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Coda Minerals Limited - $12.3m Funding Secured, PFS Fully Funded
Coda Minerals Limited - $12.3m Funding Secured, PFS Fully
About this update from Coda Minerals Ltd
Coda Minerals Limited (ASX: COD; 'Coda' or 'the Company') is pleased to announce the successful completion of its underwritten $8.3m Entitlement Offer and a subsequent $4m institutional placement to underpin pre-feasibility study work at its flagship 100%-owned Elizabeth Creek Copper-Cobalt Project in South Australia's Olympic copper province. The institutional placement was undertaken to accommodate demand from quality institutional investors who supported the Entitlement Offer as sub-underwriters. The Company originally contemplated a follow-on placement in the Entitlement Offer Prospectus1 which was subsequently increased in scale from $2 million to $4 million to accommodate strong inbound demand. The Placement was conducted at $0.105 per fully paid ordinary share ('Share') with an attaching option in the existing listed CODO class exercisable at $0.15 each and expiring on 28 March 2029 ('Option') based on 1 Option for every 4 Shares subscribed. The Placement was undertaken at $0.005 per Share higher than the Entitlement Offer to existing shareholders underscoring strong investor appetite. A total of $12.33 million has been raised before costs. The Company will have approximately $14 million cash at bank following costs of the offer, which is expected to fully fund the Elizabeth Creek Copper-Silver Project Pre-Feasibility Study (PFS), including piloting work and contingency. Chief Executive Officer Chris Stevens said: 'This is a tremendous outcome and puts Coda in an excellent position, allowing us to move forward decisively - fully funded, fully focused and without distraction - to deliver the Elizabeth Creek PreFeasibility Study, including geotechnical, metallurgical, engineering and hydrogeological workstreams, all with built-in contingency. 'A PFS is the single most important milestone on the path from discovery to commercialisation, and we have been pushing our studies forward for some time now. But timing is everything in project development; our recently announced metallurgical breakthroughs and improved copper and silver recoveries2 came at the same time as both commodities have entered a period of fundamentally stronger price dynamics, both of which have been critical in helping the market understand Elizabeth Creek's potential. 'The Coda team has been dedicated to Elizabeth Creek for many years. In that time, we've more than quadrupled the known Resources3 , completely re-engineered the flowsheet and transformed the project into a true copper-silver standout - at a time of historic price strength and growing global demand. With this funding secured, we are entering the most exciting phase yet in Coda's journey. Ongoing: Environmental Approvals The Elizabeth Creek government approvals process continues to advance rapidly. The Scoping Report, a key milestone within South Australia's mining approvals framework, is nearing completion. Contractors are expected on site from November, with work continuing on an as-needed basis throughout 2026, progressing environmental and technical studies that will form the foundation for the full Mining Lease Application. Placement Compliance Of the 38,095,239 new Shares to be issued, 4,807,912 Shares will be issued utilising the Company's existing Listing Rule 7.1 placement capacity, and 33,287,327 Shares will be issued utilising the Company's existing 10% placement capacity under Listing Rule 7.1A. 9,523,810 new Options will be issued utilising the Company's existing Listing Rule 7.1 placement capacity. None of the Placement applicants are related parties of the Company for the purposes of the Listing Rules. The issue price of $0.105 per new Share represents a 24.8% discount to the 15-day volume weighted average price of Shares up to close of trade on Wednesday, 22 October 2025 and a 25% discount to the last close Share price on Wednesday, 22 October 2025 . Settlement of the majority of the Placement is expected to occur on or around 30 October 2025 with issue of the 28,571,429 Shares and 7,142,858 Options. 9,523,810 Shares and 2,380,952 Options will be settled on a deferred basis on or around 15 December 2025 . Coda appointed Cumulus Wealth and Leeuwin Wealth as joint lead managers for the Placement. Cumulus Wealth and Leeuwin Wealth together will receive a customary fee of 6% payable on the total funds received under the Placement. Contact: Chris Stevens Email: [email protected] Nicholas Read Email: [email protected] Forward-Looking Information This announcement contains forward looking statements. Forward looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'forecast', 'believe', 'plan', 'estimate', 'expect' and 'intend' and statements that an event or result 'may', 'will', 'should', 'could' or 'might' occur or be achieved and other similar expressions. The forward-looking statements in this announcement are based on current expectations, estimates, forecasts and projections about the Company and the industry in which it operates. They are subject to various inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied by any forward-looking statements. The past performance of the Company is no guarantee of future performance. None of the Company or any of its directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward looking statement, or any events or results expressed or implied in any forward looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement. 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