Coda Minerals' Entitlement Offer Announcement

Coda Minerals Ltd (ASX:COD) has announced a non-renounceable, pro-rata entitlement offer of new fully-paid ordinary shares to raise up to $2 million before costs. Eligible shareholders can apply for 1 new share for every 6 shares held, at $0.07 per share. Shareholders will also receive a free attaching option on a 1-for-2 basis, exercisable at $0.15. The offer is underwritten by Melbourne-based Cumulus Wealth Pty Ltd and is expected to open on Tuesday, 1 October 2024, and close at 4:00pm (WST) on Tuesday, 22 October 2024.

Executive Commentary on Entitlement Offer

Coda's Chair, Keith Jones, expressed the company's pleasure in providing eligible shareholders with the opportunity to participate in the fully underwritten entitlement offer. The proceeds from this offer will strengthen Coda's balance sheet and support the completion of the current project enhancement and optimisation programs, leading to the delivery of an important update to project economics in the next quarter. The company thanks its advisors, Cumulus Wealth, and their clients for their support in the underwriting of the offer and looks forward to providing the Prospectus and application form to shareholders.

Summary of Entitlement Offer and Future Plans

Coda Minerals Ltd (ASX:COD) has launched a $2M Entitlement Offer to raise funds for ongoing technical and economic study update work for the Elizabeth Creek Copper-Cobalt Project, exploration at the Elizabeth Creek Project, ongoing permitting and environmental approvals, costs of the Offers, and general working capital requirements. The company's directors are proposed to participate in the Offers, and non-executive directors have proposed to reduce their cash fees by 50% with the remainder proposed to be taken in shares. The full terms and conditions of the Entitlement Offer and the Shortfall Offer are set out in the Prospectus, and eligible shareholders will shortly be provided with a copy of the Prospectus and personalised Entitlement and Acceptance Forms. The indicative timetable of the Offers is subject to change, and any changes will be announced by market release to ASX. For further information, questions regarding the Offers should be directed to Susan Park, Company Secretary on info@codaminerals.com or (08) 6270 6331.