# COD: Annual Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/cod-annual-report--c6e17023-6431-454d-ac18-095135968b84 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03150569 Publisher: asx Original announcement: 2026-10-09T00:16:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-09T01:04:08.983Z Atlas analysis updated: 2026-10-09T01:04:08.983Z - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Improved metallurgical recoveries for copper and silver - Positive factor: Significant uplift in project economics \(NPV, IRR\) - Positive factor: Successful capital raises to fund PFS - Positive factor: Advancement of Pre-Feasibility Study \(PFS\) workstreams - Positive factor: Formal gazettal of approvals Scoping Report - Negative factor: Economic assessment is at Scoping Study level \(inherent uncertainty\) - Negative factor: Cobalt removed from base-case economic model - Negative factor: No new drill results \(grades/widths\) reported in this document Facts used in scoring: 6 ## Classification and evidence **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Single Domain Only** Polarity: negative Definition: 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 1 [Link to this fact](https://atlas-staging.minestarters.com/news/cod-annual-report--c6e17023-6431-454d-ac18-095135968b84#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 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 factor: High Recovery - Positive factor: 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 Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/cod-annual-report--c6e17023-6431-454d-ac18-095135968b84#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 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 factor: High Recovery - Positive factor: 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 Commodity** Polarity: neutral Definition: 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.