the final results expected before the end of November. Substantial progress has been made on the geological model, informed partially by detailed 2D seismic collected by Coda in 2020, which is materially improving the quality of the estimate and the confidence Coda places in it.

The Company remains on track to deliver a maiden Mineral Resource for the Emmie Bluff Copper-Cobalt mineralisation in the fourth quarter of CY 2021.

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