# Coda Minerals PFS Catalyst Lands Q1 2027, High Copper Recoveries with Silver Stream Option Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/coda-minerals-pfs-catalyst-lands-q1-2027-high-copper-recoveries-with-silver-stre--43842f70-9252-4052-bf29-6050050fa4eb Original source: https://www.cruxinvestor.com/posts/coda-minerals-pfs-catalyst-lands-q1-2027-high-copper-recoveries-silver-stream-option Publisher: cruxinvestor Original announcement: 2026-10-08T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-09T03:46:59.711Z Atlas analysis updated: 2026-10-09T03:46:59.711Z - Company: Coda Minerals - Ticker: COD - Exchange: Unavailable - Region: South Australia - Primary commodity: Copper - Secondary commodities: Silver, Cobalt - Document categories: Metallurgy, Resource update - Extracted: 2026-10-09 03:47:00 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Coda Minerals reports high copper \(94-95%\) and silver \(96%\) recoveries from its chloride leach base case at the Elizabeth Creek project. The company is progressing toward a Q1 2027 Pre-Feasibility Study \(PFS\) and identifies a potential silver streaming option to fund the A$615 million capital expenditure. Reasoning: The document reports significant metallurgical improvements \(94-95% Cu recovery\) and identifies new byproduct upside \(cobalt\) that was previously unpriced, alongside a robust resource base. - Positive factor: High copper and silver recoveries from chloride leach base case - Positive factor: Cobalt recovery identified as unpriced upside - Positive factor: Strong resource base supports potential silver streaming for capex funding - Positive factor: Large dataset of 130 tests improves confidence over previous scoping study - Negative factor: Chloride leach is described as technically challenging - Negative factor: Reagent recycling remains a mechanical hurdle to be resolved Facts used in scoring: 5 ## Classification and evidence **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Chloride leach is returning 94-95% copper and 96% silver recoveries. Evidence · text > The chloride leach base case is returning about 94-95% copper and 96% silver **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: Cobalt recovery of 40% is identified as an unpriced upside. Evidence · text > recovered about 40% of the cobalt in the leach, a stream excluded from all previous economics **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: 5. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/coda-minerals-pfs-catalyst-lands-q1-2027-high-copper-recoveries-with-silver-stre--43842f70-9252-4052-bf29-6050050fa4eb#fact-resource-facts-3) Elizabeth Creek · copper #### Identity - Project: Elizabeth Creek - Commodity: copper - Region: australia\_sa - Reported Region: South Australia - Ticker: COD #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:57e7835f9d3bce739c04 - Deposit or zone: Elizabeth Creek - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 65500000 - Contained Metal: 700000 - Contained Unit: t #### Metal Equivalent - Metal Eq. Grade: 1.6 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: The resource provides a solid foundation for the upcoming PFS. - Positive factor: Large tonnage resource Evidence · text > Elizabeth Creek hosts a Joint Ore Reserves Committee \(JORC\) resource of 65.5Mt at 1.6% copper equivalent \(CuEq\), containing more than 700,000t of copper #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/coda-minerals-pfs-catalyst-lands-q1-2027-high-copper-recoveries-with-silver-stre--43842f70-9252-4052-bf29-6050050fa4eb#fact-resource-facts-4) Elizabeth Creek · silver #### Identity - Project: Elizabeth Creek - Commodity: silver - Region: australia\_sa - Reported Region: South Australia - Ticker: COD #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:57e7835f9d3bce739c04 - Deposit or zone: Elizabeth Creek - Mining method: combined #### Resource Data - Category: indicated - Tonnes: 65500000 - Contained Metal: 28 - Contained Unit: moz #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: 28Moz of silver is a significant byproduct that enhances project economics and funding options. - Positive factor: Significant silver content supports streaming option Evidence · text > and 28 million ounces of silver. #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No QP/CP Disclosure** Polarity: negative Definition: No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience. Why it applies: no Qualified or Competent Person is named anywhere in the release **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (3) ### chloride leach [Link to this fact](https://atlas-staging.minestarters.com/news/coda-minerals-pfs-catalyst-lands-q1-2027-high-copper-recoveries-with-silver-stre--43842f70-9252-4052-bf29-6050050fa4eb#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 - Test Type: chloride leach - Processing Route: whole-ore chloride leach - Sample: chloride leach base case across ~130 tests #### Recovery - Recovery: 94.5 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: 94-95% copper recovery in a chloride leach is considered high and supports the base case flowsheet. - Positive factor: High recovery rate for a leach process Evidence · text > The chloride leach base case is returning about 94-95% copper #### 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: 94.5% is at or above the exceptional band \(92%\) **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 ### chloride leach [Link to this fact](https://atlas-staging.minestarters.com/news/coda-minerals-pfs-catalyst-lands-q1-2027-high-copper-recoveries-with-silver-stre--43842f70-9252-4052-bf29-6050050fa4eb#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 - Test Type: chloride leach - Processing Route: whole-ore chloride leach - Sample: chloride leach base case across ~130 tests #### Recovery - Recovery: 96 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: 96% silver recovery is exceptional for this processing route. - Positive factor: Very high silver recovery Evidence · text > and 96% silver across around 130 tests #### 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: 96% is at or above the exceptional band \(90%\) **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 ### chloride leach [Link to this fact](https://atlas-staging.minestarters.com/news/coda-minerals-pfs-catalyst-lands-q1-2027-high-copper-recoveries-with-silver-stre--43842f70-9252-4052-bf29-6050050fa4eb#fact-metallurgical-facts-2) Elizabeth Creek · cobalt #### Identity - Project: Elizabeth Creek - Commodity: cobalt - Region: australia\_sa - Reported Region: South Australia - Ticker: COD #### Test Work - Program Status: detailed - Test Type: chloride leach - Processing Route: whole-ore chloride leach - Sample: chloride leach tests #### Recovery - Recovery: 40 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: 40% cobalt recovery is an unpriced upside not included in previous economics. - Positive factor: Identifies unpriced upside from cobalt Evidence · text > Tests since the August 2025 scoping work also recovered about 40% of the cobalt in the leach #### 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.