Coda Minerals (ASX: COD) – Elizabeth Creek Project SA
ABOUT COMPANY
Coda Minerals (COD) (https://www.codaminerals.com/) develops the Elizabeth Creek IOCG Project in the highly prospective Olympic copper belt in South Australia.
It was listed in October 2021.
In February 2022, the company spent 26m shares to acquire TRN’s 30% of Elizabeth Creek’s interest.
CAPITAL STRUCTURE
| ASX Code | Share Price | Shares | Option (In) | Market Cap | Cash/Asset ($m) |
| COD | 0.12 | 142371371 | 17084564.52 | 1.8/0 |
| Holders No | Top 20 (Cur) | Top 20 (Pre) | Director Hold | Performance Right | Note |
| 4797 | 41.57% | 49.34% | 7.60% | 1338737 |
The Top holder (9.5%), Angang Group Hong Kong, has one Chinese nominee on the board.
FLAGSHIP ASSETS
Elizabeth Creek IOCG Project SA
The project hosts three different mineralisation styles, the Zambian-style copper-cobalt mineralisation, the IOCG mineralisation, and the Cattlegrid copper breccia mineralisation.
In March 2023, the company completed the Scope Study, which indicated a total CAPEX of $600m with a pre-tax IRR of 26.5%. However, the commodities prices assumed in the study were way higher than the current spot prices. In particular, Cobalt has half-priced since its peak.
Below are the project’s resources:
FLAGSHIP ASSETS
Greater Duchess Copper-Gold Project (82.5% with DCX)
SUMMARY
The copper equivalent grade needs to be re-calculated given the Cobalt price has halved.