Coda Minerals : Standout 43Mt Maiden Cu-Co Resource at Emmie Bluff

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20 December 2021 ASX Code: COD

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Figure 1 Mineral Resource

outline at Emmie Bluff. Emmie Bluffs Deeps IOCG prospect is located immediately to the southwest.

Standout 43Mt Maiden Cu-Co Resource at Emmie Bluff

Highlights

• Maiden Mineral Resource Estimate defined for the Emmie Bluff Copper-Cobalt Deposit following extensive drilling campaign since listing in October 2020:
• • Combined Indicated and Inferred Mineral Resource of 43Mt @ 1.3% Cu, 470 ppm Co, 11 g/t Ag and 0.15% Zn (1.84% CuEq) reported at a cut-off grade of 1% CuEq (Table 1)
  • Containing approximately 560kt Cu, 20kt Co, 15.5Moz Ag and 66kt Zn (800kt CuEq)
  • 39 Mt, comprising 90% of the mass and 92% of the metal (contained CuEq) is classified in the Indicated Resource category, with the remainder Inferred
• Mineral Resource provides exceptional support for go-forward case at Emmie Bluff and Elizabeth Creek more broadly, study work commenced:
• • Mining and metallurgy studies well advanced
  • Preliminary economic assessment expected in mid-2022
• Emmie Bluff is amongst the largest known sediment hosted copper deposits in Australia.
• Total of 1.1 million tonnes of contained copper equivalent now defined across the Zambian style copper-cobalt deposits at Elizabeth Creek in the Olympic Copper Province in South Australia, comprising 18Mt @ 1.14% CuEq (Windabout), 1.8Mt @ 1.67% CuEq (MG14) and 43Mt @ 1.84% CuEq (Emmie Bluff).
• Emmie Bluff Copper Cobalt Deposit located ~400m to the north-east of Coda's emerging iron oxide copper-gold IOCG discovery at Emmie Bluff Deeps, as shown in the figure below:

EMMIE BLUFF

WINDABOUT

MG14

EMMIE BLUFF

MAIDEN RESOURCE

43.3Mt @

1.84% CuEq

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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 exploration company ("Torrens"), is pleased to report its Maiden Mineral Resource Estimate (Resource) for the "Zambian-style" Emmie Bluff Copper-Cobalt deposit, part of its Elizabeth Creek Copper Project in South Australia.

The Emmie Bluff Copper-Cobalt Deposit forms part of a suite of Zambian-stylecopper-cobalt and IOCG copper-gold deposits at the Elizabeth Creek Project. Coda is the operator and majority owner of the Elizabeth Creek Project, holding a 70% interest alongside Torrens, which holds a 30% interest. Coda has an irrevocable option to acquire an additional 5% of the Elizabeth Creek Copper Project by paying $ 1.5 million to Torrens at any point up to 60 days from a decision to mine.

Background

The Emmie Bluff Copper-Cobalt Deposit ("Emmie Bluff") is one of three known "Zambian-style"copper-cobalt deposits at Elizabeth Creek, which also includes JORC 2012 Compliant Indicated Mineral Resources at the MG14 and Windabout deposits.

Since listing in October 2020, Coda has had a dual focus at Elizabeth Creek as it has worked systematically to prove up Emmie Bluff Copper-Cobalt Deposit, completing a major drilling program to underpin a maiden JORC 2012 Mineral Resource Estimate (MRE) as well as actively exploring for IOCG copper-gold mineralisation with priority targets at Emmie Bluff Deeps and Elaine.

In June 2021, Coda announced the intersection of significant IOCG mineralisation at the Emmie Bluff Deeps IOCG target, which is located approximately 400m from Emmie Bluff. The maiden Mineral Resource Estimate released today is separate to the Emmie Bluff Deeps IOCG prospect, which is located at depth below and immediately south-west of Emmie Bluff (see Figure 1), and where deep drilling is continuing as outlined in recent Coda announcements.

Emmie Bluff Copper-Cobalt Deposit Mineral Resource Estimate (MRE)

The Company, as operator of the Joint Venture, has now defined a significant JORC 2012 compliant maiden Mineral Resource Estimate (MRE) at Emmie Bluff as shown in Table 1, below. This Resource demonstrates the enormous scale of the deposit, which is one of the largest known of its type in Australia.

Table 1 Mineral Resource Summary for Emmie Bluff, 1% Copper equivalent cut-off1

	Copper Equivalent	Copper	Cobalt		Silver		Zinc
Category	Tonnes	Grade	Contained	Grade	Contained	Grade	Contained	Grade	Contained	Grade	Contained
(% 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

1 Notes to Table 1:

• Resource is reported at a lower cut-off grade of 1 % Cu Equivalent. Figures may not add up exactly due to rounding.
• All resources are constrained within a wireframe encapsulating the Tapley Glacial Till and Tapley Hill Formation black shale units.
• Copper (Cu), Cobalt (Co), Silver (Ag) and Zinc (Zn) have been reported in the Mineral Resource estimate. The majority of the value of the deposit is anticipated to come from the contained copper, with smaller but material contributions from cobalt and silver. Given its low grade, zinc hosted within the deposit is not considered by Coda to be material, but the metallurgical techniques currently being investigated by the company may recover zinc as an incidental by-product, and therefore the company has chosen to report the zinc grade despite its low level. Details of the copper equivalent grade calculation are given in the JORC 2012 Table below
• For full domained resource, see Table 2. For Grade: Tonnage curves, see below.

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

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Commenting on the maiden MRE for Emmie Bluff, Coda's CEO Chris Stevens said: "This is an exceptional result for shareholders. Coda listed on the ASX in October last year with two clear objectives - to progress the Zambian-styleEmmie Bluff copper-cobaltmineralisation towards a maiden Mineral Resource and to explore the deeper IOCG prospects for potential Tier- 1 scale discoveries. In just over a year since listing, we have delivered on both objectives in spades.

"The maiden JORC 2012 Mineral Resource unveiled today demonstrates the sheer scale of Emmie Bluff in terms of contained copper and cobalt tonnages and the size and quality of the Mineral Resource highlights its clear potential as a near-term development opportunity for the Company.

"We were drilling at Emmie Bluff on the day we listed in October 2020 and, since that time, the Zambian-style,shale-hostedcopper-cobalt deposits have been a core pillar of our strategy. Our team has over four years of experience working with this style of mineralisation at Elizabeth Creek and our advanced understanding of the mineralisation will give us an enormous head start as we progress economic studies.

"The style of mineralisation at Emmie Bluff is particularly interesting in that it not only hosts a material amount of copper but is potentially also one of the very few nickel-independent sources of cobalt in Australia. Also of note is that the cobalt is hosted in the mineral carrolite (CuCo2S4), which is considered to be highly amenable to recovery and processing using simple, conventional methods.

"With a combined tonnage across the three deposits of approximately 1.1 million tonnes of contained copper equivalent, the Elizabeth Creek Joint Venture now has a substantial copper and cobalt inventory - putting Coda in an enviable position as we enter what is widely expected to be a strong growth market for future-facing metals over the coming decade.

"In addition to the Zambian style copper-cobalt Resources delivered today, we continue to explore for IOCG (iron oxide copper- gold) mineralisation at Elizabeth Creek with two rigs turning 24/7. We expect to continue delivering news-flow from this drilling in the weeks and months ahead as we progress this exciting discovery in tandem with the development opportunity based on the Zambian-stylecopper-cobalt resource announced today."

Planned work

Coda considers Emmie Bluff, and the Joint Venture's other Zambian-styleCu-Co deposits, as being central to the future development of the Elizabeth Creek Project. The Company has a multi-pronged approach to advancing the project, which includes geophysics, exploration drilling and development studies.

The Company has land access and native title agreements in place with local stakeholders and expects to conclude an ongoing Exploration Program for Environment Protection and Rehabilitation (EPEPR) arrangement with the South Australian Government which will allow it to complete all fieldwork required to continue to advance the Emmie Bluff Deposit through scoping and early feasibility studies. Further drilling is planned both to extend the Mineral Resource (with the highest prospectivity being to the east), but also to continue to improve confidence, with the short-term aim of bringing the entire volume of the Mineral Resource into the higher-confidence Indicated status.

Coda has already commenced Scoping level studies into the mining and processing the Emmie Bluff deposit. Once completed, and assuming positive results, these studies will inform the decision to proceed to a full PFS covering not only the Emmie Bluff deposit, but also the MG14 and Windabout deposits. Ongoing studies include conventional and non-conventional (glycine) metallurgical leaching and floatation test work, preliminary mining and geotechnical studies and palaeopalynological/sedimentological facies analysis.

Early in 2022, the Company will undertake an airborne magnetotelluric (MT) survey covering Emmie Bluff and the nearby Emmie Bluff Deeps IOCG prospect. The survey has numerous objectives, including confirmation and detailed delineation of low-resistivity anomalism to the east of the existing Mineral Resource.

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

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The Company is also considering additional drilling within and beyond the bounds of the Mineral Resource. In-fill drilling will be undertaken to improve the confidence in Inferred areas of the resource, while additional drilling may be undertaken to test local continuity assumptions, in particular in areas of high grade and at or around margins defined by seismic rather than drilling. Coda may also look to extend the Mineral Resource to the north-west of the basin (currently excluded from the resource due to low drill density and limited mineralisation) as well as (potentially, based on geophysical results) to the east.

This work will be undertaken in parallel with ongoing drilling at the Emmie Bluff Deeps IOCG prospect.

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

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