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- ASX: COD
Coda Minerals Ltd
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— Copmany Overview
About Coda Minerals
Coda Minerals is an Australian-based mineral exploration company. It is focused on the Elizabeth Creek copper-cobalt project in the highly prospective Olympic Copper Belt in South Australia, lying only 100km south of BHP’s Olympic Dam mine. The project itself has several advantages including a favourable location, favourable infrastructure, solid geology and superior project economics. It offers exposure to a commodity which is likely to be a major beneficiary from the global trend towards decarbonisation. It has a Resource of 5.5Mt @ 1.6% copper equivalent and a pre-tax NPV of $1.2bn.
Coda's Company History
Coda Minerals originated from Gindalbie Metals in the mid-2000s which bought in China’s Ansteel to develop the gigantic Karara iron ore deposit in WA. This was written down in 2013 given the iron ore bust and the new team sought to create value from Gindalbie’s remaining assets. Gindalbie started a farm-in with Torrens Mining in 2016 to earn up to 75% of what would become Elizabeth Creek (then Mt Gunson). Coda and Torrens went public in 2020-21. 2021 was a major year for the company seeing a major re-rating due to exploration success – shares went up to $1.40 per share. But shares cooled down as there were concerns about the project’s scale and how it would be mined. In 2022, Coda Minerals bought out Torrens and continued exploration at surrounding deposits. As of 2025, it has an NPV for the project, but is also looking for potential expansion of the project’s deposit.
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— Forward View
Future Outlook of Coda Minerals (ASX: COD)
Looking ahead, Coda Minerals’ outlook hinges on its exploration success and the broader copper market environment. Copper is fundamental for many modern technologies such as solar panels, wind turbines, EVs, AI and data centers and modern grid infrastructure. This is in addition to technologies already sold en-masse in consumer and industrial markets, but demand for which will keep growing including refrigerators, air conditioners, computers, smartphones, washing machines and lighting. There is a rising deficit that is causing prices to surge, they have doubled in 5 years, and the supply gap is expected to worsen due to a lack of new mines. In this context, Coda Minerals could benefit if it can turn its project into an operating mine as is the hope of all junior explorers. But being a junior explorer, Coda faces risks typical of companies at the exploration stage including funding and geological challenges. Investors should watch the upcoming drilling results and any moves toward potential joint ventures or farm-in agreements that could accelerate development.
— Our Assessment
Is Coda a Good Stock to Buy?
Coda Minerals could be suitable for investors with a high-risk tolerance looking for exposure to copper exploration in Australia. But its fate will hinge on its ability to grow the deposit and bring it into production. Patience and monitoring of operational milestones will be key.
— Our Stock Analysis
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— Faq
Frequently Asked Questions
What are the main risks of investing in COD?
Key risks include exploration failure, funding constraints, and geopolitical issues in Papua New Guinea. Commodity price fluctuations also impact the stock’s performance.
Is Coda Minerals affected by the global copper demand trend?
Yes, increasing global demand for copper, driven by electrification and renewable energy, underpins the company’s copper exploration strategy, providing positive market exposure.
What resource does Coda's Elizabeth Creek Project have?
5.5Mt @ 1.6% copper equivalent.
What NPV does Coda's Elizabeth Creek Project have?
$1.2bn pre-tax and $802m post-tax using a 7% discount rate. These represent IRRs of 35% and 28% respectively – assuming a copper price of US$9.26/t and a cobalt price of US$43,767/t.
What is the dividend yield of Coda Minerals?
Coda Minerals does not currently pay a dividend. As a pre-revenue exploration company focused on advancing the Elizabeth Creek copper-cobalt project, the company is directing all available capital toward exploration drilling, resource growth, and pathway-to-development activities rather than shareholder distributions.
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