Announcement PDF ELIZABETH CREEK 2024X ASX RELEASE Code: COD 14th March 2024 ASX Code: COD Further Key Improvement in Underground Project Economics Application of proven pillar support method at Emmie Bluff is expected to materially improve mined extraction percentage. Highlights • Further material improvement to forecast project economics achieved from the application of a successful pillar recovery strategy and mine plan optimisation at Elizabeth Creek. • Study into the recovery of a higher percentage of support pillars at the Emmie Bluff underground mine has been completed, indicating scope to expand resource extraction from 77% to 89% of any given super panel. • As a result, pre-tax NPV8 has increased by approximately $91 million to $826 million, and the IRR has increased by 4% to 31% when compared to the January 2024 Scoping Study Update. Coda Minerals Limited (ASX: COD, “Coda”, or “the Company”) is pleased to report the results from a recent study into pillar recovery at the Emmie Bluff underground deposit, part of its flagship 100%-owned Elizabeth Creek Copper Cobalt Project (ECCCP) in South Australia. The results of this study have been integrated into the Elizabeth Creek Scoping Study, delivering significantly economic outcomes compares with the Scoping Study Update released in January 2024 (“the Updated Scoping Study” or “January 2024 Scoping Study”) 1, which was itself an update to the original Scoping Study released in March of 2023 (“the Scoping Study” or “March 2023 Scoping Study”) 2. The Updated Scoping Study covered three deposits at Elizabeth Creek – MG14, Windabout and Emmie Bluff – and delivered robust economic results including an estimated pre-tax NPV8 of approximately $735 million. As outlined in that Update, Coda has been pursuing a number of low-cost, high-impact changes, including the application of paste fill and related pillar recovery strategies for the underground mine. The work reported in this announcement delivers an additional increase to Net Present Value NPV (8) of approximately $91 million increasing the estimated Project NPV to $826 million pre-tax. The estimated Project IRR has increased to 31%. This positive result stems from increasing the recovery of copper and cobalt mineralisation from the Emmie Bluff underground mine. 1 For full details, see “Scoping Study Update Delivers Materially Improved Economics”, released to market on 30 January 2024 and available at https://www.codaminerals.com/wp-content/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-Materially-ImprovedEconomics_RELEASE.pdf 2 For full details, see “Positive Scoping Study – Elizabeth Creek Copper Cobalt Project”, released to the market on 23 March 2023 and available at https://www.codaminerals.com/wp-content/uploads/2023/03/20230323_COD_ASX-ANN_Elizabeth-Creek-Scoping-Study_VRelease.pdf 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Introduction and Cautionary Statements This ASX release comprises an “Update to the Scoping Study” (or “This Update”), and should be read as an addendum to the Scoping Study released to ASX on 23 March 2023 (“The Scoping Study”) and the Updated Scoping Study released to the market on 23 March 2024 (“the Updated Scoping Study”). In both cases, the work has been undertaken for the purpose of providing an initial evaluation of the potential for the development of a series of open pit and underground mines and a mineral processing facility at the Elizabeth Creek Copper-Cobalt Project (The “Elizabeth Creek Project”, “Elizabeth Creek”, or “Project”). It is a preliminary technical and economic study of the potential viability of the Elizabeth Creek Project. It is based on low level technical and economic assessments that are not sufficient to support the estimation of Ore Reserves. Further exploration and evaluation work and appropriate studies are required before Coda will be in a position to estimate any Ore Reserves or provide any assurance of an economic development case. This Update is based on the material assumptions outlined in the Scoping Study and, in some cases, as modified by the Updated Scoping Study. These include assumptions about the availability of funding. While Coda considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. The Scoping Study outcomes, production target and forecast financial information referred to in the Update are based on low level technical and economic assessments that are insufficient to support estimation of Ore Reserves. To achieve the range of outcomes indicated in the Scoping Study, funding of in the order of $521 million will likely be required. Investors should note that there is no certainty that the Company will be able to raise that amount of funding when needed. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Coda Minerals’ existing shares. It is also possible that Coda could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint venture of the Project. If it does, this could materially reduce the Company’s proportionate ownership of the Project. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study or on this Update to the Scoping Study. Production Target The Company has concluded that it has reasonable grounds for disclosing a Production Target which includes an amount of Inferred Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the Production Target itself will be realised. Inferred Mineral Resources comprise only approximately 0.03%, 0.03% and 2.53% of the contained metal (copper equivalent) in the first three years, five years and the Project’s entire operating life respectively. Inferred Mineral Resources comprise approximately 0.05%, 0.06% and 4.13% of production on a tonnage basis in the first three years, five years and the Project’s entire operating life respectively. The viability of the development scenario envisaged in the Scoping Study does not depend on the inclusion of Inferred Mineral Resources. The Mineral Resources underpinning the Production Target in the Update have been prepared by a Competent Person in accordance with the requirements of Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves JORC Code (2012). The Competent Person’s Statements are found in the Geology and Resources section of the Scoping Study. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Results Summary and Key Changes Two major changes are detailed as part of this announcement and the associated update to the project economics (see below): ELIZABETH CREEK Pillar Recovery Coda has assessed the viability of applying grout pack support to the Emmie Bluff ore body. This technique, which has been utilised internationally, is a cost-effective alternative to paste fill designed for flat-dipping, tabular ore bodies. Following first pass mining of primary stopes, a series of packs, which are filled with an engineered grout (a mixture of cement and tailings) pumped from the surface plant will be stacked and allowed to cure as a means of hanging wall support. This will allow for a significant portion of the remnant mineralised material to be safely removed from pillars. The mining of the pillars increases the mined extraction panel percentage by 12% from 77% to 89%. This has resulted in an increase in total tonnes extracted from Emmie Bluff from 28.6Mt to 31.8Mt, over a project mine life which has increased from 13 to 14 years. Total anticipated life of mine copper production has increased from 307 kt to 337kt. For full details, see “Pillar Recovery Technical Summary”, below. Schedule Optimisation During the study assessing the viability of pillar recovery, the mine schedule at Emmie Bluff was optimised to bring forward the extraction of higher-grade tonnes and associated higher estimated revenues in the earlier years. These changes have resulted in a material uplift to NPV 8 and an improved IRR, improving to $826M and 31%, respectively. Commenting on the Scoping Study Update, Coda Minerals CEO Chris Stevens said “Although simple in concept, implementing grout-support and pillar recovery at Emmie Bluff has materially increased our anticipated NPV by over 12% relative to the January 2024 Scoping Study, which itself delivered a 29% boost in NPV compared with the original Scoping Study in March 2023. “This reflects the success of our low-cost, high-impact project optimisation strategy at Elizabeth Creek, which has been our primary focus over the past year. “The updated Scoping Study clearly reaffirms Elizabeth Creek’s position as one of the most attractive copper development assets in Australia, with a clearly articulated mining and processing plan, robust economics and impressive financial and economic metrics – all located in a Tier-1 jurisdiction. “The techniques discussed in this update are commercially proven, conventional methodologies designed specifically for flat-dipping ore bodies like Emmie Bluff, making them a natural fit for Elizabeth Creek. “This work represents the continuation of our strategy at Elizabeth Creek to improve and optimise the existing plans to drive increases in estimated economic returns. We have clearly demonstrated our ability to continue to optimise the project by working with top-tier consultants who understand the fundamentals of mining this style of mineralisation. With two major Scoping Study Updates, we have increased estimated project returns (Project NPV) from $570 million to $826 million. “The next phase in our plan will be to focus on Resource growth at Elizabeth Creek targeting resource growth in the ‘near-mine’ environment, as outlined in recent announcements. Any increase in tonnage and mine life without a material increase in CAPEX is estimated to have a profoundly positive impact on project economics. “As announced in February, we have multiple targets ready to drill and we will continue to deliver news flow and further project improvements over the coming months.” 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Changes from the March 2023 Scoping Study The Scoping Study Update is based on Coda Minerals’ 100%-owned Elizabeth Creek Copper-Cobalt Project located in South Australia. ELIZABETH CREEK Key physical metrics for the Project, key financial outcomes and key assumptions used in the Scoping Study are as per the original study released in March 2023 3, except where specified as changed and summarised below in Table 1. Table 1: Updated Scoping Study (January 2024) and Updated Scoping Study – (March 2024) key Project changes Study Section Updated Scoping Study (January 2024)4 Tenements EL6518 (MG14 & Windabout), EL6265 (Emmie Bluff) Zambian-style sediment-hosted copper-cobalt mineralisation MG14: 1.83Mt @ 1.24%Cu, 0.03%Co Windabout: 17.67Mt @ 0.77%Cu, 0.05%Co Emmie Bluff: 40.2Mt @ 1.27%Cu, 0.06%Co (of which 93% in indicated, 7% inferred) MG14 & Windabout: Open Pit Emmie Bluff: Underground, mechanical cutting Mineralisation Mineral Resource Mining Method Operating Structure Processing Capacity Products Mineral Processing MG14 & Windabout: Contract Mining Emmie Bluff: Partial Contract Mining, Partial Owner-Operated Processing Plant: Majority Owner Operated, O2 Plant converted to a Build Own Operated (BOO) model 3Mtpa Throughput MG14: Copper Concentrate Windabout & Emmie Bluff: Copper Cathode, Cobalt Sulphate, Zinc Carbonate & Silver Dore Stage 1: Flotation All ore will undergo primary crushing followed by grinding in a SAG mill with a pebble crushing circuit. Crushed ore from MG14 and Windabout will pass through an additional deslime circuit before flowing through a conventional roughcleaner-scavenger flotation circuit to produce a copper cobalt concentrate. Stage 2: Hydromet The concentrates from Windabout and Emmie Bluff will then proceed to a downstream hydrometallurgical processing plant based on an Albion Process™ leach circuit. Locally mined dolomite replaces purchased limestone reducing Updated Scoping Study – (March 2024) No Change No Change MG14: No Change Windabout: No Change Emmie Bluff: No Change MG14 & Windabout: No Change Emmie Bluff: Underground, mechanical cutting with pillar recovery MG14 & Windabout: No Change Emmie Bluff: No Change Processing Plant: No Change No Change No Change Stage 1: Flotation No Change Stage 2: Hydromet No Change 3 For full details, see “Elizabeth Creek Copper-Cobalt Project Positive Scoping Study”, released to market on 23 March 2023 and available at https://www.codaminerals.com/wp-content/uploads/2023/03/20230323_COD_ASX-ANN_Elizabeth-Creek-Scoping-Study_VRelease.pdf 4 For full details, see “Scoping Study Update Delivers Materially Improved Economics”, released to market on 30 January 2024 and available at https://www.codaminerals.com/wp-content/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-Materially-ImprovedEconomics_RELEASE.pdf 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Copper Flotation Recovery Production Tailings Power Water cost for acid neutralisation. The overflow liquor, containing copper, cobalt, and zinc, will be directed to an SXEW plant, followed by a Cobalt SX and Zinc precipitation circuit. The CCD discharge slurry, containing silver, will be processed through a lime boil and cyanidation circuit. MG14: 57.93% Windabout: 66.5% Emmie Bluff: 77.2% Copper: 307.2 kt Cobalt: 16.9 kt Silver: 13.0 Moz Zinc: 49.1 kt Conventional tailings slurry method located 1km away within a basin below the processing plant at Emmie Bluff. Access grid power via existing Mt Gunson substation located approximately 9.5km south southwest of Windabout deposit. 12 hole borefield No Change Copper: 337.0 kt Cobalt: 18.4 kt Silver: 14.3 Moz Zinc: 54.2 kt Partial redirection of tails to grout plant to be constructed at Emmie Bluff. Tails to be mixed with cement and pumped underground to fill grout bags. Scope to investigate larger scale underground tails backfill to reduce surface footprint and associated environmental impact of tailings storage. No Change No Change Pillar Recovery Technical Summary Coda tasked mining engineering consultants Mining Plus to investigate a pillar recovery strategy for the underground Emmie Bluff deposit. Emmie Bluff is a relatively narrow (2-6m) flat-dipping, tabular, stratabound, sediment-hosted copper-cobalt deposit which the company intends to mine using mechanical cutting via continuous miners. As part of earlier studies, Mining Plus had considered backfilling stopes, and during this study considered the options of paste filling and grout-pack support. It was quickly determined that paste fill would be challenging, given the very flat-dipping nature of the ore body (approx. 2 degrees) and thus required specialised equipment to ensure sufficient stope fill. Support via grout-pack was determined to be a more practical option for the Emmie Bluff ore body. The grout packs are to be installed in the mechanical cutting development drives that are 8 metres wide. The packs are 2 metres in width, allowing access along the length of the drives for monitoring during and after installation. Gaps in the grout pack installation will be left to allow for pillar recovery of the centre pillars and end pillars. Grout packs are filled with a tailings and cement mix which is pumped underground. Typically, a timber prop is installed to assist in locating the position of the bags and offer some support until the grout has cured in the packs. Water within the grout fill escapes through the sides of the bags due to the “weeping weave” design. After filling, the grout packs will be allowed to cure for at least 28 days, at which point they are expected to attain strength of 16 MPa or higher. The grout packs will be strong enough to support the overburden to surface and compartmentalize the areas within the super panel. Based on the limited geotechnical information available and the strength of the cured grout packs, Cartledge have determined that secondary partial extraction of the pillars increases the mined extraction panel percentage by 12% from 77% to 89%. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK The in-stope pillars developed during stope production phase of mining will not be recovered. This is primarily because stoped area does not contain ground support in the backs. Additionally, removal of the final stope production pillars would create large unsupported spans that are likely to exceed the critical hydraulic radius of the rockmass in the backs. Once pillar recovery has taken place, two additional grout packs will be installed to close those gaps at the ends of the drives. These additional grout packs at ends of each drive will allow for sealing of individual compartments within the super panels, which in turn may be used to contain tailings pumped into the completed mining area. Underground storage of tailings would be expected to reduce the required size of any surface tailings storage facilities, which may improve the project’s environmental footprint. While this option has not been assessed in detail as part of this study, it will be investigated during PFS. Figure 1 Super panels showing pillar material to be recovered (top) and grout pack positions (bottom). Grout Plant and Underground Delivery A central grout pumping plant will be constructed at Emmie Bluff to mix tailings and cement (assumed at a ratio of approximately 9:1). The plant will be located at the surface, at the approximate centre of the deposit, and will pump the mixed slurry to one of a series or boreholes distributed throughout the ore body. It is expected that drillholes drilled during Resource definition drilling may be modified and reused for this purpose, with costs associated with modification of these holes accounted for in the financial model. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK It is estimated that gravity and pumping pressure will allow grout to be distributed in a radius of approximately 500m from each hole, resulting in a total of 6 holes required to sufficiently cover the entire deposit. Figure 2 Nominal location for proposed grout pumping plant (large blue circle) and modified drillholes used to pump grout down to mining level (small blue circles). Utilisation in other operations This method has been used commercially at several operations in the past, principally in South African mines with relatively flat-sipping, tabular orebodies. The method is currently employed at Zimplats Bimha Mine in Zimbabwe. The deepest operating depth at the mine is approximately 310 m. The mine employs mechanised room and pillar mining to extract ore from stopes with a nominal width of 2.5 m at dips of less than 9°. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Updated Production Schedule The Emmie Bluff production schedule has been optimised to bring forward high grade tonnes and adjusted to include the tonnes extracted via pillar recovery. The Updated Production Target is outlined below as Figure 3 and Table 2. ELIZABETH CREEK Mined Production by Mineral Resource Category - Mechanical Cutting Study 3,500,000 2.50% 3,000,000 2.00% 2,500,000 2,000,000 1.50% 1,500,000 1.00% 1,000,000 0.50% 500,000 0 0.00% Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 MG14 - Indicated Windabout - Indicated Emmie Bluff - Indicated Emmie Bluff - Inferred Phase 2 - Inferred CuEq Grade % Phase 2 - Indicated CuEq Grade % MG14 (Indicated), Grade, CuEq % Figure 3: The anticipated mined production schedule for all three deposits based on Resource Categorisation. For CuEq% calculation for MG14, Windabout and Emmie Bluff see section Statement Regarding Metal Equivalent Calculations, below. Mined production exceeds nominal plant capacity in several years. Equipment is scoped on the basis of Emmie Bluff ore, which represents the majority of the Project’s feed ore. Ores sourced from the MG14 and Windabout open pits have different comminution properties and, in the case of Windabout, lose significant mass in the deslime step prior to being processed downstream. This allows equipment to exceed nominal nameplate capacity in those years. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be real. Production Target Cautionary Statement The Company notes that the estimate of production at Emmie Bluff stated above constitutes a “production target” within the meaning of the ASX listing rules and in line with ASX Guidance Note 31 and is therefore a forward-looking statement. The Company has undertaken extensive due diligence before reporting this information, the details of which can be found in this Update and in the Scoping Study. The estimated Mineral Resources underpinning the Production Target have been prepared by a Competent Person in accordance with the requirements the JORC Code 2012. For full details, including JORC Table 1, please see below. The production target is based on Inferred Mineral Resources and Indicated Mineral Resources. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of additional Indicated Mineral Resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Changes Reported in this Announcement ELIZABETH CREEK The information contained within this announcement relates to updates and optimisation that build on previous information. The Production Target reported in this announcement is an update to that announced in the Scoping Study Update released in January 2024 (available at https://www.codaminerals.com/wpcontent/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-Materially-ImprovedEconomics_RELEASE.pdf ), which was itself an update to the original Elizabeth Creek Copper-Cobalt Scoping Study released in March of 2023 (available at https://www.codaminerals.com/wpcontent/uploads/2023/03/20230323_COD_ASX-ANN_Elizabeth-Creek-Scoping-Study_VRelease.pdf). All modifying factors reported in the January 2024 announcement remain unchanged, except where specified in this report, as detailed in the Capital Expenditure and Operating Costs sections below, and the Pillar Recovery Technical Summary and Updated Production Schedule sections above. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 Table 2: Global estimated Production Statistics for the Elizabeth Creek Project by Mineral Resource ` Year 1 Year 2 ELIZABETH CREEK MG14 (Indicated), Tonnes MG14 (Indicated), Grade, CuEq % Windabout (Indicated), Tonnes Windabout (Indicated), Grade CuEq % Emmie Bluff (Inferred), Tonnes Emmie Bluff (Inferred), Grade CuEq % Emmie Bluff (Indicated), Tonnes Emmie Bluff (Indicated), Grade CuEq % Inferred Mined (Tonnage basis, %, yearly) Inferred Mined (Tonnage basis, %, cumulatively) Inferred Mined (Contained Metal basis, %, yearly) Inferred Mined (Contained Metal basis, %, cumulatively) Indicated Mined (Tonnage basis, %, yearly) Indicated Mined (Tonnage basis, %, cumulatively) Indicated Mined (Contained Metal basis, %, yearly) Indicated Mined (Contained Metal basis, %, cumulatively) Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 847,329 2,368,673 422,132 131,750 2,189,049 2.05% 1.93% 1.77% 1.68% 1.64% 21,076 3,193 6,841 70,736 49,080 272,193 201,322 972,198 15,994 0.90% 0.81% 0.94% 0.78% 0.74% 0.93% 0.96% 1.25% 1.19% 1,256,905 1.87% 19,803 777,674 2,600,156 2,910,363 2,911,250 2,820,654 2,815,323 2,773,940 2,758,291 2,721,593 2,663,927 2,615,340 1,285,951 521,342 0.70% 1.45% 1.91% 2.06% 2.29% 2.08% 1.98% 1.83% 1.67% 1.62% 1.71% 1.51% 1.75% 1.48% - - 0.00% 0.00% 0.69% 0.10% 0.00% 0.00% 0.00% 0.25% 2.50% 1.77% 9.27% 7.15% 43.05% 0.59% - - 0.00% 0.00% 0.05% 0.06% 0.06% 0.06% 0.06% 0.08% 0.26% 0.39% 1.08% 1.60% 4.09% 4.13% 0.00% 0.00% 0.33% 0.04% 0.00% 0.00% 0.00% 0.13% 1.18% 0.82% 5.26% 4.65% 34.96% 0.43% - - 0.00% 0.00% 0.03% 0.03% 0.03% 0.03% 0.03% 0.04% 0.12% 0.17% 0.53% 0.80% 2.51% 2.53% - - 100.00% 100.00% 99.31% 99.90% 100.00% 100.00% 100.00% 99.75% 97.50% 98.23% 90.73% 92.85% 56.95% 99.41% - - 5.44% 13.51% 21.25% 29.05% 36.51% 43.73% 50.95% 58.06% 65.12% 72.10% 78.93% 85.63% 88.92% 95.87% - - 0.34% 19.80% 86.62% 96.42% 100.00% 100.00% 100.00% 99.87% 98.82% 99.18% 94.74% 95.35% 65.04% 17.55% - - 5.78% 13.81% 21.88% 30.67% 40.06% 48.34% 56.23% 63.40% 69.88% 76.12% 82.55% 88.12% 91.30% 97.47% Financial Analysis Capital Expenditure ELIZABETH CREEK The total pre-production capital cost of development remains unchanged at A$306 million. Table 3: Elizabeth Creek CAPEX cost breakdown PRE-PRODUCTION CAPITAL EXPENDITURE Underground Mining Process Plant Camp Site Infrastructure Tailing Storage Facility Owners Costs Contingency Total Pre-Production Capital Expenditure A$M 37 133 31 52 22 3 27 306 POST-PRODUCTION CAPITAL EXPENDITURE Underground Mining Process Plant Total Post-Production Capital Expenditure Total Capital A$M 143 215 358 664 Total post-production capital cost has increased to A$358 million. This represents an approximate increase of 1% relative to the Updated January 2024 Scoping Study. Post-production capital has increased to purchase and install a grout pumping plant in year 3 (A$3.3M). Sustaining capital has increased by 9% to account for the additional 1.25 years of mine life and additional capex. Sustaining CAPEX for above ground infrastructure, including process plant, power and mine camp is estimated to total A$72 million over the life of the Project.5 Capital expenditure in relation to grout pumping plant has been estimated by Mining Plus in consultation with a supplier in South Africa to an accuracy of +/- 30%. 5 Sustaining CAPEX for underground infrastructure has been accounted for in mining CAPEX schedule. 6 Altona Street, West Perth Western Australia, 6005 E: info@codaminerals.com ABN 49 625 763 957 ELIZABETH CREEK Operating Costs Operating cost estimates have increased primarily due to the additional costs associated with pillar extraction and related ground support (grout fill) at Emmie Bluff. OPEX costs were estimated by Mining Plus based on allowances for labour, consumables (bags and cement), pumping and plant operations. The operating costs for the grout pumping plant have been estimated to be $130 /m³. The grout bag supplier has assumed construction of bags in South Africa and shipping costs to Emmie Bluff project. These have been estimated at $41 /m³. Minor additional costs were assumed by Coda for establishment of stable underground delivery drillholes. Mining costs have risen by 14%, resulting in a 7% increase in the overall operating cost at Emmie Bluff. The all-in-sustaining costs (AISC) with by-product credits for the Project have increased to $1.73 USD/lb Cu, up 8% from 1.60 USD/lb Cu. Table 4: OPEX per tonne of ore mined Unit Operating Costs Mining Processing – Flotation Processing – Downstream Residual Management General & Administration Total Operating Costs A$/t ore A$/t ore A$/t ore A$/t ore A$/t ore A$/t ore Updated Scoping Study Jan 2024 Emmie MG14 Windabout Bluff Updated Scoping Study Mar 2024 Emmie MG14 Windabout Bluff 40.07 71.23 41.48 40.07 71.23 16.42 13.98 16.75 16.42 N/A 21.95 23.77 1.74 1.74 3.56 61.79 Difference MG14 Windabout Emmie Bluff 47.25 0% 0% 14% 13.98 16.75 0% 0% 0% N/A 21.95 23.77 0% 0% 0% 1.74 1.74 1.74 1.74 0% 0% 0% 3.56 3.56 3.56 3.56 3.56 0% 0% 0% 112.46 87.29 61.79 112.46 93.06 0% 0% 7% Further work during the PFS will be required to provide greater clarity and reduce uncertainty on mining OPEX which is currently estimated to an accuracy of +/- 30%. Economic Analysis All financial outcomes reflect an approximate or estimated value. This should be read in the context of the NPV sensitivity analysis below. The Scoping Study Update is based on the same macroeconomic assumptions as the March 2023 Scoping study and January 2024 Updated Scoping Study, detailed below. Discount Rate Exchange Rate Tax Rate Royalty Rates Copper Price Cobalt Price Silver Price Zinc Price Real % USD:AUD % Refined Product Concentrate USD/t USD/t USD/Oz USD/t 6 Altona Street, West Perth Western Australia, 6005 8% 0.68 30% 3.5% 5.0% $8,800 $60,627 $21 $2,700 E: info@codaminerals.com ABN 49 625 763 957 The Proje