CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
1
ANNUAL REPORT
2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
1
TABLE
OF
CONTENTS
02
LETTER FROM THE CHAIR
04
CEO’S REPORT
06
OPERATIONAL REVIEW
16
DIRECTORS’ REPORT
36
AUDITOR’S INDEPENDENCE DECLARATION
38
INDEPENDENT AUDITOR’S REPORT
44
DIRECTORS’ DECLARATION
46
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
47
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
48
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
49
CONSOLIDATED STATEMENT OF CASH FLOWS
50
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENT
84
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
85
ASX ADDITIONAL INFORMATION
93
CORPORATE DIRECTORY
TABLE OF CONTENTS
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
2
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
2
LETTER FROM
THE CHAIR
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
3
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
3
LETTER FROM THE CHAIR
Dear Shareholders,
FY25 has been a year of steady and important progress for Coda Minerals as we continue to advance the Elizabeth Creek
Copper-Silver Project in South Australia.
In December 20241, we published an updated study which delivered a material improvement in the project’s economics.
This reflected the significant work undertaken to refine our understanding of the orebody and optimise our approach, and
it gave us a stronger foundation from which to move toward the next stage of development.
In March 20252, we announced the results of drilling at Elizabeth Creek which reinforced the quality of the Resource base.
Our team also made major advances in approvals, positioning the project well as we transition into the Pre-Feasibility
Study (PFS) phase. The submission of the Draft Scoping Report to the South Australian Department of Energy and Mining
post financial year3 end continued our progress toward project development.
While outside the formal reporting period, it is important to acknowledge the metallurgical breakthrough achieved in
mid-20254 which built on a work programme that ran through the first half of 2025. The adoption of a copper-silver based
flowsheet has been transformational for Elizabeth Creek. The new approach materially improves recoveries of copper
and silver significantly de-risks the project, and delivers economics that are compelling. The updated study, published in
August 20255, makes clear the scale of the opportunity that lies ahead.
This year has demonstrated the value of disciplined, technically rigorous work. Each step - study refinement, drilling,
approvals, and metallurgical test work - has brought us closer to unlocking the potential of Elizabeth Creek as a
significant copper project. The upcoming PFS will be a critical stage in demonstrating the full commercial potential of
the project.
On behalf of the Board, I would like to thank our management team, led by Chris Stevens, for their dedication and
professionalism in advancing the project. I also thank our shareholders for their continued support.
We remain committed to delivering value as we move into the next stage of Coda’s journey.
Yours sincerely,
Keith Jones
Chair
Coda Minerals Ltd
1 2024.12.03
New Resources, Higher Recoveries Boost Elizabeth Creek Value
2 2025.03.19
Drilling Identifies Potential Emmie Bluff Extension
3 2025.07.11
Key Approvals Milestone Achieved at Elizabeth Creek
4 2025.06.26
Material Uplift in Copper and Silver Recoveries
5 2025.08.28
New Flowsheet Delivers Significant Cu-Ag Economic Uplift
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
4
CEO’S
REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
5
CEO’S REPORT
I am pleased to present my address to shareholders as we look ahead to the 2026 Financial Year, which promises to be a
defining period for Coda.
The year has begun with what we consider the most important development in the history of the Elizabeth Creek Project:
the successful shift to a copper-silver flowsheet6. This change places the project on a far stronger foundation, anchored
by two globally traded commodities with deep, liquid markets.
Throughout FY25 our focus was firmly on unlocking value at Elizabeth Creek. Through determined and technically
rigorous work, we have achieved a step-change in the project, clearly demonstrating the strength of this strategy.
In September 20257, we launched a fully underwritten entitlement offer that received overwhelming support from
both institutional investors and major shareholders. This is a significant capital raising, undertaken only after careful
consideration, and it now provides the funding required to accelerate our path to pre-feasibility. Critical technical
programs and approvals work are already underway.
We are also beginning to see encouraging signs of renewed strength in the copper market, alongside heightened M&A
activity across the sector. With increasingly fewer copper development peers remaining on the ASX, these broader
industry dynamics coincide with a year in which we have materially improved the technical and economic foundations of
Elizabeth Creek. Together, these factors place us in a strong position to move decisively towards commercialisation.
Looking ahead, FY26 will be marked by an intensive program of technical and economic work that will generate a steady
flow of results. Importantly, the groundwork completed in FY25 has given us the confidence to now transition into a
period of rapid advancement. The hard yards have been done; the project has been materially de-risked and enhanced.
Our task now is to follow a proven path—progressing Elizabeth Creek methodically and efficiently through the pre-
feasibility stage and beyond.
Chris Stevens
CEO
Coda Minerals Ltd
6 2025.08.28
New Flowsheet Delivers Significant Cu-Ag Economic Uplift
7 2025.09.09
Fully Underwritten A$8.33M Entitlement Offer
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
6
OPERATIONAL
REVIEW
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
7
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-Silver 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 OZ Minerals’ Carrapateena copper-gold project.
OPERATIONAL REVIEW
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
8
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.
The Elizabeth Creek project hosts over 1 million tonnes of contained copper equivalent, spread across four JORC 2012
Mineral Resources, all of which fall broadly into the same geological category of “sediment-hosted” copper deposits.
Additional large-scale copper mineralisation is known from the Emmie Deeps IOCG deposit, but the company has not yet
attempted to estimate a JORC compliant Mineral Resource for that deposit.
OPERATIONAL REVIEW
LEGEND
Mineral resource outline
Infrastructure footprint
Camp
Process Plant
TSF
EB Decline
Pit Outlines
Haul road
Base Case route
Alternative route
Carrapateena road
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
OAKDEN
Cu-Co-Ag Prospect
~ 30m depth
TOTAL AREA
774km2
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
9
JORC 2012 MINERAL RESOURCES
RESOURCE
CONFIDENCE
CUTTOFF
Mt
Cu
(%)
Co
(%ppm)
Ag
(g/t)
CuEq
(%)
CuEq
Contained
Metal
(kt)
Emmie Bluff
93% Indicated,
7% Inferred
1.0%
CuEq
40.2
1.3%
569
17
1.87%
751
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
141%
249
Cattle Grid South
Inferred
0.2%
Cu
5.8
0.6%
121
4
N/A
36*
TOTAL
65.5
1.60%
1,067
*
Contained Cu tonnes only
Scoping Study
Coda released it’s initial Scoping Study into the Elizabeth Creek Project in March of 20231. This 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 $570M.
During the 2023-2024 financial year, the Company released two updates to this study2,3 , which further optimised the
project and improved project economics.
Two important updates have occurred in the subsequent reporting period. The first was one further update during the
reporting year4, which refined the flotation processing flowsheet and introduced the Cattle Grid South deposit, previously
excluded from earlier studies, and first reported to the market in July of 20245. This resulted in an estimated pre-tax
NPV7 of $1.18 billion ($802M post-Tax), with an average steady state production rate of 26,700tpa copper, 1,300tpa cobalt
and 1.1MOz pa silver. AISC was estimated at USD $1.80/lb Cu after by-product credits, and mine life was estimated at 15.5
years.
The second major change occurred in June of 2025, with the announcement of significant improvements in net copper
recovery using whole-ore leach methods6. Chloride leaching, which ultimately proved to be the more economically
attractive of the tested options, achieved copper and silver recoveries of 95.9% and 97.3% respectively from material
from the Emmie Bluff deposit, This preliminary testwork was undertaken at a relatively coarse grind and required only
8 hours of residence time.
Subsequent to the end of the reporting period, and following further refinement of the leaching techniques, Coda
released updated CAPEX and OPEX estimates, as well as a preliminary update to project economics7. Under this new
metallurgical paradigm, Elizabeth Creek would see an increase in both economic performance (pre and post-tax NPV7 of
$1.29B and $855M respectively) and to overall copper and silver production (steady state average production of 31.4ktpa
Cu and 1.4MOzpa Ag). The key economic assumptions underpinning this update were unchanged from the December
study. A summary comparing both studies is included below as Table 1 and a summary of the financial changes is detailed
in Table 2.
1 2023.03.23
Elizabeth Creek Copper-Cobalt Project Scoping Study
2 2024.01.30
Scoping Study Update Delivers Materially Improved Economics
3 2024.03.14
Further Key Improvement in Underground Project Economics
4 2024.12.03
New Resources, Higher Recoveries Boost Elizabeth Creek Value
5 2024.07.03
Initial Copper Resource for Cattle Grid South
6 2025.06.26
Material Uplift in Copper and Silver Recoveries
7 2025.08.28
New Flowsheet Delivers Significant Cu-Ag Economic Uplift
OPERATIONAL REVIEW
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
10
OPERATIONAL REVIEW
STUDY SECTION
DECEMBER 2024 SCOPING STUDY UPDATE
(PROCESSING BY FLOTATION/ALBION)
UPDATED SCOPING STUDY SUBSEQUENT
TO YEAR END (PROCESSING BY WHOLE-ORE
LEACH)
Mineral Resources
MG14: 1.83Mt @ 1.24%Cu, 0.03%C
(100% Indicated)
Windabout: 17.67Mt @ 0.77%Cu, 0.05%Co
(100% Indicated)
Emmie Bluff 8: 40.2Mt @ 1.27%Cu, 0.06%Co
(93% Indicated, 7% inferred)
Cattle Grid South 9: 5.8Mt @ 0.6% Cu,
0.012%Co (100% Inferred)
No Change
Processing Capacity
3Mtpa Throughput
No Change
Products
MG14, Cattle Grid South: Copper Concentrate
Windabout & Emmie Bluff: Copper Cathode,
Cobalt Sulphate, Zinc Carbonate & Silver Dore
All Deposits: Copper Cathode, Silver Dore
& Zinc Carbonate
Mineral Processing
Stage 1: Flotation
All ore will undergo primary crushing fol-
lowed 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 Em-
mie 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 precipi-
tation circuit. The CCD discharge slurry,
containing silver, will be processed through
a lime boil and cyanidation circuit.
All Deposits: The whole ore leach flowsheet
consists of a single stage oxidative circuit,
wherein sample is ground to p80 75µm before
being pumped into a series of tanks for leach-
ing. A 4-hour chloride leach under air-sparged,
oxidative conditions at 90 degrees C and an ore
solids ratio of 6%. The mixture is then passed
through a series of thickeners, with the result-
ant pregnant liquor solution being pumped away
for hydrometallurgical processing, while the
residue is sent to tailings.
Hydrometallurgical processing will consist of
an SX/EW plant producing copper cathode, fol-
lowed by a Merrill Crowe circuit producing silver
dore and a zinc carbonate precipitation circuit.
Copper Recovery
MG14: 57.93%
Windabout: 66.5%
Emmie Bluff: 77.2%
Cattle Grid South: 90%
94.8%
Production
Copper: 384 kt
Cobalt: 18.9 kt
Silver: 16.1 Moz
Zinc: 48.4 kt
Copper: 454 kt
Silver: 20.3 Moz
Zinc: 50.6 kt
8 2024.01.30 Scoping Study Update Delivers Materially Improved Economics - For full details, see Appendix 1 – Section Mineral Resource
Update – Detailed Information
9 2024.07.03 Initial Copper Resource for Cattle Grid South - For full details, see Appendix 2 – Detailed Technical Information and
JORC Table 1
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
11
OPERATIONAL REVIEW
Table 2: Economic Comparison of updated Scoping Study (December 2024) and most recent Scoping Study update
accounting for whole-ore leach (subsequent to end of reporting period).
AREA
MEASURE
UNIT
UPDATED
SCOPING STUDY
WHOLE-ORE
LEACH STUDY
DEC-24
AUG-25
PRODUCTION
Mine Life
Years
15.5
15.5
Processing Throughput
Mtpa
3
3
Feed from Indicated Resource
%
87%
87%
Feed from Inferred Resource
%
13%
13%
Copper Produced – Total
Kt
384
454
Silver Produced – Total
Moz
16.1
20.3
Cobalt Produced – Total
Kt
18.9
-
Copper – Steady State Average10
Tpa
26,736
31,400
Silver – Steady State Average
Mozpa
1.13
1.4
Cobalt – Steady State Average
Tpa
1,258
-
CAPITAL
Pre-Production Capital
A$M
331
472
Post-Production Capital
A$M
358
143
Total Capital
A$M
689
615
Total Financing Requirement
A$M
504
478
OPERATING
All In Sustaining Cost11
USD/lb Cu
1.80
2.15
FINANCIALS (PRE
TAX)_12
Revenue
A$M
7,574
7,264
Net Cash Flow (Pre-Tax)
A$M
2,244
2,397
Net Present Value (NPV7)
A$M
1,181
1,289
Internal Rate of Return (IRR)
%
35%
39%
Total Capital Payback13
Years
4.0
3.25
10 Steady State Average” is calculated from year 5 to year 16
11 All-In Sustaining Cost (AISC) includes all mining, processing, tailings management, transport including freight, sustaining capital, royalties & G&A costs
12 Including royalties
13 Capital payback is calculated from first production
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
12
OPERATIONAL REVIEW
NEXT STEPS – ELIZABETH CREEK (SHORT-TERM CATALYSTS)
Coda intends to commence drilling for a detailed PFS into Elizabeth Creek in October of 2025. This drill programme will
provide sample for metallurgical and geotechnical testwork which will serve as the baseline for further and more detailed
project design work.
Potential catalysts during the next year include:
Variability Testwork: Verification of applicability and consistency of copper and silver recovery of whole-ore leach across
all deposits will provide final confirmation that the new flowsheet will be applicable across all major deposits.
Reoptimised Mine Schedules: Current economic models around whole-ore leach assume the same mining schedule and
cut-off grades as were originally developed for flotation. Reoptimisation of this mining schedule for the new flowsheet
may result in increased average profit per tonne.
Environmental Approvals: Subsequent to the end of the reporting period, Coda submitted its Scoping Report to the
South Australian Department of Energy and Mining (SA DEM)8. This is one of the final steps in the development of the
project specific environmental studies and associated work plans for Elizabeth Creek, which will provides a clear and
transparent pathway towards the grant of a Mining Lease, which Coda will pursue over the coming year.
Reintroduction of Cobalt: Test work to confirm the leachability of cobalt from Elizabeth Creek mineralisation is ongoing.
Coda believes that the future re-integration of cobalt into the flowsheet represents an attractive upside opportunity but
is not integral to the progression of the copper-silver based flowsheet.
EXPLORATION – SED-HOSTED
Exploration during the year focused on drilling south and east of the Emmie Bluff deposit, commencing in February 20259.
The four-hole program tested geophysical anomalies identified in seismic and magnetotelluric (MT) surveys, interpreted
as possible Tapley Hill Formation black shale, and was completed in March 2025.
One hole (DD25EB0038, “Hole 38”) intersected a narrow band of mineralised Tapley Hill Formation mudstone conglomerate
— the first such mineralisation encountered outside the Emmie Bluff Mineral Resource. A second hole (Hole 39)
intersected a thicker but unmineralised, partially oxidised shale sequence, while two holes (37 and 40) did not intersect
the formation.
The program confirmed that Tapley Hill Formation shale extends beyond the existing Mineral Resource and that parts of
this unit are mineralised, with mineralisation not closed off by current drilling. Coda intends to further investigate out-fill
opportunities during feasibility work.
8 2025.07.11
Key Approvals Milestone Achieved at Elizabeth Creek
9 2025.02.11
Drilling Commences at Emmie Bluff
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
13
OPERATIONAL REVIEW
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
14
CORPORATE
PROJECT
SCOPING STUDY UPDATE -
NEW RESOURCES, HIGHER RECOVERIES
SIGNIFICANTLY BOOST ELIZABETH
CREEK’S UNDERLYING VALUE
The updated scoping study incorporates
improvements to the metallurgical flowsheet,
including oxide collectors and a second mill-
float stage, which have boosted copper and
silver recoveries. The inclusion of the Cattle
Grid South deposit extends mine life and adds
more than 20,000 tonnes of copper.
DECEMBER 2024
ELIZABETH CREEK
APPROVALS PROCESS
COMMENCES
Coda submitted the Preliminary
Impact Assessment (PIA) for its
flagship Elizabeth Creek Copper-
Cobalt Project in South Australia,
formally commencing the
environmental scoping process.
AUGUST 2024
SUCCESSFUL COMPLETION OF $5.1M
CAPITAL RAISE TO SUPPORT SCOPING
STUDY UPDATE AND EXPLORATION AT
ELIZABETH CREEK
Coda Minerals successfully raised $5.1m at
$0.07 per share through an oversubscribed
entitlement offer and follow-on placement,
providing a strong cash position to progress
exploration and a Scoping Study update
at its 100% owned Elizabeth Creek Copper
Project.
OCTOBER 2024
TIMELINE
2024
MAIDEN MINERAL RESOURCE
AT CATTLE GRID SOUTH
An Inferred Mineral Resource Estimate (MRE)
was completed for Cattle Grid South of
5.8 Mt at 0.62% Cu for approximately 36 kt
of contained copper and 0.5 kt of contained
cobalt with accessory silver and zinc.
JULY 2024
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
15
MATERIAL UPLIFT IN COPPER
AND SILVER RECOVERIES
Test work at Emmie Bluff
delivered copper recoveries of
up to 96% using whole-ore leach,
marking a material uplift from
previous flotation results and
highlighting potential for lower
costs and stronger economics at
Elizabeth Creek.
An updated Scoping Study
incorporating the new flowsheet
was announced subsequent
to the end of the financial year
in August 2025. This resulted
in a transformational update
to the project with a revised
copper-silver based flow sheet
and materially improved project
economics, reduced technical
and commodity risk, and reduced
CAPEX and OPEX.
2025.08.28 - New Flowsheet Delivers
Significant Cu-Ag Economic Uplift
APPOINTMENT OF CHIEF
FINANCIAL OFFICER
Coda welcomed Mr Chris Burton, a
chartered accountant and finance
professional with over 27 years’
experience, as CFO on a part-time
consulting basis.
MARCH 2025
DRILLING IDENTIFIES
POTENTIAL EMMIE BLUFF
EXTENSION
4-hole drill programme completed at Emmie
East, identifying mineralised Tapley Formation
host rock outside of the existing Resource for
the first time and offering scope for expansion.
MARCH 2025
TIMELINE
2025
DRILLING COMMENCES
AT EMMIE EAST
Drilling programme covered up to
2,000m across 4 holes, targeting
extension of the Emmie Bluff
mineralisation to the east and
south-east of the main Emmie
Bluff resource.
FEBRUARY 2025
JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
16
DIRECTORS’
REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
17
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
41 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 provided oversight for the delivery of the Goldfields,
Gold Road Gruyere Gold Project as a member 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 Paul Hallam
BE(Hons)Mining, FAICD, FAusIMM
Non-Executive Director
Appointed: 21 August 2019
Other current directorships:
Greatland Gold Plc.
(Appointed September 2021)
Mr Hallam has more than 45 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.
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 2025 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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
18
NAME & QUALIFICATIONS
EXPERIENCE AND SPECIAL RESPONSIBILITIES
Mr Chris Stevens
BA (Hons), MA (Oxon), MSc, GAICD,
FAusIMM
Chief Executive Officer
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.
In December 2021, Coda announced a maiden Indicated and Inferred Mineral Resource Estimate for the Emmie Bluff
copper-cobalt deposit at Elizabeth Creek.
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 March 2023, the Company released the initial Scoping Study for the Elizabeth Creek Copper Project1 and has since
delivered four successive updates, each of which has materially improved the Project’s economics.
During the 2025 financial year, Coda released an updated Scoping Study for the Elizabeth Creek Copper Project,
which materially improved project economics. The study integrated improvements to flotation recoveries across the
MG14, Windabout and Emmie Bluff deposits, the inclusion of the Cattle Grid South open pit, updated macroeconomic
assumptions, and the benefit of the Federal Government’s proposed Critical Minerals Production Tax Incentive. As a
result, pre-tax NPV7 increased to approximately $1.18 billion with an IRR of 35%, while post-tax NPV7 rose to approximately
$802 million with an IRR of 28%.
Coda also advanced a major programme of metallurgical flowsheet redesign and optimisation during the year, with
a particular focus on whole-ore leaching. Testwork demonstrated that this method has the potential to replace
both flotation and Albion™ leaching in the current flowsheet. Results released in June 2025 confirmed technical
breakthroughs, with copper recoveries of 95.9% and silver recoveries of up to 97.3% using chloride leaching. These
outcomes represented a step-change improvement compared to earlier flotation-based assumptions, and highlighted
the potential for a simplified, lower-cost processing route. An updated Scoping Study incorporating this new flowsheet
option was released on 28th August 2025, subsequent to the end of the financial year.
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2025
1
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
2
NPV(Pre-tax):CAPEX(Total)
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
19
Exploration also progressed during FY25, with Coda completing a four-hole diamond drilling programme at the Emmie
East prospect. This campaign intersected the first mineralised Tapley Hill Formation shale identified outside the existing
Emmie Bluff Mineral Resource and confirmed the presence of a second large shale body to the south of Emmie Bluff.
Although oxidation limited mineralisation in parts of the sequence, these results materially expanded the prospective
footprint of copper-bearing shales and validated the use of active seismic geophysics for targeting, offering the potential
for future resource growth.
In parallel with technical and exploration progress, Coda continued to advance the approvals pathway for Elizabeth
Creek. A key milestone was achieved post year-end with submission of the Draft Scoping Report to the South Australian
Department for Energy and Mining, which will establish a transparent and fixed framework for environmental assessment
and provide a stable pathway toward the grant of a Mining Lease.
FINANCIAL RESULTS
The net loss for the year ended 30 June 2025 was $4,286,895 (net loss for the year ended 30 June 2024 was $4,565,582).
As at the reporting date, the Company has $3,963,790 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
his report.
EVENTS SUBSEQUENT TO REPORTING DATE
No matters or circumstances have arisen since the end of the financial year apart from the following:
•
On 8 August 2025, the Company announced the issue of 400,000 fully paid ordinary shares in lieu of fees to an investor
relation company.
•
On 8 September 2025, the Company announced the launch of an Entitlement Offer to raise $8.33 million (before costs)
to provide Eligible Shareholders with an opportunity to apply for one (1) new share for every three (3) shares held, at
an issue price of $0.10 per New Share. The Entitlement offer is fully underwritten by a third party. Each participating
Eligible Shareholder will be entitled to one (1) attaching options for every four (4) New Shares subscribed under the
Entitlement Offer.
ONGOING WORK
ELIZABETH CREEK COPPER COBALT PROJECT
Scoping study
On 28 August 2025, Coda released a further Scoping Study update to the Elizabeth Creek Copper Project following the
adoption of a simplified whole-ore leach flowsheet focused on copper and silver, with cobalt removed. Further to the
initial announcement of this key development on 26 June 2025, the Company completed additional metallurgical testwork
and optimisation studies, together with a full CAPEX and OPEX re-estimation. The updated study delivered materially
stronger economics, with planned life-of-mine production increasing to 454kt of copper and 20Moz of silver, supported
by recoveries of 95% copper and 98% silver. Pre-tax NPV7 rose to approximately $1.29 billion with a 39% IRR, while post-
tax NPV1 increased to $855 million with a 30% IRR.
Metallurgical Test Work Programme
The Company is currently completing additional metallurgical test work focussed on further optimising it’s whole-ore
leach flowsheet, with a particular focus on confirming the extractability of cobalt, which the most recent Scoping Study
update did not consider.
Pre-feasibility work
The Company is currently preparing to undertake drilling in the fourth quarter of CY2025, to provide metallurgical and
geotechnical sample in support of upcoming PFS level mining and processing studies. Preparations include heritage
surveys, government approvals, contractor selection and associated negotiations. The company currently anticipates
release of a Pre-Feasibility Study into the Elizabeth Creek Project in CY 2026.
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
20
OTHER PROJECTS
Exploration
Throughout the June 2025 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
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
2
2
3
3
A. Marshall
9
9
2
2
3
3
P. Hallam
9
9
2
2
3
3
C. Stevens
9
9
-
-
-
-
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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
21
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.
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
22
REMUNERATION REPORT – AUDITED
The directors present the Coda Minerals Ltd 2025 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
Paul Hallam
Non-Executive Director
EXECUTIVE DIRECTORS
Chris Stevens
Chief Executive Officer & Executive Director
OTHER EXECUTIVES
Chris Burton
Chief Financial Officer (Appointed: 24 March 2025)
Kudzai Mtsambiwa
(Resigned: 24 March 2025)
(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 chair 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.
REMUNERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
23
(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 2024 Annual General Meeting (‘AGM’)
At the 2024 AGM, 98% of the total votes cast in the poll supported the adoption of the remuneration report for
the year ended 30 June 2024. The company did not receive any specific feedback at the AGM regarding its
remuneration practices.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
24
(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 five years to June 2025.
30 JUNE
2025
30 JUNE
2024
30 JUNE
2023
30 JUNE
2022
30 JUNE
2021
$
$
$
$
$
Revenue
-
-
-
-
EBITDA
(4,118,703)
(4,511,866)
(7,762,070)
(14,070,685)
(6,401,000)
EBIT
(4,118,703)
(4,674,734)
(7,924,530)
(14,218,215)
(6,523,750)
Net loss before tax
(4,286,895)
(4,565,582)
(7,762,665)
(14,210,882)
(6,523,291)
Net loss after tax
(4,286,895)
(4,565,582)
(7,762,665)
(14,210,882)
(6,523,291)
Total comprehensive loss
(4,289,621)
(4,631,674)
(7,846,540)
(14,210,882)
(6,523,291)
$/SHARE
$/SHARE
$/SHARE
$/SHARE
$/SHARE
Share price at start of year
$0.11
$0.21
$0.26
$1.25
$0.30
Share price at end of year
$0.08
$0.11
$0.21
$0.26
$1.25
CENTS/
SHARE
CENTS/
SHARE
CENTS/
SHARE
CENTS/
SHARE
Basic loss per share
(0.02)
(0.03)
(0.06)
(0.14)
(0.09)
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
25
(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
2025
SALARY
& FEES
BONUS
(iii)
NON-
MONETARY
(ii)
ANNUAL
LEAVE
MOVEMENT(i)
SUPER-
ANNUATION
LONG SERVICE
LEAVE
MOVEMENT (i)
PERFOR-
MANCE
RIGHTS OPTIONS
$
$
$
$
$
$
$
$
$
%
Non-executive directors
Keith F.
Jones (v)
100,000
-
- -
11,500
-
-
-
111,500
Andrew
Marshall (v)
50,000
-
- -
5,750
-
-
-
55,750
-
Paul
Hallam (v)
50,000
-
- -
5,750
-
-
-
55,750
-
200,000
-
- -
23,000
-
-
-
223,000
-
Executive directors
Chris Stevens
361,101
68,553
4,200
5,554
29,932
19,676
86,625
-
575,641
27%
361,101
68,553
4,200
5,554
29,932
19,676
86,625
-
575,641
27%
Other executives
Chris
Burton (iv)
58,479
-
-
-
-
-
-
-
58,479
-
Kudzai
Mtsambiwa (iv)
138,244
-
2,275
(19,312)
16,066
-
3,034
-
140,307
2%
196,723
-
2,275
(19,312)
16,066
-
3,034
-
198,786
2%
Total
757,824
68,553
6,475
(13,758)
68,998
19,676
89,659
-
997,427
Notes:
(i)
The amounts disclosed represent the movement in the associated annual leave provision and long service leave 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 FY25 bonus was approved by the Remuneration Committee in June 2025 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 FY25 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 FY25 period, the cash bonus paid to the CEO was 53% of the TFR.
(iv) Mr Mtsambiwa resigned on 24 March 2025 after a transition period from 23 January 2025 to the date of resignation. Mr Burton was
appointed as CFO on this date.
(v)
The directors received shares in lieu of directors’ fees during the period. The amount of shares issued was calculated using the 10 day
VWAP prior to the close of the December 2024 and March 2025 quarters. The total value issued in shares to the date of the report has been
outlined below and the difference will be issued in 2026:
Mr Jones – shares issued 335,843 for a value of $27,875 in lieu of directors fee payable in cash at an issue price of $0.083 with outstanding
amounts payable in shares and super of $11,062.
Mr Marshall – shares issued 167,922 for a value of $13,938 in lieu of directors fee payable in cash at an issue price of $0.083 with outstanding
amounts payable in shares and super of $5,531.
Mr Hallam – shares issued 167,922 for a value of $13,938 in lieu of directors fee payable in cash at an issue price of $0.083 with outstanding
amounts payable in shares and super of $5,531.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
26
(f) KMP remuneration expenses (continued)
FY25 KPIs were set based on the following criteria:
AREA
THRESHOLD
TARGET
EXCEED
WEIGHT
50%
75%
100%
1. Safety,
Environment
and Heritage
N/A.
N/A.
N/A.
No scale
applied
2. Adherence to
Budget
Adherence to approved
FY25 budget with
utilisation of contingency
and minor overruns or
variations. High standard
of regulatory compliance
with no material breaches,
or filing errors.
Adherence to FY25
budget with strong
budgetary controls and
no material overruns
or material variations.
Exceptional high
standard of regulatory
compliance with zero
material instances of
non-compliance or late
compliance.
High activity year in line
with material exploration
and/or study programmes.
Exceptional budget
discipline with all material
areas delivered on time
and on budget. No material
overruns and exceptional
high standard of regulatory
compliance.
15%
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.
35%
4. Funding and
development
Completion of board
approved funding
initiatives resulting in
ongoing cash reserves
>18 months horizon
and baseline project
progression.
Completion of board
approved funding
programmes to complete
PFS.
Completion of low-dilution
partnership, joint venture
or similar programmes with
line of sight through PFS.
15%
5. Economics
and Technical
Study
Delivery of study update
showing post tax NPV7
greater than 1:1 at
board approved macro
economic assumptions.
Delivery of PFS scope,
plan and budget.
Deliver of study update
showing NPV7 greater
than 1:1 at board approved
macro economic
assumptions. Delivery
of PFS scope, plan and
budget.
Delivery of clear
project enhancement
opportunities for
processing resulting in
material recovery uplift
and/or CAPEX reduction
Completion of metallurgical
test work programmes
resulting in CAPEX/OPEX
revision and a post-tax
NPV:CAPEX ration greater
than 1.5:1 at equivalent
to existing study macro
assumptions.
15%
6. Exploration
& Business
Development
Completion of board
approved drilling
programme on time and
budget with zero safety,
heritage or environmental
breaches.
Demonstrate technical
discovery success with
new areas discovered
and/or to be followed
for future resource
estimation.
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.
20%
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
27
(f) KMP remuneration expenses (continued)
In June 2025 the board passed and approved the payment of bonus against the KPIs as follows:
AREA
1
2
3
4
5
6
KPI
Safety
Budget
Share Price
Funding and
development
Economics
and Technical
studies
Exploration
& Business
Development
KPI Weighting
-
15%
35%
15%
15%
20%
Award Recommended
-
Target
37.5%1
Threshold2
Threshold3
Nil4
Award %
Recommended
N/A
75%
13%
8%
11%
10%
1
Peer comparison review after an assessment of share price market condition resulted in the board electing to make a 50% of target
assessment for this KPI.
2
A significant injection of capital and broader broker support was considered in the boards assessment with a 50% of KPI awarded.
3
Although technically met at the Threshold level, the board has elected to make a 75% due to on-going work in leaching process.
4
Although technically met at the Threshold level, the board has elected to make a 50% award to reduce overall bonus payments.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
28
(f) KMP remuneration expenses (continued)
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 guarantee 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.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
29
(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
Nil5
Threshold6
Nil7
Award % Recommended
100%
75%
0%
50%
0%
5
Although technically met at the Threshold level, the board has elected to make a Nil award due to ongoing market pressure and
relative year on year share price decline. .
6
Although technically met at the Exceed level with NPV:CAPEX ratio greater than 1:1 the board has elected to award at Target level in
order to reduce overall bonus payments.
7
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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
30
(g) KMP contractual arrangements
Executive directors and other executives
COMPONENT
EXECUTIVE DIRECTOR
CHRIS STEVENS
OTHER EXECUTIVE
KUDZAI MTSAMBIWA
Total Fixed remuneration
$ 391,033 inclusive of superannuation
$ 277,749 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 vesting.
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.
Other Executive
Chris Burton has a consultant contract on going with a 1 month notice period for both the Company and the consultant
and is paid $150 per hour.
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.
(h) KMP share holding
Details of fully paid ordinary shares held by KMP during the financial year is set out below:
2025
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
10,621,912
-
-
1,000,000
335,8433
11,957,755
Andrew Marshall
884,849
-
-
247,475
167,9223
1,300,246
Paul Hallam
1,904,444
-
-
317,408
167,9223
2,389,774
Executive directors
Chris Stevens
1,213,370
-
-
104,862
-
1,318,232
Other executives
Chris Burton
-
-
-
-
-
-
Kudzai
Mtsambiwa
288,189
-
278,5381
100,000
(666,727)2
-
Note:
1
The shares were issued for nil exercise price upon the exercise of performance rights.
2
Mr Mtsambiwa resigned as CFO effect on 24 March 2025.
3
Directors fees settled in shares.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
31
(h) KMP share holding (continued)
Share held at the date of this report
The shares held by the directors and executives at the date of this report are consistent with the numbers disclosed
in the table above.
Options
During the year, the directors participated in a pro-rata rights issue which included one free attaching options for
every 2 shares the directors subscribed. The attaching unquoted option had an exercise price of $0.15 per option and
expired on 28 March 2029. The following tables summarises information relevant to options held by directors and KMP
as at 30 June 2025.
NAME
GRANT
DATE
NUMBER
GRANTED
NUMBER
VESTED
FAIR VALUE
AT GRANT
DATE ($)
EXPIRY
DATE
Non-executive directors
Keith F. Jones
15/5/2024
1,388,889
1,388,8891
-
28/3/2029
29/10/2024
500,001
500,0012
-
28/3/2029
Andrew Marshall
15/5/2024
277,778
277,7781
-
28/3/2029
29/10/2024
123,738
123,7382
-
28/3/2029
Paul Hallam
15/5/2024
277,778
277,7781
-
28/3/2029
29/10/2024
158,704
158,7042
-
28/3/2029
Executive directors
Chris Stevens
15/5/2024
166,666
166,6661
-
28/3/2029
29/10/2024
52,432
52,4322
-
28/3/2029
Other executives
Chris Burton
-
-
-
-
-
Note:
1
Options have an exercise price of $0.15 and an expiry date of 28 March 2029.
2
Options have an exercise price of $0.15 and an expiry date of 28 March 2029.
Details of the movement in options held by directors and KMP during the financial year is set out below:
2025
OPENING
BALANCE
EXERCISED
DURING
PERIOD
EXPIRED
DURING
PERIOD
NET
CHANGES
OTHER
ISSUED
UNDER
SHARE
PLACEMENT
CLOSING
BALANCE
Non-executive directors
Keith F. Jones
3,388,889
-
(2,000,000)
-
500,001
1,888,890
Andrew Marshall
944,444
-
(666,666)
-
123,738
401,516
Paul Hallam
944,445
-
(666,667)
-
158,704
436,482
Executive directors
Chris Stevens
2,166,666
-
(2,000,000)
-
52,432
219,098
Other executives
Chris Burton
-
-
-
-
-
-
Kudzai Mtsambiwa
111,111
-
-
(161,112)1
50,001
-
Notes:
1
Mr Mtsambiwa resigned as CFO effective on 24 March 2025.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
32
(h) KMP share holding (continued)
Options held at the date of this report
The options held by the directors and executives at the date of this report are consistent with the numbers disclosed
in the table above.
Performance rights
The following tables summarises information relevant to performance rights held by directors and KMP as at 30
June 2025.
NAME
GRANT DATE
NUMBER
GRANTED
NUMBER
VESTED AND
EXERCISED7
FAIR VALUE
AT GRANT
DATE ($)
EXPIRY DATE
Non-executive directors
Keith F. Jones
-
-
-
-
-
Andrew Marshall
-
-
-
-
-
Colin Moorhead
-
-
-
-
-
Paul Hallam
-
-
-
-
-
Executive directors
Chris Stevens
19/11/2021
103,2461
103,246
85,694
19/11/2026
9/11/2022
471,6022
314,401
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
Chris Burton
-
-
-
-
-
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.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
33
Details of the movement in performance rights held by directors and KMP during the financial year is set out below:
2025
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
4,595,523
-
-
-
4,595,523
Other executives
Chris Burton
-
-
-
-
-
Kudzai Mtsambiwa
2,392,588
-
(278,537)
(2,114,051)1
-
Notes:
1
278,537 Rights remain in place, granted by the board as a good leaver. The remaining balance of 1,835,514 were forfeit on resignation.
Options held at the date of this report
The performance rights held by executives at the date of this report are consistent with the numbers disclosed in the
table above.
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.
RENUMERATION REPORT - AUDITED
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
34
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2025
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 2025. 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.
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 2025
Auditors of the Company – RSM Australia Partners
$
RSM Australia Partners and related network firms
Audit and review of financial reports
49,469
Other services - Tax consulting services
39,926
89,395
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 dollar.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
35
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2025
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 37 and forms part of the Directors’ Report for the year ended 30 June 2025.
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
24 September 2025
Perth, Australia
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
36
AUDITOR’S
INDEPENDENCE
DECLARATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
37
AUDITOR’S INDEPENDENCE DECLARATION
FOR THE YEAR ENDED 30 JUNE 2025
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
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 2025, 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: 24 September 2025
Partner
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
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
38
INDEPENDENT
AUDITOR’S
REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
39
INDEPENDENT AUDITOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2025
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
www.rsm.com.au
INDEPENDENT AUDITOR’S REPORT
To the Members of Coda Minerals Limited
REPORT ON THE AUDIT OF THE FINANCIAL REPORT
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 2025, 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 2025 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 (including independence standards) (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.
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
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
40
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 2025.
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.
INDEPENDENT AUDITOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
41
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 2025 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
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
42
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
2025.
In our opinion, the Remuneration Report of Coda Minerals Limited, for the year ended 30 June 2025, 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: 24 September 2025
Partner
INDEPENDENT AUDITOR’S REPORT
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
43
END OF INDEPENDENT AUDITOR’S REPORT
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
44
DIRECTORS’
DECLARATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
45
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 2025 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 84 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
K F Jones
Director
Dated at Perth this 24th day of September 2025
DIRECTORS’ DECLARATION
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
46
30 JUNE 2025
30 JUNE 2024
NOTE
$
$
Other income
5
34,109
307,232
Administration expenses
5 (a)
(2,180,658)
(3,039,303)
Exploration & evaluation expenses
5 (b)
(2,001,519)
(1,715,795)
Corporate finance expenses
5 (c)
(140,875)
(64,000)
Other expenses
5 (d)
(160,784)
(162,868)
Results from operating activities
(4,449,727)
(4,674,734)
Finance income
5
170,241
124,707
Finance expenses
5 (e)
(7,409)
(15,555)
Loss before income tax
(4,286,895)
(4,565,582)
Income tax benefit / (expense)
6
-
-
Loss for the period attributable to owners of the parent
(4,286,895)
(4,565,582)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Fair value movement on financial asset
(2,726)
(66,092)
Total comprehensive loss for the period attributable to
owners of the parent
(4,289,621)
(4,631,674)
Earnings per share
Basic and diluted (loss) per share
23
(0.02)
(0.03)
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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
47
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2025
30 JUNE 2025
30 JUNE 2024
NOTE
$
$
CURRENT ASSETS
Cash and cash equivalents
7
3,963,790
3,426,744
Receivables
8
85,575
27,107
Prepayments
9
219,688
176,920
TOTAL CURRENT ASSETS
4,269,053
3,630,771
NON-CURRENT ASSETS
Receivables
8
205,435
204,435
Financial assets at fair value through other
comprehensive income
10
144,167
146,893
Property, plant and equipment
11
298,137
230,304
Intangible assets
12
91,220
104,553
Exploration and evaluation assets
13
17,926,175
17,926,175
TOTAL NON-CURRENT ASSETS
18,665,134
18,612,360
TOTAL ASSETS
22,934,187
22,243,131
CURRENT LIABILITIES
Trade and other payables
15
383,241
245,017
Employee benefits
16
179,336
277,204
Lease liabilities
17
100,525
114,567
TOTAL CURRENT LIABILITIES
663,102
636,788
NON-CURRENT LIABILITIES
Provisions
18
38,965
-
Lease liabilities
17
113,347
9,414
TOTAL NON-CURRENT LIABILITIES
152,312
9,414
TOTAL LIABILITIES
815,414
646,202
NET ASSETS
22,118,773
21,596,929
EQUITY
Issued capital
19
51,476,876
47,194,079
Capital contribution reserve
20
12,040,106
12,040,106
Share based payment reserve
20
1,852,061
1,659,393
Revaluation reserve
20
(152,693)
(149,967)
Accumulated losses
(43,097,577)
(39,146,682)
TOTAL EQUITY
22,118,773
21,596,929
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 2025
48
ISSUED
CAPITAL
CAPITAL
CONTRIBUTION
RESERVE
SHARE
BASED
PAYMENTS
RESERVE
RE-
VALUATION
RESERVE
ACCUMULATED
LOSSES
TOTAL
$
$
$
$
$
$
Year ended 30 June
2025
Opening balance at 1
July 2024
47,194,079
12,040,106
1,659,393
(149,967)
(39,146,682)
21,596,929
Loss for the year
-
-
-
-
(4,286,895)
(4,286,895)
Fair value movement on
financial asset
-
-
-
(2,726)
-
(2,726)
Total comprehensive
loss for the year
-
-
-
(2,726)
(4,286,895)
(4,289,621)
Shares issued under
placement
5,091,353
-
-
-
-
5,091,353
Share issue costs
(1,050,456)
-
512,004
-
-
(538,452)
Share based payments
forfeited transferred
from reserve
-
-
(336,000)
-
336,000
-
Share based payments
exercised transferred
from reserve
126,150
-
(126,150)
-
-
-
Share issued to Lead
advisors
60,000
-
-
-
-
60,000
Shares issued to
directors for settlement
of fees
55,750
-
-
-
-
55,750
Share based payments
to Directors and
employees
-
-
142,814
-
-
142,814
Closing balance at 30
June 2025
51,476,876
12,040,106
1,852,061
(152,693)
(43,097,577)
22,118,773
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 exercise
183,531
-
(183,531)
-
-
-
Share based payments
to Directors, employees
& lead advisor
-
-
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
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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
49
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
30 JUNE 2025
30 JUNE 2024
NOTE
$
$
Cash flows from operating activities
Proceeds from government grants and tax incentives
5
-
269,622
Payments for exploration and evaluation expenditure
(1,924,521)
(1,918,046)
Payments for administration, corporate finance activities and
other expenditure
(2,127,343)
(2,515,200)
Interest received
168,466
112,917
Net cash used in operating activities
27
(3,883,398)
(4,050,707)
Cash flows from investing activities
Payments for property, plant & equipment
(12,078)
(1,817)
Proceeds from receipt of deposit
2,367
-
Payment of deposit
(1,000)
-
Net cash (used in) / from investing activities
(10,711)
(1,817)
Cash flows from financing activities
Proceeds from issue of shares
5,091,353
2,919,930
Payments associated with the issue of shares
(538,452)
(46,804)
Payment of lease liabilities (including interest)
(121,746)
(111,450)
Net cash from financing activities
4,431,155
2,761,676
Net decrease in cash and cash equivalents
537,046
(1,290,848)
Cash and cash equivalents at beginning of the year
3,426,744
4,717,592
Cash and cash equivalents at the end of the year
3,963,790
3,426,744
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 2025
50
CONSOLIDATED
NOTES TO
THE FINANCIAL
STATEMENTS
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
51
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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 2025 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 24th September 2025.
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 21.
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 2025
52
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 $3,963,790 had a net current
asset surplus of $3,605,951 and incurred a net loss of $4,286,895, had cash outflows from operating activities of
$3,883,398 for the year ended 30 June 2025.
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 2025;
•
On 8 September 2025, the Company announced the launch of an Entitlement Offer to raise $8.33 million (before
costs) to provide Eligible Shareholders with an opportunity to apply for one (1) new share for every three (3)
shares held, at an issue price of $0.10 per New Share. The Entitlement offer is fully underwritten by a third party.
Each participating Eligible Shareholder will be entitled to one (1) attaching options for every four (4) New Shares
subscribed under the Entitlement Offer;
•
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 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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
53
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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
54
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.
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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
55
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
2025. 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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
56
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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 20 for further information.
Deferred taxes
Deferred tax assets are recognised for deductible temporary differences and taxation losses when the directors consider
that it is probable that sufficient future tax profits will be available to utilise those temporary differences and losses.
Significant judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the
likely timing and the level of future taxable profits over the next few years together with future tax planning strategies.
There are significant variables relating to generating taxable profits in the future and while management and the
directors take care in assessing the current available information, by its nature any forecast may be materially different
to the final actual outcome.
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.
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.
The company has recognised the estimated long service leave provision for staff that have achieved a certain number of
years of service. The calculation takes into account the probability of achieving the first milestone of 7 years and includes
estimates for increases in salary as well as an appropriate discount rate. While management and the directors take care
in assessing the current available information, by its nature any forecast may be materially different to the final actual
outcome.
Exploration and evaluation costs
The write-off, impairment or carrying forward of exploration expenditure in relation to areas of interest in the exploration
and evaluation phase is dependent on the successful development and commercial exploitation or sale of the respective
areas. The Company makes an assessment of impairment based on pre-determined impairment indicators, considering
the requirements of the accounting standard, and with the information available at the time of preparing this report.
Information may come to light in subsequent periods which requires the asset to be impaired or written down for which
the directors were unable to predict the outcome.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
57
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
4. SEGMENT INFORMATION
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 being Elizabeth Creek Copper Cobalt project, the
Cameron River Copper Gold project and the Kinloch project. 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
2025 financial statements.
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 2025
ELIZABETH CREEK
CAMERON RIVER
KINLOCH
CORPORATE/
OTHER
CONSOLIDATED
$
$
$
$
$
Revenue and other
income
Revenue
Other Income
34,109
-
-
-
34,109
Total revenue and
other income
34,109
-
-
-
34,109
EBITDA
(1,847,497)
(37,390)
(7,852)
(2,396,204)
(4,288,943)
Depreciation and
amortisation
-
-
-
(160,784)
(160,784)
Interest revenue
-
-
-
170,241
170,241
Finance costs
-
-
-
(7,409)
(7,409)
Total loss before
income tax expense
(1,847,497)
(37,390)
(7,852)
(2,394,156)
(4,286,895)
Income tax expense
-
-
-
-
-
Total loss after
income tax expense
(1,847,497)
(37,390)
(7,852)
(2,394,156)
(4,286,895)
Fair value movement
on financial asset
-
-
-
(2,726)
(2,726)
Total comprehensive
loss
(1,847,497)
(37,390)
(7,852)
(2,396,882)
(4,289,621)
ASSETS AND LIABILITIES AS AT 30 JUNE 2025
ELIZABETH CREEK
CAMERON RIVER
KINLOCH
CORPORATE/
OTHER
CONSOLIDATED
$
$
$
$
$
Assets
Total segment assets
17,900,317
363,228
-
4,670,642
22,934,187
Liabilities
Total segment
liabilities
(106,083)
-
(11,813)
(697,518)
(815,414)
Included in
segment assets are
Additions to
non-current assets
-
1,000
-
216,306
217,306
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
58
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 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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
59
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 2025
30 JUNE 2024
$
$
Finance income
Interest income
170,241
124,707
Other income
Government grant(i)
-
689
Income from Financial Assets(ii)
-
37,610
Research and development tax incentive(iii)
34,109
268,933
Total other income
34,109
307,232
Note:
(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)
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.
(iii)
Coda received an amount of $268,933 relating to the 30 June 2023 year in 30 June 2024 under the research and development tax incentive
scheme. Coda will receive a research and development tax offset refund of $34,109 under the scheme for the 30 June 2024 financial year
during the 30 June 2026 financial year.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
60
5. REVENUE, OTHER INCOME AND EXPENSES (continued)
Accounting policy
Finance expenses
Finance expenses comprise interest expense on lease. 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 2025
30 JUNE 2024
$
$
(a) Administration expenses
Corporate and consultant costs
(709,047)
(835,317)
Director fees, employee salaries net of exploration charges1
(807,323)
(1,050,457)
Share based payment expense
(142,814)
(659,466)
Other administration costs
(521,474)
(494,063)
Total administration expenses
(2,180,658)
(3,039,303)
(b) Exploration and evaluation expenses
Exploration and evaluation expenses
(2,001,519)
(1,715,795)
(c) Corporate finance expenses
External advisors, consultants, brokers and legal expenses
(140,875)
(64,000)
(d) Other expenses
Depreciation expense on right-of-use assets
(109,287)
(102,080)
Other amortisation and depreciation
(51,497)
(60,788)
(e) Finance expenses
Interest expense on lease liabilities
(7,409)
(15,555)
Total Expenses
(4,491,245)
(4,997,521)
Notes:
1
Includes superannuation expense of $144,238 (30 June 2024: $151,836).
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
61
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 2025
30 JUNE 2024
$
$
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
(4,286,895)
(4,565,582)
Income tax using the statutory rate of 30%
(1,286,069)
(1,369,675)
Increase in income tax expense due to:
Permanent differences
(47,267)
307,275
Deferred income tax not recognised
(1,333,799)
1,062,400
Total income tax expense / (benefit)
-
-
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
62
6. INCOME TAX (continued)
Tax assets and liabilities
Deferred tax assets and liabilities are attributable to:
30 JUNE 2024
MOVEMENT
30 JUNE 2025
$
$
$
Deferred tax assets / (liabilities)
Exploration asset
(368,584)
(345,926)
(714,510)
Intangible asset
23,491
4,000
27,491
Provisions
49,202
(4,085)
45,117
Accruals
-
59,880
59,880
Net right of use asset
1,873
(1,207)
666
Blackhole costs
191,546
(21,878)
169,668
Tax losses
10,919,255
1,672,412
12,591,667
Property, plant & equipment
(3,254)
(22,691)
(25,945)
Prepaid expenditure
(25,754)
(7,169)
(32,923)
Deferred tax asset not recognised
(10,787,775)
(1,333,336)
(12,121,111)
Net deferred tax assets / (liabilities)
-
-
-
Unrecognised deferred tax assets
As at 30 June 2025 gross tax losses totalling $41,972,225 (2024: $36,397,518) 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 2025
30 JUNE 2024
$
$
Cash at bank
3,963,790
3,426,744
Cash and cash equivalents
3,963,790
3,426,744
8. RECEIVABLES AND OTHER ASSETS
30 JUNE 2025
30 JUNE 2024
$
$
Current Receivables
GST receivable from the ATO
13,481
12,933
R&D tax incentive receivable from ATO
34,109
-
Other receivables
37,985
14,174
Current receivables
85,575
27,107
Non-current Receivables
Exploration license bonds
151,328
150,328
Office lease bank guarantee
54,107
54,107
Non-current receivables
205,435
204,435
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 2025.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
63
9. PREPAYMENTS
30 JUNE 2025
30 JUNE 2024
$
$
Prepaid insurance
72,026
89,575
Other prepayments
147,662
87,345
Prepayments
219,688
176,920
10. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME
30 JUNE 2025
30 JUNE 2024
$
$
Financial assets at fair value through other comprehensive income
144,167
146,893
Financial assets at fair value through other comprehensive income
144,167
146,893
Movement of financial assets through other comprehensive income
Carrying amount at beginning of year
146,893
175,375
Proceeds from spin out of Kali Metals1
-
37,610
Change in fair value of investments
(2,726)
(66,092)
Carrying amount at end of year
144,167
146,893
Notes:
1
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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
64
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 2024
574,566
298,668
873,234
Additions
204,228
12,078
216,306
At 30 June 2025
778,794
310,746
1,089,540
Accumulated depreciation
At 1 July 2024
(456,830)
(186,100)
(642,930)
Depreciation
(110,310)
(38,163)
(148,473)
At 30 June 2025
(567,140)
(224,263)
(791,403)
Net book value
At 1 July 2024
117,736
112,568
230,304
At 30 June 2025
211,654
86,483
298,137
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
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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
65
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 straight-line method over 15
years, which is the estimated useful lives and periods of contractual rights.
30 JUNE 2025
30 JUNE 2024
$
$
Intangible assets – Technology licence
Carrying amount at beginning of year
104,553
117,887
Amortisation
(13,333)
(13,334)
Carrying amount at end of year
91,220
104,553
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 an appropriate level of study is completed.
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 a decision to mine has been made by the board of directors for an area of interest, management will 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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
66
13. EXPLORATION AND EVALUATION ASSETS (continued)
30 JUNE 2025
30 JUNE 2024
$
$
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
-
-
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 2025 there were no internal or external indicators of impairment and as
a result, no impairment testing was conducted.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
67
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 2025
30 JUNE 2024
$
$
Trade creditors
138,126
60,051
Other creditors and accruals
245,115
184,966
Trade and other payables
383,241
245,017
16. EMPLOYEE BENEFITS
30 JUNE 2025
30 JUNE 2024
$
$
Current
Employee benefits
179,336
277,204
Total employee benefits
179,336
277,204
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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
68
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 2025
30 JUNE 2024
$
$
(a) Lease liability
Maturity analysis
Within one year
100,525
114,567
Later than one year and not later than three years
113,347
9,414
Total lease liability
213,872
123,981
Current
100,525
114,567
Non-current
113,347
9,414
Total lease liability
213,872
123,981
(b) Amounts recognised in profit and loss
Depreciation expense and write-off’s on right-of use assets (Note 11)
110,310
102,080
Interest expense on lease liabilities
7,409
15,555
18. PROVISIONS
Accounting policy
The Company has liabilities for long service leave that will not be settled wholly within 12 months after the end of the
period in which the employees render the related service. These obligations are therefore measured as the present
value of expected future payments to be made in respect of services provided by employees up to the end of the
reporting period using estimated forecast information. 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 end of the reporting period of the RBA retail rate that match, as closely as possible, the estimated
future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are
recognised in profit or loss. AASB101(69) The obligations are presented as current liabilities in the statement of financial
position if the entity does not have an unconditional right, at the end of the reporting period, to defer settlement for at
least 12 months after the reporting period, regardless of when the actual settlement is expected to occur.
Long service leave liability
30 JUNE 2025
30 JUNE 2024
$
$
Later than one year and not later than three years
38,965
-
Total long service leave liability
38,965
-
The Company has assumed a 50% probability of staff leaving with a salary growth rate of 2.5% and a discount rate of 3.2%.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
69
19. 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 2025
30 JUNE 2025
30 JUNE 2024
30 JUNE 2024
NO. OF SHARES
$
NO. OF SHARES
$
Balance at beginning of period
174,815,036
47,194,079
141,797,752
44,137,422
Movements during the period:
Issued on exercise of performance rights(i)
477,520
126,150
573,619
183,531
Issued under a placement (ii)
-
-
32,443,665
2,919,930
Issued under a placement (iii)
72,733,572
5,091,353
-
-
Shares issued to brokers (iv)
857,143
60,000
-
-
Placement costs (v)
-
(1,050,456)
-
(46,804)
Shares issued to directors (vi)
671,687
55,750
-
-
Balance at end of period
249,554,958
51,476,876
174,815,036
47,194,079
Note:
(i)
Transferred from share-based payments reserve upon exercise of vested performance rights.
(ii)
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.
(iii)
On the 29 October 2024 Coda issued 43,501,104 fully paid ordinary shares at $0.07 per share pursuant to non renounceable pro-rata
entitlement offer. Under the terms of the non-renounceable pro-rata entitlement offer, each investor was entitled to receive one attaching
quoted option, exercisable at $0.15 and expiring on the 28th of March 2029, for every two shares subscribed. On 5 November 2024 Coda
issued 29,232,468 fully paid ordinary shares at $0.07 per share pursuant to a placement following the non-renounceable pro-rata
entitlement offer.
(iv)
On the 29 October 2024, Coda issued 857,143 fully paid ordinary shares at $0.07 per share and 428,572 attaching quoted options,
exercisable at $0.15 and expiring on the 28th of March 2029 to Cumulus Wealth Pty Ltd in lieu of a $60,000 corporate advisory fee.
(v)
Placement costs include the cost of options issued to the underwriter and the lead manager valued using Black Scholes options pricing
model, with a total value of $512,004 (refer note 20).
(vi)
On 30 May 2025, the Company issued 671,687 fully paid ordinary shares to directors in lieu of directors fees at an issue price of $0.085 per
share.
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 2024 Annual Report.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
70
20. 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 2025
30 JUNE 2024
$
$
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.
30 JUNE 2025
30 JUNE 2024
$
$
Reserve at beginning of year
1,659,393
1,368,926
Share based payments to advisors, Directors & employees
expensed or recognised in equity during the year
654,818
659,464
Transferred to issued capital on exercise
(126,150)
(183,531)
Transferred to accumulated losses upon expiry of options
(336,000)
(185,466)
Share based payments reserve at end of period
1,852,061
1,659,393
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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
71
20. RESERVES (continued)
The following table provides a summary of terms under which the options were issued:
On 29 October 2024 Coda issued 21,750,754 options and 43,501,104 fully paid ordinary shares at $0.07 per share pursuant
to non-renounceable pro-rata entitlement offer. Under the terms of the non-renounceable pro-rata entitlement offer,
each investor was entitled to receive one attaching quoted option, exercisable at $0.15 and expiring on 28 March 2029,
for every two shares subscribed. On the same date, Coda issued 857,143 fully paid ordinary shares at $0.07 per share and
428,572 attaching quoted options, exercisable at $0.15 and expiring on 28 March 2029 to Cumulus Wealth Pty Ltd in lieu of
a $60,000 corporate advisory fee.
On 5 November 2024 Coda issued 29,232,468 fully paid ordinary shares at $0.07 per share pursuant to a placement
following the non-renounceable pro-rata entitlement offer. Under the terms of the placement, each investor was
entitled to receive one attaching quoted option, exercisable at $0.15 and expiring on 28 March 2029, for every two
shares subscribed which were subject to shareholder approval. Shareholder approval for the 14,616,234 options for the
placement options was granted at the general meeting on 20 December 2024.
Furthermore, the Company granted 6,000,000 options as part of the Lead Manager remuneration arrangements and
7,303,856 options for acting as the priority sub-underwriter, pursuant to the Underwriting Agreement to Cumulus Wealth
Pty Ltd (or its nominees). 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
$0.07
Exercise price
$0.15
Valuation date
29 October 2024
Expiry date
28 March 2029
Expiration period (years)
4.41
Volatility
90%
Risk-free interest rate
4.044%
Number of options
13,303,856
Valuation per option
$0.038
The total value of $512,004 was recognised as capital raising costs within share capital (equity).
A total value of $60,000 was recognised as an increase in share capital.
A total value of $142,814 was recognised as a expense for the period.
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)
-
-
3-Jul-20
3-Jul-24
2,000,000
-
-
(2,000,000)
-
-
3-Jul-20
3-Jul-24
2,000,000
-
-
(2,000,000)
-
-
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
29-Oct-24
28-Mar-29
-
35,483,182
-
-
35,483,182
35,483,182
20-Dec-24
28-Mar-29
-
14,616,234(i)
-
-
14,616,234
14,616,234
(i)
Options approved by shareholders at a meeting on 20 December 2024. Options issued on 12 February 2025.
The weighted average remaining contractual life of options outstanding at the end of the financial year was 3.57 years
(30 June 2024: 3.27 years).
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
72
20. RESERVES (continued)
Performance rights
During the period, the Company granted 260,505 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
82,287
10 July 2029
Nil
33.34% vest after continuous employment to 1 July 2025
33.33% vest after continuous employment to 1 July 2026
33.33% vest after continuous employment to 1 July 2027
B
178,218
11 July 2029
Nil
33.34% vest after continuous employment to 1 July 2025
33.33% vest after continuous employment to 1 July 2026
33.33% vest after continuous employment to 1 July 2027
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
Value of underlying security
$0.140
$0.130
Exercise price
Nil
Nil
Valuation date
10 July 2024
11 July 2024
Expiry date
10 July 2029
11 July 2029
Expiration period (years)
5.00
5.00
Start of performance periods
1 July 2024
1 July 2024
Performance periods (years)
1.00 - 3.00
1.00 - 3.00
Volatility
90%
90%
Risk-free interest rate
4.074-4.146%
4.102-4.175%
Number of performance rights
82,287
178,218
Valuation per performance right
$0.140
$0.130
All performance rights have the following vesting condition:
(a) continuous employment is required (unless cessation of employment is due to redundancy or illness).
Should performance right holders resign, the Board may at its discretion waive the vesting condition relating to the
requirement to remain an employee of the Company and allow the holder to continue to hold the performance rights
following resignation.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
73
20. RESERVES (continued)
During prior period, the Company granted 7,044,412 performance rights to employees as part of the Employee Incentive
Plan. The performance rights carried a nil exercise price and vesting conditions requiring continued service. The expiry
dates as well as vesting conditions of the various tranches of the performance rights are detailed in the table below.
TRANCHE
NUMBER OF
PERFORMANCE
RIGHTS
EXPIRY
DATE
EXERCISE
PRICE
VESTING CONDITION
A
994,437
5 July 2028
Nil
33.34% vest after continuous employment to 1 July 2024
33.33% vest after continuous employment to 1 July 2025
33.33% vest after continuous employment to 1 July 2026
B
823,727
10
November
2028
Nil
33.34% vest after continuous employment to 1 July 2024
33.33% vest after continuous employment to 1 July 2025
33.33% vest after continuous employment to 1 July 2026
C
3,422,978
10
November
2028
Nil
30% vest after completion of Elizabeth Creek Copper Cobalt
Pre-Feasibility Study by 30 June 2026
30% vest after completion of Elizabeth Creek Copper Cobalt
Definitive Feasibility Study by 30 June 2026
30% vest after the value of Coda’s shares (based on a 30-
day VWAP) remain at a price of A$ 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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
74
20. 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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
75
20. 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(i)
-
-
(250,000)
-
-
19-Nov-21
19-Nov-26
34,416
-
-
-
34,416
34,416
23-Dec-21
23-Dec-26
15,392
-
(15,392)
-
-
-
9-Nov-22
9-Nov-27
314,402
-
-
-
314,402
157,201
11-Jul-22
11-Jul-27
113,185
-
(56,592)
-
56,593
-
12-Jul-22
12-Jul-27
131,936
-
(65,968)
-
65,968
-
5-Jul-23
5-Jul-28
838,373
-
(279,458)
(152,461)
406,454
-
10-Nov-23
10-Nov-28
823,727
-
-
-
823,727
274,576
10-Nov-23
10-Nov-28
3,422,978
-
-
-
3,422,978
114,100
22-Nov-23
22-Nov-28
1,803,270
-
(60,110)
(1,683,052) (i)
60,109
-
10-Jul-24
10-Jul-29
-
82,287
-
-
82,287
-
11-Jul-24
11-Jul-29
-
178,218
-
-
178,218
-
(i)
Rights have lapsed and will be cancelled after year end
Shares issued on exercise of options and performance rights
During the year, the Company has issued 477,520 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 2025
30 JUNE 2024
$
$
Reserve at beginning of year
(149,967)
(83,875)
Change in fair value of investment
(2,726)
(66,092)
Reserve at end of year
(152,693)
(149,967)
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
76
21. 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 2025
30 JUNE 2024
$
$
Company Statement of Financial Position
ASSETS
Current assets
4,330,672
3,534,239
Non-current assets
22,759,933
18,584,538
Total assets
27,090,605
22,118,777
LIABILITIES
Current liabilities
732,724
604,521
Non-current liabilities
4,239,108
9,414
Total liabilities
4,971,832
613,935
EQUITY
Issued capital
51,476,875
47,194,079
Capital contribution reserve
12,040,106
12,040,106
Share based payment reserve
1,852,061
1,659,393
Revaluation reserve
(152,693)
(149,967)
Accumulated losses
(43,097,576)
(39,238,769)
TOTAL EQUITY
22,118,773
21,504,842
Company Statement of Financial Performance
Loss for the year
(6,945,181)
(3,970,215)
Total comprehensive loss for the year
(6,947,907)
(4,036,307)
22. 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 2025
30 JUNE 2024
$
$
One year or less
33,477
32,469
Between one and two years
23,836
23,106
Between two and three years
23,836
23,106
Between three and four years
22,411
23,106
Between four and five years
-
15,561
Total commitments
103,560
117,348
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
77
23. 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 2025 was based on the loss attributable to ordinary shareholders
of $4,286,895 and a weighted average number of ordinary shares outstanding during the year ended 30 June 2025 of
224,154,622 calculated as follows:
30 JUNE 2025
30 JUNE 2024
$
$
Basic earnings per share
Loss attributable to ordinary shareholders
(4,286,895)
(4,565,582)
NO. OF SHARES
NO. OF SHARES
Weighted average number of ordinary shares
Shares on issue at the beginning of the year
174,815,036
141,797,752
Weighted average number of ordinary shares at the end of the year
224,154,622
149,008,016
$
$
Earnings / (loss) per share:
Basic and diluted
(0.02)
(0.03)
Potential ordinary shares relating to options and performance rights are not dilutive at 30 June 25.
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 2025
Financial assets at fair value through other
comprehensive income
144,167
-
-
144,167
As at 30 June 2024
Financial assets at fair value through other
comprehensive income
146,893
-
-
146,893
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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
78
25. 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.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
79
25. 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 2025
30 JUNE 2024
$
$
Cash and cash equivalents
3,963,790
3,426,744
Other receivables
13,565
14,174
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
80
25. FINANCIAL INSTRUMENTS & FINANCIAL RISK MANAGEMENT (continued)
The Company’s cash and cash equivalents of $3,963,790 at 30 June 2025 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.
(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 2025
30 JUNE 2024
CARRYING
AMOUNT
6 MONTHS
OR LESS
CARRYING
AMOUNT
6 MONTHS
OR LESS
$
$
$
$
Non-derivative financial liabilities
Trade and other payables
383,241
383,241
245,017
245,017
Lease liabilities
213,872
53,838
123,981
56,669
(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 2025
30 JUNE 2024
NOTE
$
$
Financial assets at fair value through other
comprehensive income
10
144,167
146,893
(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 2025
30 JUNE 2024
$
$
Variable rate instruments
Cash and cash equivalents
3,963,790
3,426,744
At reporting date, the Company’s exposure to interest rate risk was not material.
26. 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 19 and 20,
respectively.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
81
27. NOTES TO THE STATEMENT OF CASH FLOWS
Reconciliation of loss after income tax to net cash inflow from operating activities:
30 JUNE 2025
30 JUNE 2024
$
$
Loss for the period after income tax
(4,286,895)
(4,565,582)
Adjustments for:
Depreciation, amortisation and write-offs
161,807
162,868
Share based payments
202,814
659,466
Director’s fee settled in shares
55,750
-
Investment obtained from spin out of Kali Metals Limited
-
(37,610)
Net finance costs
7,409
15,555
Operating loss before changes in working capital and provisions
(3,859,115)
(3,765,303)
Decrease / (increase) in receivables
(60,839)
(3,645)
Decrease/(increase) in exploration license bonds
-
-
Decrease /(increase) in prepayments
(42,765)
47,265
Increase / (decrease) in trade and other payables
40,356
(336,570)
Increase / (decrease) in employee benefits
38,965
7,546
Net cash (used in) operating activities
(3,883,398)
(4,050,707)
The Company had a non-cash financing and investing activity increase of $204,228 to the Right of use asset and lease
liability during the year.
28. RELATED PARTIES DISCLOSURES
Key management personnel (KMP) compensation
The compensation paid to the Company’s Key Management Personnel is shown below.
30 JUNE 2025
30 JUNE 2024
$
$
Employee salaries & directors’ fees
757,824
856,451
Share based payment
89,659
372,007
Staff bonuses STIP
68,553
73,999
Annual leave movement
(13,758)
685
Superannuation
68,998
77,056
Long service leave
19,676
-
Non-monetary benefits
6,475
8,300
Total employee benefits expense
997,427
1,388,498
Detailed remuneration disclosures are provided in the remuneration report within the directors’ report.
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 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
82
29. 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 2025 of $54,107 (2024: $54,107) to the landlord of its registered and
corporate office.
30. AUDITOR’S REMUNERATION
30 JUNE 2025
30 JUNE 2024
$
$
Auditors of the Company – RSM Australia Partners
RSM Australia Partners and related network firms
Audit and review of financial reports
49,469
40,000
Other services - Tax consulting services
39,926
38,393
Auditor’s Remuneration
89,395
78,393
31. EVENTS SUBSEQUENT TO REPORTING DATE
No matters or circumstances have arisen since the end of the financial year apart from the following:
•
On 8 August 2025, the Company announced the issue of 400,000 fully paid ordinary shares in lieu of fees to an
investor relation company.
•
On 8 September 2025, the Company announced the launch of an Entitlement Offer to raise $8.33 million (before costs)
to provide Eligible Shareholders with an opportunity to apply for one (1) new share for every three (3) shares held, at
an issue price of $0.10 per New Share. The Entitlement offer is fully underwritten by a third party. Each participating
Eligible Shareholder will be entitled to one (1) attaching options for every four (4) New Shares subscribed under the
Entitlement Offer.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
83
32. 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.
33. DIVIDENDS
No dividends were paid during the financial year. No recommendation for payment of dividends has been made.
CONSOLIDATED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
84
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
2025
BENEFICIAL
INTEREST
2024
Parent entity
Coda Mineral Ltd
Australia
Australia(i)
N/A
N/A
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(ii)
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.
(ii)
This entity was removed from the IPA Companies Register during the period and is no longer registered.
CONSOLIDATED ENTITY DISCLOSURE STATEMENT
FOR THE YEAR ENDED 30 JUNE 2025
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
85
ASX ADDITIONAL INFORMATION
The following additional information is required by the Australian Securities Exchange. The information is current as at
24th September 2025.
FULLY PAID ORDINARY SHARES
As at 24th September 2025, there were 4,523 shareholders holding a total of 249,954,958 fully paid ordinary shares.
TOP TWENTY SHAREHOLDERS OF FULLY PAID ORDINARY SHARES
RANK
SHAREHOLDER
NUMBER
OF ORDINARY
SHARES HELD
%IC
1
LUJETA PTY LTD
17,000,000
6.80%
2
ANGANG GROUP HONG KONG (HOLDINGS) LIMITED
11,899,834
4.76%
3
MS LINLIN LI
9,163,149
3.67%
4
BNP PARIBAS NOMINEES PTY LTD
8,943,465
3.58%
5
WHITE SILK PTY LTD
7,446,644
2.98%
6
RETZOS EXECUTIVE PTY LTD
4,191,000
1.68%
7
WHITE SILK PTY LTD
3,777,777
1.51%
8
IOOF INVESTMENT SERVICES LIMITED
3,304,264
1.32%
9
STEYN FAMILY STEWARDS PROPERTY PTY LTD
3,239,834
1.30%
10
B & M LAWS SUPER FUND PTY LTD
3,100,000
1.24%
11
JARHAMCHE PTY LTD
3,000,000
1.20%
12
MANFAM PTY LTD
3,000,000
1.20%
13
MR CRAIG GRAEME CHAPMAN
2,828,571
1.13%
14
CROFTBANK PTY LTD
2,463,772
0.99%
15
INVIA CUSTODIAN PTY LIMITED
2,210,036
0.88%
16
INVIA CUSTODIAN PTY LIMITED
2,166,024
0.87%
17
MR PAUL DUNCAN HALLAM & MRS CHRISTINE JOY HALLAM
2,163,518
0.87%
18
MR IVOR WILLIAM VAN DER SLUYS
2,092,652
0.84%
19
MR PAUL LESLIE DUNCAN & MRS DARANEE DUNCAN & MR PAUL KENNEDY
DUNCAN
2,035,990
0.81%
20
JP ROWNEY SUPER PTY LTD
2,000,000
0.80%
Total
96,026,530
38.42%
Unmarketable Parcels
As of 24th September 2025, there were 2,541 shareholders with an unmarketable parcel of shares being a holding of less
than 4,348 shares at a $0.115. Unmarketable parcels totalled 3,109,786 shares, representing a 1.24% of issued capital.
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
86
DISTRIBUTION SCHEDULE OF SHAREHOLDERS
HOLDING RANGES
HOLDERS
TOTAL UNITS
% OF ISSUED
SHARE CAPITAL
1 - 1,000
1,398
649,000
0.26%
1,001 - 5,000
1,266
3,042,887
1.22%
5,001 – 10,000
486
3,802,052
1.52%
10,001 – 100,000
1,033
37,977,776
15.19%
100,001 – and over
340
204,483,243
81.81%
Total
4,523
249,954,958
100.00%
LISTED OPTIONS
As at 24th September 2025, there were 659 shareholders holding a total of 68,321,250 listed options exercisable at $0.15
expiring on the 28th March 2029.
TOP TWENTY SHAREHOLDERS OF LISTED OPTIONS EXERCISABLE AT $0.15 EXPIRING ON
28TH MARCH 2029
RANK
SHAREHOLDER
NUMBER
OF ORDINARY
SHARES HELD
%IC
1
LUJETA PTY LTD
4,166,667
6.10%
2
MANFAM PTY LTD
3,000,000
4.39%
3
RETZOS EXECUTIVE PTY LTD
2,774,048
4.06%
4
ATLANTIS MG PTY LTD
2,739,265
4.01%
5
PEANUT CAPITAL PTY LTD
2,712,278
3.97%
6
LUJETA PTY LTD
2,647,536
3.88%
7
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2
2,133,334
3.12%
8
MALAHIDE MANAGEMENT PTY LTD
2,000,000
2.93%
9
MISS RADIKA KUMUDU VOGEL
1,641,286
2.40%
10
MR CRAIG GRAEME CHAPMAN
1,639,150
2.40%
11
STEYN FAMILY STEWARDS PROPERTY PTY LTD
1,619,917
2.37%
12
WHITE SILK PTY LTD
1,388,889
2.03%
13
SCINTILLA STRATEGIC INVESTMENTS LIMITED
1,150,000
1.68%
14
RETZOS FAMILY PTY LTD
1,018,785
1.49%
15
MILA INVESTMENT CO PTY LTD
837,018
1.23%
16
B & M LAWS SUPER FUND PTY LTD
800,001
1.17%
17
MR JAMES EDWARD DRINNAN
766,837
1.12%
18
JARHAMCHE PTY LTD
750,000
1.10%
19
INVIA CUSTODIAN PTY LIMITED
704,716
1.03%
20
MR PAUL KENNEDY DUNCAN
700,000
1.02%
Total
35,189,727
51.51%
ASX ADDITIONAL INFORMATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
87
DISTRIBUTION SCHEDULE OF LISTED OPTIONS EXERCISABLE AT $0.15 EXPIRING ON 28TH MARCH 2029
HOLDING RANGES
HOLDERS
TOTAL UNITS
% OF ISSUED
SHARE CAPITAL
1 - 1,000
134
50,403
0.07%
1,001 - 5,000
149
415,991
0.61%
5,001 – 10,000
76
530,911
0.78%
10,001 – 100,000
198
7,684,522
11.25%
100,001 – and over
102
59,639,423
87.29%
Total
659
68,321,250
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%
Total Unlisted Options
3,747,002
UNQUOTED SECURITY
-PERFORMANCE RIGHTS
NUMBER ON ISSUE
HOLDERS (> 20%) OF CLASS NOT ISSUED UNDER
EMPLOYEE INCENTIVE SCHEME
Performance rights
7,530,664
1
DISTRIBUTION SCHEDULE OF UNQUOTED SECURITIES
Options
HOLDING RANGES
HOLDERS
TOTAL UNITS
% OF ISSUED
SHARE CAPITAL
1 - 1,000
-
-
-
1,001 - 5,000
-
-
-
5,001 – 10,000
-
-
-
10,001 – 100,000
4
121,520
3.24%
100,001 – and over
4
3,625,482
96.76%
Total
8
3,747,002
100.00%
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%
ASX ADDITIONAL INFORMATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
88
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
Cumulus Wealth Pty Ltd
15,257,144
6.13%
11-Nov-2024
VOTING RIGHTS
All fully paid ordinary shares carry one vote per share without restriction.
Unquoted options and performance rights have no voting rights.
MINING TENURE SUMMARY
As at 24th September 2025, 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
20251
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 69452
Coda Minerals Ltd (ACN 625 763 957)
100%
17 October
2023
16 October
2029
73 km²
Note:
1
A renewal application for EL 6518 was lodged with the SA DEM on the 5th of February 2025, in line with standard renewal procedures. All
tenement obligations have been met, and the Company anticipates renewal will be authorised in the coming weeks.
2
Tenure is adjacent to Elizabeth Creek but has not been formally integrated into the broader Elizabeth Creek Project.
ASX ADDITIONAL INFORMATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
89
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 27042
Coda Minerals Ltd (ACN 625 763 957)
100%
10 October 2019
9 October 2029
22.4 km²
EPM 27053
Coda Minerals Ltd (ACN 625 763 957)
100%
14 February 2020
13 February 2030
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.
In July 2024, 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.
Note:
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 2025
90
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
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://codaminerals.com/announcements/6178432
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://codaminerals.
com/announcements/4069532
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 2025
91
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://codaminerals.com/
announcements/3688703
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.
Note:
4
2020.10.26 - Confirmation Statements JORC, Competent Person: Tim Callaghan.
ASX ADDITIONAL INFORMATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
92
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://codaminerals.com/announcements/6414362
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.
Note:
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.
ASX ADDITIONAL INFORMATION
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
93
CORPORATE DIRECTORY
DIRECTORS
Keith Francis Jones – Non-Executive Chairperson
Andrew Marshall – Non-Executive Director
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
AUDITOR
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
www.codaminerals.com
CORPORATE GOVERNANCE STATEMENT
www.codaminerals.com/about/#corporate_governance
CORPORATE DIRECTORY
CODA MINERALS LIMITED AND ITS CONTROLLED ENTITIES ACN 625 763 957
ANNUAL REPORT AND FINANCIAL STATEMENTS 2025
94
CODAMINERALS.COM