CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
1
ANNUAL
REPORT
2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
1
TABLE
OF
CONTENTS
02
LETTER FROM THE CHAIR
04
CEO’S REPORT
06
OPERATIONAL REVIEW
20
DIRECTORS’ REPORT
40
AUDITOR’S INDEPENDENCE DECLARATION
42
INDEPENDENT AUDITOR’S REPORT
48
DIRECTORS’ DECLARATION
50
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
51
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
52
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
53
CONSOLIDATED STATEMENT OF CASH FLOWS
54
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENT
87
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
88
ASX ADDITIONAL INFORMATION
95
CORPORATE DIRECTORY
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
1
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
02
LETTER FROM THE CHAIR
Dear Shareholders,
I am pleased to present Coda Mineral’s 2024 Annual Report and to reflect on another year of progress for our flagship
assets at Elizabeth Creek.
Elizabeth Creek is one of Australia’s largest undeveloped copper resources. During the year, our exploration, improved
processing and technical studies and mine plans have added significantly to the project.
We have also expanded our copper-gold exploration portfolio with the Kinloch Project in South Australia, which covers
over 3,000 km² held jointly with Boss Energy.
ELIZABETH CREEK SCOPING STUDY
The publication of the first Elizabeth Creek Copper Project Scoping Study in 20231 marked a huge milestone for the
Company and since publication of the original study, we have significantly improved the net present value (NPV) of the
project by over 45%. The most recently published numbers show an estimated NPV8 of $826m and an Internal Rate of
Return of 31%.
We are currently prioritising improvements in processing and copper recoveries. Initial results indicate we can achieve
significantly better recoveries2 than those from our previous scoping study, which would enhance returns without
substantial increases in capital or operating costs.
We expect to release an updated Study in Q4 of 2024 incorporating results from our metallurgical work, the new Cattle
Grid South deposit, and updated macro-economic assumptions.
VALUE CREATION THROUGH EXPLORATION
We announced a maiden Mineral Resource Estimate for Cattle Grid South3 during FY24, continuing Coda’s ongoing
commitment to value improvement through exploration.
We continue to focus on adding to the copper-cobalt Resources at Elizabeth Creek including the addition of a new
tenement “Oakden” which lies adjacent to the southern boundary of Elizabeth Creek.
Exploration work has also revealed that the Emmie Bluff resource likely extends to the east4, offering additional growth
opportunities. The current study outlines a 14 year production plan, and increasing our mineable copper resource would
enhance mine life and overall value.
Emmie Deeps (IOCG) provides potential for a total rerate of the Company. While drilling costs are high, successful
exploration with an appropriate partner could extend the life of Emmie Bluff or position Emmie Deeps as a primary asset.
In late 2023, we acquired more than 3,000km2 of prime exploration ground at Kinloch in South Australia5. This ground is
jointly held with Boss Energy which is expected to materially reduce administration costs and allow more dollars to be
spent in the ground.
I believe that by exploration, we can increase the total amount of copper Resources that can feed into infrastructure
at Elizabeth Creek and to create a South Australian copper powerhouse able to capitalise on the projected increase in
copper demand.
1. 2023.03.23 - Elizabeth Creek Copper-Cobalt Project Scoping Study
2. 2024.08.20 - Next-Stage Metallurgical Testwork Confirms Recovery Uplift
3. 2024.07.03 - Initial Copper Resource for Cattle Grid South
4. 2024.02.13 - Mt Data Reinforces Evidence for Emmie Bluff Extension
5. 2023.10.03 - Coda Strengthens Regional Exploration Pipeline
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
03
CONCLUSION
As we enter the final quarter of 2024, we continue to build on the foundation of excellent assets. The recent Rights Issue
will provide balance sheet strength to allow for more exploration and ongoing optimisation at Elizabeth Creek.
The trends that continue to shape our world have not changed despite the macro-economic and geopolitical forces that
have prevailed during the previous financial year. The world continues to demand more copper for electrification at the
same time as forecasts point to increasing supply deficit in the medium and longer term.
In conclusion, I thank you, our valued shareholders, my fellow board members, our CEO Chris Stevens and the team at
Coda as well as our many advisers who have provided excellent support and guidance over the past year.
Keith Jones
Chair
Coda Minerals Ltd
LETTER FROM THE CHAIR
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
04
CEO’S
REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
05
CEO’S REPORT
I am pleased to look forward to the 2025 Financial Year, which we started in a strong position with the announcement of a
pathway to enhanced metallurgical recoveries at Elizabeth Creek.
Our focus is on the two key levers for value improvement at Elizabeth Creek; metallurgical recovery enhancement and
additional tonnage through exploration.
Our primary task during the first half of the financial year is to finalise the recently announced metallurgical testwork and
update the Scoping Study. The update is expected to include these new metallurgical results, the addition of Cattle Grid
South, and other value improvements across the asset portfolio.
The addition of Cattle Grid South demonstrates our ongoing focus on exploration as a key value driver at Elizabeth Creek.
We have now commenced target generation on areas close to MG14 and Windabout, including our new Oakden Tenement
as well as targets to the east of Emmie Bluff.
In late 2023, we also added over 3,000km2 of tenure at Kinloch. This ground, which comprises an area approximately four
times that of Elizabeth Creek is vastly underexplored and offers both the potential for major discovery and the addition of
more tonnes that may be processed at Elizabeth Creek. We have already commenced early stage access and community
engagement work with target generation expected to commence in Q4 2024.
We also continue to advance approvals work at Elizabeth Creek; we know from discussions with potential funders that
the approvals status is key to being able to credibly advance a project. We made huge strides forward in FY24 and will
continue to build on this in FY25.
The recently announced rights issue will greatly strengthen our balance sheet and provide funds for additional exploration
and ongoing economic and technical study work.
Coda’s development and exploration assets position us very strongly to take advantage of forecast copper demand.
Chris Stevens
CEO
Coda Minerals Ltd
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
06
OPERATIONAL
OVERVIEW
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
07
CODA MINERALS LIMITED (ASX: COD) is focused on the discovery and development of minerals that are leveraged to
the global energy transformation through electrification and the adoption of renewable energy technologies.
Coda’s flagship asset is the 100%-owned Elizabeth Creek Copper-Cobalt Project, located in the world-class Olympic
Copper Province in the Eastern Gawler Craton, South Australia’s most productive copper belt. Elizabeth Creek is centred
100km south of BHP’s Olympic Dam copper-gold-uranium mine, 15km from its new Oak Dam West Project and 50km west
of its Carrapateena copper-gold project.
OPERATIONAL OVERVIEW
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
08
ELIZABETH CREEK PROJECT
The Elizabeth Creek project consists of 4 tenements, EL6265, EL6518, EL6141 and the recently acquired EL6945, granted
in May 2024, covering a total area of 774sq km. The tenure hosts three distinct mineralisation styles, the Zambian-
Style Copper Cobalt Mineralisation, the Iron Oxide Copper Gold (IOCG) mineralisation and the Cattle Grid copper breccia
mineralisation.
ELIZABETH CREEK PROJECT
The Projects hosts four JORC 2012 Mineral Resources across the tenure, including the most recently release Mineral
Resource Estimate for Cattle Grid South completed subsequent to the end of the Financial Year. In July 2024, a maiden
Mineral Resource was completed for the Cattle Grid South open pit deposit, adding 5.8Mt at 0.62% Cu for approximately
36,000t of contained copper to the Elizabeth Creek Project1.
In total, the Elizabeth Creek project hosts over 1 million tonnes of contained copper equivalent in JORC 2012
defined Resource.
1. 2023.07.03 - Initial Copper Resource for Cattle Grid South
EMMIE BLUFF
FLAGSHIP
Zambian Style
Underground Deposit
~ 400m depth
EMMIE DEEPS
Iron Oxide Copper Gold (IOCG)
Underground Deposit
~ 800m depth
WINDABOUT
Zambian Style
Open Pit Deposit
~ 50 - 70m depth
MG14
Zambian Style
Open Pit Deposit
~ 20m depth
CATTLE GRID
SOUTH
Cu Breccia
Open Pit Deposit
~ 30m depth
EL 6265
EL 6518
EL 6141
EL 6945
TOTAL AREA
774km²
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
09
ELIZABETH CREEK PROJECT
2012 JORC MINERAL RESOURCE
RESOURCE
CONFIDENCE
CUTTOFF
Mt
Cu
(%)
Co
(%ppm)
Ag
(g/t)
CuEq
(%)
CuEq
Contained
Metal
(kt)
Cattle Grid South
Inferred
0.2%
Cu
5.8
0.6%
121
4
N/A
36*
MG14
Indicated
0.5%
CuEq
1.8
1.2%
334
14
1.67%
31
Windabout
Indicated
0.5%
CuEq
17.7
0.8%
492
8
1.41%
249
Emmie Bluff
93% Indicated,
7% Inferred
1.0%
CuEq
40.2
1.3%
569
17
1.87%
751
TOTAL
65.5
1.63
1,067
* Contained Cu tonnes only
SCOPING STUDY
A Scoping Study into the development of the three Zambian-Style deposits, MG14, Windabout and Emmie Bluff, was first
released in March 20232. The initial Scoping Study demonstrated an economically robust project with a 14 year mine
life, capable of producing 25,000 tonnes of copper and 1,000 tonnes of cobalt at steady state production levels with an
average AISC USD $2.19/lb of Cu (after by-product credits) and an approximate pre-tax NPV8 of $570.
During the financial year, the Company focused on optimising the Study further, completing two significant Scoping
Study Updates released in January3 and March 20244.
The most significant change in the first update to the Scoping Study was the conversion from a conventional drill and
blast underground mining methodology utilising long-hole open stope techniques at Emmie Bluff to a mechanical
cutting mining methodology utilising continuous miners. Undertaking this conversion required a re-estimation of the
Emmie Bluff Mineral Resource5 and an increase in processing throughput from 2.5 Mtpa to 3 Mtpa to align with the higher
productivity of mechanical cutting. Additional changes included optimisation of flotation reagents and the transition from
purchased limestone to on-site mined dolomite for acid neutralisation.
The March 2024 Update to the Scoping Study focussed on pillar recovery, introducing grout pack support to increase
extraction percentage at the Emmie Bluff deposit, resulting in an increased total extracted tonnes and copper production
over a 14-year project life. The update also optimised the underground mining schedule, bringing forward extraction of
higher-grade tonnes for improved early revenues.
These improvements to the Scoping Study resulted in an overall 45% increase in the pre-tax NPV to the original Scoping
Study, from $570 to $826, a 4% increase to the IRR, 26% to 31% and a reduction in the ASIC costs from $2.14 to $1.73. The
key economic assumptions underpinning the project remain unchanged from the original study. A summary of the major
changes to the study is detailed in Table 1 and a summary of the financial changes is detailed in Table 2.
2. 2023.03.23 - Elizabeth Creek Copper-Cobalt Project Scoping Study
3. 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics
4. 2024.03.14 - Further Key Improvement in Underground Project Economics
5. 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics
- For full details, see Appendix 1 – Section Mineral Resource Update – Detailed Information
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
10
ELIZABETH CREEK PROJECT
Table 1: Updated Scoping Study (January 2024) and Updated Scoping Study (March 2024) key project changes
STUDY SECTION
SCOPING STUDY
(MARCH 2023)
UPDATED SCOPING
STUDY
(JANUARY 2024)
UPDATED SCOPING
STUDY
(MARCH 2024)
Tenements
EL6518 (MG14 & Windabout),
EL6265 (Emmie Bluff)
No Change
No Change
Mineralisation
Zambian-style sediment-hosted
copper-cobalt mineralisation
No Change
No Change
Mineral Resource
MG14: 1.83Mt @ 1.24%Cu, 0.03%Co
Windabout: 17.67Mt @ 0.77
Cu, 0.05%Co
Emmie Bluff: 43Mt @ 1.30
Cu, 0.05%Co
(of which 92% is in indicated,
8% inferred)
MG14: No Change
Windabout: No Change
Emmie Bluff: 40.2Mt
@ 1.27%Cu, 0.06%Co
(of which 93% in indicated,
7% inferred)
MG14: No Change
Windabout: No Change
Emmie Bluff: No Change
Mining Method
MG14 & Windabout: Open Pit
Emmie Bluff: Underground,
long-hole open stope
MG14 & Windabout:
No Change
Emmie Bluff: Underground,
mechanical cutting
MG14 & Windabout:
No Change
Emmie Bluff: Underground,
mechanical cutting with
pillar recovery
Operating Structure
MG14 & Windabout:
Contract Mining
Emmie Bluff: Contract Mining
Processing Plant:
Owner Operated
MG14 & Windabout:
No Change
Emmie Bluff: Partial
Contract Mining, Partial
Owner-Operated
Processing Plant: Majority
Owner Operated, O2 Plant
converted to a Build Own
Operated (BOO) model
MG14 & Windabout:
No Change
Emmie Bluff: No Change
Processing Plant:
No Change
Processing
2.5Mtpa Throughput
3Mtpa Throughput
No Change
Products
MG14: Copper Concentrate
Windabout & Emmie Bluff: Cop
per Cathode, Cobalt Sulphate, Zinc
Carbonate & Silver Dore
No Change
No Change
Mineral Processing
Stage 1: Flotation
All ore will undergo primary
crushing followed by grinding in
a SAG mill with a pebble crushing
circuit. Crushed ore from MG14 and
Windabout will pass through an
additional deslime circuit before
flowing through a conventional
rough-cleaner-scavenger flotation
circuit to produce a copper cobalt
concentrate.
Stage 2: Hydromet
The concentrates from
Windabout and Emmie Bluff will
then proceed to a downstream
hydrometallurgical processing
plant based on an Albion Process™
leach circuit. The overflow liquor,
containing copper, cobalt, and
zinc, will be directed to an SXEW
plant, followed by a Cobalt SX and
Zinc precipitation circuit. The CCD
discharge slurry, containing silver,
will be processed through a lime
boil and cyanidation circuit.
Stage 1: Flotation
Optimised reagent con
sumption:
- 50% reduction in Cyquest
- 40% reduction in PAX
Stage 2: Hydromet
Locally mined dolomite
replaces purchased lime
stone reducing cost for acid
neutralisation
Stage 1: Flotation
No Change
Stage 2: Hydromet
No Change
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
11
ELIZABETH CREEK PROJECT
STUDY SECTION
SCOPING STUDY
(MARCH 2023)
UPDATED SCOPING
STUDY
(JANUARY 2024)
UPDATED SCOPING
STUDY
(MARCH 2024)
Copper Flotation
Recovery
MG14: 57.93%
Windabout: 66.5%
Emmie Bluff: 77.2%
No Change
No Change
Production
Copper: 317.3 kt
Cobalt: 14.4 kt
Silver: 8.5 Moz
Zinc: 38.2 kt
Copper: 307.2 kt
Cobalt: 16.9 kt
Silver: 13.0 Moz
Zinc: 49.1 kt
Copper: 337.0 kt
Cobalt: 18.4 kt
Silver: 14.3 Moz
Zinc: 54.2 kt
Tailings
Conventional tailings slurry
method located 1km away within a
basin below the processing plant
at Emmie Bluff.
No Change
Partial redirection of
tails to grout plant to be
constructed at Emmie
Bluff. Tails to be mixed
with cement and pumped
underground to fill grout
bags.
Scope to investigate larger
scale underground tails
backfill to reduce surface
footprint and associated
environmental impact of
tailings storage.
Power
Access grid power via existing Mt
Gunson substation located approx
imately 9.5km south southwest of
Windabout deposit.
No Change
No Change
Water
12 hole borefield
No Change
No Change
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
12
ELIZABETH CREEK PROJECT
Table 2: Scoping Study (March 2023), Scoping Study Updated (January 2024) and Scoping Study (March 2024)
Financial Summary Changes
A. For full details, see “Elizabeth Creek Copper-Cobalt Project Positive Scoping Study”, released to market on 23 March 2023 and available at
https://www.codaminerals.com/wp-content/uploads/2023/03/20230323_COD_ASX-ANN_Elizabeth-Creek-Scoping-Study_VRelease.pdf
B. For full details, see “Scoping Study Update Delivers Materially Improved Economics”, released to market on 30 January 2024 and available
at https://www.codaminerals.com/wp-content/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-Materially-
Improved-Economics_RELEASE.pdf
C. All-In Sustaining Cost (AISC) includes all mining, processing, tailings management, transport including freight, sustaining capital, royalties
& G&A costs
D. Steady State average is calculated from year 5 to year 14
E. Including royalties
F. Capital payback is calculated from first production
G. NPV(Pre-tax):CAPEX(Total)
MEASURE
UNIT
ORIGINAL
SCOPING STUDY
MARCH 2023
SCOPING STUDY
UPDATE 1
JANUARY 2023
SCOPING STUDY
UPDATE 2
MARCH 2024
PRODUCTION
Mine Life
Years
14
13
14
Ore Process Rate
Mtpa
2.5
3
3
Feed from Indicated
Resource
%
94%
96%
96%
Feed from Inferred
Resource
%
6%
4%
4%
Copper-Steady State
AverageD
Kt
24.9
25.4
25.7
Cobalt-Steady State
AverageD
Kt
1.0
1.3
1.3
CAPITAL
Pre-Production Capital
A$M
277
306
306
FINANCIALSE
Net Cash Flow (Pre-Tax)
A$M
1,298
1,674
1,755
Capital PaybackF
Years
4.75
4.50
4.25
Net Present Value (NPV8) -
Post-Tax
A$M
340
446
509
1000
900
800
700
600
500
400
300
Original Scoping Study
March 2023A
Scoping Study Update 1
January 2024B
Scoping Study Update 2
March 2024
Net Present Value8 Pre-Tax (A$M)
826
735
570
IRR: 27%
Revenue(A$M): $5,700
AISCC (USD/lb Cu): $2.19
NPV: CAPEXG: 2.06
IRR: 27%
Revenue(A$M): $6,000
AISCC (USD/lb Cu): $1.60
NPV: CAPEXG: 2.40
IRR: 31%
Revenue(A$M): $6,700
AISCC (USD/lb Cu): $1.73
NPV: CAPEXG: 2.70
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
13
1. 2024.06.18 - Flotation Success Delivers Pathway to Improved Recoveries
2. 2024.07.03 - Initial Copper Resource for Cattle Grid South
3. 2024.08.12 - Elizabeth Creek Approvals Process Commences
NEXT STEPS – SCOPING STUDY (SHORT-TERM CATALYSTS)
Coda is currently progressing several work streams that will form the foundation of a significant new update to the
Elizabeth Creek Scoping Study, expected in the December 2024 quarter.
In June 20241, a proof-of-concept metallurgical program using novel oxide collectors demonstrated up to a 12% increase
in copper recoveries during the rougher flotation stage for the Windabout deposit. A large-scale metallurgical test work
is now underway to confirm these improvements. The current focus is to replicate the results using site water, followed
by further testing to evaluate the impact of de-sliming, multi-stage grinding, and variations in the specific oxide
collectors used.
This will be followed by a transition from rougher to cleaner concentrates, which will provide detailed data for the
proposed updated Scoping Study. Additional variability testing will also be conducted, along with testing the updated
flowsheet on samples from MG14 and Emmie Bluff.
Following the completion of the Maiden Resource Estimate at Cattle Grid South in July 20232, Coda initiated a mining
study to integrate this deposit into the Elizabeth Creek Scoping Study. The inclusion of Cattle Grid South is expected to fit
into Stage 1 of the Project, which focusses on concentrate sales.
On the approvals front, Coda submitted a Preliminary Impact Assessment (PIA) for its flagship Elizabeth Creek Copper-
Cobalt Project on August 12, 20243, officially committing the company to the South Australian approvals scoping process.
This marks the first step toward securing a Mining Lease and, ultimately, moving into operations and production at
Elizabeth Creek.
The PIA submission initiates a review and consultation process with various South Australian government departments.
This process will involve multiple drafts before finalising and publishing a Scoping Report, which is expected to feed into
the updated Scoping Study.
ELIZABETH CREEK PROJECT
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ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
14
ELIZABETH CREEK PROJECT
EXPLORATION – SED-HOSTED
Exploration during the year focussed on geophysics, both the collection of new data and the reinterpretation of old. A
major ground magnetotelluric (MT) survey was undertaken at Emmie Bluff, extending historical surveys to the highly
prospective eastern side of the Emmie Bluff Mineral Resource, roughly doubling the area of EL 6265 covered by this
form of survey. The results showed strong anomalism consistent with the signature of the mineral resource to the east,
strongly supporting the hypothesis of a repeat of secondary basin in the area, which is now a high priority exploration
target for Coda1.
1. 2024.02.13 - Mt Data Reinforces Evidence for Emmie Bluff Extension
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ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
15
EXPLORATION - IOCG
In 2021, a major IOCG was discovered adjacent to and below the Emmie Bluff tenement. Coda completed 23,000m of
drilling with 21 drillholes into the Emmie Deeps, with all but three intersecting mineralisation.
A major project completed during the financial year was an integrated geophysical review covering the Emmie Deeps IOCG
target undertaken with the assistance of Mira Geoscience. The review resulted in a comprehensive model of the IOCG
system, including a substantial 2.5km long corridor of untested ground bookended by ore grade intercepts. Perhaps more
importantly however, the work provided a consistent geological framework which will drive targeting going forward.
ELIZABETH CREEK PROJECT
IOCG TARGET AREA
EMMIE BLUFF
EMMIE DEEPS
BHP
CODA MINERALS
100%
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
16
CAMERON RIVER
Coda consolidated 100% ownership of the Cameron River Project in Queensland in February 2024. Wilgus retains the right
to a 1% NSR payable on any mineral products mined from the tenure on terms customary for this form of transaction.
KINLOCH JV (ELs 6962, 6963, 6964 and 6965)
In October 2023, Coda was granted four highly prospective tenements known collectively as the Kinloch project in eastern
South Australia1 in a joint ownership with Boss Energy Ltd. Coda holds 25% of the tenure, with the intention that Coda will
hold 100% of the base metals rights and Boss will hold 100% of uranium rights.
Coda is in continued negotiations with Boss around the detail of the formal JV agreement. Boss, as principal operator and
majority owner of the tenure, has commenced early-stage land access negotiations to facilitate exploration on the tenure.
BOOLEROO (EL 6917)
Coda pegged the Booleroo tenure, centred approximately 5km ENE of Wilmington in South Australia, in 2023 based on
potential structural associations with nearby historical sediment-hosted copper deposits. Over the course of the past
financial year, Coda has undertaken a detailed review of available historical data and undertook field visits to assess
prospectivity. While some very limited copper prospectivity has been determined, the scale of potential discoveries is not
considered commensurate with the cost and effort required to explore the ground, particularly given access challenges
which were made apparent by relevant local landholders and other significant stakeholders.
After review, Coda considers that existing targets and broader exploration opportunities identified at the Company’s
flagship Elizabeth Creek Project are significantly more compelling than continued exploration at Booleroo and as a result,
Coda has relinquished the tenement.
CLUB TERRACE
Coda has relinquished the Club Terrace tenements, EL7342, EL7584 and EL9238, in the financial year.
OTHER PROJECTS
1. 2023.10.03 - Coda Strengthens Regional Exploration Pipeline
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
17
ESG
During the Financial year, Coda released its maiden Sustainability Report1, which summarises the Company’s approach to
environmental, social and governance matters. This inaugural Sustainability Report set the baseline from which future
sustainability reporting has been expanded on through regular quarterly updates.
Please refer to the 2023 Sustainability Report on the Coda Minerals website for more information on the Company’s ESG
principle and goals.
ESG
1. 2023.10.11 - Sustainability Report 2023
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
18
CORPORATE
PROJECT
CODA STRENGTHENS REGIONAL
EXPLORATION PIPELINE
Coda was granted four highly prospective
tenements, collectively known as the Kinloch
Project, in eastern South Australia, in joint
ownership with Boss Energy Ltd. Coda holds 25%
of the tenure, with the intention that Coda will
hold 100% of the base metals rights, while Boss
will hold 100% of the uranium rights.
OCTOBER 2023
SUSTAINABILITY REPORT 2023
Maiden Sustainability Report released,
summarising the Company’s approach
to environmental, social and governance
matters and Coda’s commitment to high
standards of environmental and social
governance reporting.
OCTOBER 2023
UPDATED GEOLOGICAL MODEL TRANSFORMS
IOCG UNDERSTANDING
Geophysics indicates structural corridor controlling
IOCG mineralisation extends up to 2.4km to northern
tenement boundary.
OCTOBER 2023
UNDERGROUND ORE SORTING SUCCESS ENHANCES
EMMIE BLUFF
Field-based trial of XRF ore sorting technology
demonstrates highly successful outcomes. Rejection of
approximately 15% of low-grade material achieved while
retaining >97% of metal on a CuEq basis for the Emmie
Bluff ore.
OCTOBER 2023
TIMELINE 2023
MT SURVEY COMMENCES TARGETING
EMMI BLUFF EXTENSIONS
Geophysical survey commenced to test
highly prospective ground south and east
of the existing Emmie Bluff Resource
for additional extensional basins and
copper-cobalt mineralisation.
JULY 2023
TEST WORK DELIVERS ELIZABETH CREEK FLOWSHEET
ENHANCEMENTS
Improvement in forecast net copper recovery for the MG14 open
pit deposit from 58% to 85% achieved through the application of
low-cost tails leaching.
SEPTEMBER 2023
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
19
FLOTATION SUCCESS DELIVERS PATHWAY
TO IMPROVED RECOVERIES
Material uplift in rougher flotation stage
recoveries for the Windabout deposit achieved
through the application of novel oxide collectors.
Up to a 12% increase in copper recoveries
demonstrated for the deposit.
JUNE 2024
FURTHER KEY IMPROVEMENT IN
UNDERGROUND PROJECT ECONOMICS
Second Updated Scoping Study released, incorporating
the application of a cost-effective pillar recovery strategy
at Emmie Bluff, which further improved the project’s economics.
Key Metrics
NPV8 (Pre-Tax): $826,
IRR: 31%,
AISC: US$1.73/lb Cu
MARCH 2024
TIMELINE 2024
SUCCESSFUL COMPLETION OF
$2.9M PLACEMENT TO SUPPORT
COPPER GROWTH
Coda raised $2.9 million at $0.09 per
share to advance exploration and
feasibility work at its 100% owned
Elizabeth Creek Copper Project.
MARCH 2024
MT DATA REINFORCES EVIDENCE FOR
EMMIE BLUFF EXTENSION
Interpreted results of magnetotelluric extension
survey suggests additional bodies to the east of
Emmie Bluff, further supporting the potential
for additional mineralisation at scale indicated
by pre-existing 2D seismic and ANT data.
FEBRUARY 2024
SCOPING STUDY UPDATE DELIVERS MATERIALLY IMPROVED ECONOMICS
Updated Scoping Study released, shifting from a conventional long-hole open stoping with drill and blast to
mechanical cutting with continuous miners underground mining method at Emmie Bluff. This change, along with
a cheaper acid neutralisation option and flotation reagent optimisation, significantly improved project economics
from the original March 2023 Study.
Key Metrics
NPV8 (Pre-Tax): $735,
IRR: 27%,
AISC: US$1.60/lb Cu
JANUARY 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
20
PIC TO CHANGE
DIRECTORS’
REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
21
NAME & QUALIFICATIONS
EXPERIENCE AND SPECIAL RESPONSIBILITIES
Mr Keith F Jones
BBus, FCA, FAICD
Non-Executive Chairman
Appointed: 26 April 2018
Other current directorships:
Ecograf Limited
(Appointed May 2023)
Former directorships in last 3 years:
Ora Banda Mining Limited
(April 2019 to September 2022)
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 is the former Chairman of Deloitte Australia and served for 10 years on
the Board of Deloitte Australia. He is the former Chairman of Gindalbie Metals
Limited and Cannings Purple and former Non-Executive Director of ASX listed
Company Ora Banda Minerals 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.
Mr Andrew Marshall
I Eng (UK), MAICD
Non-Executive Director
Appointed: 19 July 2019
Mr Andrew (Robin) Marshall has previously been involved in managing the
successful delivery of some of the world’s largest resource projects, including
major projects for BHP Billiton, Vale Inco, Western Mining and North Limited.
Most recently Mr Marshall oversaw the delivery of the Goldfields, Goldroad
Gruyere Gold Project as Chairman of the Technical Steering Committee.
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.
Mr Colin Moorhead
BSc (Hons), FAusIMM (CP), FSEG,
GAICD
Non-Executive Director
Appointed: 21 August 2019
Resigned: 30 April 2024
Other current directorships:
Xanadu Mines Ltd
(Appointed November 2019)
Aeris Resources Ltd
(Appointed July 2020)
Sihayo Gold Ltd
(Appointed July 2020)
Ramelius Resources Ltd
(Appointed December 2022)
Former directorships in last 3 years:
Merdeka Copper Gold Ltd
(January 2016 to July 2020)
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 36 years since 1987.
In addition to this role at Coda, Colin is also the Executive Chairman of Xanadu
Mines Ltd, Executive Chairman of Sihayo Gold Limited and a Non-Executive
Director of Aeris Resources Limited and Ramelius Resources Limited.
Mr. Moorhead is a former President of The Australasian Institute of Mining and
Metallurgy (AusIMM) and a former member of The JORC Committee. He is also
a graduate of the Australian Institute of Company Directors and the Harvard
Business School Advanced Management Program (AMP183, 2012).
Mr Moorhead resigned as a Director with effect from 30 April 2024.
The directors of Coda Minerals Ltd (‘the Company’ or ‘Coda’) present their report together with the financial statements of
the Company and its Subsidiaries (‘the Group’) for the financial year ended 30 June 2024 and the Auditor’s Report thereon.
In order to comply with the provisions of the Corporations Act 2001, the Directors’ report is as follows:
DIRECTORS
The directors of the Company at any time during or since the end of the financial year were:
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
22
NAME & QUALIFICATIONS
EXPERIENCE AND SPECIAL RESPONSIBILITIES
Mr Paul Hallam
BE(Hons)Mining, FAICD, FAusIMM
Non-Executive Director
Appointed: 21 August 2019
Other current directorships:
Greatland Gold Plc.
(Appointed September 2021)
Former directorships in last 3 years:
Sandfire Resources Ltd
(May 2013 to November 2021)
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) Mining 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 Chris Stevens
BA (Hons), MA (Oxon), MSc, GAICD,
FAusIMM
Chief Executive Officer
& Executive Director
Appointed: 26 April 2018
Former directorships in last 3 years:
Enterprise Metals Limited
(October 2021 to January 2023)
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 is a Fellow of the AusIMM, 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.
COMPANY SECRETARY
The Company’s company secretary is Ms Susan Park BCom, ACA, F Fin, FGIA, FCIS, GAICD. Ms Park was appointed to the
position of company secretary on 25 November 2020.
PRINCIPAL ACTIVITIES
The principal activities of the Company during the period were primarily focused on the progression of exploration and
evaluation activities associated with the Elizabeth Creek Copper Cobalt Project (“Elizabeth Creek”) in South Australia. The
Company also advanced exploration work at the Cameron River Copper Gold Project (“Cameron River”) as well as engaging
in the evaluation of projects and potential joint ventures with other mining companies to explore for minerals.
REVIEW OF OPERATIONS
Coda is focused on the discovery and development of minerals that are leveraged to the global energy transformation
through electrification and the adoption of renewable energy technologies. Coda’s flagship asset is the 100%-owned
Elizabeth Creek Copper-Cobalt Project, located in the world-class Olympic Copper Province in the Eastern Gawler Craton,
South Australia’s most productive copper belt. Elizabeth Creek is centred 100km south of BHP’s Olympic Dam copper-
gold-uranium mine, 15km from its new Oak Dam West Project and 50km west of its Carrapateena copper-gold project.
Coda consolidated 100% ownership of the Elizabeth Creek Copper Project after completing the acquisition of its former
joint venture partner, Torrens Mining, in the first half of 2022. In December 2021, Coda announced a maiden Indicated and
Inferred Mineral Resource Estimate for the Emmie Bluff copper-cobalt deposit at Elizabeth Creek and in March 2023,
Coda released the results of the Elizabeth Creek Copper-Cobalt Project Scoping Study, which outlined an economically
robust, long-life project with potential to further improve on several key metrics.
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
23
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
During the 2024 financial year, Coda released updates to the Scoping Study, integrating mechanical cutting as the
principal underground mining method employed at the Emmie Bluff deposit, a successful pillar recovery strategy and
mine plan optimisation as well as improvements to the mineral processing flowsheet, a greater annual throughput and
other changes. The work undertaken during the 2024 Financial year resulted materially improved project economics as
illustrated below:
A. For full details, see “Elizabeth Creek Copper-Cobalt Project Positive Scoping Study”, released to market on 23 March 2023 and available at
https://www.codaminerals.com/wp-content/uploads/2023/03/20230323_COD_ASX-ANN_Elizabeth-Creek-Scoping-Study_VRelease.pdf
B. For full details, see “Scoping Study Update Delivers Materially Improved Economics”, released to market on 30 January 2024 and available
at https://www.codaminerals.com/wp-content/uploads/2024/01/20240130_Coda_ASX-ANN_Scoping-Study-Update-Delivers-Materially-
Improved-Economics_RELEASE.pdf
C. All-In Sustaining Cost (AISC) includes all mining, processing, tailings management, transport including freight, sustaining capital, royalties
& G&A costs
D. Steady State average is calculated from year 5 to year 14
E. Including royalties
F. Capital payback is calculated from first production
G. NPV(Pre-tax):CAPEX(Total)
MEASURE
UNIT
ORIGINAL
SCOPING STUDY
MARCH 2023
SCOPING STUDY
UPDATE 1
JANUARY 2023
SCOPING STUDY
UPDATE 2
MARCH 2024
PRODUCTION
Mine Life
Years
14
13
14
Ore Process Rate
Mtpa
2.5
3
3
Feed from Indicated
Resource
%
94%
96%
96%
Feed from Inferred
Resource
%
6%
4%
4%
Copper-Steady State
AverageD
Kt
24.9
25.4
25.7
Cobalt-Steady State
AverageD
Kt
1.0
1.3
1.3
CAPITAL
Pre-Production Capital
A$M
277
306
306
FINANCIALSE
Net Cash Flow (Pre-Tax)
A$M
1,298
1,674
1,755
Capital PaybackF
Years
4.75
4.50
4.25
Net Present Value (NPV8) -
Post-Tax
A$M
340
446
509
1000
900
800
700
600
500
400
300
Original Scoping Study
March 2023A
Scoping Study Update 1
January 2024B
Scoping Study Update 2
March 2024
Net Present Value8 Pre-Tax (A$M)
826
735
570
IRR: 27%
Revenue(A$M): $5,700
AISCC (USD/lb Cu): $2.19
NPV: CAPEXG: 2.06
IRR: 27%
Revenue(A$M): $6,000
AISCC (USD/lb Cu): $1.60
NPV: CAPEXG: 2.40
IRR: 31%
Revenue(A$M): $6,700
AISCC (USD/lb Cu): $1.73
NPV: CAPEXG: 2.70
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
24
During the 2024 financial year, the Australian Federal Government announced its plan to introduce a Critical Minerals
Production Tax Incentive in the form of a production tax credit valued at 10 percent of relevant processing and refining
costs for highly refined critical minerals for up to 10 years per project between the 2028 and 2040 financial years.
Australia’s Critical Minerals List is made up of 31 metals and materials, including cobalt, a key co-product at Elizabeth
Creek. Coda’s current plans will see its cobalt refined on-site to battery-grade cobalt sulphate, and the Company expects
that production of this type at Elizabeth Creek would be eligible for the tax credit if enacted.
Coda also discovered a significant IOCG system adjacent to and below the Emmie Bluff target, with initial deep diamond
drilling in June 2021 intersecting 200m of intense IOCG alteration at the Emmie Deeps target, including approximately
50m of copper sulphide mineralisation. Since then, Coda has drilled 21 holes into Emmie Deeps, with all but three
returning significant widths of mineralisation, some over 3% copper and 0.5g/t gold.
Coda completed a substantial geophysics programme and announced a new geophysical interpretation of the Emmie
Deeps prospect in October 2023. The new model refines Coda’s existing hypothesis for the Emmie Deeps mineralising
event and suggests that a pair of North to NNE striking low angle thrust faults dipping to the east and plunging slightly to
the north are the most likely controlling structures and are associated with the highest density material in the area. The
model developed helps explain the structural controls underpinning the Emmie Deeps mineralisation and offers valuable
explanatory and predictive power. Under this exploration model, additional IOCG mineralisation is anticipated to be found
where permeable strata (as previously defined in drilling) interact with the two identified mineralising structures.
Coda also had a Farm-In and Joint Venture Agreement with Wilgus Investments Pty Ltd for the Cameron River Copper-
Gold Project, located in the highly prospective Mount Isa Inlier in Queensland. The Project comprises 35km² of copper and
gold exploration tenure spanning two Exploration Permits (EPMs 27042 and 27053). On 9 February 2024, Coda executed
agreements to consolidate 100% ownership of the project after expenditure of an additional $1 million on exploration
activities and a 1% royalty on the net smelter return payable to Wilgus for production from the Cameron River Project
tenements.
During the 2024 financial year, Coda announced that it, in partnership with Boss Energy, had been successful in the
application for a package of highly prospective “Kinloch” project tenure covering the Cambrian-Ordovician Delamerian
Orogen basement rocks and the overlying Cenozoic Murray Basin sediments in eastern South Australia. The tenure,
awarded through the competitive Exploration Release Area (ERA) process will be held in a JV at a formal 75:25 ownership
split, with Coda holding 25%, however, Boss and Coda have agreed to progress the mineral rights sharing arrangement,
under which Coda will be entitled to 100% of the base metal rights while Boss will be entitled to 100% of the uranium rights
on the tenements.
Key events for the year ended 30 June 2024:
•
Substantial progress on Elizabeth Creek Copper-Cobalt Study optimisation, including:
o
Advances in mineral processing flowsheet development including a 40% increase in copper recoveries from the
MG14 open pit deposit;
o
Underground ore-sorting study completed with positive results released during the financial year;
o
Improved project economics through the implementation of mechanical cutting as a more selective, lower cost
mining method at Emmie Bluff along with a successful pillar recovery strategy and mine plan optimisation;
o
Significant improvements in copper recovery achieved following next-phase metallurgical test-work program for
the Windabout deposit;
o
Progress on all key approvals process timelines for Elizabeth Creek Project; and
o
Integrated geophysical targeting review completed at the Emmie East prospect group.
•
Interpretation of tight-spaced forward gravity completed, integrating all previous and recently acquired IOCG related
datasets to generate IOCG targeting vectors. Results released during the financial year indicate the presence of a
structural corridor controlling the IOCG mineralisation and extending up to 2.4km to the northern tenement boundary,
significantly expanding the prospective IOCG search space.
•
Strategic partner discussions continued regarding the future development of the Elizabeth Creek Copper-Cobalt
Project.
•
Successful joint application with Boss Energy, for the “Kinloch” project, with Coda to hold the base metal rights and
Boss Energy to hold the uranium rights.
•
In October, Coda received confirmation from the South Australian Department for Energy and Mining of the formal
grant of EL 6954. This 72 square kilometre tenement is adjacent to and immediately south of Elizabeth Creek. The
company considers it prospective for additional shallow sediment-hosted copper-cobalt mineralisation.
•
During the financial year, and in line with its commitment to high levels of environmental and social governance, Coda
initiated stand-alone ESG reporting with the release of its first standalone Sustainability Report.
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
25
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
FINANCIAL RESULTS
The net loss for the year ended 30 June 2024 was $4,565,582 (net loss for the year ended 30 June 2023 was $7,762,665). As
at the reporting date, the Company has $3,426,744 of cash reserves.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
There were no significant changes in the state of affairs of the Company during the year not otherwise disclosed in this
report.
EVENTS SUBSEQUENT TO REPORTING DATE
No matters or circumstances have arisen since the end of the financial year apart from the following:
•
Maiden Mineral Resource Estimate completed for the Cattle Grid South open pit deposit, adding 5.8Mt at 0.62% Cu for
approximately 36,000t of contained copper to the Elizabeth Creek Project;
•
On the 3rd of July 2024, 6,000,000 options expired without exercise or conversion;
•
On the 26th of July 2024, 260,505 performance rights were issued to employees under the Employee Incentive Plan;
•
On the 26th of July 2024, 477,520 Coda shares were issued to employees upon the exercise of vested performance
rights that were under the Employee Incentive Plan; and
•
On the 23rd of September 2024 Coda announced an underwritten non-renounceable, pro rata entitlement offer of 1
New Share for every 6 Shares held by Eligible Shareholders, together with 1 attaching New Option (exercisable at 15
cents, expiry 28 March 2029) for every 2 New Shares subscribed, at an issue price of $0.07 per New Share, to raise up
to approximately $2 million before costs, with the ability to accept oversubscriptions for up to an additional $1 million.
ONGOING WORK
ELIZABETH CREEK COPPER COBALT PROJECT
Scoping study
Work has commenced on an open pit mining study for the Cattle Grid South satellite deposit, a necessary precursor to
integrating the newly-estimated Mineral Resource into the broader Elizabeth Creek Copper-Cobalt Project. A program of
metallurgical test work is also advancing to confirm and refine the recently announced recovery improvements derived
from the application of novel oxide collectors to the flotation of material from the Windabout deposit, applying them
across all key deposits that make up the Elizabeth Creek Project. These studies will form the basis of a major new update
to the Elizabeth Creek Scoping Study, expected in the December 2024 Quarter. This will provide a further comprehensive
update to the Project’s economics incorporating these positive changes.
Additionally, Coda has commenced detailed engagement with the South Australian Government and is undertaking an
approvals scoping process, which will identify and define the studies and data required prior to the granting of a Mining
Lease and, ultimately, project environmental approvals. This scoping process (which is distinct from the Scoping Study
that the Company has undertaken into the economic viability of the Elizabeth Creek Copper-Cobalt Project) is intended
to “right-size” the approvals process, identifying not only areas which require significant scrutiny, but also areas which,
thanks to the specific circumstances of the project, may be approved with less detailed or extensive studies, with the aim
that this process will result in an efficient and streamlined approvals process for the Elizabeth Creek Project.
OTHER PROJECTS
Exploration
Throughout the June 2024 Quarter, Coda continued negotiations with Boss Energy around the detail of the formal JV
agreement. Boss, as principal operator and majority owner of the tenure, has commenced early-stage land access
negotiations to facilitate exploration on the tenure.
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
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
26
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 (Chair)
KF Jones (Chair)
KF Jones
A Marshall
A Marshall
P Hallam
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
HELD
ATTENDED
HELD
ATTENDED
HELD
ATTENDED
KF. Jones
9
9
3
3
3
3
A. Marshall
9
8
3
3
3
3
C. Moorhead
7
7
2
2
-
-
P. Hallam
9
8
3
3
3
3
C. Stevens
9
9
-
-
-
-
Mr Moorhead resigned as a Director and member of the Nomination and Remuneration Committee with effect from
30 April 2024.
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.
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
27
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
KEY BUSINESS RISK
The Company’s exploration and evaluation operations will be subject to the normal risks of mineral exploration. The
material business risks that may affect the Company are summarised below.
FUTURE CAPITAL RAISINGS
The Company’s ongoing activities may require substantial further financing in the future. The Company will require
additional funding to continue its exploration and evaluation operations on its projects with the aim to identify
economically mineable reserves and resources. Any additional equity financing may be dilutive to shareholders, may
be undertaken at lower prices than the current market price and debt financing, if available, may involve restrictive
covenants which limit the Company’s operations and business strategy. Although the Directors believe that additional
capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be
available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, it
may be required to reduce, delay or suspend its operations and this could have a material adverse effect on the Company’s
activities and could affect the Company’s ability to continue as a going concern.
EXPLORATION RISK
The success of the Company depends on the delineation of economically mineable reserves and resources, access to
required development capital, movement in the price of commodities, securing and maintaining title to the Company’s
exploration and mining tenements and obtaining all consents and approvals necessary for the conduct of its exploration
activities. Exploration on the Company’s existing tenements may be unsuccessful, resulting in a reduction in the value
of those tenements, diminution in the cash reserves of the Company and possible relinquishment of the tenements. The
exploration costs of the Company are based on certain assumptions with respect to the method and timing of exploration.
By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual
costs may materially differ from these estimates and assumptions. Accordingly, no assurance can be given that the cost
estimates and the underlying assumptions will be realised in practice, which may materially and adversely affect the
Company’s viability. If the level of operating expenditure required is higher than expected, the financial position of the
Company may be adversely affected.
MINERAL RESOURCE ESTIMATE RISK
Mineral resource estimates are expressions of judgement based on knowledge, experience and industry practice.
These estimates were appropriate when made but may change significantly when new information becomes available.
There are risks associated with such estimates. Mineral resource estimates are necessarily imprecise and depend to
some extent on interpretations, which may ultimately prove to be inaccurate and require adjustment. Adjustments to
resource estimates could affect the Company’s future plans and ultimately its financial performance and value. Cobalt,
copper,sliver and zinc metal price fluctuations, as well as increased production costs or reduced throughput and/or
recovery rates, may render resources containing relatively lower grades uneconomic and may materially affect resource
estimations.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
28
REMUNERATION REPORT – AUDITED
The directors present the Coda Minerals Ltd 2024 remuneration report, outlining key aspects of our remuneration policy
and framework, and remuneration awarded this year.
(a) Key management personnel
The following persons were deemed to be Key Management Personnel (“KMP”) during or since the end of the financial
year for the purpose of Section 300A of the Corporations Act 2001 and unless otherwise stated were KMP for the entire
reporting period.
NON-EXECUTIVE DIRECTORS
Keith F. Jones
Non-Executive Director & Chair
Andrew Marshall
Non-Executive Director
Colin Moorhead
Non-Executive Director (Resigned: 30 April 2024)
Paul Hallam
Non-Executive Director
EXECUTIVE DIRECTORS
Chris Stevens
Chief Executive Officer & Executive Director
OTHER EXECUTIVES
Kudzai Mtsambiwa
Chief Financial Officer
(b) Remuneration policy for key management personnel
The Board is responsible for determining the appropriate remuneration for directors and senior management via
the Remuneration Committee. The committee is made up of the non-executive chairperson and independent non-
executive directors.
The Company’s remuneration policy is designed to:
•
ensure that coherent remuneration policies and practices are observed which enable the attraction and retention
of directors and management who will create value for shareholders;
•
fairly and responsibly reward directors and senior management having regard to the Company’s performance, the
performance of the senior management and the general pay environment; and
•
comply with all relevant legal and regulatory provisions.
Non-executive directors
The board’s policy is to remunerate Non-executive Directors at market rates for comparable companies for time,
commitment and responsibilities. The Remuneration Committee on behalf of the board determines payments to the
Non-executive Directors and reviews their remuneration annually to ensure it remains aligned to business needs and
meets remuneration principles. From time to time, the committee also engages external remuneration consultants
to assist with this review. Although no remuneration consultant was engaged during the current Financial Year the
board undertook comparable benchmarking of peer remuneration in the previous financial year. In particular, the
board aims to ensure that remuneration practices are:
•
competitive and reasonable, enabling the company to attract and retain key talent;
•
aligned to the company’s strategic and business objectives and the creation of shareholder value;
•
transparent and easily understood; and
•
acceptable to shareholders.
The maximum aggregate amount of fees that can be paid to Non-executive Directors is $950,000 as approved by
shareholders in July 2019. Fees for Non-executive Directors are not linked to the performance of the economic entity.
However, to align Directors’ interests with shareholder interests, the Directors are encouraged to hold shares in the
Company.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
29
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
(b) Remuneration policy for key management personnel (continued)
Executive directors and other senior executives
The remuneration policy for employees is developed by the Remuneration Committee taking into account market
conditions and comparable salary levels for companies of a similar size and operating in similar sectors.
The Board will make decisions regarding the remuneration of executive directors and senior management having
regard to various factors including performance and any recommendations made by the Managing Director/CEO,
senior management, compensation consultants and other advisors. The Board will also make a decision regarding
the remuneration of non executive directors having regard to, amongst other things, any recommendations made by
compensation consultants and other advisors.
The Company’s Employee current Incentive Plan (“EIP”) for its staff, executive KMP and Non-executive Directors was
updated on 10 November 2023 following shareholder approval. The board believes that the EIP will assist the Company
in remunerating and providing ongoing incentives to employees of the Company. The rules of the EIP enable the
Company to issue shares, options or performance rights to eligible personnel subject to performance and vesting
conditions determined by the Company.
All remuneration provided to KMP in the form of share based payments are valued pursuant to AASB 2 Share-Based
Payment at fair value on grant date and are expensed on a pro rata basis over the vesting period of the relevant
security.
(c) Elements of remuneration
Remuneration for non executive directors may contain any or all of the following:
(i)
annual fees - reflecting the value of the individuals’ personal performance, time commitment and responsibilities
of the role;
(ii) equity based remuneration - issues of shares or securities, reflecting the contribution of the Director towards the
Company’s medium and long term performance objectives; and
(iii) other benefits - superannuation payments, but not including retirement benefits that are additional to the
individual’s superannuation.
Remuneration for executive directors and other senior executives may incorporate fixed and variable pay
performance elements with both a short term and long term focus.
Remuneration packages may contain any or all of the following:
(i)
annual base salary - reflecting the value of the individuals’ personal performance, their ability and experience, as
well as the Company’s obligations at law and labour market conditions and should be relative to the scale of the
business of the Company;
(ii) performance based remuneration - rewards, bonuses, special payments and other measures available to reward
individuals and teams following a particular outstanding business contribution having regard to clearly specified
performance targets and to the Company’s circumstances, values and risk appetite;
(iii) equity based remuneration - share participation via employee share and option schemes, reflecting the
Company’s short, medium and long term performance objectives;
(iv) other benefits - such as holidays, sickness benefits, superannuation payments and long service benefits;
(v) expense reimbursement - for any expenses incurred in the course of the personnel’s duties; and
(vi) termination payments - any termination payments should reflect contractual and legal obligations and will not be
made when an executive is removed for misconduct.
(d) Voting and comments made at the company’s 2023 Annual General Meeting (‘AGM’)
At the 2023 AGM, 98% of the total votes cast in the poll supported the adoption of the remuneration report for the
year ended 30 June 2023. The company did not receive any specific feedback at the AGM regarding its remuneration
practices.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
30
(e) Link between remuneration and performance
The table below sets out summary information about the Consolidated Entity’s earnings and movements in
shareholder wealth for the three years to June 2024.
30 JUNE 2024
30 JUNE 2023
30 JUNE 2022
30 JUNE 2021
$
$
$
$
Revenue
-
-
-
-
EBITDA
(4,511,866)
(7,762,070)
(14,070,685)
(6,401,000)
EBIT
(4,674,734)
(7,924,530)
(14,218,215)
(6,523,750)
Net loss before tax
(4,565,582)
(7,762,665)
(14,210,882)
(6,523,291)
Net loss after tax
(4,565,582)
(7,762,665)
(14,210,882)
(6,523,291)
Total comprehensive loss
(4,631,674)
(7,846,540)
(14,210,882)
(6,523,291)
$/SHARE
$/SHARE
$/SHARE
$/SHARE
Share price at start of year
$0.21
$0.26
$1.25
$0.301
Share price at end of year
$0.11
$0.21
$0.26
$1.25
CENTS/SHARE
CENTS/SHARE
CENTS/SHARE
Basic loss per share
(0.03)
(0.06)
(0.14)
(0.09)
1. The Company listed on ASX on 28 October 2020 at $0.30 per share.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
31
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
(f) KMP remuneration expenses
The KMP received the following amounts during the year as compensation for their services as directors and
executives of the Company.
SHORT-TERM EMPLOYEE BENEFIT
POST-
EMPLOYMENT
BENEFIT
SHARE BASED
PAYMENTS
TOTAL
REMUNER-
ATION
LINKED TO
PERFOR-
MANCE
2024
SALARY
& FEES
BONUS(iii)
NON-
MONETARY(ii)
ANNUAL
LEAVE
MOVEMENT(i)
SUPER-
ANNUATION
PERFOR-
MANCE
RIGHTS
OPTIONS (v)
$
$
$
$
$
$
$
$
%
Non-executive directors
Keith F.
Jones
100,000
-
- -
11,000
-
28,000
139,000
-
Andrew
Marshall
50,000
-
- -
5,500
-
9,333
64,833
-
Colin
Moorhead(iv)
46,250
-
- -
-
-
9,333
55,583
-
Paul Hallam
50,000
-
- -
5,500
-
9,333
64,833
-
246,250
-
-
-
22,000
-
55,999
324,249
-
Executive directors
Chris
Stevens
361,101
48,077
4,150
(6,970)
27,399
176,827
28,000
638,584
35%
361,101
48,077
4,150
(6,970)
27,399
176,827
28,000
638,584
Other executives
Kudzai
Mtsambiwa
249,100
25,922
4,150
7,655
27,657
111,181
-
425,665
32%
249,100
25,922
4,150
7,655
27,657
111,181
-
425,665
Total
856,451
73,999
8,300
685
77,056
288,008
83,999
1,388,498
Notes:
(i) The amounts disclosed represent the movement in the associated annual leave provision balances. The value may be negative when an
Executive resigns or takes more leave than the entitlement accrued during the year.
(ii) Non-monetary benefits relate to office car parking.
(iii) The FY24 bonus was approved by the Remuneration Committee in June 2024 following analysis of attainment of KPIs against criteria set .
Bonuses for eligible employees are based on a percentage of Total Fixed Remuneration (TFR) and assessed against companywide criteria.
During the FY24 period, the CEO was eligible for a cash bonus of up to 33% of TFR and the CFO was eligible for a cash bonus of up to 25% of
TFR. During the FY24 period, the cash bonus paid to the CEO was 12% of TFR and the cash bonus paid to the CFO was 9% of TFR.
(iv) Mr Moorhead received a superannuation guarantuee employer shortfall exemption certificate from the Australian Taxation Office and as
such the shortfall in superannuation was paid as directors fees. Mr Moorhead resigned as a Director with effect from 30 April 2024.
(v) Options were issued on 3 July 2020 and have an exercise price of $0.2145, an expiry date of 3 July 2024 and were subject to escrow until 28
October 2022. The options vested in tranches as follows:
1/3 of the options vest upon reaching a share price of $0.23 in the 30 June 2021 financial year.
1/3 of the options vest upon reaching a share price of $0.27 in the 30 June 2021 financial year.
1/3 of the options vest upon reaching a share price of $0.30 in the 30 June 2021 financial year.
All the options expired unexercised on 3 July 2024.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
32
(f) KMP remuneration expenses (continued)
FY24 KPIs were set based on the following criteria:
AREA
THRESHOLD
TARGET
EXCEED
WEIGHT
50%
75%
100%
1. Safety,
Environment
and Heritage
76-100% Construction
and Mining Industry
benchmark LTIFR.
51-75% Construction
and Mining Industry
benchmark LTIFR.
≤50% Construction and
Mining Industry benchmark
LTIFR.
10%
2. Adherence
to Budget
Adherence to approved
FY24 budget with
utilisation of contingency
and minor overruns or
variations.
Adherence to FY24 budget
with strong budgetary
controls and no material
overruns or material
variations.
Board assesses budgetary
control to be beyond
expectations and with clear
overperformance and/ or
cost savings identified.
20%
3. Share Price
Share price performance
in top 50% of selected
basket of peers.
Share price performance
in top 75% of selected
basket of peers.
Share price growth
resulting in an enterprise
value > 300% of listing value
and being in top quartile of
peers.
20%
4. Scoping Study
Completion and delivery to
market of board approved
Scoping Study update
showing greater than
20% improvement to the
Net Present Value of the
Elizabeth Creek Copper
Project.
Completion of board
approved Scoping Study
update showing greater
than 40% improvement
to the Net Present Value
of the Elizabeth Creek
Copper Project.
Completion and delivery of
board approved Scoping
Study for the Elizabeth
Creek Copper Project with a
post-tax NPV:CAPEX ratio
greater than 1:1.
25%
5. Exploration
& Business
Development
Identification of clear
go-forward targets with
board approval to proceed
and/ or material progress
towards a board approved
funding solution and/
or grant of material new
tenure with go-forward
targets.
Identification by drill
confirmed intercepts
of mineralisation
comparable to Emmie
Bluff capable of inclusion
in mine plan and greater
than 10% of equivalent
total Emmie Bluff
Resource area.
Completion of work to
increase known “Reserves”
by at least 20% of Emmie
Bluff area within mine plan.
25%
In June 2024 the board passed and approved the payment of bonus against the KPIs as follows:
AREA
1
2
3
4
5
KPI
Safety
Budget
Share Price
Scoping
Study
Exploration
& Business
Development
KPI Weighting
10%
20%
20%
25%
25%
Award Recommended
Exceed
Target
Nil2
Threshold3
Nil4
Award % Recommended
100%
75%
0%
50%
0%
2. Although technically met at the Threshold level, the board has elected to make a Nil award due to ongoing market pressure and relataive
year on year share price decline.
3. Although technically met at the Exceed level with NPV:CAPEX ratio greater than 1:1 the board has elected to award at Threshold level in
order to reduce overall bonus payments.
4. Although technically met at the Threshold level, the board has elected to make a Nil award due to reduce overall bonus payments.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
33
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
(f) KMP remuneration expenses (continued)
SHORT-TERM EMPLOYEE BENEFIT
POST-
EMPLOYMENT
BENEFIT
SHARE BASED
PAYMENTS
TOTAL
REMUNER-
ATION
LINKED TO
PERFOR-
MANCE
2023
SALARY
& FEES
BONUS(iii)
NON-
MONETARY(ii)
ANNUAL
LEAVE
MOVEMENT(i)
SUPER-
ANNUATION
PERFOR-
MANCE
RIGHTS
OPTIONS
$
$
$
$
$
$
$
$
%
Non-executive directors
Keith F.
Jones
100,000
-
- -
10,500
-
28,000
138,500
-
Andrew
Marshall
50,000
-
- -
5,250
-
9,333
64,583
-
Colin
Moorhead(iv)
53,937
-
- -
1,313
-
9,333
64,583
-
Paul Hallam
50,000
-
- -
5,250
-
9,333
64,583
-
253,937
-
- -
22,313
-
55,999
332,249
-
Executive directors
Chris
Stevens
328,997
90,610
3,600
13,117
25,292
98,736
28,000
588,352
32%
328,997
90,610
3,600
13,117
25,292
98,736
28,000
588,352
Other executives
Kudzai
Mtsambiwa
235,000
49,925
3,600
5,662
25,216
35,073
-
354,476
24%
235,000
49,925
3,600
5,662
25,216
35,073
-
354,476
Total
817,934
140,535
7,200
18,779
72,821
133,809
83,999
1,275,077
Notes:
(i) The amounts disclosed represent the movement in the associated annual leave provision balances. The value may be negative when an
Executive resigns or takes more leave than the entitlement accrued during the year.
(ii) Non-monetary benefits relate to office car parking.
(iii) The FY23 bonus was approved by the Remuneration Committee in June 2023 following analysis of attainment of KPIs against criteria set .
Bonuses for eligible employees are based on a percentage of Total Fixed Remuneration (TFR) and assessed against companywide criteria.
During the FY23 period, the CEO was eligible for a cash bonus of up to 33% of TFR and the CFO was eligible for a cash bonus of up to 25% of
TFR. During the FY23 period, the cash bonus paid to the CEO was 26% of TFR and the cash bonus paid to the CFO was 19% of TFR.
(iv) Mr Moorhead received a superannuation guarantuee employer shortfall exemption certificate from the Australian Taxation Office and as
such the shortfall in superannuation was paid as directors fees.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
34
(f) KMP remuneration expenses (continued)
FY23 KPIs were set based on the following criteria:
AREA
THRESHOLD
TARGET
EXCEED
WEIGHT
50%
75%
100%
1. Safety,
Environment
and Heritage
76-100% Construction and
Mining Industry benchmark
LTIFR.
51-75% Construction and
Mining Industry benchmark
LTIFR.
≤50% Construction
and Mining Industry
benchmark LTIFR.
10%
2. Adherence
to Budget
Adherence to approved
FY23 budget with
utilisation of contingency
and minor overruns or
variations.
Adherence to FY23 budget
with strong budgetary
controls and no material
overruns or material
variations.
Board assesses budgetary
control to be beyond
expectations and with
clear overperformance
and/ or cost savings
identified.
20%
3. Share Price
Share price performance
in top 50% of selected
basket of peers.
Share price performance
in top 75% of selected
basket of peers.
Share price growth
resulting in an enterprise
value > 300% of listing
value and being in top
quartile of peers.
30%
4. Scoping Study
Completion and delivery of
board approved Scoping
Study for the Elizabeth
Creek Copper Project.
Completion and delivery of
board approved Scoping
Study for the Elizabeth
Creek Copper Project with
an NPV:CAPEX ratio >
0.5:1 and board approved
funding plan to proceed
with critical path PFS
items.
Completion and delivery of
board approved Scoping
Study for the Elizabeth
Creek Copper Project
with an NPV:CAPEX ratio
> 1:1 and board approved
funding plan to proceed
into PFS.
25%
5. Exploration
& Business
Development
Completion of ANT and
Tight Spaced Gravity
surveys with clear go-
forward targets with
board approval to proceed
and/ or material progress
towards a board approved
M&A transaction.
Completion of geophysical
programmes and
completion of associated
board approved drilling
programmes leading to
discovery of economic
grade mineral intercepts
remaining open for
continued exploration.
And/ or completion of a
material board approved
M&A transaction.
Completion of geophysical
programmes and
completion of associated
board approved drilling
programmes leading to
discovery of economic
grade mineralisation
of significant scale and
project impact. And/ or
completion of a board
approved M&A transaction
leading to increased JORC
Resource base.
15%
In June 2023 the board passed and approved the payment of bonus against the KPIs as follows:
AREA
1
2
3
4
5
KPI
Safety
Budget
Share Price
Scoping
Study
Exploration
& Business
Development
KPI Weighting
10%
20%
30%
25%
15%
Award Recommended
Exceed
Exceed
Threshold
Exceed
Threshold
Award % Recommended
100%
100%
50%
100%
50%
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
35
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
(g) KMP contractual arrangements
Executive directors and other executives
COMPONENT
EXECUTIVE DIRECTOR
CHRIS STEVENS
OTHER EXECUTIVE
KUDZAI MTSAMBIWA
Total Fixed remuneration
$ 388,500 inclusive of superannuation
$ 276,501 inclusive of superannuation
Contract duration
Ongoing contract
Ongoing contract
Notice by the
individual/company
4 months’ notice (individual)
6 months’ notice (Company)
12 weeks
Termination of
employment
(without cause)
Entitlement to pro-rata STI for the year.
Unvested LTI will remain on foot subject to achievement of the performance hurdles at
the original date of testing.
The Board has discretion to award a greater or lower amount.
Termination of
employment (with cause)
or by the individual
STI is not awarded, and all unvested LTI will lapse.
Vested and unexercised LTI can be exercised within a period of 30 days from
termination.
Non-executive directors
COMPONENT
CHAIR
MEMBER
Board base fees plus superannuation (pa)
$100,000
$50,000
Additional fees (pa):
Audit & Risk Management Committee
-
-
Remuneration & Nomination Committee
-
-
All non-executive directors enter into a service agreement with the company in the form of a letter of appointment.
The letter summarises the board policies and terms, including remuneration, relevant to the office of director.
Superannuation paid at the legislated rate is excluded from base directors fees and where a director has a
superannuation guarantuee employer shortfall exemption certificate from the Australian Taxation Office, the
shortfall in superannuation is paid as directors fees.
(h) KMP share holding
Details of fully paid ordinary shares held by KMP during the financial year is set out below:
2024
OPENING
BALANCE
PURCHASES
ON-MARKET
RECEIVED ON
EXERCISE OF
PERFORMANCE
RIGHTS
PURCHASES
FROM SHARE
PLACEMENT
NET OTHER
CHANGE
CLOSING
BALANCE
Non-executive directors
Keith F. Jones
7,844,135
-
-
2,777,777
-
10,621,912
Andrew Marshall
329,293
-
-
555,556
-
884,849
Colin Moorhead
700,000
-
-
-
(700,000)2
-
Paul Hallam
1,348,888
-
-
555,556
-
1,904,444
Executive directors
Chris Stevens
600,922
87,500
191,6151
333,333
-
1,213,370
Other executives
Kudzai
Mtsambiwa
-
-
65,9671
222,222
-
288,189
Notes:
1. The shares were issued for nil exercise price upon the exercise of performance rights on 5 July 2023.
2. Mr Moorhead resigned as a Director with effect from 30 April 2024.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
36
(h) KMP share holding (continued)
Options
During the year, the Company granted 2,222,222 options to Directors and executives who subscribed to shares under
the placement it completed, and each Director was entitled to receive one attaching unquoted option, exercisable at
$0.15 and expiring on 28 March 2029, for every two shares subscribed. The following tables summarises information
relevant to options held by directors and KMP as at 30 June 2024.
NAME
GRANT
DATE
NUMBER
GRANTED
NUMBER
VESTED
FAIR VALUE
AT GRANT
DATE ($)
EXPIRY
DATE
Non-executive directors
Keith F. Jones
3/7/2020
2,000,000
2,000,0001
112,000
3/7/2024
15/5/2024
1,388,889
1,388,8892
123,611
28/3/2029
Andrew Marshall
3/7/2020
666,666
666,6661
37,333
3/7/2024
15/5/2024
277,778
277,7782
24,722
28/3/2029
Colin Moorhead
3/7/2020
666,667
666,6671
37,333
3/7/2024
Paul Hallam
3/7/2020
666,667
666,6671
37,333
3/7/2024
15/5/2024
277,778
277,7782
24,722
28/3/2029
Executive directors
Chris Stevens
3/7/2020
2,000,000
2,000,0001
112,000
3/7/2024
15/5/2024
166,666
166,6662
14,833
28/3/2029
Other executives
Kudzai Mtsambiwa
15/5/2024
111,111
111,1112
9,889
28/3/2029
Notes:
1. Options have an exercise price of $0.2145, an expiry date of 3 July 2024 and were subject to escrow until 28 October 2022.
The options vested in tranches as follows:
1/3 of the options vested upon reaching a share price of $0.23 in the 30 June 2021 financial year.
1/3 of the options vested upon reaching a share price of $0.27 in the 30 June 2021 financial year.
1/3 of the options vested upon reaching a share price of $0.30 in the 30 June 2021 financial year.
All the options expired unexercised on 3 July 2024.
2. Options have an exercise price of $0.15 and an expiry date of 28 March 2029.
Details of the movement in options held by directors and KMP during the financial year is set out below:
2024
OPENING
BALANCE
EXERCISED
DURING
PERIOD
EXPIRED
DURING
PERIOD
NET
CHANGES
OTHER
ISSUED
UNDER
SHARE
PLACEMENT
CLOSING
BALANCE
Non-executive directors
Keith F. Jones
2,000,000
-
-
-
1,388,889
3,388,889
Andrew Marshall
666,666
-
-
-
277,778
944,444
Colin Moorhead
666,667
-
-
(666,667)1
-
-
Paul Hallam
666,667
-
-
-
277,778
944,445
Executive directors
Chris Stevens
2,000,000
-
-
-
166,666
2,166,666
Other executives
Kudzai Mtsambiwa
-
-
-
-
111,111
111,111
Note:
1. Mr Moorhead resigned as a Director with effect from 30 April 2024.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
37
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
(h) KMP share holding (continued)
Performance rights
The following tables summarises information relevant to performance rights held by directors and KMP as at
30 June 2024.
NAME
GRANT
DATE
NUMBER
GRANTED
NUMBER
VESTED AND
EXERCISED7
FAIR VALUE
AT GRANT
DATE ($)
EXPIRY DATE
Non-executive directors
Keith F. Jones
-
-
-
-
-
Andrew Marshall
-
-
-
-
-
Colin Moorhead
-
-
-
-
-
Paul Hallam
-
-
-
-
-
Executive directors
Chris Stevens
19/11/2021
103,2461
68,830
85,694
19/11/2026
9/11/2022
471,6022
157,200
122,616
9/11/2027
10/11/2023
823,7273
-
127,678
10/11/2028
10/11/2023
2,053,7864
-
63,6674
10/11/2028
10/11/2023
1,026,8935
-
4,7245
10/11/2028
10/11/2023
342,2996
-
53,056
10/11/2028
Other executives
Kudzai Mtsambiwa
12/07/2022
197,9032
65,967
57,392
9/11/2027
5/07/2023
457,3823
-
112,059
5/07/2028
22/11/2023
1,081,9624
-
30,9444
22/11/2028
22/11/2023
540,9815
-
2,0565
22/11/2028
22/11/2023
180,3276
-
25,787
22/11/2028
Notes:
1. 1/3 of the performance rights vested on 1 July 2024.
2. 1/3 of the performance rights vested on 1 July 2024.
1/3 of the performance rights vest on 1 July 2025.
3. 1/3 of the performance rights vested on 1 July 2024.
1/3 of the performance rights vest on 1 July 2025.
1/3 of the performance rights vest on 1 July 2026.
4. 1/2 of these performance rights vest on completion of the Copper-Cobalt Project Pre-Feasibility Study by 30 June 2026 and a probability
of 20% has been applied to the valuation of the performance rights.
The other 1/2 of these performance rights vest on completion of the Copper-Cobalt Project Definitive Feasibility Study by 30 June 2026
and a probability of 20% has been applied to the valuation of the performance rights.
5. Performance rights vest on the value of Coda’s shares (based on a 30 day VWAP) remaining at a price of A$ 1.20 per share or higher for
more than 30 day period following release of results pertaining to Resource upgrade (sedimentary) or discovery of a major IOCG style
copper system at Elizabeth Creek or any of Coda’s projects by 30 June 2026 and a probability of 10% has been applied to the valuation of
the performance rights.
6. 1/3 of the performance rights vested on 1 July 2024.
1/3 of the performance rights vest on 1 July 2025.
1/3 of the performance rights vest on 1 July 2026.
7. Performance rights have an exercise price of nil.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
38
(h) KMP share holding (continued)
Details of the movement in performance rights held by directors and KMP during the financial year is set out below:
2024
OPENING
BALANCE
ISSUED
DURING PERIOD
EXERCISED
DURING PERIOD
NET OTHER
CHANGE
CLOSING
BALANCE
Non-executive directors
Keith F. Jones
-
-
-
-
-
Andrew Marshall
-
-
-
-
-
Colin Moorhead
-
-
-
-
-
Paul Hallam
-
-
-
-
-
Executive directors
Chris Stevens
540,433
4,246,705
(191,615)
-
4,595,523
Other executives
Kudzai Mtsambiwa
197,903
2,260,652
(65,967)
-
2,392,588
Other transactions with key management personnel and their related parties
There have been no other related party transactions during the reporting period.
END OF AUDITED REMUNERATION REPORT.
AUDITOR
RSM Australia Partners was appointed the Group’s auditor on the 1st of November 2022 and continues in office in
accordance with section 327 of the Corporations Act 2001.
INDEMNIFICATION AND INSURANCE - OFFICER OR AUDITOR
During the financial year, the Company has indemnified each of the Directors and Officers against all liabilities incurred
by them as Directors or Officers of the Company and all legal expenses incurred by them as Directors or Officers of
the Company. The indemnification is subject to various specific exclusions and limitation. The Directors and Officers
of the Company have been insured against all liabilities and expenses arising as a result of work performed in their
respective capacities, to the extent permitted by law. The contract of insurance prohibits the disclosure of the amount
of the insurance premiums paid during the year ended 30 June 2024. The Company did not provide any insurance or
indemnification for the auditors of the Company.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on
behalf of the company, or to intervene in any proceedings to which the company is a party for the purpose of taking
responsibility on behalf of the company for all or part of those proceedings.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
39
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2024
AUDIT AND NON-AUDIT SERVICES
Details of the amounts paid to the auditor of the Company, RSM Australia Partners, and its related practices for audit and
non-audit services provided during the period are set out below:
30 June 2024
$
Auditors of the Company – RSM Australia Partners
RSM Australia Partners and related network firms
Audit and review of financial reports
40,000
Other services - Tax consulting services
38,393
78,393
Details of the amounts paid or payable to the auditor for non-audit services provided during the financial year by the
auditor are outlined in above. The directors are satisfied that the provision of non-audit services during the financial
year, by the auditor (or by another person or firm on the auditor’s behalf), is compatible with the general standard of
independence for auditors imposed by the Corporations Act 2001.
The directors are of the opinion that the services as disclosed above do not compromise the external auditor’s
independence requirements of the Corporations Act 2001 for the following reasons:
•
all non-audit services have been reviewed and approved to ensure that they do not impact the integrity and objectivity
of the auditor; and
•
none of the services undermine the general principles relating to auditor independence as set out in APES 110 Code
of Ethics for Professional Accountants issued by the Accounting Professional and Ethical Standards Board, including
reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity for the company,
acting as advocate for the company or jointly sharing economic risks and rewards.
ROUNDING OF AMOUNTS
The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off in accordance with that
Corporations Instrument to the nearest nearest dollar.
LEAD AUDITOR’S INDEPENDENCE DECLARATION
In accordance with section 307C of the Corporations Act 2001, the directors received the attached Independence
Declaration set out on page 41 and forms part of the Directors’ Report for the year ended 30 June 2024.
This report is made in accordance with a resolution of directors, pursuant to section 298(2)(a) of the Corporations Act
2001. On behalf of the directors:
K F Jones
Director
26 September 2024
Perth, Australia
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
40
AUDITOR’S INDEPENDENCE
DECLARATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
41
AUDITOR’S INDEPENDENCE DECLARATION
FOR THE YEAR ENDED 30 JUNE 2024
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name
used by the members of the RSM network. Each member of the RSM network is an independent accounting
and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in
any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower,
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
AUDITOR’S INDEPENDENCE DECLARATION
As lead auditor for the audit of the financial report of Coda Minerals Limited for the year ended 30 June 2024, 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.
RSM AUSTRALIA
Perth, WA
MATTHEW BEEVERS
Dated: 26 September 2024
Partner
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
42
INDEPENDENT AUDITOR’S
REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
43
RSM Australia Partners
Level 32 Exchange Tower,
2 The Esplanade Perth WA 6000
GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100
F +61 (0) 8 9261 9111
www.rsm.com.au
RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network.
Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a
separate legal entity in any jurisdiction.
RSM Australia Partners ABN 36 965 185 036
Liability limited by a scheme approved under Professional Standards Legislation
INDEPENDENT AUDITOR’S REPORT
To the Members of Coda Minerals Limited
Opinion
We have audited the financial report of Coda Minerals Limited (the Company) and its subsidiaries (the Group),
which comprises the consolidated statement of financial position as at 30 June 2024, the consolidated
statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity
and the consolidated statement of cash flows for the year then ended, and notes to the financial statements,
including material accounting policy information, the consolidated entity disclosure statement, and the
directors' declaration.
In our opinion the accompanying financial report of the Group is in accordance with the Corporations Act
2001, including:
(i) giving a true and fair view of the Group's financial position as at 30 June 2024 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 Group 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.
INDEPENDENT AUDITOR’S REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
44
INDEPENDENT AUDITOR’S REPORT
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial report of the current period. These matters were addressed in the context of our audit of the financial
report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed this matter
Exploration and Evaluation Assets
Refer to Note 13 in the financial statements
The Group has capitalised exploration and
evaluation assets with a carrying value of
$17,926,175 as at 30 June 2024.
We considered this to be a key audit matter due to
the significant management judgments involved in
assessing the carrying value of the asset
including:
•
Determination of whether the expenditure
can be associated with finding specific
mineral resources, and the basis on which
that expenditure is allocated to an area of
interest;
•
Determination
of
whether
exploration
activities have progressed to the stage at
which the existence of an economically
recoverable
mineral
reserve
may
be
assessed; and
•
Assessing
whether
any
indicators
of
impairment are present, and if so, judgments
applied to determine and quantify any
impairment loss.
Our audit procedures included:
•
Assessing the Group’s accounting policy for
compliance with Australian Accounting Standards;
•
Assessing whether the Group’s right to tenure of
each relevant area of interest is current;
•
Agreeing, on a sample basis, exploration and
evaluation expenditure incurred during the year to
supporting documentation, including assessing
whether all amounts have been accounted for in
accordance with the Group’s accounting policy;
•
Assessing
and
evaluating
management’s
assessment that no indicators of impairment
existed at the reporting date;
•
Assessing
management’s
determination
that
exploration and evaluation activities have not yet
reached a stage where the existence or otherwise
of economically recoverable reserves may be
reasonably determined;
•
Enquiring with management and reading budgets
and other supporting documentation to corroborate
that active and significant operations in, or relation
to, each relevant area of interest will be continued
in the future; and
•
Assessing the appropriateness of the disclosures
in financial report.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
45
Other Information
The directors are responsible for the other information. The other information comprises the information
included in the Group's annual report for the year ended 30 June 2024 but does not include the financial
report and the auditor's report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express
any form of assurance conclusion thereon.
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 Company are responsible for the preparation of:
a. the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b. the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i.
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view and is free from material misstatement, whether due to fraud or error; and
ii.
the consolidated entity disclosure statement that is true and correct and is free of misstatement,
whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the Group 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 Group or to cease operations,
or have 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.
A further description of our responsibilities for the audit of the financial report is located at the Auditing and
Assurance Standards Board website at: https://www.auasb.gov.au/admin/file/content102/c3/ar2_2020.pdf.
This description forms part of our auditor's report.
INDEPENDENT AUDITOR’S REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
46
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in within of the directors' report for the year ended
30 June 2024.
In our opinion, the Remuneration Report of Coda Minerals Limited., for the year ended 30 June 2024,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the Remuneration
Report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an
opinion on the Remuneration Report, based on our audit conducted in accordance with Australian Auditing
Standards.
RSM AUSTRALIA
Perth, WA
MATTHEW BEEVERS
Dated: 26 September 2024
Partner
INDEPENDENT AUDITOR’S REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
47
END OF INDEPENDENT AUDITOR’S REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
48
DIRECTORS’
DECLARATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
49
DIRECTORS’ DECLARATION
FOR THE YEAR ENDED 30 JUNE 2024
In the opinion of the directors of Coda Minerals Ltd (“the Group”):
1. The financial statements and notes, comply with the Corporations Act 2001, Australian Accounting Standards,
Corporations Regulations 2001 and other mandatory professional reporting requirements;
2. The financial statements and notes comply with International Financial Reporting Standards as issued by the
International Accounting Standards Board as described in note 2 to the financial statements;
3. The financial statements and notes give a true and fair view of the consolidated entity’s financial position as at 30
June 2024 and of its performance for the financial year ended on that date;
4. There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due
and payable; and
5. The information disclosed in the Consolidated Entity Disclosure Statement on page 87 is true and correct.
The Directors have been given the declarations required by section 295A of the Corporations Act 2001.
Signed in accordance with a resolution of the Directors made pursuant to section 295(5)(a) of the Corporations Act 2001.
On behalf of Directors
KF Jones
Director
Dated at Perth this 26th day of September 2024.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
50
30 JUNE 2024
30 JUNE 2023
NOTE
$
$
Other income
5
307,232
107,164
Administration expenses
5 (a)
(3,039,303)
(3,445,882)
Exploration & evaluation expenses
5 (b)
(1,715,795)
(4,235,214)
Corporate finance expenses
5 (c)
(64,000)
(188,138)
Other expenses
5 (d)
(162,868)
(162,460)
Results from operating activities
(4,674,734)
(7,924,530)
Finance income
5
124,707
164,180
Finance expenses
5 (e)
(15,555)
(2,315)
Loss before income tax
(4,565,582)
(7,762,665)
Income tax benefit / (expense)
6
-
-
Loss for the period attributable to owners of the parent
(4,565,582)
(7,762,665)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Fair value movement on financial asset
(66,092)
(83,875)
Total comprehensive loss for the period attributable to
owners of the parent
(4,631,674)
(7,846,540)
Earnings per share
Basic and diluted (loss) per share
22
(0.03)
(0.06)
The consolidated 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.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
51
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024
30 JUNE 2024
30 JUNE 2023
NOTE
$
$
CURRENT ASSETS
Cash and cash equivalents
7
3,426,744
4,717,592
Receivables
8
27,107
77,572
Prepayments
9
176,920
224,185
TOTAL CURRENT ASSETS
3,630,771
5,019,349
NON-CURRENT ASSETS
Receivables
8
204,435
150,328
Financial assets at fair value through other
comprehensive income
10
146,893
175,375
Property, plant and equipment
11
230,304
165,812
Intangible assets
12
104,553
117,887
Exploration and evaluation assets
13
17,926,175
17,926,175
TOTAL NON-CURRENT ASSETS
18,612,360
18,535,577
TOTAL ASSETS
22,243,131
23,554,926
CURRENT LIABILITIES
Trade and other payables
15
245,017
581,587
Employee benefits
16
277,204
269,658
Lease liabilities
17
114,567
7,668
TOTAL CURRENT LIABILITIES
636,788
858,913
NON-CURRENT LIABILITIES
Lease liabilities
17
9,414
-
TOTAL NON-CURRENT LIABILITIES
9,414
-
TOTAL LIABILITIES
646,202
858,913
NET ASSETS
21,596,929
22,696,013
EQUITY
Issued capital
18
47,194,079
44,137,422
Capital contribution reserve
19
12,040,106
12,040,106
Share based payment reserve
19
1,659,393
1,368,926
Revaluation reserve
19
(149,967)
(83,875)
Accumulated losses
(39,146,682)
(34,766,566)
TOTAL EQUITY
21,596,929
22,696,013
The consolidated 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.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
52
ISSUED
CAPITAL
CAPITAL
CONTRIBUTION
RESERVE
SHARE
BASED
PAYMENTS
RESERVE
RE-
VALUATION
RESERVE
ACCUMULATED
LOSSES
TOTAL
$
$
$
$
$
Year ended
30 June 2024
Opening balance at
1 July 2023
44,137,422
12,040,106
1,368,926
(83,875)
(34,766,566)
22,696,013
Loss for the year
-
-
-
-
(4,565,582)
(4,565,582)
Fair value movement
on financial asset
-
-
-
(66,092)
-
(66,092)
Total comprehensive
loss for the year
-
-
-
(66,092)
(4,565,582)
(4,631,674)
Shares issued
under placement
2,919,930
-
-
-
-
2,919,930
Share issue costs
(46,804)
-
-
-
-
(46,804)
Transferred from
reserve upon expiry
-
-
(185,466)
-
185,466
-
Transferred from
reserve upon excerise
183,531
-
(183,531)
-
-
-
Share based payments
to Directors and
employees
-
-
659,464
-
-
659,464
Closing balance
at 30 June 2024
47,194,079
12,040,106
1,659,393
(149,967)
(39,146,682)
21,596,929
Year ended
30 June 2023
Opening balance
at 1 July 2022
40,229,393
12,040,106
611,859
-
(27,003,901)
25,877,457
Loss for the year
-
-
-
-
(7,762,665)
(7,762,665)
Fair value movement
on financial asset
-
-
-
(83,875)
-
(83,875)
Total comprehensive
loss for the year
-
-
-
(83,875)
(7,762,665)
(7,846,540)
Shares issued under
placement
4,131,756
-
-
-
-
4,131,756
Share issue costs
(266,790)
-
-
-
-
(266,790)
Transferred from
reserve upon excerise
43,063
-
(43,063)
-
-
-
Share based payments
to Directors, employees
& lead advisor
-
-
800,130
-
-
800,130
Closing balance
at 30 June 2023
44,137,422
12,040,106
1,368,926
(83,875)
(34,766,566)
22,696,013
The consolidated 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.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
53
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
30 JUNE 2024
30 JUNE 2023
NOTE
$
$
Cash flows from operating activities
Proceeds from government grants and tax incentives
5
269,622
69,907
Payments for exploration and evaluation expenditure
(1,918,046)
(4,458,336)
Payments for administration, corporate finance activities and
other expenditure
(2,515,200)
(3,281,682)
Interest received
112,917
164,180
Net cash used in operating activities
25
(4,050,707)
(7,505,931)
Cash flows from investing activities
Payments for property, plant & equipment
(1,817)
(18,312)
Proceeds from sale of Mt Piper
-
300,000
Premium on options issued
-
375
Net cash (used in) / from investing activities
(1,817)
282,063
Cash flows from financing activities
Proceeds from issue of shares
2,919,930
4,131,756
Payments associated with the issue of shares
(46,804)
(266,789)
Repayment of lease liabilities
(111,450)
(102,175)
Net cash from financing activities
2,761,676
3,762,792
Net decrease in cash and cash equivalents
(1,290,848)
(3,461,076)
Cash and cash equivalents at beginning of the year
4,717,592
8,178,668
Cash and cash equivalents at the end of the year
3,426,744
4,717,592
The consolidated 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.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
54
CONSOLIDATED NOTES TO
THE FINANCIAL STATEMENTS
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
55
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1. REPORTING ENTITY
Coda Minerals Ltd (the ‘Company’ or ‘Coda’) is a company domiciled in Australia and listed on the Australian Securities
Exchange ‘ASX’ (ASX:COD). The address of the Company’s registered office is 6 Altona Street, West Perth. The financial
statements of Coda as at and for the year ended 30 June 2024 comprise the Company and its subsidiaries’ (‘the Group’)
results.
The Company is a for-profit entity primarily involved in the exploration and evaluation of mineral resources.
2. MATERIAL ACCOUNTING POLICIES
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 the 26th September 2024.
b) New or amended Accounting Standards and Interpretations adopted
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by
the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period. Any new or
amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
c) Basis of preparation
Historical cost convention
The financial statements have been prepared under the historical cost convention, except for, where applicable, the
revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through
other comprehensive income, investment properties, certain classes of property, plant and equipment and derivative
financial instruments.
Critical accounting estimates
The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the consolidated entity’s accounting policies.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the financial statements, are disclosed in note 3.
d) Parent entity information
In accordance with the Corporations Act 2001, these financial statements present the results of the consolidated
entity only. Supplementary information about the parent entity is disclosed in note 20.
e) Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled
by the Company (its subsidiaries). Control is achieved when the Group has power over an entity and is exposed to, or
has rights over, the variable returns of the entity, as well as the ability to use this power to affect the variable returns
of the entity.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement
from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary,
adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with
those used by other members of the Group.
All intra-group transactions, balances, income and expenses are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary that does not result in a loss of control, is accounted for as an
equity transaction.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
56
e) Basis of consolidation (continued)
If the Group loses control over a subsidiary, it:
•
derecognises the assets (including goodwill) and liabilities of the subsidiary;
•
derecognises the carrying amount of any non-controlling interest;
•
recognises the fair value of the consideration received;
•
recognises the fair value of any investment retained;
•
recognises any surplus or deficit in profit or loss; and
•
reclassifies to profit or loss or transfers directly to retained earnings, as appropriate, the parent’s share of
components previously recognised in other comprehensive income.
f) Foreign currency translation
The financial statements are presented in Australian dollars, which is the Group’s functional and presentation
currency.
Foreign currency transactions
Foreign currency transactions are translated into Australian dollars using the exchange rates prevailing at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss.
g) Going concern
As disclosed in the financial statements the Group held cash and cash equivalents of $3,426,744 had a net current
asset surplus of $2,993,983 and incurred a net loss of $4,565,582, had cash outflows from operating activities of
$4,050,707 for the year ended 30 June 2024.
The ability of the Group to continue as a going concern is principally dependent upon the ability of the Group to
meet its working capital requirement by raising additional funds, when required, from equity markets and potential
investors and curtailing corporate, administration expenses and overhead cash outflows until such time as it attains
positive cash flows from operating activities.
The Group does not have any recurring sources of income and therefore remains dependent on ongoing capital
raising to fund general working capital and exploration and evaluation activities.
The Directors believe that there are reasonable grounds to conclude that the Group will be able to continue as a going
concern, after consideration of the following factors:
•
The Group has substantial cash equivalents on hand as at 30 June 2024;
•
On the 23rd of September 2024 Coda announced an underwritten non-renounceable, pro rata entitlement offer
of 1 New Share for every 6 Shares held by Eligible Shareholders, together with 1 attaching New Option (exercisable
at 15 cents, expiry 28 March 2029) for every 2 New Shares subscribed, at an issue price of $0.07 per New Share,
to raise up to approximately $2 million before costs, with the ability to accept oversubscriptions for up to an
additional $1 million;
•
The ability of the Group to issue additional equity securities to raise further working capital; and
•
The ability to curtail corporate and administration expenses and overhead cash outflows as and when required.
On this basis, the Directors are of the opinion that the financial statements should be prepared on a going concern
basis and that the Group will be able to pay its liabilities as and when they fall due and payable.
h) 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 13 – 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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
57
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
i) Determination of fair values
A number of the Group’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.
j) Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-current
classification.
An asset is classified as current when: it is either expected to be realised or intended to be sold or consumed in
the consolidated entity’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be
realised within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from
being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are
classified as non-current.
A liability is classified as current when: it is either expected to be settled in the consolidated entity’s normal operating
cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period;
or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting
period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as
non-current.
k) 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.
l) Cash and cash equivalents
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.
m) Trade and other receivables
Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the
effective interest method, less any allowance for expected credit losses. Trade receivables are generally due for
settlement within 30 days.
The consolidated entity has applied the simplified approach to measuring expected credit losses, which uses a
lifetime expected loss allowance. To measure the expected credit losses, trade receivables have been grouped based
on days overdue. Other receivables are recognised at amortised cost, less any allowance for expected credit losses.
n) Investments and other financial assets
Investments and other financial assets are initially measured at fair value. Transaction costs are included as part of
the initial measurement, except for financial assets at fair value through profit or loss. Such assets are subsequently
measured at either amortised cost or fair value depending on their classification. Classification is determined based
on both the business model within which such assets are held and the contractual cash flow characteristics of the
financial asset unless an accounting mismatch is being avoided.
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred
and the consolidated entity has transferred substantially all the risks and rewards of ownership. When there is no
reasonable expectation of recovering part or all of a financial asset, it’s carrying value is written off.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include equity investments which the
consolidated entity intends to hold for the foreseeable future and has irrevocably elected to classify them as such
upon initial recognition.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
58
o) Right-of-use assets
A right-of-use asset is recognised at the commencement date of a lease. The right-of-use asset is measured at cost,
which comprises the initial amount of the lease liability, adjusted for, as applicable, any lease payments made at or
before the commencement date net of any lease incentives received, any initial direct costs incurred, and, except
where included in the cost of inventories, an estimate of costs expected to be incurred for dismantling and removing
the underlying asset, and restoring the site or asset.
Right-of-use assets are depreciated on a straight-line basis over the unexpired period of the lease or the estimated
useful life of the asset, whichever is the shorter. Where the consolidated entity expects to obtain ownership of the
leased asset at the end of the lease term, the depreciation is over its estimated useful life. Right-of use assets are
subject to impairment or adjusted for any remeasurement of lease liabilities.
The consolidated entity has elected not to recognise a right-of-use asset and corresponding lease liability for short-
term leases with terms of 12 months or less and leases of low-value assets. Lease payments on these assets are
expensed to profit or loss as incurred.
p) Employee benefits
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to
be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the
liabilities are settled.
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the reporting
date are measured at the present value of expected future payments to be made in respect of services provided by
employees up to the reporting date using the projected unit credit method. Consideration is given to expected future
wage and salary levels, experience of employee departures and periods of service. Expected future payments are
discounted using market yields at the reporting date on corporate bonds with terms to maturity and currency that
match, as closely as possible, the estimated future cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the period in which they are incurred.
Share-based payments
Equity-settled and cash-settled share-based compensation benefits are provided to employees. Equity-settled
transactions are awards of shares, or options/performance rights over shares, that are provided to employees in
exchange for the rendering of services. Cash-settled transactions are awards of cash for the exchange of services,
where the amount of cash is determined by reference to the share price.
The cost of equity-settled transactions are measured at fair value on grant date. Fair value is independently
determined using the Modified Binomial, Black-Scholes, Monte Carlo or barrier up and in trinomial pricing model,
depending on whether they contain market based vesting conditions, that takes into account the exercise price, the
term of the option, the impact of dilution, the share price at grant date and expected price volatility of the underlying
share, the expected dividend yield and the risk free interest rate for the term of the option, together with non-vesting
conditions that do not determine whether the consolidated entity receives the services that entitle the employees to
receive payment.
The cost of equity-settled transactions are recognised as an expense with a corresponding increase in equity over
the vesting period. The cumulative charge to profit or loss is calculated based on the grant date fair value of the
award, the best estimate of the number of awards that are likely to vest and the expired portion of the vesting period.
The amount recognised in profit or loss for the period is the cumulative amount calculated at each reporting date less
amounts already recognised in previous periods.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
59
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
The cost of cash-settled transactions is initially, and at each reporting date until vested, determined by applying the
Modified Binomial, Black-Scholes, Monte Carlo or barrier up and in trinomial pricing model, depending on whether
they contain market based vesting conditions, taking into consideration the terms and conditions on which the award
was granted. The cumulative charge to profit or loss until settlement of the liability is calculated as follows:
•
during the vesting period, the liability at each reporting date is the fair value of the award at that date multiplied by
the expired portion of the vesting period.
•
from the end of the vesting period until settlement of the award, the liability is the full fair value of the liability at
the reporting date.
All changes in the liability are recognised in profit or loss. The ultimate cost of cash-settled transactions is the cash
paid to settle the liability.
Market conditions are taken into consideration in determining fair value. Therefore any awards subject to market
conditions are considered to vest irrespective of whether or not that market condition has been met, provided all
other conditions are satisfied.
If equity-settled awards are modified, as a minimum an expense is recognised as if the modification has not been
made. An additional expense is recognised, over the remaining vesting period, for any modification that increases the
total fair value of the share-based compensation benefit as at the date of modification.
q) Rounding of amounts
The company is of a kind referred to in Corporations Instrument 2016/191, issued by the Australian Securities and
Investments Commission, relating to ‘rounding-off’. Amounts in this report have been rounded off in accordance with
that Corporations Instrument to the nearest dollar.
r) New Accounting Standards and Interpretations not yet mandatory or early adopted
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June
2024. The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and
Interpretations.
s) Accounting Policies
Significant and other accounting policies that summarise the measurement basis used and which are relevant to
an understanding of the financial statements are provided throughout the notes to the financial statements. Where
possible, wording has been simplified to provide clearer commentary on the financial report of the Group. Accounting
policies determined non-significant are not included in the financial statements.
t) Reclassification of comparatives
In the current year payroll costs directly attributable to the Group’s exploration projects amounting to $804,140
have been characterised as Exploration and evaluation expenses. To achieve comparability with the current year,
payroll costs which were presented as Administration expenses in the 2023 financial year have been reclassified in
this financial report, resulting in an increase of $864,905 to Exploration & expenditures costs from $3,370,309 to
$4,235,214 and a corresponding decrease in Administration expenses from $4,310,787 to $3,445,882.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
60
3. CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts in the financial statements. Management continually evaluates its judgements
and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its
judgements, estimates and assumptions on historical experience and on other various factors, including expectations of
future events, management believes to be reasonable under the circumstances. The resulting accounting judgements
and estimates will seldom equal the related actual results. The judgements, estimates and assumptions that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective
notes) within the next financial year are discussed below.
Share-based payment transactions
The consolidated entity measures the cost of equity-settled transactions with employees by reference to the fair value
of the equity instruments at the date at which they are granted. The fair value is determined by the Modified Binomial,
Black-Scholes, Monte Carlo or barrier up and in trinomial pricing model, depending on whether they contain market
based vesting conditions, taking into account the terms and conditions upon which the instruments were granted. The
accounting estimates and assumptions relating to equity-settled share-based payments would have no impact on the
carrying amounts of assets and liabilities within the next annual reporting period but may impact profit or loss and equity.
Refer to note 19 for further information.
Fair value measurement hierarchy
The consolidated entity is required to classify all assets and liabilities, measured at fair value, using a three level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted
prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
or indirectly; and Level 3: Unobservable inputs for the asset or liability. Considerable judgement is required to determine
what is significant to fair value and therefore which category the asset or liability is placed in can be subjective.
The fair value of assets and liabilities classified as level 3 is determined by the use of valuation models. These include
discounted cash flow analysis or the use of observable inputs that require significant adjustments based on unobservable
inputs. Refer to note 24 for further information.
Estimation of useful lives of assets
The consolidated entity determines the estimated useful lives and related depreciation and amortisation charges for its
property, plant and equipment and finite life intangible assets. The useful lives could change significantly as a result of
technical innovations or some other event. The depreciation and amortisation charge will increase where the useful lives
are less than previously estimated lives, or technically obsolete or non-strategic assets that have been abandoned or sold
will be written off or written down.
Lease term
The lease term is a significant component in the measurement of both the right-of-use asset and lease liability.
Judgement is exercised in determining whether there is reasonable certainty that an option to extend the lease
or purchase the underlying asset will be exercised, or an option to terminate the lease will not be exercised, when
ascertaining the periods to be included in the lease term. In determining the lease term, all facts and circumstances that
create an economical incentive to exercise an extension option, or not to exercise a termination option, are considered at
the lease commencement date. Factors considered may include the importance of the asset to the consolidated entity’s
operations; comparison of terms and conditions to prevailing market rates; incurrence of significant penalties; existence
of significant leasehold improvements; and the costs and disruption to replace the asset. The consolidated entity
reassesses whether it is reasonably certain to exercise an extension option, or not exercise a termination option, if there
is a significant event or significant change in circumstances.
Incremental borrowing rate
Where the interest rate implicit in a lease cannot be readily determined, an incremental borrowing rate is estimated to
discount future lease payments to measure the present value of the lease liability at the lease commencement date. Such
a rate is based on what the consolidated entity estimates it would have to pay a third party to borrow the funds necessary
to obtain an asset of a similar value to the right-of-use asset, with similar terms, security and economic environment.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
61
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Employee benefits provision
As discussed in note 2, the liability for employee benefits expected to be settled more than 12 months from the reporting
date are recognised and measured at the present value of the estimated future cash flows to be made in respect of all
employees at the reporting date. In determining the present value of the liability, estimates of attrition rates and pay
increases through promotion and inflation have been taken into account.
Exploration and evaluation costs
Exploration and evaluation costs incurred in the acquisition of rights to explore have been capitalised on the basis that
the consolidated entity will commence commercial production in the future, from which time the costs will be amortised
in proportion to the depletion of the mineral resources. Key judgements are applied in considering costs to be capitalised
which includes determining expenditures directly related to these activities and allocating overheads between those
that are expensed and capitalised. In addition, costs are only capitalised that are expected to be recovered either
through successful development or sale of the relevant mining interest. Factors that could impact the future commercial
production at the mine include the level of reserves and resources, future technology changes, which could impact
the cost of mining, future legal changes and changes in commodity prices. To the extent that capitalised costs are
determined not to be recoverable in the future, they will be written off in the period in which this determination is made.
4. SEGMENT INFORMATION
Accounting policy
An operating segment is a component of the Group that engages in business activities from which it may incur expenses.
Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and
exploration expenditure.
Management has determined the operating segments based on the monthly reports reviewed by the Board of Directors
that are used to make strategic decisions. The Board of Directors review unaudited monthly financial statements and
the accounting policies adopted for internal reporting are consistent with those adopted in the 30 June 2024 financial
statements.
For management purposes, the Group has identified three reportable segments relating to exploration activities in the
following business segments: the Elizabeth Creek Copper Cobalt project, the Cameron River Copper Gold project and the
Kinloch project. The business segments include the activities associated with the determination and assessment of the
existence of commercial reserves, from the Group’s mineral assets that fall under those projects.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
62
4. SEGMENT INFORMATION (continued)
The following is an analysis of the Group’s results by reportable operating segment for the full year under review:
OPERATING SEGMENT RESULTS FOR THE YEAR ENDED 30 JUNE 2024
ELIZABETH CREEK
CAMERON RIVER
KINLOCH
CORPORATE/
OTHER
CONSOLIDATED
$
$
$
$
$
Revenue and
other income
Revenue
-
-
-
-
-
Other Income
269,622
-
-
37,610
307,232
Total revenue
and other income
269,622
-
-
37,610
307,232
EBITDA
(1,526,711)
(85,331)
(11,813)
(3,195,243)
(4,819,098)
Depreciation and
amortisation
-
-
-
(162,868)
(162,868)
Interest revenue
-
-
-
124,707
124,707
Finance costs
-
-
-
(15,555)
(15,555)
Total loss before
income tax expense
(1,257,089)
(85,331)
(11,813)
(3,211,349)
(4,565,582)
Income tax expense
-
-
-
-
-
Total loss after
income tax expense
(1,257,089)
(85,331)
(11,813)
(3,211,349)
(4,565,582)
Fair value movement
on financial asset
-
-
-
(66,092)
(66,092)
Total
comprehensive loss
(1,257,089)
(85,331)
(11,813)
(3,277,441)
(4,631,674)
ASSETS AND LIABILITIES AS AT 30 JUNE 2024
ELIZABETH CREEK
CAMERON RIVER
KINLOCH
CORPORATE/
OTHER
CONSOLIDATED
$
$
$
$
$
Assets
Total segment assets
17,775,492
362,228
-
4,105,411
22,243,131
Liabilities
Total segment
liabilities
(26,948)
-
(11,813)
(607,441)
(646,202)
Included in
segment assets are
Additions to
non-current assets
-
-
-
214,026
214,026
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
63
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
4. SEGMENT INFORMATION (continued)
The following is an analysis of the Group’s comparative results by reportable operating segment for the prior year:
OPERATING SEGMENT RESULTS FOR THE YEAR ENDED 30 JUNE 2023
ELIZABETH CREEK
CAMERON RIVER
KINLOCH
CORPORATE/
OTHER
CONSOLIDATED
$
$
$
$
$
Revenue and
other income
Revenue
-
-
-
-
-
Other Income
69,907
-
-
37,257
107,164
Total revenue
and other income
69,907
-
-
37,257
107,164
EBITDA
(2,058,410)
(1,173,101)
-
(4,530,559)
(7,762,070)
Depreciation and
amortisation
-
-
-
(162,460)
(162,460)
Interest revenue
-
-
-
164,180
164,180
Finance costs
-
-
-
(2,315)
(2,315)
Total loss before
income tax expense
(2,058,410)
(1,173,101)
-
(4,531,154)
(7,762,665)
Income tax expense
-
-
-
-
-
Total loss after
income tax expense
(2,058,410)
(1,173,101)
-
(4,531,154)
(7,762,665)
Fair value movement
on financial asset
-
-
-
(83,875)
(83,875)
Total
comprehensive loss
(2,058,410)
(1,173,101)
-
(4,615,029)
(7,846,540)
ASSETS AND LIABILITIES AS AT 30 JUNE 2023
ELIZABETH CREEK
CAMERON RIVER
KINLOCH
CORPORATE/
OTHER
CONSOLIDATED
$
$
$
$
$
Assets
Total segment assets
17,882,330
362,228
-
5,310,368
23,554,926
Liabilities
Total segment
liabilities
(230,597)
(4,000)
-
(624,316)
(858,913)
Included in
segment assets are
Additions to
non-current assets
-
-
-
193,687
193,687
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
64
5. REVENUE, OTHER INCOME AND EXPENSES
Accounting policy
Revenue is measured at the fair value of the gross consideration received or receivable. Coda recognises revenue when
the amount of revenue can be reliably measured, and when it is probable that future economic benefits will flow to Coda.
Finance income
Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the
effective interest method.
30 JUNE 2024
30 JUNE 2023
$
$
Finance income
Interest income
124,707
164,180
Other income
Government grant(i)
689
69,907
Research and development tax incentive(ii)
268,933
37,257
Income from Financial Assets(iii)
37,610
-
Total other income
307,232
107,164
Notes:
(i) The Company benefited from the Government of South Australia’s Accelerated Discovery Initiative, in the prior year, designed to co-fund
greenfield exploration activities to facilitate new major minerals discoveries, driving further mine developments and stimulating growth,
investment, exports, jobs and innovation in the South Australian mineral resources sector.
(ii) Coda received a research and development tax offset refund from the Australian Tax Office (“ATO”) under the ATO’s research and
development tax incentive scheme for the 30 June 2023 financial year during the 30 June 2024 financial year.
(iii) On the 3rd of January 2024, Coda received 1 Kali Metals Limited (“Kali”) share for every 17.64 Kalamazoo Limited (“Kalamazoo”) shares held
following the successful spin out of Kali from Kalamazoo. Coda’s investment in Kali is recognised as a financial asset at fair value through
other comprehensive income. See note 10.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
65
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
5. REVENUE, OTHER INCOME AND EXPENSES (continued)
Accounting policy
Finance expenses
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.
30 JUNE 2024
30 JUNE 2023
NOTE
$
$
(a) Administration expenses
Corporate and consultant costs
(835,317)
(967,287)
Director fees, employee salaries net of exploration charges1
(1,050,457)
(1,171,461)
Share based payment expense
(659,466)
(800,130)
Other administration costs
(494,063)
(507,004)
Total administration expenses
(3,039,303)
(3,445,882)
(b) Exploration and evaluation expenses
Exploration and evaluation expenses
(1,715,795)
(4,235,214)
(c) Corporate finance expenses
External advisors, consultants, brokers and legal expenses
(64,000)
(188,138)
(d) Other expenses
Depreciation expense on right-of-use assets
11
(102,080)
(90,539)
Other amortisation and depreciation
11,12
(60,788)
(71,921)
(e) Finance expenses
Interest expense on lease liabilities
(15,555)
(2,315)
Total Expenses
(4,997,521)
(8,034,009)
Notes:
1.
Includes superannuation expense of $151,836 (30 June 2023: $154,377).
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
66
6. INCOME TAX
Accounting policy
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 and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other
comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial
accounting for a business combination, the tax effect is included in the accounting for the business combination.
The Group recognises deferred tax assets arising from unused tax losses to the extent that it is probable that future
taxable profits of the Group will be available against which the assets can be utilised. The Group 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.
30 JUNE 2024
30 JUNE 2023
$
$
Current tax expense
Current period
-
-
Deferred tax expense
Origination and reversal of temporary differences
-
-
Benefit of tax losses and other deferred tax benefits not recognised
-
-
Total income tax expense / (benefit)
-
-
Numerical reconciliation between current tax expense/(benefit)
and pre-tax net profit/(loss)
Loss before tax
(4,565,582)
(7,762,665)
Income tax using the statutory rate of 30%
(1,369,675)
(2,328,800)
Increase in income tax expense due to:
Permanent differences
307,083
629,302
Deferred income tax not recognised
1,062,400
1,699,498
Total income tax expense / (benefit)
-
-
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
67
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
6. INCOME TAX (continued)
Tax assets and liabilities
Deferred tax assets and liabilities are attributable to:
30 JUNE 2023
MOVEMENT
30 JUNE 2024
$
$
$
Deferred tax assets / (liabilities)
Exploration asset
(18,635)
(349,949)
(368,584)
Intangible asset
19,491
4,000
23,491
Provisions
51,477
(2,275)
49,202
Net right of use asset
18
1,855
1,873
Blackhole costs
383,156
(191,610)
191,546
Tax losses
9,371,068
1,548,187
10,919,255
Property, plant & equipment
(16,945)
13,691
(3,254)
Prepaid expenditure
(64,255)
(38,501)
(3,254)
Deferred tax asset not recognised
(9,725,375)
(1,062,400)
(10,787,755)
Net deferred tax assets / (liabilities)
-
-
-
Unrecognised deferred tax assets
As at 30 June 2024 gross tax losses totalling $36,397,518 (2023: $31,236,894 ) have not been recognised as deferred tax
assets. A deferred tax asset has not been recognised in respect of the above tax losses because it is not probable that
future taxable profit will be available against which the consolidated entity can utilise the benefit.
7. CASH AND CASH EQUIVALENTS
30 JUNE 2024
30 JUNE 2023
$
$
Cash at bank
3,426,744
4,717,592
Cash and cash equivalents
3,426,744
4,717,592
8. RECEIVABLES AND OTHER ASSETS
30 JUNE 2024
30 JUNE 2023
$
$
Current Receivables
GST receivable from the ATO
12,933
28,210
R&D tax incentive receivable from ATO
-
37,257
Other receivables
14,174
12,105
Current receivables
27,107
77,572
Non-current Receivables
Exploration license bonds
150,328
150,328
Office lease bank guarantuee
54,107
-
Non-current receivables
204,435
150,328
Allowance for expected credit closes
The group has recognised nil in the profit or loss as well as in the above balances in respect of expected credit losses for
the year ended 30 June 2024.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
68
9. PREPAYMENTS
30 JUNE 2024
30 JUNE 2023
$
$
Prepaid insurance
89,575
107,255
Other prepayments
87,345
116,930
Prepayments
176,920
224,185
10. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
30 JUNE 2024
30 JUNE 2023
$
$
Financial assets at fair value through other comprehensive income
146,893
175,375
Financial assets at fair value through other comprehensive income
146,893
175,375
Movement of financial assets through other comprehensive income
Carrying amount at beginning of year
175,375
-
Proceeds from disposal of Mt Piper1
-
259,250
Proceeds from spin out of Kali Metals2
37,610
-
Change in fair value of investments
(66,092)
(83,875)
Carrying amount at end of year
146,893
175,375
Notes:
1. On the 4th of July 2022, Coda agreed to divest the project in central Victoria to Kalamazoo for a $300,000 cash consideration upon
completion, 1,525,000 fully paid ordinary shares in Kalamazoo upon completion (escrowed for 12 months) valued at $259,250 and a 1.0% net
smelter royalty payable on any minerals extracted from the tenements. Completion subsequently occurred on the 30th of September 2022.
Coda’s investment in Kalamazoo is recognised as a financial asset at fair value through other comprehensive income.
2. On the 3rd of January 2024, Coda received 1 Kali Metals Limited (“Kali”) share for every 17.64 Kalamazoo Limited (“Kalamazoo”) shares held
following the successful spin out of Kali from Kalamazoo. Coda’s investment in Kali is recognised as a financial asset at fair value through
other comprehensive income.
11. PROPERTY, PLANT & EQUIPMENT
Accounting policy
(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. 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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
69
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11. PROPERTY, PLANT AND EQUIPMENT (continued)
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. Right of use assets are depreciated on a straight line basis over the shorter of the
lease term and the estimated useful life. The estimated useful lives for the current and comparative periods are as
follows:
•
furniture fittings and equipment 3-8 years
•
right of use asset (leased offices) 5-15 years
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
RIGHT OF USE ASSET
(LEASED OFFICES)
EQUIPMENT, FIXTURES
AND FITTINGS
TOTAL
$
$
$
Cost
At 1 July 2023
362,357
296,851
659,208
Additions
212,209
1,817
214,026
At 30 June 2024
574,566
298,668
873,234
Accumulated depreciation
At 1 July 2023
(354,750)
(138,646)
(493,396)
Depreciation
(102,080)
(47,454)
(149,534)
At 30 June 2024
(456,830)
(186,100)
(642,930)
Net book value
At 1 July 2023
7,607
158,205
165,812
At 30 June 2024
117,736
112,568
230,304
Cost
At 1 July 2022
353,229
296,136
649,365
Additions
9,128
18,312
27,440
Write-off
-
(17,597)
(17,597)
At 30 June 2023
362,357
296,851
659,208
Accumulated depreciation
At 1 July 2022
(264,211)
(80,057)
(344,268)
Depreciation
(90,539)
(58,589)
(149,128)
At 30 June 2023
(354,750)
(138,646)
(493,396)
Net book value
At 1 July 2022
89,018
216,079
305,097
At 30 June 2023
7,607
158,205
165,812
The Company leases its corporate office at 6 Altona Street West Perth as well as an operational office in Adelaide,
South Australia. These leases are recognised in accordance with the new AASB 16: Leases which the Company
adopted on 1 July 2019. Refer to note 17 for further details.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
70
12. INTANGIBLE ASSETS
Accounting policy
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.
30 JUNE 2024
30 JUNE 2023
$
$
Intangible assets – Technology licence
Carrying amount at beginning of year
117,887
131,220
Amortisation
(13,334)
(13,333)
Carrying amount at end of year
104,553
117,887
The Company was novated licence agreements for the use of mineral processing technology that was executed 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.
13. EXPLORATION AND EVALUATION ASSETS
Accounting policy
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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
71
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
13. EXPLORATION AND EVALUATION ASSETS (continued)
30 JUNE 2024
30 JUNE 2023
$
$
Elizabeth Creek
17,619,275
17,619,275
Cameron River1
306,900
306,900
Total Exploration and Evaluation Assets
17,926,175
17,926,175
Movement of Exploration and Evaluation Assets
Carrying amount at beginning of year
17,926,175
17,926,175
Additions
-
-
Additions on acquisition of Torrens
-
-
Reclassified to assets held for sale
-
-
Carrying amount at end of year
17,926,175
17,926,175
Notes:
1. As at 31 December 2023, Coda owned a 51% interest in the project after having exceeded the Stage 1 expenditure threshold of $1 million
in exploration expenditure under the Farm-In and Joint Venture Agreement with Wilgus Investments Pty Ltd (“Wilgus”) on 3 November
2022. On 9 February 2024, Coda executed agreements to consolidate 100% ownership of the project after expenditure of an additional $1
million on exploration activities and a 1% royalty on the net smelter return payable to Wilgus for production from the Cameron River Project
tenements.
14. IMPAIRMENT OF NON FINANCIAL ASSETS
Accounting policy
The carrying amounts of the Group’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. At 30 June 2024 there were no internal or external indicators of impairment and as
a result, no impairment testing was conducted.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
72
15. TRADE AND OTHER PAYABLES
Accounting policy
Trade and other payables are initially recognised at the value of the invoice received from a supplier and subsequently
measured at amortised cost. They represent liabilities for goods and services provided to the company prior to the end of
the financial year that are unpaid and arise when the Group becomes obliged to make future payments in respect of the
purchase of these goods and services. The amounts are unsecured and generally 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.
30 JUNE 2024
30 JUNE 2023
$
$
Trade creditors
60,051
189,989
Other creditors and accruals
184,966
391,598
Trade and other payables
245,017
581,587
16. EMPLOYEE BENEFITS
30 JUNE 2024
30 JUNE 2023
$
$
Current
Employee benefits
277,204
269,658
Total employee benefits
277,204
269,658
Amounts not expected to be settled within the next 12 months
The current provision for employee benefits includes all unconditional entitlements where employees have completed the
required period of service and also those where employees are entitled to pro-rata payments in certain circumstances.
The entire amount is presented as current, since the consolidated entity does not have an unconditional right to defer
settlement. However, based on past experience, the consolidated entity does not expect all employees to take the full
amount of accrued leave or require payment within the next 12 months.
17. LEASE LIABILITY
Accounting policy
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 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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
73
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
17. LEASE LIABILITY (continued)
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.
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.
30 JUNE 2024
30 JUNE 2023
$
$
(a) Lease liability
Maturity analysis
Within one year
114,567
7,668
Later than one year and not later than three years
9,414
-
Total lease liability
123,981
7,668
Current
114,567
7,668
Non-current
9,414
-
Total lease liability
123,981
7,668
(b) Amounts recognised in profit and loss
Depreciation expense on right-of use assets (Note 11)
102,080
90,539
Interest expense on lease liabilities
15,555
2,315
18. ISSUED CAPITAL
Accounting policy
Issued Capital
Ordinary shares are classified as contributed equity. Costs directly attributable to the issue of new shares or options are
shown in issued capital as a deduction from the proceeds.
30 JUNE 2024
30 JUNE 2024
30 JUNE 2023
30 JUNE 2023
NO. OF SHARES
$
NO. OF SHARES
$
Balance at beginning of period
141,797,752
44,137,422
124,531,177
40,229,393
Movements during the period:
Issued on exercise of performance rights(i)
573,619
183,531
50,928
43,063
Issued under a placement(ii)
-
-
17,215,647
4,131,756
Issued under a placement(iii)
32,443,665
2,919,930
-
-
Placement costs
-
(46,804)
-
(266,790)
Balance at end of period
174,815,036
47,194,079
141,797,752
44,137,422
Note:
(i) $183,531 transferred from share based payments reserve upon exercise of vested performance rights.
(ii) 13,945,838 shares issued on 3 November 2022, 1,928,142 shares issued on 7 November 2022 and 1,341,667 shares issued on 7 February 2023
pursuant to the placement to sophisticated and institutional investors under Section 708A(5)e of the Corporations Act. There were no
special terms or features attached to the shares on offer.
(iii) 17,783,334 shares issued on 28 March 2024, 4,444,444 shares issued on 2 April 2024 and 10,215,887 shares issued on 22 May 2024 pursuant
to the placement to sophisticated and institutional investors under Section 708A(5)e of the Corporations Act. Under the terms of the
placement, each investor was entitled to receive one attaching unquoted option, exercisable at $0.15 and expiring five years from the date
of issue, for every two shares subscribed.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
74
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in
proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the
company does not have a limited amount of authorised capital. On a show of hands every member present at a meeting in
person or by proxy shall have one vote and upon a poll each share shall have one vote.
Share buy-back
There is no current on-market share buy-back.
Capital risk management
The consolidated entity’s objectives when managing capital is to safeguard its ability to continue as a going concern,
so that it can provide returns for shareholders and benefits for other stakeholders and to maintain an optimum capital
structure to reduce the cost of capital.
Capital is regarded as total equity, as recognised in the statement of financial position, plus net debt. Net debt is
calculated as total borrowings less cash and cash equivalents.
In order to maintain or adjust the capital structure, the consolidated entity may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
The consolidated entity would look to raise capital when an opportunity to invest in a business or company was seen as
value adding relative to the current company’s share price at the time of the investment. The consolidated entity is not
actively pursuing additional investments in the short term as it continues to integrate and grow its existing businesses in
order to maximise synergies.
The capital risk management policy remains unchanged from the 30 June 2023 Annual Report.
19. RESERVES
Nature and purpose of reserves
(a) Capital contribution reserve
The capital contribution reserve represents cash and asset contributions from the Company’s former ultimate parent
company made prior to the completion of the demerger on 23 July 2019.
30 JUNE 2024
30 JUNE 2023
$
$
Reserve at beginning of year
12,040,106
12,040,106
Capital contributions during the year
-
-
Capital contribution reserve at end of period
12,040,106
12,040,106
(b) Share based payments reserve
The fair value of options and performance rights, as at the grant date, granted to Directors, employees or advisors
is recognised as a share based payment expense, with a corresponding increase in equity, over the period during
which the Directors, employees or advisors become unconditionally entitled to the share based payment. The amount
recognised as an expense is adjusted to reflect the actual number of share options or performance rights that vest,
except where forfeiture is only due to share prices not achieving the threshold for vesting.
The fair value of the performance rights consideration for the Cameron River Farm-in as well as the fair value of the
performance rights consideration for the acquisition of Torrens is recognised as an exploration and evaluation asset
with a corresponding increase in equity at the date of the commencement of the Cameron River Farm-in Agreement
and the Torrens acquisition date respectively.
The share-based payments reserve comprises the net fair value of employee options and performance rights
expensed over the vesting period as well as performance rights consideration for Cameron River Farm-in and
performance rights consideration for the Torrens acquisition calculated at grant date using the Modified Binomial,
Black-Scholes, Monte Carlo or barrier up and in trinomial pricing model, depending on whether they contain market
based vesting conditions. For share based payments with a future vesting period, the share-based payment value is
brought to account progressively over the term of the vesting period.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
75
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
19. RESERVES (continued)
30 JUNE 2024
30 JUNE 2023
$
$
Reserve at beginning of year
1,368,926
611,859
Share based payments to advisors, Directors
& employees expensed during the year
659,464
800,130
Transferred to issued capital on excercise
(183,531)
(43,063)
Transferred to retained earnings upon expiry of options
(185,466)
-
Share based payments reserve at end of period
1,659,393
1,368,926
Options
During the year, the Company granted 16,221,834 options to investors who subscribed to shares under the placement it
completed, and each investor was entitled to receive one attaching unquoted option, exercisable at $0.15 and expiring five
years from the date of issue, for every two shares subscribed.
Furthermore, the Company granted 2,000,000 options to an investor relations advisor in lieu of paying cash fees for
consultancy services provided/to be provided to the Company. The options carry an exercise price of $0.15 per option and
have no vesting conditions. The options may be exercised on or before 28 March 2029. The options were valued using a
Black-Scholes Option Pricing Model.
The following table provides a summary of terms under which the options were issued:
ITEM
DETAIL
Value of underlying security
$0.12
Exercise price
$0.15
Valuation date
28 March 2024
Expiry date
28 March 2029
Expiration period (years)
5.00
Volatility
90%
Risk-free interest rate
3.633%
Number of options
2,000,000
Valuation per option
$0.082
The above options do not entitle the holder to participate in any potential share issue of the Company.
The following table illustrates the number and movements in options during the period:
GRANT
DATE
EXPIRY
DATE
BALANCE
AT START
OF PERIOD
GRANTED
DURING
THE PERIOD
EXERCISED
DURING
THE PERIOD
FORFEITED
/ EXPIRED
DURING THE
PERIOD
BALANCE AT
END OF THE
PERIOD
VESTED AND
EXERCISABLE
AT END OF
THE PERIOD
3-Jul-20
3-Jul-24
2,000,000
-
-
-
2,000,000
2,000,000
3-Jul-20
3-Jul-24
2,000,000
-
-
-
2,000,000
2,000,000
3-Jul-20
3-Jul-24
2,000,000
-
-
-
2,000,000
2,000,000
8-Apr-22
22-Dec-23
991,804
-
-
(991,804)
-
-
7-Nov-22
7-Nov-25
3,747,002
-
-
-
3,747,002
3,747,002
28-Mar-24
28-Mar-29
-
18,221,834
-
-
18,221,834
18,221,834
The weighted average remaining contractual life of options outstanding at the end of the financial year was 3.27 years (30
June 2023: 1.43 years).
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
76
19. RESERVES (continued)
Performance rights
During the period, the Company granted 7,044,412 performance rights to employees as part of the Employee Incentive
Plan. The performance rights carried a nil exercise price and vesting conditions requiring continued service. The expiry
dates as well as vesting conditions of the various tranches of the performance rights are detailed in the table below.
TRANCHE
NUMBER OF
PERFORMANCE
RIGHTS
EXPIRY
DATE
EXERCISE
PRICE
VESTING CONDITION
A
994,437
5 July
2028
Nil
33.34% vest after continuous employment to 1 July 2024
33.33% vest after continuous employment to 1 July 2025
33.33% vest after continuous employment to 1 July 2026
B
823,727
10
November
2028
Nil
33.34% vest after continuous employment to 1 July 2024
33.33% vest after continuous employment to 1 July 2025
33.33% vest after continuous employment to 1 July 2026
C
3,422,978
10
November
2028
Nil
30% vest after completion of Elizabeth Creek Copper Cobalt
Pre-Feasibility Study by 30 June 2026
30% vest after completion of Elizabeth Creek Copper Cobalt
Definitive Feasibility Study by 30 June 2026
30% vest after the value of Coda’s shares (based on a 30-
day VWAP) remain at a price of A$ 1.20 per share or higher
for more than 30-day period following release of results
pertaining to Resource upgrade (sedimentary) or discovery
of a major IOCG style copper system at Elizabeth Creek or
any of Coda’s projects by 30 June 2026
3.34% vest after continuous employment to 1 July 2024
3.33% vest after continuous employment to 1 July 2025
3.33% vest after continuous employment to 1 July 2026
D
1,803,270
22
November
2028
Nil
30% vest after completion of Elizabeth Creek Copper Cobalt
Pre-Feasibility Study by 30 June 2026
30% vest after completion of Elizabeth Creek Copper Cobalt
Definitive Feasibility Study by 30 June 2026
30% vest after the value of Coda’s shares (based on a 30-
day VWAP) remain at a price of A$ 1.20 per share or higher
for more than 30-day period following release of results
pertaining to Resource upgrade (sedimentary) or discovery
of a major IOCG style copper system at Elizabeth Creek or
any of Coda’s projects by 30 June 2026
3.34% vest after continuous employment to 1 July 2024
3.33% vest after continuous employment to 1 July 2025
3.33% vest after continuous employment to 1 July 2026
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
77
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
19. RESERVES (continued)
The performance rights with non-market based vesting conditions were valued using a Black-Scholes Option Pricing
Model. The following table provides a summary of terms under which the performance rights were issued:
ITEM
TRANCHE A
TRANCHE B
TRANCHE C
TRANCHE D
Value of underlying security
$0.245
$0.155
$0.155
$0.143
Exercise price
Nil
Nil
Nil
Nil
Valuation date
5 July 2023
10 November 2023
10 November 2023
22 November 2023
Expiry date
5 July 2028
10 November 2028
10 November 2028
22 November 2028
Expiration period (years)
5.00
5.00
5.00
5.00
Start of performance periods
1 July 2023
1 July 2023
1 July 2023
1 July 2023
Performance periods (years)
1.00 - 3.00
1.00 - 3.00
1.00 - 3.00
1.00 - 3.00
Volatility
90%
90%
90%
90%
Risk-free interest rate
3.995-4.135%
4.235-4.300%
4.235-4.300%
4.080-4.150%
Number of performance rights
994,437
823,727
2,396,085
1,262,289
Valuation per performance right
$0.245
$0.155
$0.155
$0.143
The performance rights with market based vesting conditions were valued using a Barrier Up-And-In Trinomial Pricing
Model with a Parisian Barrier Adjustment. The following table provides a summary of terms under which the performance
rights were issued:
ITEM
TRANCHE C
TRANCHE D
Value of underlying security
$0.155
$0.143
Exercise price
Nil
Nil
VWAP Barrier
$1.20
$1.20
Valuation date
10 November 2023
22 November 2023
Expiry date
10 November 2028
22 November 2028
Expiration period (years)
5.00
5.00
Commencement of performance period
1 July 2023
1 July 2023
Performance period (years)
3.00
3.00
Volatility
90%
90%
Risk-free interest rate
4.235%
4.080%
Number of performance rights
1,026,893
540,981
Valuation per performance right
$0.046
$0.038
All performance rights have the vesting condition of continuous employment (unless cessation of employment is due
to redundancy or illness). Should performance right holders resign, the Board may at its discretion waive the vesting
condition relating to the requirement to remain an employee of the Company and allow the holder to continue to hold the
performance rights following resignation.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
78
19. RESERVES (continued)
The following table illustrates the number and movements in performance rights during period:
GRANT
DATE
EXPIRY
DATE
BALANCE
AT START
OF PERIOD
GRANTED
DURING THE
PERIOD
EXERCISED
DURING THE
PERIOD
FORFEITED
DURING THE
PERIOD
BALANCE AT
END OF THE
PERIOD
VESTED AND
EXERCISABLE
AT END OF
THE PERIOD
3-Jun-21
28-Dec-24
250,000
-
-
-
250,000
250,000
3-Jun-21
28-Dec-24
250,000
-
-
250,000
-
-
19-Nov-21
19-Nov-26
68,831
-
(34,415)
-
34,416
-
22-Dec-21
22-Dec-26
2,244
-
(2,244)
-
-
-
23-Dec-21
23-Dec-26
30,783
-
(15,391)
-
15,392
-
9-Nov-22
9-Nov-27
471,602
-
(157,200)
-
314,402
-
11-Jul-22
11-Jul-27
255,523
-
(142,338)
-
113,185
-
12-Jul-22
12-Jul-27
197,903
-
(65,967)
-
131,936
-
5-Jul-23
5-Jul-28
-
994,437
(156,064)
-
838,373
-
10-Nov-23
10-Nov-28
-
823,727
-
-
823,727
-
10-Nov-23
10-Nov-28
-
3,422,978
-
-
3,422,978
-
22-Nov-23
22-Nov-28
-
1,803,270
-
-
1,803,270
-
Shares issued on exercise of options and performance rights
During the year, the Company has issued 573,619 ordinary shares as a result of the exercise of performance rights.
(c) Revaluation reserve
The revaluation reserve is used to record the change in fair value of the investments in Kalamazoo Resources
Limited and Kali Metals Limited as the investments are designated as a financial asset at fair value through other
comprehensive income.
30 JUNE 2024
30 JUNE 2023
$
$
Reserve at beginning of year
(83,875)
-
Change in fair value of investment
(66,092)
(83,875)
Reserve at end of year
(149,967)
(83,875)
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
79
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
20. PARENT ENTITY DISCLOSURES
Accounting policy
The financial information for the parent entity, Coda Minerals Limited has been prepared on the same basis as the
consolidated financial statements.
30 JUNE 2024
30 JUNE 2023
$
$
Company Statement of Financial Position
ASSETS
Current assets
3,534,239
4,847,704
Non-current assets
18,584,538
18,500,479
Total assets
22,118,777
23,348,183
LIABILITIES
Current liabilities
604,521
718,392
Non-current liabilities
9,414
-
Total liabilities
613,935
718,392
EQUITY
Issued capital
47,194,079
44,137,422
Capital contribution reserve
12,040,106
12,040,106
Share based payment reserve
1,659,393
1,368,926
Revaluation reserve
(149,967)
(83,875)
Accumulated losses
(39,238,769)
(34,832,788)
TOTAL EQUITY
21,504,842
22,629,791
Company Statement of Financial Performance
Loss for the year
(3,970,215)
(6,683,908)
Total comprehensive loss for the year
(4,036,307)
(6,767,783)
21. CAPITAL AND OTHER COMMITMENTS
(a) Exploration expenditure commitments
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 Governments of South Australia
and Queensland. These requirements are subject to renegotiation when application for a mining lease is made and at
other times. The exploration expenditure commitments are as follows:
30 JUNE 2024
30 JUNE 2023
$
$
One year of less
32,469
40,281
Between one and two years
23,106
22,081
Between two and three years
23,106
22,081
Between three and four years
23,106
12,997
Between four and five years
15,561
12,997
Over five years
-
-
Total commitments
117,347
110,437
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
80
22. 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.
Basic earnings per share
The calculation of basic earnings per share at 30 June 2024 was based on the loss attributable to ordinary shareholders
of $4,565,582 and a weighted average number of ordinary shares outstanding during the year ended 30 June 2024 of
174,815,036 calculated as follows:
30 JUNE 2024
30 JUNE 2023
$
$
Basic earnings per share
Loss attributable to ordinary shareholders
(4,565,582)
(7,762,665)
NO. OF SHARES
NO. OF SHARES
Weighted average number of ordinary shares
Shares on issue at the beginning of the year
141,797,752
124,531,177
Weighted average number of ordinary shares at the end of the year
149,008,016
135,442,377
$
$
Earnings / (loss) per share:
Basic and diluted
(0.03)
(0.06)
Potential ordinary shares relating to options and performance rights are not dilutive at 30 June 24.
23. FAIR VALUE MEASUREMENT
Accounting policy
All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy,
described as follows, and based on the lowest level input that is significant to the fair value measurement as a whole.
Level 1:
Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities.
Level 2: Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly
or indirectly observable).
Level 3: Valuation techniques (for which the lowest level input that is significant to the fair value measurement is
unobservable).
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
$
$
$
$
As at 30 June 2024
Finanwcial assets at fair value through other
comprehensive income
146,893
-
-
146,893
As at 30 June 2023
Financial assets at fair value through other
comprehensive income
175,375
-
-
175,375
There were no transfers between levels during the financial year. The carrying amounts of trade and other receivables
and trade and other payables are assumed to approximate their fair values due to their short-term nature.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
81
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
24. FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT
Accounting policy
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 AASB 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”).
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 expected credit losses of trade receivables which is presented
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
•
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 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
•
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.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
82
24. FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT (continued)
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.
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 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.
Financial Risk Management Overview
The Company has exposure to the following risks from its use of financial instruments:
•
credit risk
•
liquidity risk
•
market risk
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 investments
in fair value accounted investments. 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.
(a) 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.
Exposure to credit risk
The carrying amount of the Company’s financial assets represents the maximum credit exposure. The Company’s
maximum exposure to credit risk at the reporting date was:
30 JUNE 2024
30 JUNE 2023
NOTE
$
$
Cash and cash equivalents
7
3,426,744
4,717,592
Other receivables
8
14,174
12,105
The Company’s cash and cash equivalents of $3,426,744 at 30 June 2024 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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
83
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
24. FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT (continued)
(b) 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.
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 2024
30 JUNE 2023
CARRYING
AMOUNT
6 MONTHS
OR LESS
CARRYING
AMOUNT
6 MONTHS
OR LESS
$
$
$
$
Non-derivative financial liabilities
Trade and other payables
245,017
245,017
581,587
581,587
Lease liabilities
123,981
56,669
7,668
7,668
(c) 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.
30 JUNE 2024
30 JUNE 2023
NOTE
$
$
Financial assets at fair value through other
comprehensive income
10
146,893
175,375
(d) 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:
30 JUNE 2024
30 JUNE 2023
$
$
Variable rate instruments
Cash and cash equivalents
3,426,744
4,717,592
At reporting date, the Company’s exposure to interest rate risk was not material.
(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. The
capital structure of the Company consists of issued capital, reserves and retained earnings as disclosed in Notes 18
and 19, respectively.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
84
25. NOTES TO THE STATEMENT OF CASH FLOWS
Reconciliation of loss after income tax to net cash inflow from operating activities:
30 JUNE 2024
30 JUNE 2023
$
$
Loss for the period after income tax
(4,565,582)
(7,762,665)
Adjustments for:
Depreciation, amortisation and write-offs
162,868
180,057
Share based payments
659,466
799,755
Investment obtained from spin out of Kali Metals Limited
(37,610)
-
Net finance costs
15,555
2,315
Operating loss before changes in working capital and provisions
(3,765,303)
(6,780,538)
Decrease / (increase) in receivables
(3,645)
93,443
Decrease/(increase) in exploration license bonds
-
(55,328)
Decrease /(increase) in prepayments
47,265
9,379
Increase / (decrease) in trade and other payables
(336,570)
(845,186)
Increase / (decrease) in employee benefits
7,546
72,299
Net cash (used in) operating activities
(4,050,707)
(7,505,931)
26. RELATED PARTIES DISCLOSURES
Key management personnel (KMP) compensation
The compensation paid to the Company’s Key Management Personnel is shown below.
30 JUNE 2024
30 JUNE 2023
$
$
Employee salaries & directors’ fees
856,451
817,934
Share based payment
372,007
217,808
Staff bonuses STIP
73,999
140,535
Annual leave movement
685
18,779
Superannuation
77,056
72,821
Non-monetary benefits
8,300
7,200
Total employee benefits expense
1,388,498
1,275,077
Detailed remuneration disclosures are provided in the remuneration report on page 28.
Transactions with other related parties
There have been no other related party transactions during the reporting period.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
85
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
27. CONTINGENT ASSETS AND LIABILITIES
At the reporting date, the Company had no contingent assets or liabilities apart from the below:
Terrace Mining and Strandline Resources Limited (Strandline) entered into a Letter Agreement dated 14 December 2015
(Strandline Elizabeth Creek Agreement) under the terms of which Terrace Mining acquired sole ownership of the Elizabeth
Creek Project tenements. Completion of the purchase took place on or about 21 March 2016. Under the terms of the
Strandline Elizabeth Creek Agreement, the Project tenements, associated mining information and assets were acquired
by Terrace Mining for $200,000 cash and 4,000,000 ordinary fully paid shares in Torrens, with a further $1,000,000 cash
(Deferred Consideration) payable on a Decision to Mine.
A further Deed of Acknowledgment and Consent dated 4 May 2017 (Acknowledgement Deed) was entered into between
Terrace Mining, Gindalbie Metals Limited and Strandline concerning the Deferred Consideration, acknowledging that
Terrace Mining remains responsible for the payment of the Deferred Consideration. Under the Acknowledgement Deed,
consequent upon Torrens’ successful IPO and admission to the ASX, 1,250,000 shares were issued at $0.20 per share
(equivalent to $250,000) to Strandline as a partial discharge of the Deferred Consideration related to the Elizabeth Creek
Project. The remaining amount of Deferred Consideration has been converted to a 2% Net Smelter Royalty (NSR) capped
at $1,250,000, payable from production from the Elizabeth Creek Project tenements. The NSR right may be bought back
by Terrace for $750,000 cash.
On the 4th of July 2022, Coda agreed to divest its Mt Piper Gold Project in central Victoria to Kalamazoo Resources
Limited (“Kalamazoo”) for a $300,000 cash consideration upon completion, 1,525,000 fully paid ordinary shares in
Kalamazoo upon completion (escrowed for 12 months) and a 1.0% net smelter royalty payable on any minerals extracted
from the tenements. Completion subsequently occurred on the 16th of September 2022.
On the 9th of February 2024, Coda executed an agreement with Wilgus Investments Pty Ltd (“Wilgus”) to consolidate 100%
ownership of the Cameron River Project tenure in Queensland. Under the agreement, Wilgus retained the right to a 1% net
smelter return on any material products mined from the tenure.
The Group has given a bank guarantee as at 30 June 2024 of $54,107 (2023: $54,397) to the landlord of its registered and
corporate office.
28. AUDITOR’S REMUNERATION
30 JUNE 2024
30 JUNE 2023
$
$
Auditors of the Company – RSM Australia Partners
RSM Australia Partners and related network firms
Audit and review of financial reports
40,000
39,000
Other assurance and agreed-upon procedures under
other legislation or contractual arrangements
-
-
Other services - Tax consulting services
38,393
13,000
Auditor’s Remuneration
78,393
52,000
29. EVENTS SUBSEQUENT TO REPORTING DATE
No matters or circumstances have arisen since the end of the financial year apart from the following:
•
Maiden Mineral Resource Estimate completed for the Cattle Grid South open pit deposit, adding 5.8Mt at 0.62% Cu for
approximately 36,000t of contained copper to the Elizabeth Creek Project;
•
On the 3rd of July 2024, 6,000,000 options expired without exercise or conversion;
•
On the 26th of July 2024, 260,505 performance rights were issued to employees under the Employee Incentive Plan;
•
On the 26th of July 2024, 477,520 Coda shares were issued to employees upon the exercise of vested performance
rights that were under the Employee Incentive Plan, and
•
On the 23rd of September 2024 Coda announced an underwritten non-renounceable, pro rata entitlement offer of 1
New Share for every 6 Shares held by Eligible Shareholders, together with 1 attaching New Option (exercisable at 15
cents, expiry 28 March 2029) for every 2 New Shares subscribed, at an issue price of $0.07 per New Share, to raise up
to approximately $2 million before costs, with the ability to accept oversubscriptions for up to an additional $1 million.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
86
30. NEW AND AMENDED STANDARDS
A number of new or amended standards became applicable for the current reporting period. The group did not have to
change its accounting policies or make retrospective adjustments as a result of adopting these standards. Therefore,
the accounting policies adopted here are consistent with those of the previous financial year and corresponding interim
period, apart from the new standards that only became applicable to the Group in the current financial year. The impact of
the adoption of the new or amended accounting standards was not material.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
87
The parent entity of the group is Coda Minerals Limited, incorporated in Australia, which has the following direct and
indirect subsidiaries.
NAME OF SUBSIDIARY
PLACE OF
INCORPORATION
TAX RESIDENCY
BENEFICIAL
INTEREST
2024
BENEFICIAL
INTEREST
2023
Direct subsidiary
Torrens Mining Ltd
Australia
Australia(i)
100%
100%
Indirect subsidiary
Terrace Mining Pty Ltd
Australia
Australia(i)
100%
100%
Torrens Gold Exploration Pty Ltd
Australia
Australia(i)
100%
100%
Torrens Mining (Holdings) Pty Ltd
Australia
Australia(i)
100%
100%
Torrens Mining (PNG) Ltd
Papua New Guinea
Papua New Guinea
100%
100%
Note:
(i) Coda Minerals Limited (the parent entity) and its wholly owned Australian subsidiaries have formed an income tax consolidated group under
the tax consolidation regime.
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
88
ASX ADDITIONAL INFORMATION
The following additional information is required by the Australian Securities Exchange. The information is current as at
10th October 2024.
FULLY PAID ORDINARY SHARES
As at 10th October 2024, there were 4,539 shareholders holding a total of 175,292,556 fully paid ordinary shares.
TOP TWENTY SHAREHOLDERS
RANK
SHAREHOLDER
NUMBER
OF ORDINARY
SHARES HELD
%IC
1
LUJETA PTY LTD
14,704,928
8.39%
2
ANGANG GROUP HONG KONG (HOLDINGS) LIMITED
11,899,834
6.79%
3
MR KEITH FRANCIS JONES & MRS JENNIFER JONES
7,090,800
4.05%
4
BNP PARIBAS NOMINEES PTY LTD
4,123,177
2.35%
5
MS LINLIN LI
3,628,695
2.07%
6
IOOF INVESTMENT SERVICES LIMITED
3,344,264
1.91%
7
WHITE SILK PTY LTD
2,777,777
1.58%
8
STEYN FAMILY STEWARDS PROPERTY PTY LTD
2,777,000
1.58%
9
B & M LAWS SUPER FUND PTY LTD
2,500,000
1.43%
10
MANFAM PTY LTD
2,111,111
1.20%
11
MR PAUL LESLIE DUNCAN & MRS DARANEE DUNCAN & MR PAUL KENNEDY
DUNCAN
2,035,990
1.16%
12
CROFTBANK PTY LTD
2,000,000
1.14%
13
INVIA CUSTODIAN PTY LIMITED
1,894,316
1.08%
14
AGENS PTY LTD
1,887,778
1.08%
15
INVIA CUSTODIAN PTY LIMITED
1,856,592
1.06%
16
MR PAUL DUNCAN HALLAM & MRS CHRISTINE JOY HALLAM
1,854,444
1.06%
17
THECIA PTY LTD
1,738,000
0.99%
18
AAME COSTA FAMILY SUPER PTY LTD
1,635,000
0.93%
19
JARHAMCHE PTY LTD
1,500,000
0.86%
20
SHEDDEN ASSOCIATES PTY LTD
1,452,000
0.83%
Total
72,811,706
41.54%
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
89
UNMARKETABLE PARCELS
As of 10th October 2024, there were 2,954 shareholders with an unmarketable parcel of shares being a holding of less than
5,814 shares at a $0.086. Unmarketable parcels totalled 4,525,628 shares, representing a 2.58% of issued capital.
DISTRIBUTION SCHEDULE OF SHAREHOLDERS
HOLDING RANGES
HOLDERS
TOTAL UNITS
% OF ISSUED
SHARE CAPITAL
1 - 1,000
1,480
694,069
0.40%
1,001 - 5,000
1,390
3,373,589
1.92%
5,001 – 10,000
539
4,226,748
2.41%
10,001 – 100,000
919
32,896,722
18.77%
100,001 – and over
214
134,101,428
76.50%
Total
4,539
175,292,556
100.00%
UNQUOTED SECURITIES
UNQUOTED SECURITY
-OPTIONS
NUMBER ON ISSUE
HOLDERS (> 20%) OF CLASS NOT ISSUED UNDER
EMPLOYEE INCENTIVE SCHEME
Unlisted options exercisable at
$0.36 expiring 7 November 2025
3,747,002
Celtic Capital Pty Ltd - 1,940,366 - 51.78%
CPS Capital - 944,101 - 25.20%
Unlisted options exercisable at
$0.15 expiring 28 March 2029
18,221,834
Lujeta Pty Ltd - 4,166,667 - 22.87%
Total Unlisted Options
21,968,836
UNQUOTED SECURITY
-PERFORMANCE RIGHTS
NUMBER ON ISSUE
HOLDERS (> 20%) OF CLASS NOT ISSUED UNDER
EMPLOYEE INCENTIVE SCHEME
Performance rights
7,530,664
-
DISTRIBUTION SCHEDULE OF UNQUOTED SECURITIES
Options
HOLDING RANGES
HOLDERS
TOTAL UNITS
% OF ISSUED
SHARE CAPITAL
1 - 1,000
0
0
0.00%
1,001 - 5,000
0
0
0.00%
5,001 – 10,000
0
0
0.00%
10,001 – 100,000
10
340,963
1.55%
100,001 – and over
29
21,627,873
98.45%
Total
39
21,968,836
100.00%
ASX ADDITIONAL INFORMATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
90
PERFORMANCE RIGHTS
HOLDING RANGES
HOLDERS
TOTAL UNITS
% OF ISSUED
SHARE CAPITAL
1 - 1,000
0
0
0.00%
1,001 - 5,000
0
0
0.00%
5,001 – 10,000
0
0
0.00%
10,001 – 100,000
0
0
0.00%
100,001 – and over
6
7,530,664
100.00%
Total
6
7,530,664
100.00%
SUBSTANTIAL SHAREHOLDERS
Substantial shareholders in Coda Minerals Ltd and the number of equity securities over which the substantial shareholder
has a relevant interest as disclosed in substantial holding notices provided to the Company are listed below:
SHAREHOLDER NAME
ORDINARY
SHARES HELD
% ORDINARY
SHARES HELD
DATE OF
NOTICE
MR KEITH FRANCIS JONES & MRS JENNIFER JONES
7,844,135
5.53%
21-FEB-2023
VOTING RIGHTS
All fully paid ordinary shares carry one vote per share without restriction. Unquoted options have no voting rights.
MINING TENURE SUMMARY
As at 10th October 2024, Coda owns exploration tenements across South Australia and Queensland.
SOUTH AUSTRALIA
Coda owns four exploration tenements which collectively make up the Elizabeth Creek Copper-Cobalt (formerly Mt
Gunson) Project directly and indirectly through its 100% owned subsidiary Terrace Mining Limited. The Elizabeth Creek
Copper-Cobalt Project is located 135km north-west of Port Augusta in South Australia.
ELIZABETH CREEK
TENEMENT
REGISTERED HOLDER / APPLICANT
% HELD
GRANT
DATE
EXPIRY
DATE
AREA
EL 6518
(formerly EL 5636)
Coda Minerals Ltd (ACN 625 763 957)
70%
25 March
2020
24 March
2025
363 km²
Terrace Mining Pty Ltd (ACN 161 377 340)
30%
EL 6141
(formerly EL 5108)
Coda Minerals Ltd (ACN 625 763 957)
70%
29 October
2017
28 October
2028
47 km²
Terrace Mining Pty Ltd (ACN 161 377 340)
30%
EL 6265
(formerly EL 5333)
Coda Minerals Ltd (ACN 625 763 957)
70%
7 October
2018
6 October
2029
291 km²
Terrace Mining Pty Ltd (ACN 161 377 340)
30%
EL 69451
Coda Minerals Ltd (ACN 625 763 957)
100%
17 October
2023
16 October
2029
73 km²
Terrace Mining Pty Ltd (ACN 161 377 340)
30%
ASX ADDITIONAL INFORMATION
1. Tenure is adjacent to Elizabeth Creek but has not been formally integrated into the broader Elizabeth Creek Project.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
91
KINLOCH
In November 2023, Coda was granted four highly prospective tenements known collectively as the Kinloch project in
eastern South Australia in a joint ownership with Boss Energy Ltd. Coda holds 25% of the tenure, with the intention that
Coda will hold 100% of the base metals rights and Boss will hold 100% of uranium rights.
TENEMENT
REGISTERED HOLDER /
APPLICANT
% HELD
GRANT DATE
EXPIRY DATE
AREA
EL 6962
Coda Minerals Ltd (ACN 625 763 957)
25%
7 December 2023
6 December 2029
854 km²
Boss Energy Ltd (ACN 116 834 336)
75%
EL 6963
Coda Minerals Ltd (ACN 625 763 957)
25%
13 December 2023
12 December 2029
990 km²
Boss Energy Ltd (ACN 116 834 336)
75%
EL 6964
Coda Minerals Ltd (ACN 625 763 957)
25%
18 December 2023
17 December 2029
555 km²
Boss Energy Ltd (ACN 116 834 336)
75%
EL 6965
Coda Minerals Ltd (ACN 625 763 957)
25%
18 December 2023
17 December 2029
785 km²
Boss Energy Ltd (ACN 116 834 336)
75%
QUEENSLAND
In March 2021, the Company entered into a binding Farm-In and Joint Venture Agreement with Wilgus Investments Pty
Ltd (“Wilgus”) giving it the right to acquire up to an 80% ownership in the Cameron River Project. Cameron River consists
of 35km² of copper, gold, uranium, and rare earths exploration tenure spanning two Exploration Permits (EPMs 27042 and
27053).
In February 2024, Coda is pleased to advise that it has entered into binding agreements to acquire 100% ownership of the
Cameron River Project, located in the Mt Isa region of Queensland.
CAMERON RIVER
TENEMENT
REGISTERED HOLDER / APPLICANT
% HELD
GRANT DATE
EXPIRY DATE
AREA
EPM 270422
Coda Minerals Ltd (ACN 625 763 957)
100%
10 October 2019
9 October 2024
22.4 km²
EPM 27053
Coda Minerals Ltd (ACN 625 763 957)
100%
14 February 2020
13 February 2025
12.8 km²
MINERAL RESOURCE AND ORE RESERVE STATEMENT
In accordance with ASX Listing Rule 5.21, the Company reviews and reports its Mineral Resources and Ore Reserves at
least annually. The date of reporting is 30 June each year, to coincide with the Company’s end of financial year balance
date. If there are any material changes to its Mineral Resources or Ore Reserves over the course of the year, the Company
is required to promptly report these changes.
In December 2021, Coda announced a maiden Indicated and Inferred Mineral Resource Estimate for the Emmie Bluff
copper-cobalt deposit at Elizabeth Creek, which was later updated in January of 2024. The Mineral Resource comprises
40.2Mt @ 1.27% copper, 569ppm cobalt, 17g/t silver and 0.17% zinc (1.87% Copper Equivalent (CuEq)) containing
approximately 510kt copper, 23kt cobalt, 21.7Moz silver and 70kt zinc (751kt CuEq)3, see Table 1 for full details. Importantly,
95% of the contained metal is classified in the higher confidence ‘Indicated Resource’ category and is available for use in
mining studies.
Subsequent to the end of the Financial Year, Coda released its Maiden Mineral Resource Estimate for its Cattle Grid
South deposit, which is a part of its Elizabeth Creek Project. The Mineral Resource comprises of 5.8 Mt @ 0.62% Cu for
approximately 36kt of contained copper and 0.5kt of contained cobalt with accessory silver and zinc using a cut-off grade
of 0.2% Cu, see Table 4 for full details.
2. Renewal pending
3. 2024.01.30 - Scoping Study Update Delivers Materially Improved Economics Competent Person: Dr Michael Cunningham.
ASX ADDITIONAL INFORMATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
92
MINERAL RESOURCE SUMMARY
The Emmie Bluff Copper-Cobalt Deposit (“Emmie Bluff”) is one of three known “Zambian-style” copper-cobalt deposits
at Elizabeth Creek, which also includes previously defined JORC 2012 Compliant Indicated Mineral Resources at the MG14
and Windabout deposits.
EMMIE BLUFF
Table 1: Summary of updated Emmie Bluff Mineral Resource Estimate
CATEGORY
COPPER EQUIVALENT
COPPER
COBALT
SILVER
ZINC
Tonnes
Grade
(% CuEq)
Contained
Metal (T)
Grade
(% Cu)
Contained
Metal (t)
Grade
(ppm Co)
Contained
Metal (t)
Grade
(g/t Ag)
Contained
Metal (MOz)
Grade
(% Zn)
Contained
Metal (t)
Indicated
37,500,000
1.91%
715,000
1.29%
485,000
590
22,000
17.1
20.6
0.18%
66,000
Inferred
2,700,000
1.30%
36,000
0.94%
26,000
283
1,000
12.1
1.1
0.17%
5,000
Total
40,200,000
1.87%
751,000
1.27%
511,000
569
23,000
16.8
21.7
0.17%
70,000
The information is extracted from the report entitled “Scoping Study Update Delivers Materially Improved Economics”
created on 30 January 2024 and is available to view at: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-
research/1.0/file/2924-02766550-6A1191314.
As this is an update to the existing resource, this announcement should be read as an update to the Emmie Bluff maiden
Mineral Resource Estimate, as announced to the market on 15 December 2021 and available at https://www.codaminerals.
com/wp-content/uploads/2021/12/20211220_Coda_ASX-ANN_Standout-43Mt-Maiden-Cu-Co-Resource-at-Emmie-
Bluff_RELEASE.pdf.
Key changes were made principally to better account for the geometry of the mineralisation, which is laterally extensive
but relatively narrow in the Z axis. These included the detailed modelling of upper and lower mineralised domains based
on drill results, reduction in composite length from 1.0m to 0.5m and conversion from a proportional to a sub-block model.
Distance restrictions and top cuts were also loosened to account for the distribution of mineralisation within the host
rock, which is believed to be relatively locally consistent with limited “nugget effect”.
The result was a model with tighter definition on the Z axis and a smoother lateral grade dispersal from drillholes, better
representing the most plausible distribution of metal based on the geology of the deposit.
COMPETENT PERSON AND JORC CODE – EMMIE BLUFF
Information in this Update regarding the Company’s Emmie Bluff Mineral Resource Estimates is based on, and fairly
represents work done by Dr Michael Cunningham of Sonny Consulting Services Pty Ltd. Dr Cunningham is a Member of the
AusIMM and has sufficient relevant experience to the style of mineralisation and type of deposit under consideration and
to the activities undertaken to qualify as a Competent Person as defined in the JORC code.
ASX ADDITIONAL INFORMATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
93
ASX ADDITIONAL INFORMATION
4. 2020.10.26 - Confirmation Statements JORC, Competent Person: Tim Callaghan.
MG14 & WINDABOUT4
The Windabout and MG14 Cu-Co-Ag deposits are located in the Mt Gunson district of South Australia on EL 5636. The
Windabout and MG14 Mineral Resources (the resources) are classified and reported according to the guidelines of the 2012
edition of the JORC Code below.
Information regarding the MG14 and Windabout Mineral Resources is extracted from the report entitled “Confirmation
Statements JORC” created on 26th October 2020 and is available to view at https://www.codaminerals.com/wp-content/
uploads/2020/10/20201026_Coda_ASX-ANN_Confirmation-Statements-JORC.pdf
Table 2: Windabout Indicated Resource
CU_EQ > 0.5% CUTOFF
CU_EQ > 1.0% CUTOFF
MT
CU %
CO PPM
AG G/T
CU_EQ %
MT
CU %
CO PPM
AG G/T
CU_EQ %
17.67
0.77
492
8
1.41
11.86
0.95
599
10
1.73
Table 3: MG14 Indicated Resource
CU_EQ > 0.5% CUTOFF
CU_EQ > 1.0% CUTOFF
MT
CU %
CO PPM
AG G/T
CU_EQ %
MT
CU %
CO PPM
AG G/T
CU_EQ %
1.83
1.24
334
14
1.67
1.59
1.33
360
15
1.8
Classification of the Windabout and MG14 deposits takes into account data quality and distribution, spatial continuity,
confidence in the geological interpretation and estimation confidence. Because of the high confidence in the simple
geological model, grade continuity, drill hole spacing and data integrity, both the MG14 and Windabout resources have
been classified as Indicated Resource. The deposit was not classified as a Measured Resource due to the heavy reliance
on historic data without QAQC reports, and the apparent negative bias between historic and recent drilling data sets.
The resources are reported at a 0.5 and 1.0% Cu equivalent cut offs to provide a range of resource figures for financial
analysis and mineral reserve estimation. A Cu equivalent has been used to reflect, in Coda Minerals’ belief is the value
of recoverable and salable Cu and Co in the resource. Ag also has the potential to add significant value to the project,
however Ag analyses in the estimation and metallurgical test work are as yet insufficient to include in a metal equivalent
calculation.
The estimation was validated by visually checking the interpolation results against drill hole data in plan and section,
comparing input and output statistics and comparing with previous estimates. The estimate is considered to be robust on
the basis of the above checks.
Both deposits contain zones of higher copper and cobalt grades and the deposits may be amenable to mining at higher
cutoff grades.
COMPETENT PERSON AND JORC CODE
This resource was prepared in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’ (“JORC Code”) by Tim Callaghan, who is a Member of the Australian Institute
of Mining and Metallurgy (“AusIMM”), has a minimum of five years’ experience in the estimation and assessment and
evaluation of Mineral Resources of this style and is the competent Person as defined in the JORC Code. This report
accurately summarises and fairly reports his estimations and he has consented to the resource report in the form and
context it appears.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
94
CATTLE GRID SOUTH5
The mineralisation at Cattle Grid South is hosted in sandstone breccia, a third style of sediment-hosted copper
mineralisation, distinct from the IOCG (Emmie IOCG) and Zambian-style mineralisation (Emmie Bluff, MG14, Windabout)
that also occurs at Elizabeth Creek, and which is comparable to historically mined mineralisation at the historical Mount
Gunson mining centre.
The Company has defined a pit-constrained maiden Mineral Resource Estimate (MRE) at Cattle Grid South, reported in
accordance with the JORC Code (2012) guidelines, as shown in Table 4 below.
The information is extracted from the report entitled “Initial Copper Resource for Cattle Grid South” created on 03 July
2024 and is available to view at: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-
02823989-6A1214274&v=4015c7b87631faf94ecd96975272ff9ad5cb14c3.
Table 4: Mineral Resource Summary for Cattle Grid South, 0.2% Cu cut-off, effective date 28 June 20246
Figures have been rounded.
CATEGORY
TONNAGE
COPPER
COBALT
SILVER
ZINC
Mt
Grade
(% Cu)
Contained
Metal (t)
Grade
(ppm Co)
Contained
Metal (t)
Grade
(g/t Ag)
Contained
Metal (oz)
Grade
(ppm Zn)
Contained
Metal (t)
Measured
0
0
0
0
0
0
0
0
0
Indicated
0
0
0
0
0
0
0
0
0
Inferred
5.8
0.62%
36,000
121
700
3.5
650,000
684
4000
Total
5.8
0.62%
36,000
121
700
3.5
650,000
684
4,000
COMPETENT PERSON AND JORC CODE
The information in this statement that relates to the Mineral Resource estimates for the Cattle Grid South deposit is based
on work done by Dr Michael Cunningham of SRK Consulting (Australasia) Pty Ltd (SRK). Dr Cunningham is a Member of The
Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation
and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person in terms
of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012).
ORE RESERVE SUMMARY
At this time, Coda has no interest in any Mineral Reserves.
ASX ADDITIONAL INFORMATION
5. 2024.07.03 – Initial Copper Resource for Cattle Grid South, Competent Person: Dr Michael Cunningham.
6. Notes to Table 1: 1. Reported at a cut-off grade of 0.2% Cu. 2. All Mineral Resources are constrained within two wireframes encapsulating
the base of the Whyalla Sandstone and top of the Pandurra Formation (Quartzite), and a RPEEE pitshell. 3. Copper (Cu), cobalt (Co), silver
(Ag) and zinc (Zn) have been reported in the Mineral Resource estimate. Most of the value of the deposit is anticipated to come from the
contained copper, with smaller but material contributions from cobalt. 4. Reported at 100% metallurgical recovery. 5. At present, Coda
does not think it is possible to recover the lead metal using either Hydromet or traditional flotation methods, therefore lead has not been
reported. 6. Figures may not add up exactly due to rounding.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
95
DIRECTORS
Keith Francis Jones – Non-Executive Chairperson
Andrew Marshall – Non-Executive Director
Colin Moorhead – Non-Executive Director (Resigned: 30 April 2024)
Paul Hallam – Non-Executive Director
Christopher Stevens – Chief Executive Officer
COMPANY SECRETARY
Susan Park
REGISTERED AND CORPORATE OFFICE
6 Altona Street
West Perth, Western Australia 6005
Telephone: (08) 6270 6331
Email: info@codaminerals.com
SHARE REGISTRY
Automic Group
Level 5, 126 Phillip Street
Sydney, New South Wales 2000
GPO Box 5193
Sydney, New South Wales 2001
Telephone: 1300 288 664 (within Australia)
+61 2 9698 5414 (outside Australia)
Email: hello@automicgroup.com.au
AUDITORS
RSM Australia Partners
Level 32
Exchange Tower
2 The Esplanade
Perth, Western Australia 6000
STOCK EXCHANGE LISTING
Coda Minerals Limited shares are listed
on the Australian Securities Exchange
ASX code: COD
WEBSITE
codaminerals.com
CORPORATE GOVERNANCE STATEMENT
codaminerals.com/about/#corporate_governance
CORPORATE DIRECTORY
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2024
98
CODAMINERALS.COM