Name of the Project
Elizabeth Creek copper/silver project.

Location
Olympic Copper province, in South Australia.

Project Owner/s
Exploration company Coda Minerals owns 100% of the Elizabeth Creek project.

Project Description
Elizabeth Creek is an advanced copper/silver development project.

The project currently comprises the MG14, Windabout, Cattle Grid South and Emmie Bluff deposits. MG14, Windabout and Cattle Grid South are proposed openpit deposits, while Emmie Bluff is proposed as an underground mining operation.

The current copper/silver base case is based on a simplified development scenario, with cobalt treated as potential future upside rather than included in the base case economics.

The project is expected to have a mine life of 15.5 years and an ore processing rate of three-million tonnes a year. Life-of-mine production is estimated at 454 000 t of copper and 20.3-million ounces of silver.

Steady-state average production is estimated at 31 900 t/y of copper and 1.4-million ounces a year of silver.

The March 2026 project economics update retains the whole-ore chloride leach flowsheet adopted in the August 2025 scoping study update. Coda has stated that it is continuing testwork on the extraction of cobalt through the whole-ore leach flowsheet, but has not made a definitive statement on the economic impact of reintegrating cobalt into the project.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
According to updated base case commodity price assumptions, the project has an estimated after-tax net present value, at a 7% discount rate, of A$1.52-billion and an internal rate of return of 43%.

The pretax net present value, at a 7% discount rate, is estimated at A$2.25-billion, with a pretax internal rate of return of 56%.

Capital Expenditure
Total project capital is estimated at A$615-million. 

Planned Start/End Date
Not stated.

Latest Developments
Coda Minerals has successfully completed a $6.7-million placement to institutional and sophisticated investors, which strengthens the company's balance sheet as it accelerates a number of key prefeasibility study workstreams at the project.

The placement, priced at $0.13 apiece, brings the company's total cash to $13-million.

Coda has noted that Elizabeth Creek is approaching an important stage where demonstrating technical robustness, commercial viability and development readiness are becoming increasingly important.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Coda Minerals, tel +61 8 6270 6331, email info@codaminerals.com.
Read Corporate on behalf of Coda Minerals Nicholas Read, email nicholas@readcorporate.com.au.