COD: 2026 Directors' Report and Annual Financial Report
Original announcement by asx on
- Company
- Coda Minerals Ltd.
- Ticker
- COD
- Exchange
- ASX
- Region
- South Australia
- Primary commodity
- Copper
- Secondary commodities
- Silver, Cobalt
- Document categories
- Capital raise, Metallurgy, Other
- Extracted
- 2026-09-29 13:34:18 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Coda Minerals Ltd. released its 2026 Annual Financial Report, detailing progress on its Elizabeth Creek Copper-Silver Project in South Australia. The company reported an updated Scoping Study incorporating successful FY25 metallurgical testwork, which achieved 94.8% copper and 98.2% silver recoveries, leading to improved project economics with a pre-tax NPV₇ of $2.25 billion and IRR of 56% based on revised commodity prices. The report also highlighted significant capital raising activities post-year-end to fund ongoing Pre-Feasibility Study work, including a 19-hole diamond drilling program and environmental approvals.
Reasoning: The annual report highlights strong progress on the Elizabeth Creek Copper-Silver Project, including excellent metallurgical recoveries and improved economic metrics from an updated Scoping Study. Recent capital raises secure funding for the ongoing Pre-Feasibility Study and environmental approvals, indicating positive development momentum despite continued net losses and reliance on external financing.
Positive factors
- Strong metallurgical recoveries for copper and silver from recent testwork
- Updated Scoping Study shows significantly improved project economics (NPV and IRR)
- Advancement of Pre-Feasibility Study and environmental approvals for flagship project
- Successful capital raises provide funding for ongoing project development
Negative factors
- Company continues to report a net loss
- Reliance on further funding for ongoing activities
- Impairment of the Cameron River Project
Facts used in scoring: 8
Classification and evidence
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The metallurgical testwork achieved 94.8% copper recovery, which is exceptional for the whole-ore chloride leach processing route.
Evidence · text
“The revised flowsheet achieved copper and silver recoveries of 94.8% and 98.2% respectively”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: The metallurgical testwork achieved 98.2% silver recovery, which is exceptional for the whole-ore chloride leach processing route.
Evidence · text
“The revised flowsheet achieved copper and silver recoveries of 94.8% and 98.2% respectively”
Placementneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The company issued 15,384,617 fully paid ordinary shares to sophisticated investors as part of a capital raising.
Evidence · text
“On 11 August 2026, the Company issued 15,384,617 fully paid ordinary shares at an issue price of $0.13 per share to sophisticated investors.”
Option Exerciseneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The company issued shares on the exercise of listed options, indicating conversion of options to equity.
Evidence · text
“On 29 July 2026, the Company announced the issue of 1,237 fully paid ordinary shares on the exercise of listed options at an exercise price of $0.15 per option.”
Option Exerciseneutral · Story-specific tag
No canonical definition is currently available.
Why it applies: The company issued shares on the exercise of listed options, indicating conversion of options to equity.
Evidence · text
“On 8 September 2026, the Company issued 4,124 fully paid ordinary shares on the exercise of listed options at an exercise price of $0.15 per option.”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Extracted facts
Stored fact records: 2. Some facts used in scoring do not have a stored record.
Metallurgical Results (2)
Fact 1Elizabeth Creek · copperRecovery: 94.8 %View all detailsHide details
Identity
- Project
- Elizabeth Creek
- Commodity
- copper
- Region
- australia_sa
- Reported Region
- South Australia
- Ticker
- COD
Test Work
- Program Status
- detailed
- Processing Route
- whole-ore chloride leach
Recovery
- Recovery
- 94.8 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The reported copper recovery of 94.8% from the whole-ore leach flowsheet is exceptional and significantly de-risks the project's processing pathway, contributing to improved economics.
Positive factors
- Recovery of 94.8% for copper is exceptional for the processing route
- Successful metallurgical testwork incorporated into updated Scoping Study
Evidence · text
“The revised flowsheet achieved copper and silver recoveries of 94.8% and 98.2% respectively”
Tags used in scoring
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 94.8% is at or above the exceptional band (92%)
Fact 2Elizabeth Creek · silverRecovery: 98.2 %View all detailsHide details
Identity
- Project
- Elizabeth Creek
- Commodity
- silver
- Region
- australia_sa
- Reported Region
- South Australia
- Ticker
- COD
Test Work
- Program Status
- detailed
- Processing Route
- whole-ore chloride leach
Recovery
- Recovery
- 98.2 %
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The reported silver recovery of 98.2% from the whole-ore leach flowsheet is exceptional and significantly enhances the project's economic viability, especially given its polymetallic nature.
Positive factors
- Recovery of 98.2% for silver is exceptional for the processing route
- Successful metallurgical testwork incorporated into updated Scoping Study
Evidence · text
“The revised flowsheet achieved copper and silver recoveries of 94.8% and 98.2% respectively”
Tags used in scoring
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 98.2% is at or above the exceptional band (90%)
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.