Ann: Elizabeth Creek Drilling Underpins PFS Advancement, page-70

Hi everyone, new here, very interested in the stock.

Reading the last announcement dated 12/01/26 gives the impression that there are quite a few catalysts coming in the near future. Or am I missing something? Please, any help will be much appreciated.


ASX Announcement 12 January 2026
"Highlights
• Drilling recommenced at Emmie Bluff: Coda has restarted its three-rig, ~6,000–7,000m diamond drilling program at
Emmie Bluff, the flagship deposit within the Elizabeth Creek Copper-Silver Project in South Australia.
• ~70% of drilling now complete: Drilling is finished at MG14 and Windabout, with a further six of the planned 12 holes
completed at Emmie Bluff and two of the remaining holes well advanced.
• Core samples submitted for testing: The first batch of drill core has been delivered to Adelaide for assay and
geotechnical testing, with the final batch expected later this month.
• Strong economics already established with major commodity price upside: The most recent Scoping Study update
estimated the pre-tax NPV(7) of the Elizabeth Creek project to be approximately $1.3B, with an Internal Rate of Return
(IRR) of 39%1
. Copper and Silver spot prices have risen materially and are currently 37% and 167% higher than were
assumed in that study. This highlights considerable commodity price upside when assumptions are updated.
2
• PFS Advancing Rapidly: Highly experienced Study Manager appointed as PFS gains pace with critical path drilling
nearing completion, approvals pathway advanced and major work-package contracts awarded.
• Active news flow expected:
- Assay and geotechnical results supporting an Updated Emmie Bluff Mineral Resource Estimate (MRE).
- Metallurgical variability testing to confirm optimal processing technology.
- Exploration and fieldwork update, including hydrogeology and associated drilling
- Mine plan optimisation study confirming go-forward development case and updated project economics.
- Progress on environmental and mining approvals advancing Elizabeth Creek toward development readiness."

The following is what is attracting to this stock:
MRE: 65.5Mt
726kt Cu & 28Moz Ag
93% indicated.
Ignoring the Cobalt & Zinc