# COD: 2026 Directors' Report and Annual Financial Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cod-2026-directors-report-and-annual-financial-report--6b0b8081-9c58-41c2-872b-692b0944448d Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145597 Publisher: asx Original announcement: 2026-09-29T08:44:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T13:34:17.959Z Atlas analysis updated: 2026-09-29T13:34:17.959Z - 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 Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas 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 factor: Strong metallurgical recoveries for copper and silver from recent testwork - Positive factor: Updated Scoping Study shows significantly improved project economics \(NPV and IRR\) - Positive factor: Advancement of Pre-Feasibility Study and environmental approvals for flagship project - Positive factor: Successful capital raises provide funding for ongoing project development - Negative factor: Company continues to report a net loss - Negative factor: Reliance on further funding for ongoing activities - Negative factor: Impairment of the Cameron River Project Facts used in scoring: 8 ## Classification and evidence **High Recovery** Polarity: positive Definition: 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 Recovery** Polarity: positive Definition: 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 **Placement** Polarity: neutral Story-specific tag Definition: 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 Exercise** Polarity: neutral Story-specific tag Definition: 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 Exercise** Polarity: neutral Story-specific tag Definition: 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 Route** Polarity: neutral Definition: 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 1 [Link to this fact](https://atlas-staging.minestarters.com/news/cod-2026-directors-report-and-annual-financial-report--6b0b8081-9c58-41c2-872b-692b0944448d#fact-metallurgical-facts-0) Elizabeth Creek · copper #### 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 factor: Recovery of 94.8% for copper is exceptional for the processing route - Positive factor: 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 Recovery** Polarity: positive Definition: 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 2 [Link to this fact](https://atlas-staging.minestarters.com/news/cod-2026-directors-report-and-annual-financial-report--6b0b8081-9c58-41c2-872b-692b0944448d#fact-metallurgical-facts-1) Elizabeth Creek · silver #### 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 factor: Recovery of 98.2% for silver is exceptional for the processing route - Positive factor: 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 Recovery** Polarity: positive Definition: 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.