Coda Minerals Ltd (COD) AI Stock Analysis

• Market Cap: AU$54.17M
• Dividend Yield: N/A
• Average Volume (3M): 687.98K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.16
• Revenue Growth: N/A
• EPS Growth: 42.65%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.02
• Shares Outstanding: 373,576,080
• 10 Day Avg. Volume: 427,130
• 30 Day Avg. Volume: 687,979
• PEG Ratio: 0.11
• Price to Book (P/B): 0.86
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -4.90
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.03
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: AU$0.15 ▼(-7.50% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by weak financial performance (no revenue, ongoing losses, and continued cash burn), even though burn has improved and leverage is low. Technicals are supportive with a clear uptrend and positive momentum, while valuation is difficult to assess given negative earnings and no dividend data.

Positive Factors

Conservative leverage / low debt

Very low debt materially reduces near-term solvency risk for a pre-revenue explorer. This structural balance sheet strength preserves optionality to pursue exploration programs or structure financings without immediate pressure to service leverage, supporting continuity of operations over months.

Improving cash burn and narrowing losses

Consistent reduction in cash burn and smaller net losses signals better cost control and pacing of exploration spend. This durable improvement lowers near-term financing frequency and extends runway, making the business less dependent on immediate capital markets windows over the next several months.

Exposure to base and battery metals

Strategic focus on base and battery metals aligns the company with long-term structural demand from electrification and industrial metal needs. Ownership of prospective tenements provides optionality to benefit from sustained commodity tailwinds if exploration converts resources over time.

Negative Factors

Pre-revenue operating model

With no revenue, the company lacks an operating earnings base to fund activity or validate project economics. Reliance on external capital is structural; absent material resource discovery or financing, operational viability and project advancement remain dependent on capital markets over the medium term.

Persistent negative cash flow and funding need

Continuous negative operating and free cash flow means the business consumes capital to sustain exploration. This creates a durable funding requirement that can lead to dilution or constrained activity if markets tighten, limiting the company’s ability to advance projects independently.

Equity erosion and negative ROE

Falling equity and negative ROE indicate shareholder value erosion and repeated capital injections. Over time this undermines investor capital efficiency, makes future equity raises more dilutive, and can weaken bargaining position with counterparties or lenders when securing non-dilutive financing.

Coda Minerals Ltd Business Overview & Revenue Model

Company Description

Coda Minerals Limited, an exploration company, focuses on the exploration, discovery, and development of minerals in the base metals, precious metals, and battery minerals sector. The company holds 100% interest in the Elizabeth Creek copper project covering an area of 701 square kilometers located in South Australia; and Cameron River Copper Gold project covering an area of 35 square kilometers located in Queensland. Coda Minerals Limited was incorporated in 2018 and is based in West Perth, Australia.

How the Company Makes Money

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Coda Minerals Ltd Financial Statement Overview

Summary

Financials reflect a pre-revenue profile with persistent operating losses and negative free cash flow, despite meaningful improvement in loss and cash burn since 2022. The main offsetting strength is a conservatively levered balance sheet (very low debt), which reduces near-term solvency risk but does not resolve ongoing funding needs.

Income Statement

The company reports no revenue across the annual periods provided, with consistently negative gross profit and sizable operating losses. Losses have narrowed meaningfully from 2022 (net loss ~-14.2M) to 2025 (net loss ~-4.3M), indicating better cost control and/or lower spending, but profitability remains firmly negative and the business is still pre-revenue.

Balance Sheet

The balance sheet is conservatively levered, with very low debt relative to equity (debt-to-equity ~0.01 in 2025), which reduces financial risk. However, equity has trended down from 2022 to 2025 and returns on equity are materially negative, reflecting ongoing losses and value dilution risk over time despite the low leverage.

Cash Flow

Cash generation is weak, with negative operating cash flow and negative free cash flow every year shown. The cash burn has improved versus the peak outflow in 2022 (operating cash flow ~-14.3M) to 2025 (~-3.9M), but funding needs likely persist until revenue is established; free cash flow broadly tracks net losses, underscoring a continued cash-consuming operating profile.

Breakdown	TTM	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-161.23K	-160.78K	-162.87K	-162.46K	-147.53K	-122.13K
EBITDA	-7.41M	-4.15M	-4.59M	-7.64M	-14.85M	-6.39M
Net Income	-7.45M	-4.29M	-4.57M	-7.76M	-14.21M	-6.52M
Balance Sheet
Total Assets	30.43M	22.93M	22.24M	23.55M	27.60M	24.20M
Cash, Cash Equivalents and Short-Term Investments	11.25M	3.96M	3.43M	4.72M	8.18M	21.79M
Total Debt	163.37K	213.87K	123.98K	7.67K	98.40K	190.05K
Total Liabilities	1.60M	815.41K	646.20K	858.91K	1.72M	1.22M
Stockholders Equity	28.83M	22.12M	21.60M	22.70M	25.88M	22.98M
Cash Flow
Free Cash Flow	-5.92M	-3.90M	-4.05M	-7.52M	-14.42M	-5.79M
Operating Cash Flow	-5.88M	-3.88M	-4.05M	-7.51M	-14.33M	-5.54M
Investing Cash Flow	-36.20K	-10.71K	-1.82K	281.69K	828.95K	-239.39K
Financing Cash Flow	11.17M	4.43M	2.76M	3.76M	-90.83K	23.38M

Coda Minerals Ltd Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.16
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:COD, the sentiment is Negative. The current price of 0.16 is below the 20-day moving average (MA) of 0.17, below the 50-day MA of 0.18, and above the 200-day MA of 0.12, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 38.67 is Neutral, neither overbought nor oversold. The STOCH value of 19.44 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:COD.

Coda Minerals Ltd Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
COD	54 Neutral	AU$54.17M	-2.13	-29.24%	―	―	42.65%
VMC	52 Neutral	AU$48.41M	1.06	-0.34%	―	―	-100.38%
GBE	50 Neutral	AU$67.53M	-4.90	-10.28%	―	―	11.11%
LMG	47 Neutral	AU$56.30M	-5.83	-6.35%	―	―	59.26%
LEG	42 Neutral	AU$26.23M	-1.39	-7.58%	―	―	60.00%
WCE	34 Underperform	AU$66.39M	-3.15	-0.21%	―	―	-61.06%

Coda Minerals Ltd Corporate Events

Coda Minerals boosts Elizabeth Creek economics on copper and silver price surge

Coda Minerals has updated the economics of its Elizabeth Creek Copper-Silver Project, re-releasing figures after adjusting the mine schedule to exclude Inferred Resources from the final two years of production and confirming that the project’s viability does not rely on these lower-confidence resources. The company maintains that technical and cost assumptions remain within Scoping Study accuracy and notes that Inferred material represents only a small portion of early-life production.

A sharp uplift in forecast and spot prices for copper and silver has materially strengthened project metrics compared with the August 2025 Scoping Study, prompting a revised copper-silver base case that simplifies the development plan and reduces commodity risk while preserving cobalt as longer-term upside. Under updated price assumptions, Elizabeth Creek is now estimated to produce 454,000 tonnes of copper and 20 million ounces of silver, with a pre-tax NPV(7) of about A$2.25 billion, an IRR of 56%, rapid 2.5-year payback and further upside at spot prices, supporting the project’s progression through a well-funded Pre-Feasibility Study.

The most recent analyst rating on (AU:COD) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Coda Minerals Ltd stock, see the AU:COD Stock Forecast page.

Coda Minerals Seeks ASX Quotation for 1.56 Million New Shares

Coda Minerals has applied for quotation on the ASX of 1,555,427 new ordinary fully paid shares, following the issue of these securities on 4 March 2026. The additional quoted shares, arising from the exercise or conversion of existing options or other convertible securities, will modestly increase the company’s free float and may enhance liquidity for existing and new shareholders.

The move underscores ongoing capital management and potentially reflects progress in incentive or financing structures tied to the company’s securities, though no operational or project-specific updates accompanied the filing. For investors, the disclosure primarily signals incremental equity dilution and a slightly expanded base of tradable Coda Minerals shares on the market.

The most recent analyst rating on (AU:COD) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Coda Minerals Ltd stock, see the AU:COD Stock Forecast page.

Coda Minerals Builds Copper-Cobalt Base at Elizabeth Creek as Scoping Study Economics Improve

Coda Minerals has concentrated its half-year efforts on advancing exploration and evaluation at the Elizabeth Creek Copper-Cobalt Project in South Australia, while also assessing the Kinloch Copper and Cameron River Copper-Gold projects and potential joint ventures. The company has built a substantial resource base at Elizabeth Creek, anchored by the Emmie Bluff copper-cobalt deposit and complemented by the Windabout and MG14 deposits, collectively exceeding one million tonnes of contained copper equivalent.

Following its consolidation of 100% ownership of Elizabeth Creek through the acquisition of Torrens Mining, Coda has used an updated mineral resource estimate at Emmie Bluff to underpin ongoing mining studies. A series of four updates to the initial 2023 scoping study has progressively enhanced project economics, reinforcing Elizabeth Creek’s strategic importance within Australia’s most productive copper belt and supporting Coda’s positioning in the energy-transition metals space.

The most recent analyst rating on (AU:COD) stock is a Hold with a A$0.16 price target. To see the full list of analyst forecasts on Coda Minerals Ltd stock, see the AU:COD Stock Forecast page.

Coda Minerals Accelerates Elizabeth Creek PFS on Back of Strong Capital Raise

Coda Minerals has used a strongly supported capital raising of about A$12.3 million to fund a major new drilling campaign and accelerate the Pre‑Feasibility Study (PFS) at its Elizabeth Creek copper‑silver project in South Australia. During the December 2025 quarter the company completed roughly 70% of a 6,000‑7,000 metre PFS‑level drilling program designed to deliver geotechnical and metallurgical samples and underpin a re‑estimation of the Emmie Bluff mineral resource, while also appointing an experienced study manager and specialist consultants to strengthen its technical capabilities. With A$11.25 million in cash at the end of the quarter and benefiting from sharply higher copper and silver prices, Coda plans to complete drilling and rehabilitation by early February, commence water‑bore drilling and metallurgical variability testwork in the March quarter, and deliver a steady flow of assay, metallurgical and geotechnical results that will inform progressive technical updates and shape the PFS through early 2026.

The most recent analyst rating on (AU:COD) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Coda Minerals Ltd stock, see the AU:COD Stock Forecast page.

Coda Minerals Applies for Quotation of Additional Ordinary Shares on ASX

Coda Minerals Ltd has applied to the ASX for quotation of 2,104 new fully paid ordinary shares (code: COD), following the exercise or conversion of existing options or other convertible securities. The small issuance marginally increases the company’s quoted capital base but does not materially alter its market position, serving primarily as an administrative update to reflect previously granted equity being converted into listed shares.

The most recent analyst rating on (AU:COD) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Coda Minerals Ltd stock, see the AU:COD Stock Forecast page.

Cumulus Wealth Ceases to Be Substantial Holder in Coda Minerals

Cumulus Wealth Pty Ltd has notified Coda Minerals Ltd that it has ceased to be a substantial shareholder in the company as of 15 January 2026, in accordance with Australian Corporations Act disclosure requirements. The change indicates that Cumulus Wealth’s holding has fallen below the substantial shareholder threshold, potentially altering the composition and influence of Coda Minerals’ investor base, though no new associates or changes in association were reported.

The most recent analyst rating on (AU:COD) stock is a Hold with a A$0.18 price target. To see the full list of analyst forecasts on Coda Minerals Ltd stock, see the AU:COD Stock Forecast page.

Coda Restarts Elizabeth Creek Drilling as Higher Copper and Silver Prices Boost Project Upside

Coda Minerals has recommenced its three-rig, 6,000–7,000m diamond drilling campaign at the Emmie Bluff deposit within the Elizabeth Creek Copper-Silver Project after a holiday break, with about 70% of the overall program now complete across its three main deposits. Core from the program is being processed for assay, metallurgical and geotechnical analysis to underpin a rapidly advancing Pre-Feasibility Study, building on a prior study that outlined strong project economics and now stands to benefit from substantially higher copper and silver prices and an improved processing flowsheet, potentially extending mine life, enhancing production profiles and strengthening the project’s economic appeal as Elizabeth Creek moves closer to development readiness.

The most recent analyst rating on (AU:COD) stock is a Hold with a A$0.17 price target. To see the full list of analyst forecasts on Coda Minerals Ltd stock, see the AU:COD Stock Forecast page.

Coda Minerals Links Share Surge to Rising Copper and Silver Prices in ASX Query Response

Coda Minerals has responded to an ASX price and volume query following a sharp rise in its share price and trading volumes in late December 2025, stating it is not aware of any undisclosed information that could explain the recent trading activity. The company pointed instead to recent material increases in copper and particularly silver prices, to which its Elizabeth Creek Copper-Silver Project is highly leveraged, as a likely driver of heightened investor interest, and confirmed it remains in full compliance with ASX continuous disclosure requirements with its board authorising the response.