Coda Minerals' Economics Upgrade: What You Need to Know

Dear Reader,

Coda Minerals (ASX:COD) has reported a major uplift in the economics of its Elizabeth Creek copper project in South Australia, significantly reinforcing its development potential.

Using increased price assumptions of US$10,500/t copper and US$60/oz silver, the project’s pre-tax NPV has increased sharply to around US$2.25 billion, up from approximately US$1.29 billion previously.

Even on these conservative assumptions—well below recent spot prices—the project delivers a robust post-tax NPV of around US$1.5 billion.

And with initial capital costs estimated at A$615 million, this results in an NPV-to-capex ratio comfortably exceeding the 2:1 level typically considered a strong benchmark for development projects.

For investors, this is an important step forward.

Not only does it reinforce the underlying value of Elizabeth Creek, but it also provides greater confidence in the project’s long-term development potential as Coda advances toward its delivery its Pre-Feasibility Study (PFS).

Let’s take a closer look at what’s changed—and why it matters…

Digging deeper

Coda’s updated economics reflect a reassessment of Elizabeth Creek under commodity assumptions more in keeping with today’s market, following major moves in both copper and silver prices over the past 12–18 months.

Indeed, copper prices have climbed from around US$10,000/t to as high as US$13,600/t in recent months, while silver has also seen a significant re-rating.

In response, Coda updated its base-case assumptions to better reflect the evolving macro environment and provide investors with a clearer view of the project’s true potential.

Key figures from Coda’s updated economic figures for Elizabeth Creek (Source: Coda Minerals)

Crucially, the impact goes beyond headline valuation.

As Coda’s CEO Chris Stevens explained in his StockBox interview, stronger pricing lowers cut-off grades—allowing more material to be mined economically. This can increase the total recoverable metal, extend mine life, and enhance overall project returns.

• In simple terms, Elizabeth Creek is not just becoming more valuable—it is becoming a more robust and potentially larger mining operation.

For investors, this matters.

Projects with stronger economics tend to attract greater market confidence, improve financing options, and are more likely to draw interest from potential partners or acquirers.

As Chris put it to us:

“These updated numbers give us total confidence that we’re moving in the right direction. As a CEO you want your company to be successful. You want to see that the project you’re investing your time and a fair amount of your retirement funds into are being put to good use.

And what this tells me is that this project is really robust under these current assumptions. As someone who spends a lot of time thinking about this project and has a lot of eggs in this basket, it’s great to see."

Stacked list of catalysts

So, what’s next?

Well, with stronger economics now in place, Coda is focused on delivering its Pre-Feasibility Study—a major milestone that will further define the project and reduce development risk.
Several key workstreams are already underway.

A recently completed drilling program is expected to support an updated resource estimate, while metallurgical testwork has commenced and will feed into mine plan optimisation.

Together, this work will form the foundation of the PFS, ultimately converting resources into reserves and establishing a clearer pathway toward production.

Encouragingly, the PFS is well funded, with Coda’s cash balance sitting at $11.25m as at end-December, and engineering studies, approvals work, and optimisation programs are progressing in parallel.

• For investors, this creates a clear pipeline of potential catalysts. Resource updates, metallurgical results, and mine plan improvements all have the potential to further strengthen project economics and build confidence in Elizabeth Creek’s development pathway.

Positioning for potential upside

Elizabeth Creek was already emerging as a compelling copper development story. This latest economics update strengthens that position significantly.

Improved project value, enhanced mineability, and growing strategic appeal all point to a project moving steadily toward development readiness.

Just as importantly, the months ahead are expected to deliver a steady stream of updates—from resource growth and mine plan optimisation through to the PFS itself—that could continue to strengthen the project’s profile.

This combination of improving fundamentals and clear upcoming milestones is worth watching closely.

• As Elizabeth Creek continues to advance, Coda Minerals is positioning itself as a company with exposure to one of the more substantial undeveloped copper/silver projects in a tier-one mining jurisdiction.

Best wishes,
The StockBox Team