Coda Minerals : Presentation to RIU Explorers Conference

ASX: COD

onlyThe New Copper Growth Story on

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February 2022 ersonal

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Disclaimer

Important Notices

Nature of this document: The purpose of this presentation is to provide general information about Coda Minerals Limited (ACN 625 763 957) (the 'Company'). Unless otherwise stated herein, the information in this presentation is based on the Company's own information and estimates as at the date of this presentation. In attending this presentation or viewing this document you agree to be bound by the following terms and conditions.

Not an offer or advertisement: This presentation is for information purposes and does not constitute or form any part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities in the Company in any jurisdiction. This presentation and its contents must not be distributed, transmitted or viewed by an person in any jurisdiction where the distribution, transmission or viewing of this document would be unlawful under the securities or other laws of that or any jurisdiction. In particular, this presentation may not be distributed or released, directly or indirectly, in the United States. This presentation does not constitute an advertisement for an offer or proposed offer of shares. Neither this presentation nor anything contained in it forms the basis of any contract or commitment and it is not intended to induce or solicit any person to enter into, or refrain from entering into, any contract or commitment.

Not financial product advice: This presentation does not take into account the individual investment objectives, financial situation and particular needs of each of the Company's shareholders or potential investors. You may wish to seek independent financial and taxation advice before making any decisions in respect to this presentation. Neither the Company nor any of its related bodies corporate is licensed to provide financial advice in respect of the Company's securities or any other financial products.

Forward-looking statements: Certain statements in the presentation are or may be perceived as "forward looking statements" and represent the Company's intentions, projections, expectations or beliefs concerning, among other things, future operating and exploration results or the Company's future performance. You are cautioned not to place undue reliance on any forward looking statement. These forward looking statements are based on current expectations at the date of this publication. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks and uncertainties, and are necessarily based on assumptions, which may cause the Company's actual performance and results in future periods to differ materially from any express or implied estimates or projections.

Disclaimer: No representation or warrant, express or implied, is made by the Company that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of the Company, its directors, officers, employees, advisers, agents and contractors expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this presentation, and excludes all liability whatsoever (including negligence) for any loss or damage which may be suffered by any persons as a consequence of any information in this presentation or any error or omission there from. The Company is under no obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

Unverified information: This presentation may contain information (including information derived from publicly available sources) that has not been independently verified by the Company.

Photographs used on page 1 , 26, 32 and 34 were provided by Adam Mørk Architectural Photography via http://adammork.dk/.

Rare Investment

Opportunity

onlyMAJOR COPPER INVENTORY

• 1.1Mt of Contained CuEq Defined

• 43Mt @ 1.84% CuEq (Emmie Bluff)

• 18Mt @ 1.14% CuEq (Windabout)

• 1.8Mt @ 1.67% CuEq (MG14)

• Verified IOCG (Emmie Bluff Deeps)

NEAR TERM GROWTH
• Ambitious drill campaign to expand
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Emmie Bluff Deeps
• Drilling at Elaine to test IOCG potential
• Ongoing studies on near term assets
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CAMERON RIVER

	ELIZABETH CREEK
OLYMPIC DAM	OAK DAM WEST
114KM NNW	16KM NE
EMMIE BLUFF
FLAGSHIP
800,000 CuEq

EMMIE BLUFF DEEPS

FLAGSHIP

IOCG PROSPECT

WINDABOUT

250,000T CuEq

CARRAPATEENA

MG14 NORTH40KM EAST

ZAMBIAN STYLE

MG14		ELAINE
30,000T CuEq
IOCG PROSPECT
		CATTLEGRID SOUTH
		CU BRECCIA PROSPECT
	POWERLINE
	ZAMBIAN STYLE ELIZABETH CREEK
		Total Area: 701 km2

1Coda has the right to earn up to 75% interest in the Elizabeth Creek assets. Current ownership 70% Coda (ASX:COD), 30% Torrens (ASX:TRN). See Appendix D for more details.

2Coda has the right to earn up to 80% interest in the Cameron River assets.

TIER 1 LOCATIONS

Elizabeth Creek1; Olympic IOCG Copper Province Cameron River2; Mount Isa Inlier

DEMONSTRATED DISCOVERY POTENTIAL

Recent drill success validates exploration strategy in the Olympic IOCG Corridor

STRATEGIC FOCUS

Discovering and proving up copper resources, an essential metal for a low carbon future Major source of ethical, Australian cobalt

Corporate Structure

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TOP 20 SHAREHOLDERS (as of 16th November 2021)

Rank		Shareholder	%IC
1	ANGANG GROUP HONG KONG (HOLDINGS) LIMITED	12.17
2	CITICORP NOMINEES PTY LTD	10.45
3	MR KEITH FRANCIS JONES & MRS JENNIFER JONES	7.27
4	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	5.72
5	CS THIRD NOMINEES PTY LIMITED	4.36
6	SUNSET CAPITAL MANAGEMENT PTY LTD	4.17
7	UBS NOMINEES PTY LTD	3.96
8	LUJETA PTY LTD	3.24
9	MS LINLIN LI	1.92
10	COSSACK HOLDINGS (AUS) PTY LTD	1.84
11	LUJAMA PTY LTD	1.53
12	MR PAUL DUNCAN HALLAM & MRS CHRISTINE JOY HALLAM	1.28
13	NO BULL HEALTH PTY LTD	1.11
14	GOLDNEY PTY LTD	1.02
15	PATHWAYS CORP INVESTMENTS PTY LTD	1.02
16	ONE MANAGED INVESTMENT FUNDS LIMITED	0.82
17	MRS ADRI SWIEGERS	0.80
18	INVIA CUSTODIAN PTY LIMITED	0.77
19	MARVEL VENTURE LIMITED	0.65
20	MR ANDREW RHYS JACKSON	0.59
Total				64.71%
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CURRENT CAPITAL STRUCTURE & SHARE PRICE

ASX Code	COD
Share Price [11/02/2022]	$0.87
Ordinary Shares (including escrow)	97,767,184
Options on Issue (exercise price $0.2145)	6,000,000
Market Capitalisation	$85M
Top 20 Shareholders	65%
Cash and Equivalents [as of 31 December 2021]	$13.9M

Coda Minerals and Torrens Mining to Merge

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TAKEOVER OFFER

• Coda to make off-market takeover offer to acquire Torrens with 0.23 new Coda shares offered for every 1 Torrens share held
• The Offer values Torrens shares at $0.202 cents per share each, representing a:
• • 30% premium to Torrens' closing price on 8th February 2022
  • 30% premium to 5-day VWAP of Torrens shares
  • 35% premium to 30-day VWAP of Torrens shares
• Shareholders collectively representing 42.4% of Torrens' shares have indicated support
• • Torrens' Directors, representing 26.8% interest, have unanimously recommended that Torrens' shareholders accept the offer and have advised they will accept the offer for all Torrens shares that own or control
  • Torrens' shareholders representing 15.4% of Torrens shares on issue have provided intention statements, confirming they intend to accept the offer for all Torrens shares they own or control
• Torrens' shareholders will be expected to hold 21.2% interest in the enlarged Coda

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Indicative Market Capitalisation

$109 Million1

5	Coda Minerals - Sustaining Tomorrow

Elizabeth Creek

100% Ownership2

1. Indicative market capitaliation prior to any re-rate following completion
2. Subject to completion of the transaction and acceptance by Torrens Shareholders.