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Coda Minerals Ltd.
ABN: 49 625 763 957
Half Year Financial Report 31 December 2021
Half-Year Financial Report
CODA MINERALS LIMITED ACN 625 763 957 INTERIM FINANCIAL STATEMENTS
For personal use only
DIRECTORS' REPORT
For the period ended 31 December 2021
The directors present their report together with the financial statements of Coda Minerals Ltd ('the Company' or 'Coda') for the half-year ended 31 December 2021 and the Auditor's Review Report thereon. In order to comply with the provisions of the Corporations Act 2001, the Directors' report as follows:
1. DIRECTORS
The directors of the Company at any time during or since the end of the financial period were:
Name & Qualifications | Period of Directorship |
Mr Keith F Jones | Director and Chairman since 26 April |
BBus, FCA, FAICD | 2018 |
Chairman | |
Mr Andrew Marshall | Director since 19 July 2019 |
I Eng(UK), MAICD | |
Non-Executive Director | |
Mr Colin Moorhead | Director since 21 August 2019 |
BSc (Hons), FAusIMM (CP), FSEG, GAICD | |
Non-Executive Director | |
Mr Paul Hallam | Director since 21 August 2019 |
BE(Hons)Mining, FAICD, FAusIMM | |
Non-Executive Director | |
Mr Christopher Stevens | Director since 26 April 2018 |
BA (Hons), MA (Oxon), MSc, GAICD, FAusIMM | |
Chief Executive Officer and Executive Director | |
Mr Zhu Changjiang | Appointed Director 22 May 2020 |
Bachelor of Mining Mechanical Engineering | Resigned 31 August 2021 |
Non-Executive Director |
- PRINCIPAL ACTIVITIES
The principal activities of the Company during the financial year were the progression of exploration and evaluation activities associated with the Elizabeth Creek Copper Cobalt Project and Cameron River Project, exploration for and evaluation of projects and potential joint ventures with other mining companies to explore for minerals. - REVIEW OF OPERATIONS Overview and strategy
Coda's business strategy is to build long term shareholder value through the exploration and commercialisation of copper, gold, cobalt and other base and battery minerals in the world's premier mining jurisdictions.
Coda's primary focus is on exploration and development opportunities at its Elizabeth Creek Copper Project in South Australia. The Company has a dual strategy for success at Elizabeth Creek. Firstly, it is working to further define and extend known Zambian-stylecopper-cobalt resources across multiple prospects and delivered a maiden resource at its flagship Emmie Bluff Copper-Cobalt deposit in December 2021. Secondly, it is implementing a substantial drill programme at Emmie Bluff Deeps to rapidly and efficiently evaluate the potential for a Tier-1 IOCG system following a major mineralised intercept in June 2021.
While the Company remains resolutely focused on work at Elizabeth Creek, particularly the preliminary scoping studies following the delivery of the maiden resource at Emmie Bluff and the exciting IOCG work, the opportunity to acquire Cameron River provided Coda with additional highly prospective exposure to copper-gold exploration assets. This was a logical and complementary addition to Coda's existing portfolio of copper projects in South Australia that will open up a second platform for discovery, exploration success and, ultimately, resource growth for Coda in a Tier-1 copper province. With numerous shallow, well-defined targets, Cameron River offers the potential for rapid, low-cost exploration without compromising the pace of ongoing activity at the flagship Emmie Bluff Project or upcoming IOCG exploration at Elizabeth Creek.
Key events for the half year ended 31 December 2021: - 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 ad 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 16km south-west of the world-class Oak Dam discovery (BHP) and ~400m south-west of the Emmie Bluff deposit. The data being accumulated from the drilling is beginning to reveal the presence of multiple stacked lodes and a high-grade,bornite-dominated core surrounded by classic IOCG copper sulphide zonation. The latest drilling has continued to extend the mineralisation laterally across hundreds of metres in multiple directions.
1
CODA MINERALS LIMITED ACN 625 763 957 INTERIM FINANCIAL STATEMENTS
For personal use only
Deloitte Touche Tohmatsu | |
ABN 74 490 121 060 | |
Tower 2 | |
Brookfield Place | |
123 St Georges Terrace | |
Perth WA 6000 | |
GPO Box A46 | |
Perth WA 6837 Australia | |
Tel: +61 8 9365 7000 | |
The Board of Directors | Fax: +61 8 9365 7001 |
Coda Minerals Limited | www.deloitte.com.au |
6 Altona Street | |
West Perth WA 6005 |
28 February 2022
Dear Board Members
Auditor's Independence Declaration to Coda Minerals Limited
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Coda Minerals Limited.
As lead audit partner for the review of the financial statements of Coda Minerals Limited for the half year ended 31 December 2021, I declare that to the best of my knowledge and belief, there have been no contraventions of:
- the auditor independence requirements of the Corporations Act 2001 in relation to the review; and
- any applicable code of professional conduct in relation to the review.
Yours sincerely
DELOITTE TOUCHE TOHMATSU
Dave Newman
Partner
Chartered Accountants
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Asia Pacific Limited and the Deloitte organisation.
only
Independent Auditor's Review Report to the members of Coda Minerals Limited
Conclusion
Deloitte Touche Tohmatsu ABN 74 490 121 060
Tower 2
Brookfield Place
123 St Georges Terrace
Perth WA 6000
GPO Box A46
Perth WA 6837 Australia
Tel: +61 8 9365 7000
Fax: +61 8 9365 7001 www.deloitte.com.au
For personal use
We have reviewed the half-year financial report of Coda Minerals Limited (the "Company"), which comprises the condensed statement of financial position as at 31 December 2021, and the condensed statement of profit or loss and other comprehensive income, the condensed statement of cash flows and the condensed statement of changes in equity for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration as set out on pages 6 to 18.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of the Company is not in accordance with the Corporations Act 2001, including:
- Giving a true and fair view of the Company's financial position as at 31 December 2021 and of its performance for the half-year ended on that date; and
- Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
Basis for Conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor's Responsibilities for the Review of the Half-yearFinancial Report section of our report. We are independent of the Company in accordance with the ethical requirements of the Accounting Professional and Ethical Standards Board's APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the Company, would be in the same terms if given to the directors as at the time of this auditor's review report.
Directors' Responsibilities for the Half-year Financial Report
The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
Auditor's Responsibilities for the Review of the Half-year Financial Report
Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Company's financial position as at 31 December 2021 and its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Asia Pacific Limited and the Deloitte organisation.
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Coda Minerals Ltd. published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 08:51:05 UTC.