Coda Minerals Limited in conjunction with joint venture partner Torrens Mining Limited reported further significant preliminary results from the ongoing IOCG drilling programme at Emmie Bluff Deeps, part of its Elizabeth Creek Project in South Australia. Work Completed at Emmie Bluff Deeps to Date: On 9 June 2021, Coda announced that its first diamond drillhole at Emmie Bluff Deeps IOCG target, DD21EB0018, had intersected 200m of intense IOCG alteration including approximately 50m of copper sulphide mineralization; In July 2021, the initial intersection was followed up by announcement of visual estimates from two wedge (daughter) holes drilled from the parent hole which demonstrated a significant intersection of highgrade bornite dominant copper mineralisation in Wedge 2. Subsequent assaying results confirmed the intersection of two mineralised lodes, namely 24m at 2.2% Cu and 0.3g/t Au and 13m at 3.5% Cu and 0.6g/t Au; In October 2021, the results from five additional drill holes, (two parent and three wedge holes) demonstrated a material increase to the lateral extent of the mineralisation. Holes EBD2 (parent) and EBD2W1 (wedge) demonstrated a significant increase in the thickness and intensity of visual sulphides.

EBD3W2 returned a 67m intersection of intermixed bornite and chalcopyrite copper mineralisation (assays pending); These two bornitedominant intersections demonstrated the presence of a higher grade borniterich core within an overall laterally extensive chalcopyrite halo at Emmie Bluff Deeps; In early December 2021, the Company completed four new wedge holes, two wedges from parent hole EBD2 (wedges 2W2,and 2W3) and two from EBD3 (wedges 3W2A and 3W3B) materially extending the lateral scale of the deposit, especially within the core bornite dominant zone; At the time of finalising this announcement, assay results from the five drill holes for which visual observations of mineralisation have been released to ASX ­ EBD2, EBD2W1, EBD3, EBD3W1 and EBD3W2 ­ remain outstanding due to delays at assay laboratories. The Company expects to receive and release the majority of these results prior to Christmas 2021. At the time of reporting on the four new wedge holes announced on 6 December 2021, a fifth wedge hole, EBD2W4, was ongoing having intercepted an indeterminate thickness of copper sulphides from 861m.

Wedge hole EBD2W4 has now been materially completed. Both field logging and handheld XRF measurements have confirmed the presence of material amounts of copperbearing sulphides in EBD2W4 throughout the reported intervals. The Company is preparing all mineralised intercepts for assay and will release results to market as quickly as possible.

Commenting on the results, Coda's CEO Chris Stevens said: "The results from EBD2W4 represent its thickest intercept to date with a total of 83m of copper-bearing sulphides logged in this hole. This is particularly encouraging, not only because of the sheer thickness of the intercept but also as it occurs towards the eastern side of previous drilling, materially extending the zone of interest across the south-east of the deposit. EBD2W4 Results in Detail: EBD2W4 was a wedge hole from parent hole EBD2, drilled eastsoutheast from the parent hole towards the most intense part of the Emmie Bluff Deeps gravity anomaly, and achieved separations of between approximately 100 and 140m horizontally at the top and bottom respectively of the wedge hole's mineralised envelope.

The hole was targeting extensions to the known chalcopyrite mineralisation encountered in the parent hole, as well as mineralisation encountered in historical holes MGD 55 (260m northeast of EDB2, 15m @ 1.21% Cu from 974m downhole) and SAE 3 (400m east of EBD2, 18m @ 0.74% Cu from 886m downhole), with the objective of establishing continuity between the historic and modern drillholes. Beneath locally typical Pandurra Formation, EBD2W4 encountered patches of chalcopyrite dominated mineralisation from as shallow as 861m ­ considerably shallower than other holes in the area, where mineralisation typically commences from closer to 900m. Multiple narrow (<5m) but occasionally intense zones of chalcopyrite mineralisation persisted until 898.5m.

Material brecciation began at 902.5m, culminating in an zone of intense chlorite and haematite alteration encountered with a material fault encountered at approximately 915m. Below the fault, the hole encountered an unusually thick and chalcopyrite rich lower lode comprising approximately 63m of chalcopyrite mineralisation and including the first material molybdenite mineralisation logged at Emmie Bluff Deeps. The hole encountered the following geological sequence: Drilling at EBD2W4 is ongoing as of the time of this announcement, with the target basement granite expected at approximately 1,150 1,200m.

Interpretation: The lower copper rich lode encountered in this hole is materially thicker and more intensely mineralised than other holes in the area, but appears to be entirely dominated by chalcopyrite as opposed to the bornite logged in proximal hole 3W3B 1. Further, the presence of material amounts of molybdenite suggests a different hydrothermal evolution (and likely an associated different structural setting) to that seen in the NNW trending bornite zone which has so far been the Company's primary target. At Olympic Dam, molybdenite enrichment is known to be somewhat associated with WNW trending faults, which have been interpreted as potential splays of northwest oriented major faults. It is plausible that a similar association may be at play at Emmie Bluff Deeps, in particular given the presence of an intensely chloritised previously unencountered fault in the hole, and the strong and consistent copper sulphide mineralisation in the immediate hanging wall off that fault.

Alternately, molybdenum may be associated with the proximity to the core of the gravity anomalism (and presumably the deposit as a whole). Further geophysically targeted drilling will be required to test this hypothesis, but the thickness of the overall mineralised envelope (stretching over 120m vertically) is very encouraging.