TABLE OF CONTENTS
02 ABOUT CODA MINERALS
03 PROJECT SUMMARY
05 CHAIRMAN’S REPORT
07 OPERATIONAL UPDATE
08 EMMIE BLUFF
10
12
17
OTHER PROSPECTIVE TARGETS
CODA MINERALS TIMELINE
DIRECTORS’ REPORT
22 AUDITOR’S INDEPENDENCE DECLARATION
23
INDEPENDENT AUDITOR’S REPORT
26 DIRECTORS’ DECLARATION
27
28
29
STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
STATEMENT OF FINANCIAL POSITION
STATEMENT OF CHANGES IN EQUITY
30 STATEMENT OF CASH FLOWS
31
NOTES TO THE FINANCIAL STATEMENTS
1
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
ABOUT CODA MINERALS
Coda holds the rights and interests under the Mt Gunson Copper-Cobalt Project Farm-In Agreement to earn up to 75%
interest in the Elizabeth Creek Copper Cobalt Project. Elizabeth Creek consists of 739 km2 of tenure located in the world-
class Eastern Gawler copper province, 115km southeast of BHP’s Olympic Dam copper-gold-uranium mine and 40km west
of Oz Minerals’ Carrapateena copper project.
Elizabeth Creek includes the JORC 2012 compliant Indicated Windabout and MG14 deposits, which together host a
combined 159,000 tonnes of contained copper and 9,500 tonnes of contained cobalt. The project also includes Coda’s
flagship Emmie Bluff prospect, the expansion of which will be the company’s top priority in the coming year.
KEY MILESTONES OF THE PAST YEAR INCLUDE:
August 2019
Completion of Emmie Bluff critical risk analysis. Preliminary work demonstrates geotechnical suitability for mining and
metallurgical compatibility of the ore with previously established flowsheets.
December 2019
Completion of the 3D modelling and inversion of Olympic Domain magnetotelluric data by Resource Potentials. Results
support potential for substantial expansion of Emmie Bluff.
December 2019
Completion of metallurgical testwork using glycine to process slimes and tails. Result support potential for considerably
increased copper recoveries.
March 2020
Completion of 2D seismic data collection program by HiSeis at Emmie Bluff, providing independent geophysical support for
a game-changing expansion at that prospect.
June 2020
Completion of IOCG Prospectivity Review by Resource Potentials using all available geophysical data. Two prospects were
singled out as the highest priority for exploration drilling: Emmie Bluff Deeps and Elaine.
2
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 PROJECT SUMMARY
ELIZABETH CREEK COPPER-COBALT PROJECT IN THE EASTERN GAWLER CRATON CONSIST OF TWO ADVANCED JORC
COMPLIANT RESOURCES AND A DRILL READY EXPLORATION TARGET, ALL WITH SIMILAR ZAMBIAN COPPER BELT STYLE
CU-CO-AG MINERALISATION.
EXPLORATION POTENTIAL
ESTABLISHED INFRASTRUCTURE
• 739 km2 of exploration tenure in a world class
copper province.
• Proximal to transcontinental rail, Stuart Highway and Oz
Minerals’ Carrapateena Western Infrastructure Corridor.
• Multiple Cu-Co-Ag targets in a consistent mineralisation
style (Zambian style shale hosted Cu) across all major
targets for processing
• Fully approved drill-ready programme to test
extensive Emmie Bluff exploration corridor, backed by
seismic and magnetelloturic geophysics.
• Strong IOCG prospectivity:
- 15km south of BHP’s Oak Dam West.
- 40km west of OZ Minerals’ Carrapateena.
- 114km southeast of BHP’s Olympic Dam.
SOUTH AUSTRALIA
EXPLORATION TARGET - EMMIE BLUFF
• Highest priority exploration prospect
• Vast expansion potential in 10km exploration corridor
Exploration Target:
• 43-72 Mt at 0.34 – 1.5% Cu, 0.02 - 0.06% Co and 5 – 19 g/t Ag1,3
The potential quantity and grade of the Exploration Target is
conceptual in nature, there has been insufficient exploration
to estimate a Mineral Resource, and it is uncertain if further
exploration will result in the estimation of a Mineral Resource.
Port Augusta
Adelaide
EMMIE BLUFF
EL 6265
EXISTING MINERAL RESOURCES
(JORC 2012 indicated) 0.5% CuEq. cut-off
Deposit
Category
Mt
Cu%
Co% Ag g/t
CuEq%
Windabout1,2
Indicated
17.67
MG141,2
Total2
Indicated
1.83
19.5
0.77
1.24
0.8
0.05
0.03
0.05
8
14
8.6
1.04
1.44
1.14
Contained
Metal3
Tonnes Tonnes
MOz
Tonnes
159,000
9,400
5.4 249,000
EL 5636
WINDABOUT
MG14
EMMIE BLUFF EXPLORATION2,3,4 TARGET
Tonnage range
(Mt)
Cu Range
(%)
Co Range
(%)
Ag Range
(g/t)
CuEq. Range4
(%)
43-72
0.34 - 1.5
0.02 - 0.10
5 - 19
0.5 - 2.3
1 See Gindalbie Metals ASX announcement on 19 January 2018 for Competent Person’s
statement and full details
2 Numbers have been rounded
3 Refer to Gindalbie ASX Announcement, Initial Exploration Target Delivered at Emmie Bluff
Cu-Co Prospect, Mt Gunson, South Australia (19 June 2019)
4 The Company notes that the potential quantity and grade of the Exploration Target is
conceptual in nature, and that there has been insufficient exploration to estimate a Mineral
Resource. It is uncertain whether further exploration will result in the estimation of a Mineral Resource
EL 6141
3
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C ODA MINER A L S L IMIT ED ACN 625 763 957 A NNUAL REPORT AND FINANCIAL STATEMENTS 2 02 0
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 4
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 CHAIRMAN’S REPORT
Dear Shareholders,
I am pleased to present Coda’s 2020 Annual Report and to reflect on the past year for the Company.
The 2020 financial year marked Coda’s first year as an independent entity free of the legacy of its past, able to move on
and forge our own future. It has been an extremely busy year and despite significant challenges posed by the markets and
the global COVID-19 pandemic, we have achieved a lot.
In my AGM address last year I said that we would focus on three key areas in FY20, those being optimisation of the share
register to drive shareholder value, advancement of our Elizabeth Creek Copper Project in South Australia and pursuit of
an ASX listing.
In early 2020 we announced the voluntary share sale facility to all former Gindalbie shareholders wishing to exit their
holding in Coda Minerals. Although the announcement of this facility coincided almost exactly with the commencement of
the COVID-19 pandemic in Australia, the facility was a resounding success and resulted in the consolidation of over 2,200
former shareholders into a small number of highly supportive, sophisticated investors primed to support Coda into the
future. This facility also helped holders of small parcels exit their holding without incurring brokerage fees or other costs.
Following the voluntary share sale facility the Company launched a one for one rights issue offering shares to existing
holders with a resultant take up of approximately 50% of the shares on offer. The placement of shortfall has now closed
and has again resulted in Coda’s shares being placed into the hands of sophisticated and supportive shareholders. Ansteel
was contractually precluded from participating in the offer and has consequently seen its holding reduced to 20.9% of the
Company.
We are now preparing to undertake an initial public offer (IPO) and make an application to list on the ASX with arrangements
in this regarding being materially advanced. The IPO will be made by way of a prospectus which will be made available
when offer opens. Applications under the IPO will need to be submitted by completing the application form that will
accompany the prospectus. Shareholders who wish to participate it the IPO should contact the Company Secretary on
info@codaminerals.com to request a copy of the prospectus when it becomes available.
In his address, our CEO Chris Stevens will detail the significant technical achievements at Elizabeth Creek that will now
underpin a strong listing and prepare us well for future value growth..
In summary, over the past year we have transformed the share register to prime Coda for future value growth and made
enormous technical leaps forward at Elizabeth Creek, providing a strong basis of support us as we prepare for listing.
I would like to thank my fellow board members, our CEO Chris Stevens and the team at Coda as well as our advisers CPS
Capital who have provided excellent support and guidance over the past year.
Keith Jones
Chairman
Coda Minerals Ltd
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CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 6
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 OPERATIONAL UPDATE
Over the past year we have maintained our resolute focus on driving growth and increasing the resource base at our
Elizabeth Creek Copper Project in South Australia. Although Coda is a relatively new company as a separate entity, our
technical team has been involved with the Elizabeth Creek project for over 3 years now, and in that time we have seen
interest in the project area and its surrounds grow steadily. Following major discoveries in the area, the Eastern Gawler
Craton is now one of the most sought-after copper exploration locations in Australia.
Among Coda’s first actions when initially entering the Elizabeth Creek project was to bring the existing resources into
compliance with the 2012 JORC code, resulting in an existing Indicated resource base of 280,000 tonnes of copper
equivalent located close to the historical Mt Gunson mining centre. In 2019, with our confidence in these resources now
secured, exploration focus shifted north to Emmie Bluff, where the team undertook a comprehensive reassessment of
the historical mineralised area and completed the first new drilling at the prospect in a decade. The result was a JORC
compliant Exploration Target open for extension to the north-west and south east.
In the months that followed, we have developed and tested our exploration model, resulting in a potentially game-changing
increase to the target mineralised area. The results of magnetotelluric (MT) and 2D seismic geophysical surveys obtained
over the past nine months of exploration work have more than tripled the target exploration area at Emmie Bluff. The
Emmie Bluff Exploration Corridor, which Coda first identified in December of 2019 now stretches approximately ten
kilometres from north to south and over two kilometres from west to east. The geophysical surveys agree closely with one
another, and suggest that the overall footprint of the shale body may be at least two to three times that of the Exploration
Target, and strongly suggest the potential for the extension of the drill backed mineralisation which it defined.
Preparations for drilling are now well advanced, with all heritage and environmental approvals in place. We anticipate fieldwork
to commence prior to the end of 2020, with the drill rigs to be turning following on from our application to list on the ASX.
We believe the next year will be transformational for Coda as we build on the exploration work of the past year and drill with
the goal of building a significant JORC compliant resource base at Emmie Bluff. We will also look towards newly identified
targets such as Hannibal, as well as major IOCG targets at Elaine and Emmie Bluff Deeps as we advance exploration on our
highly prospective tenements in the heart of Australia’s richest copper belt.
I would like to thank the board, the technical team at Coda, especially head geologist Matt Weber, our partners at Torrens
Mining, and all of the people who support us at Elizabeth Creek.
Chris Stevens
Chief Executive Officer
Coda Minerals Ltd
7
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 EMMIE BLUFF
EMMIE BLUFF IS CODA’S FLAGSHIP PROSPECT AT THE ELIZABETH CREEK PROJECT AND HAS BEEN THE COMPANY’S
PRINCIPAL FOCUS DURING 2019/20.
Released immediately prior to the start of the year, the Emmie Bluff Exploration Target (43 – 72 Mt with copper
equivalent range of 0.5% – 2.3%1) represented the first comprehensive re-evaluation of the Tapley Hosted
mineralisation at Emmie Bluff since Mt Isa Mines first drilled the deposit in the 1990s.
Although it was apparent at the time that the drilling had not closed off the mineralisation, particularly to the southeast,
it was not until the delivery of Coda’s three-dimensional inversion model of the SA government’s Olympic Domain
magnetotelluric data that the true potential of the deposit became clear. A 10km long anomalous corridor was identified
from the MT data, demanding follow-up. In March of 2020, 10 2D seismic lines were collected over the prospect for a
total of 52 line km. The results are strongly coincident with the MT and support the potential for a substantial resource at
Emmie Bluff.
In the coming year, Coda will execute its fully approved drill programme, to test the newly identified anomalism,
and progress Emmie Bluff towards PFS.
8
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 EMMIE BLUFF
2019 Exploration Target
43 - 72 Mt with copper equivalent
range of 0.5% - 2.3%1
Exploration Reflectors
Discontiguous potential sub-basins of
Tapley Hill Fm shale represent short-
medium term exploration opportunities.
Extended Reflectors
Southern extent not tested by seismic
due to ground conditions. Anomalism is
unconstrained by drilling for a further 2.5 km.
The Company notes that the potential quantity and grade of the Exploration Target is conceptual in nature, and that there has been insufficient exploration to
estimate a Mineral Resource. It is uncertain whether further exploration will result in the estimation of a Mineral Resource.
The information regarding the Emmie Bluff Exploration Target is extracted from the report entitled “Initial Exploration Target at Emmie Bluff” created on
19 June 2019 and is available to view at https://www.asx.com.au/asxpdf/20190619/pdf/445yk7d7vkq685.pdf. The company confirms that it is not aware of
any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral
Resources or Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person’s findings are presented
have not been materially modified from the original market announcement.
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C ODA MINER A L S L IMIT ED ACN 625 763 957 A NNUAL REPORT AND FINANCIAL STATEMENTS 2020
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 OTHER PROSPECTIVE TARGETS
ELAINE
Following a comprehensive geological and geophysical review of the tenure, Coda has highlighted the Elaine prospect
as the highest priority IOCG target at Elizabeth Creek. Elaine is a coincident gravity and magnetic anomaly with nearby
historic drilling encountering IOCG-type anomalism. Coda’s focus will be the previously undrilled core of the gravity
anomaly, which is slightly offset from the centre of the magnetic anomaly.
MAGNETIC
Magnetic Inversion Slice
(RL-890m)
GRAVITY
Gravity Inversion Slice
(RL-890m)
COINCIDENT ANOMALISM
North looking Magnetic (top) and Gravity
(bottom) inversion models showing key AoI.
10
Magnetic Susceptibility (Red),
Gravity (Blue) and MT Resistivity
(Green) inversion models.
Coda’s second priority IOCG target is at Emmie Bluff Deeps,
where substantial iron oxide alteration and anomalous,
ore-grade Cu values of between 15,000 and 52,100 ppm
have been encountered in narrow veins of 1-2m, and
peak grades of up to 10.6% Cu have been encountered
over 0.5m samples. Coda proposes to target the largely
untested western edge of a gravity anomaly, adjacent to
historic drilling which intersected IOCG mineralisation and
alteration. The proposed drill site is located in a magnetic
low between two major anomalies, which may represent a
zone of haematite replacement of magnetite. Similar iron
oxide zonation is a feature of many IOCG deposits, such as
Prominent Hill, where the primary zone of mineralisation is
only weakly magnetic.
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 OTHER PROSPECTIVE TARGETS
OTHER ZAMBIAN-STYLE RESOURCES
Work has also continued on additional Zambian-style, sediment hosted prospects beyond Emmie Bluff.
The Hannibal prospect is an east-west aligned 9km MT anomaly (of which approx. 5km is contained within Elizabeth
Creek tenure) located on the eastern edge of the boundary between ELs 5636 and 6265. The anomaly appears to extend
west from areas of known Tapley Hill Fm shale in an embayment structure, geometrically similar to Emmie Bluff which
lies approximately 15km to the north west, but shallower, with depth to the Pandurra unconformity (i.e. base of Tapley)
estimated at approximately 200-250m. Although the anomaly remains undrilled, nearby drilling appears to show promising
palaeotopography consistent with this interpretation. Although focus remains on Emmie Bluff in the short term, Coda will
seek to drill test this anomaly in the coming year.
This year also saw the final delivery of the results of two passive seismic programmes, which identified the potential
for expanding the existing MG14 resource northwards and defined areas of prospectivity at the Powerline prospect,
approximately 10km south west of MG14. Coda is assessing these prospects for further exploration, including
drilling, in the coming year.
1
2
3
4
5
MG14
JORC 2012 compliant Indicated Mineral
Resource 1.83 MT @ 1.24%Cu, 0.03% Co,
14 g/t Ag, 31,000 T Contained Cu Eq.
• Shallow, high grade resource.
• Straightforward mining, easy early tonnes
MG14 EXPANSION
Resource Expansion Prospect
• Resource remains open to the west,
unconstrained by geology or drilling.
• Northern growth potential opened up by
Coda’s seismic exploration.
POWERLINE
Exploration Prospect
• Previously unrecognised Tapley shale
straddling a major mineralised structure.
• Minor historic drilling with anomalous Cu.
HANNIBAL
Early Stage Exploration Target
• MT anomaly of comparable scale and
expression to Emmie Bluff.
• Undrilled to date, but nearby holes suggest
favourable palaeosurface geometry.
WINDABOUT
JORC 2012 compliant Indicated Mineral
Resource. 17.67 MT @ 0.77% Cu, 0.05% Co,
8 g/t Ag, 249,000 T Contained Cu Eq.
• Large, open pit resource, approx. 55m deep.
• Advanced progress, established mining plan
and geotechnical analysis.
All existing resources and targets are Zambian
style shale hosted copper.
Full processing compatibility with Emmie Bluff
is anticipated.
1 1
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
CODA MINERALS TIMELINE
E
T
A
R
O
P
R
O
C
JULY 2019
T
C
E
J
O
R
P
CODA SUCCESSFULLY DEMERGES
FROM GINDALBIE METALS
Gindalbie shareholders voted in
favour of the Scheme of Arrangement
under which Coda Minerals would be
demerged from Gindalbie Metals.
AGM
Coda shareholders re-elect Keith Jones
and Paul Hallam as Directors of the
Company. Coda is excited to welcome
aboard newly appointed, highly
experienced exploration and mine
geologist, Colin Moorhead to the board.
23 JULY 2019
NOVEMBER 2019
EMMIE BLUFF CRITICAL RISK ANALYSIS
METALLURGY
Preliminary metallurgy testwork and
geotechnical studies were undertaken as
part of the critical risk analysis. Results
demonstrates the processability and
mineability of the Emmie Bluff ore body,
subsequently de-risking the early critical
risk areas within the project.
AUGUST 2019
Metallurgy work was undertaken by
Mining Process Solutions to investigate
the use of glycine in the leaching of
slimes and tails following floatation.
Results show the potential for materially
increased recovery of copper.
DECEMBER 2019
MT 3D INVERSION
A local resistivity model was developed
via 3D inversion of government provided
magnetotelluric data from the Olympic
Domain MT Survey. Results suggest the
potential for a substantial extension of
the mineralised host rock south of the
Emmie Bluff Exploration Target.
SEPTEMBER-DECEMBER 2019
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C ODA MINE R AL S LIM IT ED ACN 625 763 957 A NNUA L REPORT AND FINANCIAL STATEMENTS 2020
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 CODA ESTABLISHES VOLUNTARY SHARE
SALE FACILITY
The facility was established to provide
a liquidity opportunity to existing
shareholders and for small holding
investors to sell into an aggregated pool.
The facility successfully closed on 9th
June 2020.
MARCH 2020
CODA ACHIEVES 51% OWNERSHIP
OF PROJECT
Coda increases its interest in the Elizabeth
Creek Copper Cobalt project in South
Australia to 51% following the completion
of the $2.5 million Stage 2 expenditure
requirement under the Farm-In
Agreement with Terrace Mining.
CODA ISSUES RIGHTS ISSUE
PROSPECTUS
The prospectus provides the opportunity
for Eligible Shareholders and investors to
apply for New Shares in Coda.
FEBRUARY 2020
JUNE 2020
JUNE 2020
IOCG PROSPECTIVITY REPORT
Having consolidating and synthesised
all publicly available geophysical data,
geophysical consultants Resource
Potentials deliver an IOCG prospectivity
report for Elizabeth Creek. High priority
IOCG drill targets are identified at Emmie
Bluff Deeps and Elaine.
OCTOBER 2019-JUNE 2020
2D EMMIE BLUFF SIESMIC SURVEY
Stacked 2D seismic surveys are
undertaken to validate the MT results and
define the scale of the Emmie Bluff host
material. The results support existing
interpretation of MT data and suggest
significant expansion of Emmie Bluff.
FEBRUARY-JULY 2020
13
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C ODA MINER A L S L IMIT ED ACN 625 763 957 A NNUAL REPORT AND FINANCIAL STATEMENTS 2020
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 14
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 DIRECTORS’ REPORT
FOR THE PERIOD ENDED 30 JUNE 2019
The directors present their report together with the financial statements of Coda Minerals Ltd (‘the Company’ or ‘Coda’)
for the financial year ended 30 June 2020 and the Auditor’s Report thereon. The prior year’s financial report was the first
financial report for the Company and accordingly it covers the period from 26 April 2018 (date of incorporation) up to the
balance date of 30 June 2019. This Directors Report covers the period from 1 July 2019 up to the date of authorisation of
this financial report.
1. DIRECTORS
The directors of the Company at any time during or since the end of the financial period were:
NAME & QUALIFICATIONS
EXPERIENCE AND SPECIAL RESPONSIBILITIES
Mr Keith F Jones
BBus, FCA, FAICD, FFin
Non-Executive Chairman
Appointed: 26 April 2018
Mr Andrew Marshall
I Eng (UK), MAICD
Non-Executive Director
Independent Non-Executive Director
Appointed: 19 July 2019
Mr Jones is an experienced public company Chairman with a background of over
40 years professional experience providing advisory and consulting services to the
mining and resources sector.
Mr Jones served for 10 years on the Board of Deloitte Australia and was elected
Chairman of Deloitte Australia for four years. He is the former Chairman of Gindalbie
Metals Limited and currently serves as the Chairman of Cannings Purple and Non-
Executive Director of ASX listed Ora Banda Mining Limited.
Mr Jones has significant executive leadership experience serving for 15 years as
the Managing Partner of Deloitte in Western Australia and as Leader of the National
Chinese Services Group and National Energy and Resources Group.
During his career as a Partner at Deloitte, Mr Jones provided Audit, Corporate Finance
and Advisory Services to a wide range of corporate clients with a focus on the
resources sector. He has also advised on numerous transactions, capital raisings,
valuations and takeovers as advisor or expert.
Mr Andrew (Robin) Marshall has previously been involved in managing the successful
delivery of some of the world’s largest resource projects, including major iron ore
projects for BHP Billiton and North Limited.
At Vale Inco, he held the position of Project Director with responsibility for delivery
of the multi-billion dollar Goro Nickel Project in New Caledonia through to its
commissioning in early 2009. At BHP Billiton Iron Ore, Mr Marshall held the position of
Vice President – Asset Development Projects with responsibility for the development
of a number of projects in the first wave of expansion in the iron ore business sector.
In additional to these roles, Mr Marshall also previously held key positions of Project
Manager for the West Angelas Iron Ore Project with North Limited, Project Director
with Iron Ore Company of Canada, Manager Projects for Forrestania Gold/LionOre
Australia, Manager Engineering & Project Services for Western Mining Corporation
and Project Manager for Nedpac (Signet Engineering). Mr Marshall provides consulting
services to major companies and has extensive experience with overseas projects and
operations.
15
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 NAME & QUALIFICATIONS
EXPERIENCE AND SPECIAL RESPONSIBILITIES
Mr Moorhead is an experienced mining professional. He is well recognised in the
mining industry, including building safe, successful and highly regarded technical
teams; ability to develop and deliver strategy, culture and governance; a thorough
understanding of the technical, legal and commercial aspects of the mining business
with an exposure to many different cultures and operating environments. Also
recognised as a leader in the areas of health, safety, environment and community.
Prior to joining Coda Minerals, he served as CEO PT Merdeka Copper Gold Tbk (2016-
2018), EGM Minerals, Newcrest Mining Ltd, Australia (2008-2015), GM Resources &
Reserves of the same company (2006-2008), Geology Manager, PT Nusa Halmahera
Minerals, Gosowong Gold Mine, Indonesia (2003-2006), Technical Services Manager,
Cadia Holdings Ltd, NSW, Australia (1997-2003), and various other positions in the
mining industry in a career spanning 33 years since 1987.
In addition to this role at Coda, Colin is also the Non-Executive Chairman of Xanadu
Mines Ltd, Executive Chairman of Sihayo Gold Limited and a Non-Executive Director
of Aeris Resources.
Mr. Moorhead is Immediate Past President of The Australasian Institute of Mining
and Metallurgy (AusIMM) and a former member of The JORC Committee. He is also a
graduate of Harvard Business School Advanced Management Program (AMP183, 2012).
Mr Hallam has more than 40 years Australian and international resource industry
experience. His operating and corporate experience is across a range of commodities
(iron ore, bauxite, alumina, aluminium, gold, silver, copper, zinc and lead) and includes
both surface and underground mining. Mr Hallam retired in 2011 to pursue a career as a
professional non-executive director. He has held Australian and international non-
executive director roles since 1997.
His former executive roles include Director – Operations with Fortescue Metals Group,
Executive General Manager – Developments & Projects with Newcrest Mining Limited,
Director – Victorian Operations with Alcoa and Executive General Manager – Base and
Precious Metals with North Ltd.
Mr Hallam is a qualified mining engineer and holds a BE (Hons) from Melbourne
University and a Certificate of Mineral Economics from Curtin University. He is a Fellow
of the Australian Institute of Company Directors and the Australasian Institute of Mining
& Metallurgy.
Mr Stevens is an experienced resources executive and mineral economist who
joined Coda after holding the role of CEO at Gindalbie Metals. Prior to joining
Gindalbie in 2016, Mr Stevens was the Western Australian Mining Consulting Lead at
PricewaterhouseCoopers (PwC), where he managed professional teams to devise
strategy, evaluate investment options and assist in delivery of major transactions for
various ASX listed mining and energy companies.
Prior to joining PwC, Mr Stevens held senior roles in the mining industry including
General Manager- Commercial at Asia Iron and Commercial Manager at Gindalbie
Metals.
In addition to his executive resources experience, Mr Stevens has over 18 years’
experience working with Chinese companies in commercial consulting and private
equity. Mr Stevens holds an Honours degree from the University of Oxford, a Master of
Science in Mineral Economics from Curtin University, and is a fluent Chinese speaker.
Mr Li is an experienced economist in Materials Management. Mr Li has been with
Ansteel since 1989 and is now the Deputy General Manager of Ansteel Mining
Corporation responsible for Overseas Affairs.
Mr Li is also a Director of Karara Mining Limited and of Ansteel Investment Company.
He joined the Board of Coda as a Nominee of Ansteel Mining on 22 May 2020.
Mr Zhu is an experienced mining engineer. Mr Zhu has been with Ansteel since 1987
and is now the CEO of Karara Mining Limited (a wholly owned subsidiary of Ansteel).
He joined the Board of Coda as a Nominee of Ansteel Mining on 22 May 2020.
Mr Colin Moorhead
BSc (Hons), FAusIMM (CP), FSEG, GAICD.
Independent Non-Executive Director
Appointed: 21 August 2019
Mr Paul Hallam
BE(Hons)Mining, FAICD, FAusIMM
Independent Non-Executive Director
Appointed: 21 August 2019
Mr Chris Stevens
BA (Hons), MA (Oxon), MSc, GAICD
Chief Executive Officer
Appointed: 26 April 2018
Mr Li Zhiqi
Bachelor Degree of Engineering
in Materials Management
Non-Executive Director
Appointed: 22 May 2020
Mr Zhu Changjiang
Bachelor of Mining
Mechanical Engineering
Non-Executive Director
Appointed: 22 May 2020
16
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 NAME & QUALIFICATIONS
EXPERIENCE AND SPECIAL RESPONSIBILITIES
Ms Rebecca Moylan
BBus, CPA, Grad Dip Applied Finance
(FINSIA), GAICD
Director from incorporation until 19 July 2019. Ms Moylan was the CFO and Company
Secretary for Gindalbie Metals Limited and has extensive corporate experience
working with listed and unlisted companies in various industries.
Appointed:
Resigned: 23 July 2019
26 April 2018
2. COMPANY SECRETARIES
The Company’s company secretary is Telma Southgate (also the Company’s chief financial officer). Mrs Southgate was
appointed on 3 February 2020.
NAME & QUALIFICATIONS
EXPERIENCE AND SPECIAL RESPONSIBILITIES
Mrs Southgate is a Chartered Accountant with 20 years of Corporate and Big 4
Professional Services experience in Perth, Sydney and London across a range of
industries. Prior to joining Coda, she was the General Manager of Finance at Optus
Stadium in Perth responsible for the Finance and Corporate Services functions
and was part of the Executive Team. She was also part of the opening team that
established the Stadium’s operations and was instrumental in developing the finance
function and stakeholder management.
Prior to this, she was the State Commercial Manager for Stockland (an ASX 50 listed
company and one of Australia’s largest diversified property groups) and a Director
at PwC and Deloitte Transaction Services focusing on mining clients and public
transactions.
Served as Co-Company Secretary from 19 July 2019 until his resignation in March
2020.
Served as Co-Company Secretary from 1 August 2019 until his resignation in February
2020.
Served as Company Secretary from the date of incorporation until her resignation in
July 2019.
Telma Southgate,
BCom, CA
Chief Financial Officer
& Company Secretary
Appointed: 3 February 2020
Alex Neuling,
BSc, FCA (ICAEW), FCIS
Co-Company Secretary
Appointed: 19 July 2019
Resigned: 31 March 2020
Finian Koong,
BCom, CA
Chief Financial Officer & Co-Company
Secretary
Appointed: 1 August 2019
Resigned: 17 February 2020
Ms Rebecca Moylan
BBus, CPA, Grad Dip Applied Finance
(FINSIA), GAICD
Chief Financial Officer
& Company Secretary
Appointed: 26 July 2018
Resigned: 19 July 2019
17
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
3. PRINCIPAL ACTIVITIES
The principal activities of the Company during the financial year were the progression of exploration and evaluation
activities associated with the Elizabeth Creek Copper Cobalt Project (previously known as the Mt Gunson Copper Cobalt
Project), exploration for and evaluation of projects and potential joint ventures with other mining companies to explore for
minerals.
The ongoing COVID-19 pandemic affecting Australia and the world has had a limited impact on Coda’s operations with
restrictions on interstate travel and challenges associated with maintaining government recommended social distancing
practices being the key areas the Company has had to consider. Although these factors have the potential to impact Coda’s
ability to undertake fieldwork safely and cost effectively, the impact to date has been limited as the Company has been
focussing on the final stage of the Seismic Study which has not required fieldwork or interstate travel. The Company’s
COVID-19 management plan has been established to address the ongoing potential future impact.
Significant changes in the state of affairs
On 23 July 2019, the Company was demerged from its former holding company, Gindalbie Metals Limited (‘Gindalbie’)
pursuant to the implementation of the Gindalbie shareholder and court approved demerger scheme. As a result of the
demerger scheme;
-
-
-
-
-
-
-
Coda received an $8.06 million capital injection from Gindalbie;
the capital structure of Coda was restructured by way of an equal sub-division of shares such that Coda now has
33,463,651 shares on issue;
Gindalbie shareholders received shares in Coda on the basis of 1 Coda share for every 45 Gindalbie shares held at
Record Date;
Coda is no longer a subsidiary of Gindalbie;
relevant assets and leases were novated to Gindalbie;
Coda employed staff including former employees and Key Management Personnel (‘KMP’) of Gindalbie. Gindalbie
settled all employee benefits liabilities at demerger in respect of these former employees and KMP.
Coda ceased to be a member of the Gindalbie Metals Limited tax consolidated group and therefore ceased to be party
to the tax funding arrangement and tax sharing agreements. Accordingly, all tax losses incurred by Coda up to the
date of demerger remain with Gindalbie, and all tax gains or losses incurred by Coda from the date of demerger will
remain with Coda.
4. RESULTS OF OPERATIONS
The net loss for the year ended 30 June 2020 was $3,937,764 (net loss for the period ended 30 June 2019 was $2,331,965).
As at the reporting date, the Company has $4,192,295 of cash reserves.
5. CORPORATE GOVERNANCE
In recognising the need for high standards of corporate behaviour and accountability, the Directors support and have
substantially adhered to the best practice recommendations set by the ASX Corporate Governance Council.
The Company’s corporate governance policies are all available on the Company’s website at www.codaminerals.com
6. COMMITTEE MEMBERSHIPS
The Company maintains an Audit and Risk Committee and a Nomination and Remuneration Committee which consist of
the following Directors:
Audit and Risk Committee
Nomination and Remuneration Committee
P Hallam (Chairman)
KF Jones (Chairman)
A Marshall
P Hallam
C Moorhead
KF Jones
A Marshall
18
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 7. DIRECTORS’ MEETINGS
The number of Directors’ meetings held during the financial year and the numbers of meetings attended by each Director
were:
Directors’ meetings
Nomination and Remuneration
Committee meetings
Audit and Risk Committee
meetings
Eligible
Attended
Eligible
Attended
Eligible
Attended
KF. Jones
A. Marshall
C. Moorhead
P. Hallam
C. Stevens
Z. Li
C. Zhu
R. Moylan
9
9
7
7
9
3
3
1
9
9
7
7
9
1
1
-
1
1
1
1
-
-
-
-
1
1
1
1
-
-
-
-
3
3
-
3
-
-
-
-
3
3
-
3
-
-
-
-
8. CORPORATE STRATEGY & LIKELY DEVELOPMENTS
The Company’s primary short term focus will be on exploration and development opportunities on its Elizabeth Creek
Copper Cobalt Project and to pursue an Initial Public Offering on the ASX.
9. EVENTS SUBSEQUENT TO REPORTING DATE
The Company issued 10,117,162 new shares on 9th July 2020 following completion of its Rights Issue, (Prospectus dated 8th
June 2020). An additional 12,262,790 shares are expected to be issued on completion of the Shortfall allocation following
the Rights Issue. The Rights Issue was a pro-rata non-renounceable entitlement offer of one New Share for every Share
held by Eligible Shareholders at an issue price of $0.10 per New Share. The funds raised will be used to further exploration
and evaluation of the Elizabeth Creek Project, general working capital and to fund the costs of the Rights Issue.
On 3 July 2020, the Company granted 6,000,000 options to key management personnel as part of the Employee Incentive
Plan. Refer below to Note 11 for further details on these options.
10. ENVIRONMENTAL REGULATION
The Company’s current exploration and development activities are conducted in accordance with environmental
regulations under both Commonwealth and State legislation.
As stated in the Environmental Policy, the Company is committed to achieving superior standards in its environmental
performance. It has employed environmental professionals to monitor this area of operating performance, with
responsibility for monitoring of environmental exposures and compliance with environmental regulations.
Compliance with the requirements of environmental regulations and with specific requirements of the relevant managing
authorities including the Department of Environment and Conservation, and the Department of Industry and Resources
was achieved across all aspects of the current operations.
There were no instances of non-compliance in relation to any instructions or directions from the relevant governing
agencies. The Board is not aware of any significant breaches during the period covered by this report.
19
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 11. SHARE OPTIONS
Unissued shares under option
At the date of this financial report unissued ordinary shares of the Company under option are:
Tranche
Number of Options
Expiry date
Exercise Price
Vesting Condition
A
B
C
2,000,000
2,000,000
2,000,000
28 May 2024
28 May 2024
28 May 2024
$0.23
$0.27
$0.30
Upon reaching a share price of $0.23
Upon reaching a share price of $0.27
Upon reaching a share price of $0.30
All options are employee options and vesting is subject to the option holder maintaining continuous employment with
the Company. Should option holders resign, the Board may at its discretion waive the vesting condition relating to the
requirement to remain a Director of the Company and allow the option holder to continue to hold the options following
resignation.
The above options do not entitle the holder to participate in any potential share issue of the Company.
Shares issued on exercise of options
During the financial year, the Company has issued nil ordinary shares as a result of the exercise of options.
12. LEAD AUDITOR’S INDEPENDENCE DECLARATION & NON-AUDIT SERVICES
The Lead Auditor’s Independence Declaration is set out on Page 22 and forms part of the Directors’ Report for the year
ended 30 June 2020.
Details of the amounts paid to the auditor of the Company, Deloitte Touche Tohmatsu, and its related practices for audit
and non-audit services provided during the period are set out below:
30 June 2020
$
30 June 2019
$
Auditors of the Company – Deloitte Touche Tohmatsu
Audit and review of financial reports
32,700
9,500
Other assurance and agreed-upon procedures under other legislation
or contractual arrangements
Other services - Tax consulting services
Auditor's Remuneration
16,000
18,879
67,579
-
-
9,500
20
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 13. INDEMNIFICATION AND INSURANCE - OFFICER OR AUDITOR
During the financial year, the Company has indemnified each of the Directors against all liabilities incurred by them as
Directors of the Company and all legal expenses incurred by them as Directors of the Company.
The indemnification is subject to various specific exclusions and limitation.
The Company provided Directors and Officers’ liability insurance during the year.
The Company did not provide any insurance or indemnification for the auditors of the Company.
Signed in accordance with a resolution of Directors at Perth, WA on 6 August 2020.
K F Jones
Director
21
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 Deloitte Touche Tohmatsu
ABN 74 490 121 060
Tower 2, Brookfield Place
123 St Georges Terrace
Perth WA 6000
GPO Box A46
Perth WA 6837 Australia
Tel: +61 8 9365 7000
Fax: +61 8 9365 7001
www.deloitte.com.au
Board of Directors
Coda Minerals Limited
6 Altona street
West Perth, WA 6005
06 August 2020
Dear Directors
Auditor’s Independence Declaration to Coda Minerals Limited
In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the
following declaration of independence to the directors of Coda Minerals Limited.
As lead audit partner for the audit of the financial report of Coda Minerals Limited for the
year ended 30 June 2020, I declare that to the best of my knowledge and belief, there have
been no contraventions of:
(i) the auditor independence requirements of the Corporations Act 2001 in relation
to the audit; and
(ii) any applicable code of professional conduct in relation to the audit.
Yours faithfully
DELOITTE TOUCHE TOHMATSU
David Newman
Partner
Chartered Accountants
Liability limited by a scheme approved under Professional Standards Legislation.
22
Member of Deloitte Touche Tohmatsu Limited
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
Deloitte Touche Tohmatsu
ABN 74 490 121 060
Tower 2, Brookfield Place
123 St Georges Terrace
Perth WA 6000
GPO Box A46
Perth WA 6837 Australia
Tel: +61 8 9365 7000
Fax: +61 8 9365 7001
www.deloitte.com.au
Independent Auditor’s Report to the
members of Coda Minerals Limited
Opinion
We have audited the financial report of Coda Minerals Limited (the “Entity”) which comprises the
statement of financial position as at 30 June 2020, the statement of profit or loss and other
comprehensive income, the statement of changes in equity and the statement of cash flows for the
year then ended, and notes to the financial statements, including a summary of significant
accounting policies and other explanatory information, and the directors’ declaration.
In our opinion, the accompanying financial report of the Entity is in accordance with the Corporations
Act 2001, including:
(i)
giving a true and fair view of the Entity’s financial position as at 30 June 2020 and of its
financial performance for the year then ended; and
(ii)
complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Report section of our report. We are independent of the Entity in accordance with the auditor
independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional
Accountants (the Code) that are relevant to our audit of the financial report in Australia. We have
also fulfilled our other ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has
been given to the directors of the Company, would be in the same terms if given to the directors as
at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Other Information
The directors are responsible for the other information. The other information comprises the Entity’s
annual report the year then ended 30 June 2020 but does not include the financial report and our
auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
23
Liability limited by a scheme approved under Professional Standards Legislation.
Member of Deloitte Asia Pacific Limited and the Deloitte Network.
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
In connection with our audit of the financial report, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the financial
report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report
The directors of the Entity are responsible for the preparation of the financial report that gives a true
and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of
the financial report that gives a true and fair view and is free from material misstatement, whether
due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Entity
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to liquidate the Entity or to
cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional
judgement and maintain professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk
of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as
intentional omissions,
involve collusion,
fraud may
misrepresentations, or the override of internal control.
forgery,
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Entity’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Entity’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial
report or, if such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Entity to cease to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report, including the
disclosures, and whether the financial report represents the underlying transactions and
events in a manner that achieves fair presentation.
24
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
• Obtain sufficient appropriate audit evidence regarding the financial information of the Entity
or business activities within the Entity to express an opinion on the financial report. We are
responsible for the direction, supervision and performance of the Entity’s audit. We remain
solely responsible for our audit opinion.
We communicate with the directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
DELOITTE TOUCHE TOHMATSU
David Newman
Partner
Chartered Accountants
Perth, 06 August 2020
25
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
DIRECTORS’ DECLARATION
FOR THE PERIOD ENDED 30 JUNE 2020
1.
In the opinion of the directors of Coda Minerals Ltd (“the Company”):
(a)
the financial statements and notes, are in accordance with the Corporations Act 2001, including:
(i)
giving a true and fair view of the financial position of the Company as at 30 June 2020 and of its
performance, for the financial period ended on that date; and
(ii) complying with Australian Accounting Standards and the Corporations Regulations 2001; and
(b)
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable.
2
3.
The directors have been given the declarations required by section 295A of the Corporations Act 2001 from the Chief
Executive Officer and Chief Financial Officer for the financial year ended 30 June 2020.
The Directors draw attention to Note 2(a) to the financial statements, which include a statement of compliance with
International Financial Reporting Standards.
Dated at Perth this 6th day of August 2020.
Signed in accordance with a resolution of the directors.
K F Jones
Director
26
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2020
Other income
Administration expenses
Exploration & evaluation expenses
Corporate finance expenses
Other expenses
Results from operating activities
Finance income
Finance expenses
Loss before income tax
Income tax benefit / (expense)
Note
7 (a)
7 (b)
7 (c)
7 (d)
7 (e)
7 (f)
9
1 July 2019 to
30 June 2020
$
26 April 2018 to
30 June 2019
$
-
-
(1,297,800)
(1,650,269)
(885,512)
(114,603)
(18,860)
(2,301,409)
-
(11,638)
(3,948,184)
(2,331,907)
20,928
(10,508)
(58)
-
(3,937,764)
(2,331,965)
-
-
Loss for the period attributable to owners of the Company
(3,937,764)
(2,331,965)
Other comprehensive income
-
-
Total comprehensive (loss) for the period attributable to
owners of the Company
(3,937,764)
(2,331,965)
Earnings per share
basic and diluted (loss) per share
24
(0.12)
(2,331.96)
The statement of profit or loss and other comprehensive income is to be read in conjunction with the notes to the financial
statements. Refer to Note 2 on basis of preparation.
27
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2020
CURRENT ASSETS
Cash and cash equivalents
Trade and other receivables
Prepayments
Other assets
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Exploration licence bonds
Property, plant and equipment
Intangible assets
Exploration and evaluation assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Trade and other payables
Employee benefits
Lease liabilities current
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Lease liabilities non-current
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
EQUITY
Issued capital
Capital contribution reserve
Accumulated losses
TOTAL EQUITY
Note
11
12
13
14
16
15
17
18
18
20
21
19
2020
$
4,192,295
118,173
23,304
230,295
4,564,067
55,000
142,120
157,886
1,416,359
1,771,365
2019
$
17,542
13,855
1,080
-
32,477
-
-
171,219
1,416,359
1,587,578
6,335,433
1,620,055
434,517
29,884
91,652
556,053
8,002
8,002
161,910
-
-
161,910
-
-
564,056
161,910
5,771,377
1,458,145
1,000
12,040,106
(6,269,729)
1,000
3,789,110
(2,331,965)
5,771,377
1,458,145
The statement of financial position is to be read in conjunction with the notes to the financial statements. Refer to Note 2
on basis of preparation.
28
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2020
Issued
capital
$
Capital
contribution
reserve
$
Accumulated
losses
$
Year ended 30 June 2020
Opening balance at 1 July 2019
1,000
3,789,110
(2,331,965)
Loss for the year
Total comprehensive loss for the year
Capital contribution
-
8,250,996
(3,937,764)
(3,937,764)
-
Total
$
1,458,145
(3,937,764)
(3,937,764)
8,250,996
Closing balance at 30 June 2020
1,000
12,040,106
(6,269,729)
5,771,377
Period from 26 April 2018 to 30 June 2019
Opening balance at 26 April 2018
Loss for the period
Total comprehensive loss for the period
Capital contribution
Share capital on incorporation
Closing balance at 30 June 2019
Issued
capital
$
-
-
1,000
1,000
Capital
contribution
reserve
$
Accumulated
losses
$
-
3,789,110
-
-
(2,331,965)
(2,331,965)
-
-
3,789,110
(2,331,965)
Total
$
-
(2,331,965)
(2,331,965)
3,789,110
1,000
1,458,145
The statement of changes in equity is to be read in conjunction with the notes to the financial statements. Refer to Note 2
on basis of preparation.
29
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2020
Cash flows from operating activities
Payments for exploration and evaluation expenditure
Payments for administration, corporate finance activities and
other expenditure
1 July 2019 to
30 June 2020
$
26 April 2018 to
30 June 2019
$
Note
(1,474,802)
(2,162,854)
(2,346,706)
(10,498)
Net cash used in operating activities
26
(3,821,508)
(2,173,352)
Cash flows from investing activities
Interest received
Payments for property, plant & equipment
Net cash used in investing activities
Cash flows from financing activities
Proceeds from the issue of shares
Payments associated with the issue of shares
Proceeds from capital contribution
Repayment of lease liabilities
Net cash inflow from financing activities
20,928
(68,197)
(47,269)
-
(121,418)
8,250,996
(86,048)
8,043,530
-
-
-
1,000
-
2,189,894
-
2,190,894
Net increase in cash and cash equivalents
4,174,753
17,542
Cash and cash equivalents at beginning of the period
17,542
-
Cash and cash equivalents at the end of the period
11
4,192,295
17,542
The statement of cash flows is to be read in conjunction with the notes to the financial statements. Refer to Note 2 on
basis of preparation.
3 0
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2020
1. REPORTING ENTITY
Coda Minerals Ltd (the ‘Company’ or ‘Coda’) is a company domiciled in Australia. The address of the Company’s registered
office is 6 Altona Street, West Perth. The financial statements of the Company as at and for the year ended 30 June 2020
comprise the Company’s results. The prior year’s financial report was the first financial report for the Company and
accordingly it covers the period from 26 April 2018 (date of incorporation) up to the balance date of 30 June 2019. The
Company is a for-profit entity primarily involved in the exploration and evaluation of mineral resources.
2. BASIS OF PREPARATION
(a) Statement of compliance
These financial statements are general purpose financial statements which have been prepared in accordance with
Australian Accounting Standards (“AAS”) adopted and other authoritative pronouncements issued by the Australian
Accounting Standards Board (“AASB”) and the Corporations Act 2001. The financial statements comply with International
Financial Reporting Standards (“IFRSs”) issued by the International Accounting Standards Board (“IASB”).
The financial statements were authorised for issue by the Directors on 6 August 2020.
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis where cost is based on the fair value of the
consideration given in exchange for assets. All amounts are presented in Australian dollars unless otherwise noted.
(c) Going concern
The Directors believe that Coda will continue as a going concern, and as a result the financial information has been
prepared on a going concern basis, which contemplates the continuity of normal business activity and the realisation of
assets and the settlement of liabilities in the normal course of business.
As at 30 June 2020, Coda had cash and cash equivalents of $4,192,295 and a net current asset position of $5,771,377
compared to 30 June 2019, when it had cash and cash equivalents of $17,542 and a net current asset deficiency of
$129,433. For the year ended 30 June 2020, Coda recorded a loss of $3,937,764 and experienced operating cash outflows
of $3,821,508. For the period ended 30 June 2019, Coda recorded a loss of $2,331,965 and experienced net operating cash
outflows of $2,173,352.
A Rights Issue completed after 30 June 2020 is expected to raise a further $2,237,995 cash. At the date of this financial
report, $1,396,716 has been received with the remaining $841,278 to be received on completion of the Rights Issue.
The Directors believe that, based on current conditions and performance assumptions, that Coda is sufficiently funded to
meet its anticipated near-term funding needs, including required expenditure under the Elizabeth Creek Copper Cobalt
Project over the next 12 months. Notwithstanding this, the Board intends to seek additional capital in the form of a further
Equity Capital Raising in furtherance of Coda’s business objectives, including to enable acceleration of the maturation of
the Elizabeth Creek exploration program.
(d) Functional and presentation currency
These financial statements are presented in Australian dollars, which is the Company’s functional currency.
(e) Use of estimates and judgements
The preparation of financial statements in conformity with AASB requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in
any future periods affected.
Information about critical judgements in applying accounting policies that have the most significant effect on the amounts
recognised in the financial statements is included in Note 3 (l) – Exploration and evaluation.
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material
adjustment within the next financial period are included in the notes if applicable. There were no significant estimations of
useful life for the current reporting period.
31
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 3. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently in these financial statements.
(a) Foreign currency
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currency of the Company at exchange rates
at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date
are retranslated to the functional currency at the foreign exchange rate at that date. The foreign currency gain or loss
on monetary items is the difference between amortised cost in the functional currency at the beginning of the period,
adjusted for payments during the period, and the amortised cost in foreign currency translated at the exchange rate at the
end of the period. Foreign currency differences arising on retranslation are recognised in profit or loss.
(b) Financial instruments
Recognition and derecognition
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions
of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when
the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognised when it is
extinguished, discharged, cancelled or expires.
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing component and are measured at the
transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for
transaction costs.
Financial assets, other than those designated and effective as hedging instruments, are classified into the
following categories:
•
•
•
amortised cost
fair value through profit or loss (“FVTPL”)
fair value through other comprehensive income (“FVOCI”).
In the period presented in this financial report the Company does not have any financial assets categorised as
FVOCI or FVTPL.
The classification is determined by both:
•
•
the entity’s business model for managing the financial asset
the contractual cash flow characteristics of the financial asset.
All income and expenses relating to financial assets that are recognised in profit or loss are presented within finance
costs, finance income or other financial items, except for impairment of trade receivables which is presented as a bad
debt in other expense.
Financial Assets at Amortised Cost
Financial assets are measured at amortised cost if the assets meet the following conditions (and are not designated
as FVTPL):
•
•
they are held under a business model whose objective it is “hold to collect and sell” the associated cash flows and sell;
and
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest
on the principal amount outstanding
After initial recognition, these are measured at amortised cost using the effective interest method. Discounting is omitted
3 2
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
where the effect of discounting is immaterial. The Company’s cash and cash equivalents, trade receivables and most other
receivables fall into this category of financial instruments.
Financial Assets at FVTPL
Financial assets that are held within a different business model other than ‘hold to collect’ or ‘hold to collect and sell’ are
categorised at fair value through profit and loss. Further, irrespective of an entity’s business model financial assets whose
contractual cash flows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial
instruments fall into this category, except for those designated and effective as hedging instruments, for which the hedge
accounting requirements apply.
Financial Assets at FVTOCI
The Company accounts for financial assets at FVOCI if the assets meet the following conditions:
•
•
they are held under a business model whose objective it is “hold to collect and sell” the associated cash flows and sell;
and
the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest
on the principal amount outstanding.
Any gains or losses recognised in other comprehensive income (“OCI”) will be recycled upon derecognition of the asset.
Impairment of financial assets
The Company considers a broader range of information when assessing credit risk and measuring expected credit losses,
including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of
the future cash flows of the instrument.
Trade and other receivables
The Company makes use of a simplified approach in accounting for trade and other receivables and records the loss
allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the
potential for default at any point during the life of the financial instrument. In calculating, the Company uses its historical
experience, external indicators and forward-looking information to calculate the expected credit losses using a
provision matrix.
Classification and measurement of financial liabilities
The Company’s financial liabilities include borrowings, trade and other payables and derivative financial instruments.
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method.
All interest-related charges are recognised in profit or loss within finance costs, finance income or other financial items.
(c) Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and accumulated
impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-
constructed assets includes the cost of materials and direct labour, any other costs directly attributable to
bringing the assets to a working condition for their intended use, the costs of dismantling and removing the
items and restoring the site on which they are located and capitalised borrowing costs. Cost also may include
transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign
currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of
the related equipment is capitalised as part of that equipment.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as
separate items (major components) of property, plant and equipment.
33
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
The gains and losses on disposal of an item of property, plant and equipment are determined by comparing
the proceeds from disposal with the carrying amount of property, plant and equipment and are recognised net
within other income/other expenses in profit or loss.
(ii) Depreciation and amortisation
Depreciation is recognised in profit or loss on a straight line basis over the estimated useful lives of each part or
item of property, plant and equipment.
The estimated useful lives for the current and comparative periods are as follows:
•
•
furniture fittings and equipment
3-8 years
leased plant and equipment
5-15 years
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
(d)
Impairment
Non-financial assets
The carrying amounts of the Company’s non-financial assets, other than inventories and deferred tax assets are reviewed
at each reporting date to determine whether there is any indication of impairment. If any such indication exists then the
asset’s recoverable amount is estimated.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable
amount. A cash-generating unit is the smallest identifiable asset of the Company that generates cash flows that are largely
independent from other assets. Impairment losses are recognised in profit or loss.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs
to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss
has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to
determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount
does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no
impairment loss had been recognised.
(e) Employee benefits
(i) Defined contribution superannuation funds
Obligations for contributions to defined contribution superannuation funds are recognised as an expense in
profit or loss when they are owed.
(ii) Other long-term employee benefits
The Company’s net obligation in respect of long-term employee benefits is the amount of future benefit that
employees have earned in return for their service in the current and prior periods plus on-costs; that benefit is
discounted to determine its present value. The discount rate is the yield at the reporting date on AA credit-rated
(Corporate bond rate) bonds that have maturity dates approximating the terms of the Company’s obligations.
(iii) Termination benefits
Termination benefits are recognised as an expense when the Company is demonstrably committed, without
realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal
retirement date.
(iv) Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the
related service is provided.
A liability is recognised for the amount expected to be paid under short-term cash bonus plans if the Company
has a present legal or constructive obligation to pay this amount as a result of past service provided by the
employee and the obligation can be estimated reliably.
(v) Share-based payment transactions
3 4
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
The grant date fair value of options granted to employees is recognised as an employee expense, with a
corresponding increase in equity, over the period during which the employees become unconditionally entitled
to the options. The amount recognised as an expense is adjusted to reflect the actual number of share options
that vest, except where forfeiture is only due to share prices not achieving the threshold for vesting.
(f) Provisions
A provision is recognised if, as a result of a past event, the Company has a present legal or constructive obligation that can
be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the
effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability.
(g) Revenue
Revenue is measured at the fair value of the gross consideration received or receivable. The Company recognises revenue
when the amount of revenue can be reliably measured, and when it is probable that future economic benefits will flow to
the entity.
(h) Finance income and expenses
Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the
effective interest method.
Finance expenses comprise interest expense on borrowings, bank charges, unwinding of the discount on provisions and
performance bond facility fees.
Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are
recognised in profit or loss using the effective interest method.
Foreign currency gains and losses are reported on a net basis either as finance income or finance costs depending on
whether they are in a net gain or loss position.
(i)
Income Tax
As of the date of the Demerger, 23 July 2019, Coda ceased to be a member of the Gindalbie Metals Limited tax consolidated
group and party to the tax funding arrangement and tax sharing agreements.
Income tax expense comprises current and deferred tax. Income tax expense is recognised in profit or loss except to the
extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax
is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the
laws that have been enacted or substantively enacted by the reporting date.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which
temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the
extent that it is no longer probable that the related tax benefit will be realised.
Current tax expense (income), deferred tax liabilities and deferred tax assets arising from temporary differences of Coda
are recognised using the ‘stand alone taxpayer’ approach whereby Coda measures its current and deferred taxes as if it
continued to be a separately taxable entity in its own right. Deferred tax assets and deferred tax liabilities are measured by
reference to the carrying amounts of the assets and liabilities in Coda’s balance sheet and their tax values applying under
tax consolidation.
Coda recognises deferred tax assets arising from unused tax losses to the extent that it is probable that future taxable
profits of Coda will be available against which the assets can be utilised. Coda assesses the recovery of its unused tax
losses and tax credits only in the period in which they arise. Any subsequent period adjustments to deferred tax assets
arising from unused tax losses as a result of revised assessments of the probability of recoverability are recognised by
the Company.
(j) Earnings per share
The Company presents basic and diluted earnings per share (‘EPS’) data for its ordinary shares. Basic EPS is calculated
by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of
ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to
ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive
potential ordinary shares, which comprise share options granted to employees.
35
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
(k) Exploration and evaluation
Exploration and evaluation assets
Expenditure on exploration and evaluation is accounted for in accordance with the ‘area of interest’ method and with AASB
6 Exploration for and Evaluation of Mineral Resources, which is the Australian equivalent of IFRS 6.
Exploration and evaluation expenditure encompasses expenditures incurred by the Company in connection with the
exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a
mineral resource are demonstrable.
For each area of interest, expenditure incurred in the acquisition of rights to explore is capitalised, classified as tangible or
intangible, and recognised as an exploration and evaluation asset. Exploration and evaluation assets are measured at cost
at recognition. Exploration and evaluation expenditure incurred by the Company subsequent to acquisition of the rights to
explore is expensed as incurred, up until the point at which a scoping study is completed, a pre-feasibility study entered
into and the pre-feasibility study enters the stage where a case to proceed with preliminary engineering design work has
been made by the Project Steering Committee or the Company’s Board.
Exploration and evaluation assets are only recognised if the rights of tenure to the area of interest are current and either:
(i)
the expenditures are expected to be recouped through successful development and exploitation of the area of
interest; or
(ii) activities in the area of interest have not, at the reporting date, reached a stage which permits a reasonable
assessment of the existence or otherwise of economically recoverable reserves and active and significant
operations in, or in relation to, the area of interest are continuing.
Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are
demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and
then reclassified from intangible assets to mining property and development assets within property, plant and equipment.
Where a decision is made to proceed with development, accumulated expenditure is tested for impairment and
transferred to development properties, and then amortised over the life of the reserves associated with the area of
interest once mining operations have commenced.
Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development
and commercial exploitation, or alternatively, sale of the respective areas of interest.
(l)
Intangible assets
Licences acquired are initially recognised at cost and are subsequently carried at cost less accumulated amortisation and
accumulated impairment losses. These costs are amortised to profit or loss using the straightline method over 15 years,
which is the estimated useful lives and periods of contractual rights.
(m) Segment reporting
Determination and presentation of operating segments
An operating segment is a component of the Company that engages in business activities from which it may earn
revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s
other components. Segment capital expenditure is the total cost incurred during the period to acquire property, plant and
equipment, and exploration expenditure.
As at 30 June 2020 the Company has one operating segment, being the Elizabeth Creek Copper Cobalt Project, located in
South Australia.
(n) Goods and services tax (‘GST’)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is
not recoverable from the Australian Tax Office (‘ATO’). In these circumstances the GST is recognised as part of the cost of
acquisition of the asset or as part of an item of the expense.
Cash flows are presented in the statement of cash flows on a gross basis.
(o) Common-control transactions
A common-control transaction is a transfer of assets or an exchange of equity interest between entities under common
control. During the prior reporting period, the Company has received a transfer of assets from Gindalbie, who at the
time of the transactions, was the Company’s ultimate parent entity. In a common-control transaction, the assets are
derecognised by the transferring entity and then recognised by the receiving entity at their carrying amounts on the date
of transfer. For further information on these transactions refer to notes 15 and 16.
3 6
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 (p) Changes in significant accounting policies
AASB 16 Leases
The Company has adopted AASB 16: Leases from 1 July 2019. AASB 16 introduced a single, on balance sheet accounting
model for lessees. As a result, the Company as a lessee, has recognised right-of-use assets representing its rights to
use the underlying assets and lease liabilities representing its obligation to make lease payments. The changes in the
Company’s accounting policies are set out below:
Significant accounting policy
The Company as a lessee will assess whether a contract is, or contains, a lease under AASB 16. A contract is, or contains
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
If the contract is assessed to be, or contains, a lease, the Company will recognise a right-of-use asset and a lease liability
at the lease commencement date. The right-of-use asset is initially measured at cost, and subsequently at cost less any
accumulated depreciation and impairment losses and adjusted for certain remeasurements of the lease liability.
Depreciation is based on the straight-line method from the commencement date to the earlier of the end of the useful life
of the right-of-use asset or the end of the lease term.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s
incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate.
The lease liability is subsequently increased by the interest cost on the lease liability, offset by lease payments made. It
is remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in
the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the
assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is
reasonably certain not to be exercised.
Recognition exemption - Short-term leases and leases of low-value assets
The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases lease term of 12
months or less and leases for low-value assets. The Company will recognise the payments associated with these leases as
an expense on a straight-line basis over the lease term.
Impact on transition
There was no impact on the financial statements from the application of this new standard as the Company did not have
any leases as at the date of adoption, being 1 July 2019.
4. DETERMINATION OF FAIR VALUES
A number of the Company’s accounting policies and disclosures require the determination of fair value, for both financial
and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes
based on the following methods. Where applicable, further information about the assumptions made in determining fair
values is disclosed in the notes specific to that asset or liability.
(i) Share-based payment transactions
The fair value of employee stock options is measured using an acknowledged valuation formula. Measurement inputs
include share price on measurement date, exercise price of the option, expected volatility (based on weighted average
historic volatility adjusted for changes expected due to publicly available information), expected life of the option,
expected dividends, and the risk-free interest rate (based on government bonds). Service and non-market performance
conditions attached to the option are not taken into account in determining fair value.
5. FINANCIAL RISK MANAGEMENT
(a) Overview
The Company has exposure to the following risks from its use of financial instruments:
•
•
credit risk
liquidity risk
• market risk
37
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 This note presents information about the Company’s exposure to each of the above risks, their objectives, policies and
processes for measuring and managing risk, and the management of capital including risks resulting from its investment
in fair value accounted Investment. Further quantitative disclosures are included throughout the financial report.
The Board of Directors has overall responsibility for the establishment and oversight of the risk management framework.
The Board is responsible for developing and monitoring risk management policies. The Board reviews its activities
regularly.
Risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk
limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed
regularly to reflect changes in market conditions and the Company’s activities. The Company, through its training and
management standards and procedures, aims to develop a disciplined and constructive control environment in which all
employees understand their roles and obligations.
The Company’s Board oversees how management monitors compliance with the Company’s risk management policies and
procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.
(b) Credit Risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the Company’s cash, cash equivalents and term deposits.
(c) Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s
approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the Company’s reputation.
(d) Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices
that will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
(e) Capital management
The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. The Company manages its capital to ensure it will be able to continue as a
going concern while maximising the return to shareholders through the optimisation of its capital structure.
Since the Company’s demerger from Gindalbie, the Board’s capital management policy remains unchanged.
The capital structure of the Company consists of issued capital, reserves and retained earnings as disclosed in Notes 19
and 20, respectively.
6. DEMERGER OF CODA
On 23 July 2019, the Company was demerged from Gindalbie Metals Limited (‘Gindalbie’) pursuant to the implementation of
the Gindalbie shareholder and court approved demerger scheme. As a result of the demerger scheme, the following has
occurred:
Coda received an $8.06 million capital injection from Gindalbie in the form of cash and cash equivalents.
The capital structure of Coda was restructured by way of an equal sub-division of shares such that Coda now has
33,463,651 shares on issue.
Gindalbie shareholders received shares in Coda on the basis of 1 Coda share for every 45 Gindalbie shares held at
Record Date.
Coda has demerged from Gindalbie and is no longer a subsidiary of Gindalbie.
Relevant assets and leases were novated from Gindalbie to Coda.
Coda employed staff including former employees and Key Management Personnel (‘KMP’) of Gindalbie. Gindalbie
settled all employee benefits liabilities at demerger in respect of these former employees and KMP.
Subsequent to the demerger from Gindalbie, Coda contracted with staff and suppliers independently from Gindalbie.
Coda ceased to be a member of the Gindalbie Metals Limited tax consolidated group and therefore also ceased to be
a party to the tax funding arrangement and tax sharing agreements. Accordingly, all tax losses incurred by Coda up to
the date of demerger remain with Gindalbie, and all tax gains or losses incurred by Coda from the date of demerger will
remain with Coda.
•
•
•
•
•
•
•
•
3 8
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 Prior to the demerger on 23 July 2019, the Company in its own right:
•
•
•
Did not have any employees. Personnel affiliated with the Company were employed and paid by the ultimate parent
entity, Gindalbie;
Coda did not have a complete corporate and administration support structure in place; and
administration expenses and exploration & evaluation expenses were either:
o
o
incurred initially by Gindalbie and transferred to Coda; or
incurred directly by Coda and cash funded by Gindalbie.
7. EXPENSES
(a) Administration expenses
Audit fees
Corporate and consultant costs
Director fees, employee salary and on costs expenses
Other administration costs
Total administration expenses
(b) Exploration and evaluation expenses
Exploration and evaluation expenses
(c) Corporate finance expenses (1)
1 July 2019 to
30 June 2020
$
26 April 2018 to
30 June 2019
$
(32,700)
(290,097)
(794,144)
(180,859)
(1,297,800)
(9,500)
(6,370)
-
(2,900)
(18,860)
(1,650,269)
(2,301,409)
External advisors, consultants, brokers and legal expenses
(885,512)
-
(d) Other expenses
Amortisation and depreciation
(e) Finance income
Interest income
(f) Finance expenses
Interest expense
(114,603)
(11,638)
20,928
-
(10,508)
(58)
(3,937,764)
(2,331,965)
(1)
Corporate finance expenses relate to advisor costs incurred in relation to corporate finance activities including the
IPO process (which is ongoing), the completed Voluntary Share Sale Facility and the Rights Issue Capital Raise.
During the period ended 30 June 2019, the Company had no employees. Personnel affiliated with the Company were
employed and paid by the ultimate parent entity, Gindalbie. Administration expenses and exploration & evaluation
expenses were either incurred initially by Gindalbie and transferred to Coda or incurred directly by Coda.
39
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
8. EMPLOYEE BENEFITS EXPENSE
Employee benefits expenses are allocated to exploration and evaluation expenses or administration expenses based upon
timewriting records.
Employee salaries, directors’ fees & on cost expenses
Post-employment benefits
Transfer to exploration & evaluation expenses
Total employee benefits expense
9. INCOME TAX
Current tax expense
Current period
Deferred tax expense
1 July 2019 to
30 June 2020
26 April 2018 to
30 June 2019
$
(880,700)
(74,925)
161,481
(794,144)
-
-
-
-
1 July 2019 to
30 June 2020
$
26 April 2018 to
30 June 2019
$
-
-
Origination and reversal of temporary differences
53,151
2,850
Adjustments in relation to prior periods
Benefit of tax losses and other deferred tax benefits not recognised
(53,151)
(2,850)
Total income tax expense / (benefit)
-
-
Numerical reconciliation between current tax expense/(benefit)
and pre-tax net profit/(loss)
Loss before tax
Income tax using the domestic corporation tax rate of 30%
Increase in income tax expense due to:
Non-deductible expenses
Deferred income tax not recognised
Total income tax expense / (benefit)
(3,937,764)
(1,181,329)
(2,331,965)
(699,590)
10,680
1,170,649
-
-
699,590
-
The Company had estimated unrecouped tax losses of $1,870,239 at year end to be offset against future taxable income in
the tax consolidated group. The Company was part of the tax consolidated group of Gindalbie until 23 July 2019 when the
Company demerged from Gindalbie. All tax losses incurred by the Company up to the date of demerger, will remain with
Gindalbie as the head entity of the tax consolidated group. Accordingly, no deferred tax asset for the Company has been
recognised by the Company on the basis that it is not probable that there will be future taxable income available against
which the tax losses can be utilised.
Tax losses incurred by the Company after the demerger from Gindalbie will remain with Coda as a stand-alone
tax paying entity.
40
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020
Assets
30 June 2020
$
-
-
-
8,965
(62,116)
-
(53,151)
53,151
-
Liabilities
30 June 2020
$
Net
30 June 2020
$
-
-
53,151
53,151
(53,151)
-
-
-
(62,116)
53,151
-
-
-
Assets
30 June 2019
$
Liabilities
30 June 2019
$
Net
30 June 2019
$
-
-
(2,850)
-
(2,850)
2,850
-
-
-
-
2,850
2,850
(2,850)
-
-
-
(2,850)
2,850
-
-
-
30 June 2020
$
30 June 2019
$
32,700
9,500
16,000
18,879
67,579
-
-
9,500
Tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
Exploration asset
Intangible asset
Provisions
Accrued expenditure
Tax loss
Tax (assets) / liabilities
Set off of tax
Net tax (assets) / liabilities
Exploration asset
Intangible asset
Accrued expenditure
Tax loss
Tax (assets) / liabilities
Set off of tax
Net tax (assets) / liabilities
10. AUDITOR’S REMUNERATION
Auditors of the Company – Deloitte Touche Tohmatsu
Audit and review of financial reports
Other assurance and agreed-upon procedures under other legislation or
contractual arrangements
Other services - Tax consulting services
Auditor's Remuneration
41
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 11. CASH AND CASH EQUIVALENTS
Bank balances
Cash and cash equivalents
30 June 2020
$
30 June 2019
$
4,192,295
4,192,295
17,542
17,542
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly
liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value.
12. TRADE AND OTHER RECEIVABLES
GST receivable from the ATO
Other receivables
Trade and other receivables
30 June 2020
$
30 June 2019
$
50,121
68,052
118,173
13,855
-
13,855
All receivables are short term in nature, consequently their carrying amount is assumed to approximate their fair value.
13. OTHER ASSETS
Capital raising costs
Other assets
30 June 2020
$
30 June 2019
$
230,295
230,295
-
-
The above capital raising costs relate to the Rights Issue (Prospectus dated 9 June 2020). As at 30 June 2020, these costs
have been recorded as Other Assets, however, will be offset against cash proceeds from the Rights Issue when
it completes.
42
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 14. PROPERTY, PLANT & EQUIPMENT
Cost
At 1 July 2019
Additions
At 30 June 2020
Accumulated depreciation
At 1 July 2019
Depreciation
At 30 June 2020
Net book value
At 1 July 2019
At 30 June 2020
Leased
offices
$
-
175,194
175,194
-
(82,195)
(82,195)
Equipment,
fixtures and
fittings
$
-
68,195
68,195
-
(19,074)
(19,074)
Total
$
-
243,389
243,389
-
(101,269)
(101,269)
-
92,999
-
49,121
-
142,120
The Company leases its corporate office at 6 Altona Street West Perth. The lease expires on 23 July 2021, however, has a
one-year extension option. This lease is recognised in accordance with the new AASB 16: Leases which the Company
adopted on 1 July 2019. Refer to note 3 (q) for further details.
15. EXPLORATION AND EVALUATION ASSETS
Carrying amount at beginning of period
Additions upon common-control transaction
Carrying amount at end of period
30 June 2020
$
30 June 2019
$
1,416,359
-
1,416,359
-
1,416,359
1,416,359
In April 2017, Gindalbie entered into a Farm-in and Joint Venture Agreement (“Agreement”) with Terrace Mining Pty Ltd, a
wholly owned subsidiary of Torrens Mining Limited. The Agreement provides Gindalbie the opportunity to earn up to 75%
interest in the Elizabeth Creek Copper-Cobalt Project, located 135km north-west of Port Augusta in South Australia.
Following the receipt of approval by the Foreign Investment Review Board in August 2018, Gindalbie finalised a Novation
Agreement with Terrace Mining Pty Ltd to novate the Mt Gunson Farm-in and Joint Venture Agreement to Coda. As a result
of the novation, a common-control transaction took place whereby the capitalised amounts in Gindalbie were transferred
at the net book value to its 100% owned subsidiary Coda. Refer to note 6 for further details.
Exploration programs in each area of interest continue but have not reached a stage which permits a reasonable
assessment of economically recoverable reserves. The recoverability of the carrying amounts of exploration and
evaluation assets is dependent on the successful development and commercial exploitation or sale of the respective area
of interest.
43
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 16. INTANGIBLE ASSETS
Intangible assets – Technology licence
Carrying amount at beginning of period
Additions
Amortisation
Carrying amount at end of period
30 June 2020
$
30 June 2019
$
171,219
-
(13,333)
157,886
-
182,857
(11,638)
171,219
Gindalbie executed licence agreements for the use of mineral processing technology in 2017. This licence provides the
Company with the right to use the technology on new projects that may be identified during ongoing business development
and strategy work.
The license was novated to Coda as part of a common-control transaction whereby the capitalised amounts in Gindalbie’s
books were transferred at the net book value to its 100% owned subsidiary Coda.
17. TRADE AND OTHER PAYABLES
Trade creditors
Other creditors and accruals
Trade and other payables
30 June 2020
$
30 June 2019
$
227,464
207,054
434,517
152,410
9,500
161,910
These amounts represent liabilities for goods and services provided to the Company prior to the end of financial period
which are unpaid. The amounts are unsecured and are usually paid within 60 days of recognition. Trade and other payables
are presented as current liabilities unless payment is not due within 12 months from the reporting date.
The carrying amounts of trade and other payables are assumed to be the same as their fair values, due to their
short-term nature.
18. LEASE LIABILITY
(a) Lease liability
Maturity analysis
Within one year
Later than one year and not later than three years
Less unearned interest
Total lease liability
Current
Non-current
Total lease liability
44
30 June 2020
$
30 June 2019
$
95,858
8,002
(4,206)
99,654
91,652
8,002
99,654
-
-
-
-
-
-
-
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 (b) Amounts recognised in profit and loss
Depreciation expense on right-of use assets (Note 14)
Interest expense on lease liabilities
19. ACCUMULATED LOSSES
Retained earnings at beginning of period
Net loss for the period attributable to members of the entity
Accumulated losses at end of period
30 June 2020
$
30 June 2019
$
82,195
10,508
-
-
30 June 2020
$
30 June 2019
$
(2,331,965)
(3,937,764)
(6,269,729)
-
(2,331,965)
(2,331,965)
20. SHARE CAPITAL
Issued Capital
Ordinary shares
Balance at beginning of period
Movements during the period:
Issued on incorporation
30 June 2020
No of Shares
30 June 2020
$
30 June 2019
No of Shares
30 June 2019
$
1,000
1,000
1,000
-
1,000
-
1,000
Issued on demerger from Gindalbie
Balance at end of period
33,462,651
33,463,651
-
1,000
-
1,000
On 23 July 2019, 33,463,651 shares were issued in Coda to Gindalbie shareholders as part of the demerger scheme. Refer to
note 6 for further details.
Terms and conditions
Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote
per share at shareholders meetings. In the event of winding up of the Company, ordinary shareholders rank after all other
shareholders and creditors and are fully entitled to any proceeds of liquidation.
45
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 21. RESERVES
Capital contribution reserve
The capital contribution reserve represents cash and asset contributions from Gindalbie, the Company’s previous ultimate
parent company during the financial year as part of the Demerger of Coda from Gindalbie. Refer to note 6 for further details
on the Demerger of Coda.
Reserve at beginning of period
Capital contributions during the period
Capital contribution reserve at end of period
22. CAPITAL AND OTHER COMMITMENTS
(a) Exploration expenditure commitments
30 June 2020
$
30 June 2019
$
3,789,110
8,250,996
12,040,106
-
3,789,110
3,789,110
In order to maintain current rights of tenure to exploration tenements, the Company is required to perform minimum
exploration work to meet the minimum expenditure requirements specified by the Government of South Australia. These
requirements are subject to renegotiation when application for a mining lease is made and at other times.
As described in Note 15 Exploration and Evaluation Assets, the exploration expenditure commitments include the
Elizabeth Creek Copper Cobalt Project.
Payable no later than one period:
Annual fees
Exploration
Total commitments
30 June 2020
$
30 June 2019
$
17,152
-
17,152
19,189
-
19,189
Coda received an extension to the Elizabeth Creek Project Amalgamated Expenditure Arrangement on 22 July 2020
confirming the minimum exploration expenditure of $1.1 million required to be spent for a 24 month period ending 30 June
2022. This agreement applies to exploration licences 6265, 6141 and 5636 which combined are known as the Elizabeth
Creek Project Exploration Licences.
46
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 23. EARNINGS PER SHARE
Basic earnings per share
The calculation of basic earnings per share at 30 June 2020 was based on the loss attributable to ordinary shareholders
of $3,937,764 and a weighted average number of ordinary shares outstanding during the year ended 30 June 2020 of 1,000
calculated as follows:
30 June 2020
$
30 June 2019
$
Basic earnings per share
Loss attributable to ordinary shareholders
(3,937,764)
(2,331,965)
Weighted average number of ordinary shares
Shares issued on incorporation
Effect of shares issued on exercise of share options
Weighted average number of ordinary shares at 30 June
Earnings / (loss) per share:
Basic and diluted
24. FINANCIAL INSTRUMENTS
(a) Credit Risk
Exposure to credit risk
30 June 2020
No. of shares
30 June 2019
No. of shares
1,000
-
33,463,651
1,000
-
1,000
(0.12)
($2,331.96)
The carrying amount of the Company’s financial assets represents the maximum credit exposure. Refer to Note 5 for the
credit management process. The Company’s maximum exposure to credit risk at the reporting date was:
GST receivable
Cash and cash equivalents
Exploration licence bonds
Other receivables
Note
30 June 2020
$
30 June 2019
$
12
11
50,121
13,855
4,192,295
17,542
55,000
68,052
-
-
The Company’s cash and cash equivalents of $4,192,295 at 30 June 2020 represent its maximum credit exposure on these
assets. The cash and cash equivalents are held with bank and financial institution counterparties, which are rated at
between A2 and A1+ from Standard & Poor’s and A from Moody’s.
None of the Company’s receivables are past due.
47
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 (b) Liquidity risk
The following are the contractual maturities of the Company’s financial liabilities, including estimated interest payments
and excluding the impact of netting agreements:
30 June 2020
30 June 2019
Carrying
amount
$
6 months
or less
$
Carrying
amount
$
6 months
or less
$
Trade and other payables
434,517
434,517
161,910
161,910
(c)
Interest rate risk
Exposure to interest rate risk
The Company’s exposure to interest rate risk at balance date was as follows, based on notional amounts:
Variable rate instruments
Cash and cash equivalents
30 June 2020
$
30 June 2019
$
4,192,295
4,192,295
17,542
17,542
At reporting date, the Company did not hold any instruments that exposed it to any material interest rate risk.
(d) Fair values
Fair values versus carrying amounts
The estimated fair value of financial instruments has been determined by the Company using available market information
and appropriate valuation methods. The estimates presented are not necessarily indicative of the amounts that will
ultimately be realized by the Company upon maturity or disposal. The use of different market assumptions and/or
estimation methods may have a material effect on the estimated fair value amounts. For all financial assets and liabilities,
the carrying value approximates fair value.
48
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 25. NOTES TO THE STATEMENT OF CASH FLOW
Reconciliation of cash flows from operating activities
Loss for the period after income tax
Adjustments for:
Depreciation and amortisation
Capital raising costs
Net finance costs
30 June 2020
$
30 June 2019
$
(3,937,764)
(2,331,965)
114,603
11,638
(108,876)
(10,420)
-
-
Operating loss before changes in working capital and provisions
(3,942,457)
(2,320,327)
Decrease / (increase) in receivables
Decrease /(increase) in prepayments
Increase / (decrease) in trade and other payables
Increase / (decrease) in employee benefits
Net cash (used in) operating activities
Non-Cash Transactions
(159,318)
(22,224)
272,607
29,884
(13,855)
(1,080)
161,910
-
(3,821,508)
(2,173,352)
During the period ended 30 June 2019, the novation of the following assets between
Gindalbie and Coda resulted in non-cash financing and investing:
- Exploration & Evaluation asset: Elizabeth Creek Copper Cobalt Project
- Intangible Assets: Glycine license
1,416,359
182,857
26. RELATED PARTIES DISCLOSURES
Parent entities
The Company was controlled during the prior reporting period ended 30 June 2019 and until 23 July 2019 by the
following entity:
Name
Type
Gindalbie Metals Limited
Immediate and ultimate
parent
Place of
Incorporation
Ownership %
Australia
100
Transactions with related parties
As disclosed in Notes 15 and 16, during the year, the Company’s previous ultimate parent entity undertook common-control
transactions. Refer to these notes for further information. Additionally, during the reporting period, Gindalbie transferred
to the Company cash of $1,951,500. These amounts have been treated as a capital contribution.
49
CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 Key Management Personnel compensation
The compensation paid to the Company’s Key Management Personnel is shown below.
During the prior reporting period, the Company had no employees. All Key Management Personnel were paid and
remunerated for services by Gindalbie.
1 July 2019 to
30 June 2020
$
26 April 2018 to
30 June 2019
$
(602,169)
(49,991)
-
(652,160)
-
-
-
-
Employee salaries, directors’ fees & on cost expenses
Post-employment benefits
Transfer to exploration & evaluation expenses
Total employee benefits expense
27. CONTINGENT ASSETS AND LIABILITIES
At the reporting date, the Company had no contingent assets or liabilities.
28. EVENTS SUBSEQUENT TO REPORTING DATE
Subsequent to year end, the Company issued 10,117,162 new shares on 9th July 2020 following completion of its Rights
Issue, (Prospectus dated 8th June 2020). An additional 12,262,790 shares are expected to be issued on completion of the
Shortfall allocation following the Rights Issue. The Rights Issue was a pro-rata non-renounceable entitlement offer of one
New Share for every Share held by Eligible Shareholders at an issue price of $0.10 per New Share. The funds raised will be
used to further exploration and evaluation of the Elizabeth Creek Project, general working capital and to fund the costs of
the Rights Issue.
On 3 July 2020, the Company granted 6,000,000 options to key management personnel as part of the Employee Incentive
Plan. Refer below to Note 11 of the Directors Report for further details on these options.
The ongoing COVID-19 pandemic affecting Australia and the world has had a limited impact on Coda’s operations with
restrictions on interstate travel and challenges associated with maintaining government recommended social distancing
practices being the key areas the Company has had to consider. Although these factors have the potential to impact Coda’s
ability to undertake fieldwork safely and cost effectively, the impact to date has been limited as the Company has been
focussing on the final stage of the Seismic Study which has not required fieldwork or interstate travel. The Company’s
COVID-19 management plan has been established to address the ongoing potential future impact. The Company will
continue to monitor and manage the impact on its operations.
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CODA MINERALS LIMITED ACN 625 763 957 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020