COD: Annual Report
Original announcement by asx on
- Company
- CODA MINERALS LIMITED
- Ticker
- COD
- Exchange
- ASX
- Region
- South Australia
- Primary commodity
- Copper
- Secondary commodities
- Silver, Cobalt
- Document categories
- Other, Metallurgy
- Extracted
- 2026-10-09 01:04:09 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Coda Minerals Limited's 2026 Annual Report details significant progress at its Elizabeth Creek Copper-Silver Project, including materially improved copper and silver recoveries of 94.8% and 98.2% respectively from its whole-ore chloride leach flowsheet. These metallurgical advancements led to a substantial increase in estimated project economics, with the March 2026 economic update showing a pre-tax NPV7 of A$2.25 billion and an IRR of 56%. The company also successfully raised A$19 million to fund the ongoing Pre-Feasibility Study and advance regulatory approvals.
Reasoning: The annual report highlights significant technical and financial progress at the Elizabeth Creek project, including materially improved copper and silver recoveries from a new processing flowsheet, which has substantially enhanced the project's estimated economics. Successful capital raises provide funding for the ongoing Pre-Feasibility Study, de-risking future development.
Positive factors
- Improved metallurgical recoveries for copper and silver
- Significant uplift in project economics (NPV, IRR)
- Successful capital raises to fund PFS
- Advancement of Pre-Feasibility Study (PFS) workstreams
- Formal gazettal of approvals Scoping Report
Negative factors
- Economic assessment is at Scoping Study level (inherent uncertainty)
- Cobalt removed from base-case economic model
- No new drill results (grades/widths) reported in this document
Facts used in scoring: 6
Classification and evidence
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: the document describes a flotation route ("flotation")
Single Domain Onlynegative
Testing limited to one composite or domain — representativeness not established.
Why it applies: only one composite was tested
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 oxidative chloride leaching
- Sample
- Emmie Bluff material
- Grind P80
- 75 µm
Recovery
- Recovery
- 94.8 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-09T00:00:00.000Z
Reasoning: The reported copper recovery of 94.8% is exceptional for the whole-ore chloride leach route and represents a significant improvement over the previous flotation-based flowsheet (82.8% copper).
Positive factors
- High Recovery
- Recovery Improving
Evidence · text
“The revised flowsheet achieved overall recoveries of 94.8% for copper and 98.2% for silver from Emmie Bluff material”
Tags used in scoring
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
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 oxidative chloride leaching
- Sample
- Emmie Bluff material
- Grind P80
- 75 µm
Recovery
- Recovery
- 98.2 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-10-09T00:00:00.000Z
Reasoning: The reported silver recovery of 98.2% is exceptional for the whole-ore chloride leach route and represents a significant improvement over the previous flotation-based flowsheet (82.0% silver).
Positive factors
- High Recovery
- Recovery Improving
Evidence · text
“The revised flowsheet achieved overall recoveries of 94.8% for copper and 98.2% for silver from Emmie Bluff material”
Tags used in scoring
Byproduct Commodityneutral
The tested commodity is a byproduct rather than the primary economic driver.
Why it applies: the release describes a byproduct credit
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.