How Coda Minerals Improves Copper Recovery at Elizabeth Creek

Elizabeth Creek Breakthrough: New Flowsheet Delivers Major Economic Uplift

Coda Minerals has announced a significant breakthrough in its processing flowsheet for the Elizabeth Creek Copper-Silver Project, delivering higher recoveries through a simpler process that substantially improves the project's economics.

Simplified Flowsheet Drives Higher Production and Lower Costs

Coda Minerals (ASX: COD) has delivered a game-changing development for its 100%-owned Elizabeth Creek Copper-Silver Project in South Australia. The company has simplified its processing approach while simultaneously increasing metal recoveries, resulting in a major economic improvement for the project.

The new whole-ore leach flowsheet has delivered remarkable metallurgical results, with copper recoveries increasing to 94.8% (up from 82.8%) and silver recoveries rising to 98.2% (up from 82%). These dramatic improvements translate directly to higher production estimates:

• Total copper production over life-of-mine now projected at 454,000 tonnes (up from 384,000 tonnes)
• Total silver production increased to 20 million ounces (up from 16 million ounces)
• Annual steady-state production of approximately 31,400 tonnes copper and 1.4 million ounces silver

The projected economic benefits are substantial, with:

• Pre-tax NPV(7) of approximately $1.29 billion (up from $1.2 billion in previous studies)
• Internal Rate of Return (IRR) of 39% (up from 35%)
• Total CAPEX reduction of $74 million
• CAPEX payback period reduced from 4.0 years to 3.25 years

At current spot prices, the project economics become even more compelling:

• Pre-tax NPV(7) increases to approximately $1.81 billion
• Pre-tax IRR rises to 48%
• Post-tax NPV(7) of $1.23 billion with IRR of 38%

How Whole-Ore Leaching Works

The breakthrough comes from Coda's adoption of chloride leaching technology for the entire ore body, rather than relying on traditional flotation concentration methods.

This innovative approach grinds ore to a coarser size than previously planned (p80 75μm vs. p80 32μm) before conducting a 4-hour chloride leach under controlled oxidative conditions. The solution containing dissolved copper and silver is then separated for downstream processing using standard SX/EW for copper cathode production and Merrill-Crowe for silver doré.

Importantly, this process eliminates the need for complex flotation circuits and the energy-intensive Albion Process™ oxidation step that was central to the previous flowsheet. The result is a substantially simpler operation with lower capital and operating costs.

Cobalt Now Represents Pure Upside

A key strategic shift in this update is that Coda has demonstrated the project's robust economics based on copper and silver alone. While the company is continuing to optimise cobalt extraction, removing cobalt from the base case reduces technical and marketing risk.

"This is possibly the most significant advance in the history of Elizabeth Creek. The fact that copper and silver alone now deliver stronger economics on a like-for-like basis compared with our previous base case producing all three metals is very encouraging."

– Chris Stevens, CEO

Stevens emphasised that cobalt hasn't been abandoned but rather represents additional future upside: "Cobalt represents further upside for the project, with the potential for critical minerals incentives and funding support, but crucially it is no longer required for the base case economics."

What Is Chloride Leaching?

Chloride leaching is an established technology currently used for approximately 20% of global copper production. The process leverages two key properties of high-concentration dissolved chloride ions:

1. The ability to form soluble metal-chloride complexes
2. The promotion of oxidation in sulfide minerals with the help of oxidants

While similar approaches are used at operations like Antofagasta's Centinela and Zaldívar mines in Chile, Coda's approach differs by operating at a higher, near-neutral pH rather than using acid leaching.

This adaptation of established technologies with novel operating parameters has delivered results not previously achieved in similar applications.

Project Sensitivity and Funding Outlook

The project's economics are most sensitive to exchange rates and copper prices, with copper currently trading well above the conservative base case assumption of US$9,260/t.

Coda plans to progress funding options during the Pre-Feasibility Study stage, with potential funding sources including equity, project debt, build-own-operate models, and offtake prepayments. The company has already received interest from private equity groups, end users, and traders of copper materials.

Next Steps

The updated economics will be incorporated into Coda's ongoing Pre-Feasibility Study (PFS). Key workstreams continuing include:

• Cobalt optimisation to potentially add further value
• Re-optimisation of the mine plan using the new economic assumptions
• Further metallurgical testing to optimise input factors and conduct variability testing

Why Investors Should Watch Coda Minerals

This breakthrough fundamentally transforms the Elizabeth Creek project, reducing technical and marketing risk while improving economics. The project now demonstrates robust returns on copper and silver alone, with cobalt representing pure upside potential.

With strong copper and silver price outlooks driven by electrification and renewable energy demand, Coda is positioning Elizabeth Creek to be construction-ready with completed technical and economic studies when the anticipated copper supply deficit intensifies.

The simplification of the process flow combined with higher recoveries makes this a rare development-stage project that has seen its economics improve rather than deteriorate as it advances. With a pre-tax NPV of $1.29 billion against a current market capitalization significantly below this figure, Coda represents a compelling opportunity for investors seeking exposure to tier-one copper assets in stable jurisdictions.

Ready to Capitalise on Coda's Copper Breakthrough?

For investors seeking exposure to a transformative copper project with dramatically improved economics, robust returns, and significant upside potential, Coda Minerals offers a compelling opportunity. To learn more about the Elizabeth Creek Copper-Silver Project and how its simplified flowsheet is delivering higher recoveries and substantial cost savings, visit www.codaminerals.com for comprehensive information and investor resources.