Coda Minerals (ASX: COD) reports that preparations are well advanced for a major new phase of exploration targeting the next leg of growth at its 100%-owned Elizabeth Creek Copper- Cobalt-Silver Project, located in South Australia’s Olympic Copper Province.
The Elizabeth Creek Project hosts over one million tonnes of contained copper equivalent across four key deposits – Emmie Bluff (underground) and MG14, Windabout and Cattle Grid South (open pit).
In December 2024, the company released an updated Scoping Study demonstrating robust economics with a pre-tax NPV of approximately $1.18 billion and an IRR of 35%. The study modelled annual production of 27,000t of copper and 1,300t of cobalt sulphate.
The new phase of exploration is aimed at further enhancing project economics through the definition of:
- Additional low-cost open pittable tonnes proximal to the MG14 and Windabout deposits; and
- Material extensions to the underground Emmie Bluff deposit at Emmie East, a highly prospective target defined by multiple forms of geophysics.
A major discovery at Emmie East – which encompasses a target area equivalent to ~50% of the existing Resource at Emmie Bluff – has the potential to deliver a material extension to mine life and/or the ability to increase production.
“The outstanding results of the recent Scoping Study, culminating in an impressive pre-tax NPV(7) of approximately $1.2 billion and IRR of 35%, have provided a tremendous springboard for us to target the next leg of growth at Elizabeth Creek while continuing to advance the project systematically towards development,” CEO, Chris Stevens, said.
“Our strategy is simple: advance the project through ongoing technical work; enhance the project through the definition of additional Resource tonnes; and demonstrate a clear pathway to funding and commercialisation.
“We started life as a listed company at Elizabeth Creek with just 75% ownership of the asset and 250,000 tonnes of in- ground copper equivalent metal. Since then, we have consolidated ownership to 100%, more than quadrupled the in- ground contained Resource to nearly 1.1 million tonnes CuEq and identified a series of exciting growth and exploration targets that will now be tested as part of this next phase of drilling.
“At the same time, we have demonstrated clear plans for the mining and processing of the copper, cobalt and silver at Elizabeth Creek, doubled the project NPV and materially enhanced the project through technical work.
“Building on these achievements, 2025 will be a pivotal year for Coda as we continue discussions on funding pathways into what we believe will be a fundamentally different macro environment. Against that backdrop, it is always nice to see the rigs turning with discovery being the lifeblood of success.”