Coda Minerals Ltd Copper-Silver Project Economics Soar on Rising Prices

Coda Minerals Delivers Exceptional Project Economics Uplift as Commodity Prices Surge

Coda Minerals Limited (ASX: COD) has released a compelling update to its Coda Minerals Ltd copper-silver project economics, driven by significant commodity price movements since the August 2025 Scoping Study. The revised figures showcase the project's exceptional leverage to both copper and silver prices, with pre-tax NPV increasing from $1.29 billion to $2.25 billion and IRR jumping from 39% to 56% under conservative long-term pricing assumptions.

This update reflects material changes in market conditions, with copper prices rising from the previous assumption of US$9,260 per tonne to US$10,500 per tonne. Furthermore, silver assumptions have doubled from US$30 per ounce to US$60 per ounce.

At current spot prices of approximately US$13,108 per tonne for copper and US$82 per ounce for silver, the project's pre-tax NPV soars to approximately $3.32 billion with an IRR of 74%.

Key Financial Highlights Transform Investment Case

The updated economics demonstrate the project's robust fundamentals across multiple scenarios. In addition, the figures reveal significant improvements in key financial metrics compared to the previous study.

The project demonstrates exceptional price sensitivity, with each US$1,000 per tonne change in copper price impacting base case NPV by approximately $377 million. However, each US$10 per ounce change in silver price impacts NPV by approximately $165 million.

Streamlined Copper-Silver Focus Reduces Risk Profile

Elizabeth Creek has evolved into a simplified copper-silver operation, moving away from the previous multi-commodity approach that included cobalt. Consequently, this strategic shift offers several advantages:

• Reduced commodity risk through focus on two high-demand metals
• Streamlined processing using proven whole-ore leach technology
• Strong market fundamentals supporting both copper and silver demand
• Future cobalt upside remains possible through ongoing testwork

The revised commodity split shows copper contributing approximately 78% of lifetime revenue (compared to 85% previously). For instance, silver increases to 20% (from 12% previously), providing attractive exposure to both metals driving the energy transition.

Impressive Production Profile Over 15.5-Year Mine Life

Elizabeth Creek is planned as a long-life operation producing substantial quantities of both primary commodities. Furthermore, the operation benefits from a diversified resource base across multiple deposits.

The mine plan produces:

• 454,000 tonnes of copper over life of mine
• 20.3 million ounces of silver over life of mine
• Steady-state production: approximately 32,000tpa copper, 1.4Mozpa silver
• Feed composition: 87% Indicated Resources, 13% Inferred Resources (tonnage basis)

Four Key Deposits Drive Production

The mine plan incorporates four deposits across the project area:

• Emmie Bluff: Underground mechanical cutting operation (main production source)
• MG14 & Windabout: Open pit operations with established indicated resources
• Cattle Grid South: Open pit breccia-hosted mineralisation

Understanding Whole-Ore Leach Technology

The project employs whole-ore chloride leach technology, a proven metallurgical process that offers significant advantages over traditional flotation methods. This technology involves grinding ore and leaching metals directly using chloride solutions, eliminating the need for flotation circuits.

Whole-ore leach technology treats crushed ore directly in acidic chloride solutions, dissolving copper and silver minerals without the complex flotation steps required in conventional processing. The dissolved metals are then recovered through solvent extraction and electrowinning for copper, and precipitation followed by refining for silver.

Why This Technology Matters for Investors

Whole-ore leach delivers higher recoveries for both copper and silver while simplifying the processing flowsheet. This translates to improved economics, reduced technical risk, and potentially lower capital requirements compared to more complex processing routes.

The technology has been successfully implemented at operations worldwide, providing confidence in its application to Elizabeth Creek's ore types.

Well-Funded Path to Pre-Feasibility Study

With $11.25 million cash at the end of December 2025, Coda is well-positioned to advance the Pre-Feasibility Study (PFS) currently underway. However, the company continues to explore additional funding opportunities to accelerate development.

CEO Chris Stevens highlighted the timing opportunity:

We believe the timing could not be better to be progressing Elizabeth Creek through advanced study stages, and we look forward to providing shareholders with further PFS updates as the project continues to be de-risked. – Chris Stevens, Chief Executive Officer

The company has established a comprehensive project dataroom and is actively engaging with potential strategic partners. In addition, discussions include end users, OEMs, and trading houses across South Korea, Japan, and Europe.

Favourable Jurisdiction and Infrastructure Advantages

Elizabeth Creek benefits from its location in South Australia's established mining region. Furthermore, the project enjoys excellent connectivity to major transport corridors and power infrastructure.

Key infrastructure advantages include:

• Excellent infrastructure: Stuart Highway and Adelaide-Darwin rail line traverse the project
• Power access: Two identified electrical substations within 40km
• Established mining jurisdiction with clear regulatory framework
• Strategic location: Well-positioned for domestic and export markets

A proposed 43km, 132kV transmission line would connect the Mt Gunson substation to the process plant at Emmie Bluff. This connection runs parallel with the haul road supporting open pit operations.

Investment Thesis Strengthened by Market Dynamics

The revised economics arrive at a time when both copper and silver fundamentals are increasingly attractive. Moreover, structural supply constraints are emerging across both commodity markets.

Copper Market Drivers

• Structural supply deficits emerging as existing mines deplete
• Electrification and energy transition driving unprecedented demand
• Long development timelines for new projects creating supply constraints
• Declining global head grades increasing value of high-grade deposits

Silver Market Dynamics

• Growing photovoltaic demand supporting long-term consumption
• Industrial applications expanding beyond traditional uses
• Supply constraints from declining ore grades at existing operations

The company's conservative base-case copper price of US$10,500/t sits within the range of long-term consensus forecasts published by major investment banks. These forecasts generally range from US$9,500–11,500/t, while remaining approximately 20% below current spot prices.

Exceptional Price Leverage Drives Compelling Returns

The project's sensitivity analysis reveals significant leverage to commodity price movements across realistic market scenarios. At the updated base case assumptions, Elizabeth Creek generates robust returns with post-tax NPV of $1.52 billion and IRR of 43%.

Capital payback periods demonstrate the project's cash generation potential, with the base case scenario achieving payback within 2.5 years from first production. However, this improves to 1.75 years at current spot prices.

Strategic Positioning in Energy Transition Metals

Elizabeth Creek's copper-silver focus aligns directly with critical minerals driving the global energy transition. Copper demand is experiencing structural growth from electrification initiatives, whilst silver consumption from photovoltaic installations continues expanding.

The project's metallurgy supports production of copper cathode and silver doré, providing direct exposure to commodity markets without complex downstream processing requirements. Consequently, this approach reduces technical risk whilst maximising value capture from both metals.

Why Investors Should Follow Coda Minerals

Elizabeth Creek represents a compelling combination of attractive investment characteristics. Furthermore, the project benefits from several competitive advantages that differentiate it from other development opportunities.

Key investment highlights include:

1. Exceptional price leverage: Demonstrated sensitivity to commodity price movements with current spot prices delivering IRRs above 70%

2. Proven metallurgy: Whole-ore leach technology offering simplified processing with high recoveries

3. Diversified production: Exposure to both copper and silver provides natural hedge against single-commodity volatility

4. Strong resource base: 87% Indicated Resources supporting development confidence

5. Strategic location: South Australian jurisdiction with excellent infrastructure and regulatory clarity

6. Advancing studies: Well-funded PFS progression with experienced management team

Coda's transparent approach to updating project economics based on material market changes demonstrates management's commitment to keeping shareholders informed of value-creating developments. As copper and silver markets continue to tighten amid the global energy transition, the Coda Minerals Ltd copper-silver project's robust economics and strategic position make it worthy of close investor attention.

The company's positioning benefits from South Australia's established mining infrastructure, with the Stuart Highway and Adelaide-Darwin rail line providing transport access. In addition, nearby electrical substations offer potential grid power connections. These infrastructure advantages reduce development risks and capital requirements compared to more remote locations.

Elizabeth Creek's combination of exceptional commodity price leverage, proven processing technology, and strategic infrastructure positioning creates a compelling development opportunity in the critical minerals space. The project's robust economics under conservative pricing assumptions, combined with significant upside at current market levels, demonstrates the potential for substantial shareholder value creation as the energy transition accelerates global copper and silver demand.

Ready to Explore Coda Minerals' Exceptional Investment Opportunity?

With Elizabeth Creek delivering remarkable project economics and exceptional leverage to surging copper and silver prices, Coda Minerals presents a compelling investment case in the critical minerals space. The company's transparent approach to updating shareholders on material developments, combined with robust fundamentals and strategic positioning, makes this an opportunity worth investigating further. Discover more about Coda Minerals' copper-silver project and its potential for substantial value creation by visiting www.codaminerals.com.