en.Wedoany.com Reported - Australian mineral exploration company Coda Minerals Ltd (ASX: COD) completed an oversubscribed placement of A$6.7 million on June 1, 2026, to accelerate work streams for the Prefeasibility Study (PFS) of its wholly-owned Elizabeth Creek Copper-Cobalt Project in the Olympic Copper Province of South Australia.
The company completed the placement to institutional and sophisticated investors at A$0.13 per share, with one listed option attached for every four placement shares, exercisable at A$0.15 per share and expiring on March 28, 2029. Led by Cumulus Wealth and Leeuwin Wealth, the funds raised will be used for metallurgical locked-cycle testing, hydrogeological surveys, and related approval work to reduce project development risks and enhance the quality of the PFS report. Coda Minerals CEO Chris Stevens stated that the cash reserve of approximately A$7 million from this placement is a prudent decision aimed at accelerating key high-value work streams. He added that the copper industry is experiencing strong global strategic attention, and with a limited number of advanced copper development projects in Tier 1 jurisdictions, the PFS will provide a significant opportunity to demonstrate the technical, commercial, and strategic value of the Elizabeth Creek project.
The PFS is a critical step in the transition of a mining project from concept to production, positioned between the Preliminary Economic Assessment (PEA) and the Feasibility Study (FS). By conducting a more comprehensive evaluation of mining, processing options, and economic viability, it improves cost estimation accuracy from approximately 35%–50% in the PEA stage to about 25%. Coda Minerals disclosed that the project has resources of 5.5 million tonnes at a copper-equivalent grade of 1.6%, with a pre-tax net present value of A$1.2 billion. The company plans to further optimize the development plan through expanded metallurgical testing and additional drilling. Resource, metallurgical, and geotechnical drilling programs have now been completed, with major site work ongoing. Additionally, the company has established a joint venture partnership with Boss Energy on the Kinloch project, further expanding its exploration portfolio. Future work will focus on resource growth and detailed engineering planning to drive the successful delivery of the PFS for the Elizabeth Creek project in 2026.
Founded in April 2018 and headquartered in West Perth, Western Australia, Coda Minerals is a resource exploration company listed on the Australian Securities Exchange. The company focuses on exploration and development in base metals, precious metals, and battery minerals, holding multiple mining assets including the Elizabeth Creek Copper-Cobalt Project, the Cameron River Copper-Gold Project, and the Kinloch Project. Spun out from Gindalbie Metals, the company gradually established the ownership structure of the Elizabeth Creek project through the integration of Torrens Mining's assets between 2020 and 2021.
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