Coda Minerals CEO, Chris Stevens commented on operational...

Coda Minerals CEO, Chris Stevens commented on operational matters: We have had drill rigs turning for the majority
of the June quarter with excellent results to date. The first IOCG hole at Emmie Bluff Deeps has created a lot of excitement
but most importantly, represents our first quantitative evidence of a major IOCG system at Emmie Bluff Deeps extending
across a large geophysical anomaly.

Coda’s technical team believes that this first IOCG hole was drilled immediately to the west of a major mineralising
structure and has most likely intersected a broad and relatively flat-lying ‘apron’ of mineralisation which surrounds it.
Furthermore, the visual results released in July from the first two wedge holes show an increase in the tenor of
mineralisation and a replacement of chalcopyrite with bornite going from west to east which provides a lot of confidence
in the exploration model at Emmie Bluff Deeps. We are looking for a major source of copper coming from the basement
and we believe that the results of work completed to date all point towards an area of high prospectivity to the east of
the first hole. We have an accelerated exploration program underway to test the areas of highest prospectivity to the east
and north-east of the first IOCG hole. All going well, we will confirm our hypothesis during the September Quarter.

In addition to Emmie Bluff Deeps, we are also making excellent progress towards a maiden resource at the Emmie Bluff
copper-cobalt deposit as well as advancing studies relating to mining and processing. Our task now is to demonstrate that
this is of peer-comparable size and can be mined and processed. We are executing on that plan and look forward to
providing updates to market in the latter part of 2021.

Elsewhere at Elizbeth Creek, we will be drilling the Hannibal, MG14 North and Powerline prospects during the September
quarter. Grass roots exploration is also being undertaken at Cameron River, a highly prospective, and hugely
underexplored tenement package in the heart of Queensland copper country. Our team will be undertaking geochemical
and geophysical targeting work early in the September quarter.

We believe that Coda Minerals has exceptionally prospective tenure and the results to date continue to provide
quantitative evidence of the quality of these projects. We look forward to a busy and successful quarter as we execute on
our exploration plans.