Coda Minerals (ASX:COD) has completed an oversubscribed placement to fast-track a Prefeasibility Study (PFS) at its Elizabeth Creek Copper Project.
Coda Minerals has raised $6.7 million through an oversubscribed placement to institutional and sophisticated investors at $0.13 per share.
The placement includes attaching listed options on a one-for-four basis, exercisable at $0.15 per share and expiring on 28 March 2029.
The company will have approximately $13 million in cash after costs, providing flexibility as it advances multiple parallel workstreams towards delivering a PFS at its 100%-owned Elizabeth Creek Copper-Cobalt Project in South Australia’s Olympic Copper Province.
CEO Chris Stevens says the placement positions the company to “accelerate key workstreams with confidence” as it advances the Elizabeth Creek PFS.
“This is a good outcome for Coda,” Stevens says, noting that the PFS “will be a defining milestone in demonstrating the technical and commercial foundations of the project”.
Coda Minerals enters the process from a position of strength, with approximately $7 million in cash prior to the placement.
Stevens says the decision to raise capital allows critical metallurgical lock-cycle testing and additional hydrogeological and approvals-related activities.
The expanded metallurgical program accelerates test work, enabling earlier resolution of key technical questions and further de-risking the project.
Write to JC Villarba at Mining.com.au
Images: Coda Minerals
