Coda Minerals Locks in Elizabeth Creek Mining Lease Approvals Pathway

Coda Minerals Clears a Critical Hurdle at Elizabeth Creek as Approvals Pathway Locks In

Coda Minerals (ASX: COD) has reached a milestone in the development of its 100%-owned Elizabeth Creek Copper-Silver Project in South Australia, with the South Australian Department of Energy and Mines (SA DEM) formally accepting and gazetting the company's Scoping Report. The Coda Minerals Elizabeth Creek mining lease approvals pathway is now formally established, providing a defined framework that reduces regulatory uncertainty as Coda advances toward a Mining Lease Application.

This is not a routine administrative step. For a project of Elizabeth Creek's scale, sitting atop a 65.5 Mt resource containing over 705,800 tonnes of copper, 33,000 tonnes of cobalt, 28 million ounces of silver, and 75,000 tonnes of zinc, having a confirmed, agreed approvals framework in place is a material development that investors should note.

What Just Happened and Why It Matters

The SA DEM's gazettal of Coda's Scoping Report achieves two things. First, it confirms the South Australian Government has accepted Coda's proposed environmental studies and work plans as the basis for assessing a future Mining Lease Application. This means the scope of required work is now formally defined and, according to the company, will not shift throughout the approvals process except through mutual agreement should the project evolve during the Pre-Feasibility Study (PFS).

Second, it replaces what would otherwise be a standard, generic Terms of Reference with one tailored specifically to Elizabeth Creek. A project-specific Terms of Reference is built around the actual characteristics of the project, which the company states reduces the risk of rework, duplicated effort, or late-stage surprises during the application process.

"Formal acceptance and gazettal of our Scoping Report is an important vote of confidence in Coda's constructive engagement with regulators on Elizabeth Creek. This provides us with a settled, agreed roadmap for the environmental and community-facing studies we now need to complete. Advancing this work alongside the Pre-Feasibility Study keeps both workstreams moving. It positions Coda to move directly into a Mining Lease once the PFS is completed, without losing momentum on either front." — CEO Chris Stevens

Understanding the Scoping Process and Why It Differs From a Scoping Study

One point worth clarifying for investors is that the "Scoping Report" gazetted in this instance is not the same as a "Scoping Study." These are distinct concepts that are easy to conflate.

A Scoping Study is a preliminary economic assessment of a project, covering early-stage financial modelling, cost estimates and production scenarios. Coda has completed multiple iterations of this work at Elizabeth Creek, including an updated economics assessment released in February 2026.

A Scoping Report, however, in the context of the SA DEM's approvals process, is an environmental and regulatory document. It identifies the environmental and social characteristics of the project area and defines the studies a company must complete before applying for a Mining Lease. It functions as the agreed checklist the government will use to assess whether Coda has completed the necessary groundwork before being granted the right to mine.

The SA DEM defines scoping as an activity undertaken by a mining company on an area of interest during the initial stage of a proposed mining operation, intended to identify environmental and social characteristics that may influence the operation. It is described as the initial step for proponents who intend to apply for a tenement, with early identification of potential issues helping proponents prepare for their tenement application, which includes an environmental impact assessment (EIA).

Why this matters to investors: Prior to the availability of this scoping process in South Australia, companies navigating the Coda Minerals Elizabeth Creek mining lease approvals pathway operated with less certainty. The informal pre-lodgement consultation that previously characterised the process offered no locked-in roadmap and no formal protection against scope changes. The gazettal Coda has achieved replaces that informal process with a documented, government-confirmed framework.

Key Benefits Associated With the Gazettal

1. Cost certainty — the scope of required environmental studies is now defined, supporting more accurate budgeting
2. Schedule certainty — Coda has visibility on what must be completed, and in what sequence, before lodging a Mining Lease Application
3. Reduced rework risk — early regulator integration is intended to reduce the likelihood of mid-process surprises
4. Stakeholder transparency — the gazetted report supports community engagement with a public record of what is being assessed
5. Direct pathway to application — once the PFS and required studies are complete, Coda anticipates moving directly to submission without an additional approvals design phase

Two Workstreams, One Critical Next Step

A notable element of Coda's current approach is the alignment of its environmental approvals process with the ongoing Pre-Feasibility Study. Rather than treating these as sequential activities, Coda is running them in parallel.

The next major step across both workstreams is groundwater drilling, which the company anticipates will begin within days of the announcement, initially at the Windabout deposit, with drilling at Emmie Bluff to follow.

Groundwater data feeds into several critical areas simultaneously:

• Environmental approvals: Establishing a hydrogeological baseline, meaning a dataset of natural groundwater conditions prior to mining activity, is a core requirement of the environmental impact assessment process
• Mining and geotechnical studies: Groundwater conditions inform mine design and ground stability assessments
• Site water balance: Water balance calculations feed directly into processing and metallurgical study assumptions
• Infrastructure planning: Water availability and management inform site infrastructure decisions

By collecting this data once and applying it across both workstreams, Coda aims to avoid duplicated field programmes and maintain an efficient overall timeline. Furthermore, following groundwater drilling, Coda also intends to appoint environmental consultants to progress those studies outlined in the Scoping Report that have not yet commenced. Baseline environmental surveys and stakeholder consultation are already under way, according to the company.

The Asset Behind the Milestone: Elizabeth Creek at a Glance

The regulatory progress at Elizabeth Creek is set against a project of considerable scale. The mineral resource across the project's four deposits — Emmie Bluff, Windabout, MG14 and Cattle Grid South — is summarised below.

Project-Wide Mineral Resource Summary

Deposit-by-Deposit Breakdown

The flagship Emmie Bluff deposit, which forms the backbone of the project's underground component, contributes 40.2 Mt at 1.27% Cu, 569 ppm Co, 16.8 g/t Ag and 0.17% Zn, equivalent to 1.87% CuEq at a 1% CuEq cut-off grade.

Copper equivalent (CuEq) is a single grade figure combining the value of multiple metals into a copper-equivalent percentage, using assumed metal prices and metallurgical recovery rates. It is used here to reflect a large-tonnage underground resource that supports the project's economic case.

What Comes Next: The Path to a Mining Lease Application

Coda has indicated that the Mining Lease Application is anticipated in the months immediately following completion of the Pre-Feasibility Study, once critical project trade-off studies have been completed and key decisions finalised.

Approvals track

• Groundwater drilling commencing at Windabout, then Emmie Bluff
• Appointment of consultants for remaining studies defined in the Scoping Report
• Ongoing baseline environmental surveys and stakeholder consultation
• Execution of specialist studies outlined in the gazetted Scoping Report

PFS track

• Groundwater drilling feeding into hydrogeological and geotechnical studies
• Site water balance calculations informing processing and metallurgical studies
• Infrastructure and site planning studies progressing in parallel
• Trade-off studies and key project decisions to be finalised ahead of application

The integration of these workstreams means data collected now is intended to serve multiple purposes simultaneously, according to the company, consequently supporting a leaner overall project timeline.

Why Investors Should Watch Coda Minerals Closely

The gazettal of Elizabeth Creek's Scoping Report is a milestone that can be easy to underestimate. It generates no revenue, produces no resource update, and involves no drilling results. For a development-stage copper project advancing toward a Mining Lease, however, having a locked-in, government-confirmed approvals framework is one of the more significant steps a company can achieve.

• Scale: Elizabeth Creek is a large project by resource measures, with more than 705,000 tonnes of contained copper and over 1 million tonnes of copper equivalent across 65.5 Mt of resources
• Approvals clarity: With the Terms of Reference now gazetted and fixed, investors have greater visibility on the time and cost required to reach a Mining Lease Application
• Parallel workstreams: Running the PFS and approvals process concurrently reflects a disciplined approach intended to position Coda to move quickly once the PFS is finalised
• Imminent catalysts: Groundwater drilling at Windabout is expected within days, with Emmie Bluff to follow, feeding into both the PFS and the approvals process
• Regulatory engagement: The acceptance of the Scoping Report by the SA DEM reflects the working relationship between Coda and the regulator, a relevant factor in project development timelines

In summary, the Coda Minerals Elizabeth Creek mining lease approvals pathway is now formally locked in, representing a meaningful step forward for one of South Australia's larger copper-silver development projects.

Key takeaway: With groundwater drilling about to begin, the PFS progressing, and a resource of over 65 Mt underpinning the project, the next phase of development activity is firmly under way. Investors tracking the Coda Minerals Elizabeth Creek mining lease approvals pathway and broader copper development projects may wish to monitor Elizabeth Creek's progress closely.

Glossary of Key Terms

What is a Scoping Report in the SA DEM process?

A Scoping Report is an environmental and regulatory document submitted to the SA DEM that identifies environmental and social characteristics of a project area and defines the studies required before a Mining Lease Application.

What is a Scoping Study?

A Scoping Study is a preliminary economic assessment of a project's viability, including early-stage cost and production estimates. It is distinct from a Scoping Report.

What does gazettal mean?

Gazettal refers to the formal publication of a government notice in the South Australian Government Gazette, giving legal effect to an administrative or regulatory decision.

What are Terms of Reference?

Terms of Reference (ToR) are the defined criteria and scope against which a Mining Lease Application will be assessed by the regulator.

What is a Pre-Feasibility Study?

A Pre-Feasibility Study (PFS) is a technical and economic study assessing the feasibility of a mining project in greater detail than a Scoping Study, typically including detailed mine design, cost estimates and infrastructure planning.

What is an Environmental Impact Assessment?

An Environmental Impact Assessment (EIA) is a formal process evaluating the likely environmental consequences of a proposed project, required as part of the Mining Lease Application process.

What is CuEq?

CuEq (Copper Equivalent) is a single grade figure combining the value of multiple metals into a copper-equivalent percentage, based on assumed metal prices and metallurgical recovery rates.

What is a Hydrogeological Baseline?

A Hydrogeological Baseline is a dataset establishing natural groundwater conditions in a project area prior to mining activity, used for environmental assessment and mine water management planning.

Ready to Dig Deeper Into Coda Minerals and the Elizabeth Creek Project?

With a locked-in regulatory pathway, a 65.5 Mt resource containing over 705,800 tonnes of copper, and groundwater drilling set to commence imminently across both the Windabout and Emmie Bluff deposits, Coda Minerals (ASX: COD) is advancing Elizabeth Creek toward a Mining Lease Application with clear milestones ahead. Investors looking to understand the full scope of the project, the company's development strategy, and what comes next can find more information directly at www.codaminerals.com.