Coda Minerals Ltd Drilling Programme Validates Elizabeth Creek Copper-Silver

Coda Minerals (ASX: COD) is making significant progress with its 6,000-7,000 metre drilling programme across the Elizabeth Creek Copper-Silver Project in South Australia. The company has completed four drillholes with three more well advanced, representing approximately 25% of the total planned programme. Most importantly, the copper-silver bearing Tapley Hill Formation shale has been intersected exactly as geological models predicted, confirming resource continuity and validating the deposit's potential.

Key Programme Statistics:

CEO Chris Stevens: "The Tapley shale at Emmie Bluff has been intersected right where anticipated, reinforcing our confidence in the geological model and the quality of the work that underpins it."

Understanding the Tapley Hill Formation: The Heart of Elizabeth Creek's Value

The Tapley Hill Formation represents the geological foundation of Coda's copper-silver success story. This Neoproterozoic formation consists of dolomitic shale and dolarenite rocks that formed during an ancient geological period approximately 600-800 million years ago. Furthermore, the formation hosts mineralisation across all three major Elizabeth Creek deposits.

What is dolomitic shale? This rock type forms when sedimentary layers rich in magnesium carbonate minerals (dolomite) combine with fine-grained clay particles. These rocks provide ideal chemical conditions for copper and silver minerals to precipitate and concentrate over geological time.

Why This Formation Matters for Investors:

• Predictable Geology: The formation's consistent characteristics enable reliable resource modelling and mine planning
• Regional Scale: The formation extends across multiple deposits, suggesting potential for additional discoveries
• Proven Processing: Previous testing has validated the whole-ore chloride leach process that drives project economics

The fact that current drilling is intersecting this formation exactly where models predicted demonstrates the geological understanding that underpins Coda's $1.3 billion NPV project valuation. In addition, this validates the comprehensive approach behind the Coda Minerals Ltd drilling programme at Elizabeth Creek.

Project Economics Show Compelling Investment Case

Elizabeth Creek's latest Scoping Study presents remarkable economics that become even more attractive at current commodity prices. Consequently, investors are recognising the significant upside potential in current market conditions.

Base Case Project Metrics:

Current Market Upside:

• Copper prices are 17% higher than study assumptions ($10,817 vs $9,260 USD/tonne)
• Silver prices are 70% higher than study assumptions ($51 vs $30 USD/ounce)

This price differential suggests the project's actual NPV could be substantially higher than the conservative study figures. However, the company maintains conservative forecasting to ensure realistic investor expectations.

Strategic Drilling Programme Delivers Multiple Outcomes

The current programme demonstrates sophisticated planning, with each drillhole serving multiple objectives. For instance, the systematic approach ensures maximum value extraction from each drilling investment.

Resource Definition: Improving confidence in the 40.2Mt Indicated Resource at Emmie Bluff containing 510,000 tonnes of copper and 21.7 million ounces of silver.

Processing Optimisation: Core samples will advance the whole-ore chloride leach flowsheet that has already delivered enhanced project economics by shifting focus toward copper and silver production.

Technical Studies: Geotechnical and hydrogeological data collection supports both the Pre-Feasibility Study and environmental approvals process.

Key Visual Results to Date:

• DD25EB0041: 6.4m intersection with 1-2% chalcopyrite
• DD25EB0042: 2.97m intersection with 1-2% chalcopyrite and pyrite
• DD25MG140001: 5m intersection with 1-3% chalcocite
• DD25MG140002: 2m intersection with 1-2% chalcocite

Furthermore, these visual results confirm the mineralisation continuity that supports the overall resource model. The Coda Minerals Ltd drilling programme at Elizabeth Creek continues to validate geological predictions across all target areas.

What Makes This Drilling Programme Unique?

The current drilling campaign stands out from typical exploration programmes due to its multi-faceted approach. In addition to resource definition, the programme addresses critical development milestones simultaneously.

Integrated Data Collection: Each hole provides geological, geotechnical, and hydrogeological information essential for mine planning. Consequently, this reduces future drilling requirements and accelerates development timelines.

Processing Sample Generation: Core samples undergo testing to optimise the whole-ore chloride leach process, potentially improving project economics further.

Environmental Baseline: Drilling activities support environmental studies required for permitting, creating operational synergies.

However, the most significant aspect remains the geological validation of the Tapley Hill Formation's continuity. This confirmation reduces geological risk substantially for future development phases.

Upcoming Catalysts Create Multiple Re-rating Opportunities

Coda's work programme is designed to generate regular newsflow through 2026, providing multiple opportunities for market re-rating. Furthermore, the systematic approach ensures each milestone builds upon previous achievements.

Near-Term Milestones:

• Q1 2026: Updated Mineral Resource Estimate incorporating all 19-hole results
• Ongoing: Mine plan optimisation study with updated project economics
• Throughout 2026: Environmental and mining approvals advancement
• Continuous: Exploration updates on southern open-pit prospects

Technical Advancement:

• Hydrogeological modelling for water availability
• Geotechnical characterisation for mine design
• Processing optimisation of the chloride leach process

This systematic approach ensures regular catalysts while building toward development readiness. In addition, the Coda Minerals Ltd drilling programme at Elizabeth Creek provides consistent data flow for technical studies.

How Does Elizabeth Creek Compare to Regional Projects?

The Olympic Copper Province hosts several world-class operations, providing excellent benchmarks for Elizabeth Creek's potential. For instance, BHP's Olympic Dam and OZ Minerals' Carrapateena demonstrate the region's mining potential.

Location Advantages:

• 100km from Olympic Dam: Access to established infrastructure and expertise
• 50km from Carrapateena: Proximity to modern mining operations
• Established Transport: Existing road and rail networks reduce development costs

Resource Quality Comparison:

Elizabeth Creek's copper grades and silver credits compare favourably with regional operations. However, the whole-ore chloride leach process potentially provides processing advantages over traditional methods.

Development Timeline: The current drilling results position Elizabeth Creek for relatively rapid development compared to greenfield projects. Consequently, this reduces typical development risks and timeframes.

Why Investors Should Follow Coda Minerals

1. Tier-1 Location: Elizabeth Creek sits in the Olympic Copper Province, 100km from BHP's Olympic Dam and 50km from Carrapateena

2. Proven Resource Base: Over 1 million tonnes of contained copper equivalent across three deposits with 95% in the higher-confidence Indicated category

3. Economic Enhancement: The whole-ore chloride leach breakthrough has repositioned Elizabeth Creek as a copper-silver focused project with compelling economics

4. Development Timeline: Current drilling directly supports the Pre-Feasibility Study, maintaining momentum toward development

5. Commodity Leverage: Current copper and silver prices provide substantial upside to study economics

Investment Thesis Summary:
Coda Minerals combines a world-class resource base in a premier mining jurisdiction with breakthrough processing technology and compelling project economics. The current drilling programme represents a key step toward development, with multiple re-rating catalysts through 2026 as the company advances toward production.

The intersection of proven geology, innovative processing technology, and strong commodity fundamentals positions Coda as one of the more compelling copper development stories in the Australian market. With systematic execution of the current drilling programme and regular newsflow expected, investors should monitor Elizabeth Creek's progression toward becoming South Australia's next major copper-silver operation. Furthermore, the success of the Coda Minerals Ltd drilling programme at Elizabeth Creek continues to validate the company's strategic approach to resource development.

Could Coda Minerals Be Your Next Copper-Silver Investment Opportunity?

With the current drilling programme validating geological models and commodity prices significantly above study assumptions, Coda Minerals presents a compelling development story in the Olympic Copper Province. The systematic execution of the Elizabeth Creek project, combined with breakthrough processing technology and a substantial resource base, positions the company for multiple re-rating opportunities through 2026. To explore Coda's full investment potential and access detailed project information, visit www.codaminerals.com and discover why this could be one of Australia's most promising copper-silver development opportunities.