FY2021
Listing and Elizabeth Creek farm-in
Coda began ASX trading on 28 October 2020; its Elizabeth Creek interest rose to 70% on 22 January 2021, before follow-up drilling at Emmie Bluff Deeps.
ASX: COD · Five-year financial review
Coda Minerals Ltd (ASX: COD) - Five-Year Financial Review FY2021-FY2025
A source-linked review of five June year-end annual reports. Financial statement amounts are consolidated Australian dollars unless a row says otherwise; resource and scoping study estimates are separate project disclosures.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 loss
A$4.29m
Loss attributable to owners; year ended 30 June 2025.
FY2025 closing cash
A$3.96m
Consolidated balance at 30 June 2025.
FY2025 operating cash flow
(A$3.88m)
Net cash used in operations.
FY2025 E&E assets
A$17.93m
Capitalised group carrying amount at 30 June 2025.
Five years in context
From FY2021 to FY2025, Coda advanced Elizabeth Creek from a farm-in position to full ownership and successive resource and scoping-study disclosures, while maintaining explorer-style losses and operating cash outflows. The rise in capitalised E&E assets in FY2022 reflects the Torrens transaction; the carrying amount then remained A$17.93m through FY2025.
The five annual columns are actual years ended 30 June. This review chiefly uses each report’s current-year statutory column; a few project splits and nil reserve or lease lines use later comparatives and are marked in their table notes. Later expense reclassifications, project estimate vintages and post-balance-date updates are also identified.
Events behind the numbers
FY2022
Torrens acquisition and maiden resource
The Torrens Mining acquisition completed in 2022, consolidating Coda’s Elizabeth Creek interest to 100%; the annual report also carried the maiden Emmie Bluff resource estimate.
FY2023
First Elizabeth Creek scoping study
The March 2023 study reported a 14-year project mine-life assumption and an estimated A$570m pre-tax NPV8; Mt Piper sale proceeds appear in the year’s investing cash flow.
FY2024
Project study update and portfolio changes
The March 2024 Elizabeth Creek update reported an estimated A$826m pre-tax NPV8. Cameron River ownership was consolidated to 100% in February 2024.
FY2025
December 2024 project update
The December 2024 Elizabeth Creek update reported an estimated A$1.18bn pre-tax NPV. A further whole-ore-leach update was announced on 28 August 2025, after the balance date.
FINANCIAL REVIEW / 01
Performance and loss
Coda remained an exploration company without a mining-sales series in these annual statements. FY2022 recorded the largest loss in this window alongside the highest exploration expense; the expense classification changes in the FY2024 comparative do not alter FY2023 total loss.
Loss attributable to owners
A$ except per-share row
Loss attributable to owners
AI-generated presentation · values from Consolidated profit or loss and comprehensive income; no missing values plotted as zero.
Consolidated profit or loss and comprehensive income
A$ except per-share row
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Other income | 37,500 | 791,996 | 107,164 | 307,232 | 34,109 |
| Administration expenses | -2,135,524 | -3,254,014 | -4,310,787 | -3,039,303 | -2,180,658 |
| Exploration and evaluation expenses | -3,991,793 | -11,420,307 | -3,370,309 | -1,715,795 | -2,001,519 |
| Corporate finance expenses | -311,799 | -188,360 | -188,138 | -64,000 | -140,875 |
| Other expenses | -122,134 | -183,272 | -162,460 | -162,868 | -160,784 |
| Result from operating activities | -6,523,750 | -14,218,215 | -7,924,530 | -4,674,734 | -4,449,727 |
| Finance income | 8,682 | 13,950 | 164,180 | 124,707 | 170,241 |
| Finance expenses | -8,222 | -6,617 | -2,315 | -15,555 | -7,409 |
| Loss before income tax | -6,523,291 | -14,210,882 | -7,762,665 | -4,565,582 | -4,286,895 |
| Income tax benefit / (expense) | nil | nil | nil | nil | nil |
| Loss attributable to owners | -6,523,291 | -14,210,882 | -7,762,665 | -4,565,582 | -4,286,895 |
| Fair value movement in other comprehensive income | — | — | -83,875 | -66,092 | -2,726 |
| Total comprehensive loss | -6,523,291 | -14,210,882 | -7,846,540 | -4,631,674 | -4,289,621 |
| Basic and diluted loss per shareA$/share | (0.09) | (0.14) | (0.06) | (0.03) | (0.02) |
Expenses and losses are negative. The FY2023 column uses the FY2023 current-year statement: the FY2024 comparative reallocates A$864,905 between administration and exploration expenses without changing the FY2023 operating result.
The FY2022 source statement’s listed other-income and expense lines add to a loss from operating activities of A$14,253,957, but it prints A$14,218,215. The printed operating subtotal, loss before tax and attributable loss are retained; the A$35,742 difference is unresolved in this selected statement, with no balancing item invented.
The group was an explorer; other income is shown separately from mining sales. Tax dashes in the selected statements represent nil recognised tax.
Basis and presentation notes (2)
- Fair value movement in other comprehensive income / FY2021 — —: The selected FY2021 statement does not separately present a fair-value OCI movement. Its reported nil total OCI (R000415) does not identify this component as a distinct zero.
- Fair value movement in other comprehensive income / FY2022 — —: The selected FY2022 statement has no separately presented fair-value OCI movement; retain the component presentation state without inferring nil from a total.
Source: Coda Minerals annual reports FY2021–FY2025; exact packet or selected-table rows are retained in the evidence bundle.
FINANCIAL REVIEW / 02
Assets, liabilities and equity
Cash and capitalised exploration assets account for much of the reported asset base. The FY2022 source contains an internally inconsistent net-assets line, which is reconciled explicitly in the table note.
Cash at 30 June
A$ (whole dollars)
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
Consolidated financial position at 30 June
A$ (whole dollars)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 21,787,110 | 8,178,668 | 4,717,592 | 3,426,744 | 3,963,790 |
| Exploration and evaluation assets | 1,686,359 | 17,926,175 | 17,926,175 | 17,926,175 | 17,926,175 |
| Total assets | 24,202,255 | 27,599,989 | 23,554,926 | 22,243,131 | 22,934,187 |
| Total current liabilities | 1,126,637 | 1,722,532 | 858,913 | 636,788 | 663,102 |
| Current lease liabilities | 98,268 | 98,400 | 7,668 | 114,567 | 100,525 |
| Non-current lease liabilities | 91,786 | nil | nil | 9,414 | 113,347 |
| Total liabilities | 1,218,424 | 1,722,532 | 858,913 | 646,202 | 815,414 |
| Net assets / total equity | 22,983,832 | 25,877,457 | 22,696,013 | 21,596,929 | 22,118,773 |
FY2022 net assets use the arithmetic-consistent A$25,877,457. The FY2022 printed statement says A$27,877,457; the discrepancy is retained in the evidence and change log.
FY2023 non-current lease nil is supported by the FY2024 statement comparative. Exploration assets are capitalised carrying amounts, distinct from cash exploration payments and annual exploration expense.
Source: Coda Minerals annual reports FY2021–FY2025; exact packet or selected-table rows are retained in the evidence bundle.
Consolidated equity components at 30 June
A$ (whole dollars)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Issued capital | 23,473,301 | 40,229,393 | 44,137,422 | 47,194,079 | 51,476,876 |
| Capital contribution reserve | 12,040,106 | 12,040,106 | 12,040,106 | 12,040,106 | 12,040,106 |
| Share-based payment reserve | 263,444 | 611,859 | 1,368,926 | 1,659,393 | 1,852,061 |
| Revaluation reserve | — | nil | -83,875 | -149,967 | -152,693 |
| Accumulated losses | -12,793,019 | -27,003,901 | -34,766,566 | -39,146,682 | -43,097,577 |
The FY2022 component sum is A$25,877,457, confirming the financial-position note. The FY2022 revaluation-reserve nil comes from the FY2023 comparative. Share-based reserves are equity balances, not cash returns.
Basis and presentation notes (1)
- Revaluation reserve / FY2021 — —: No separate FY2021 revaluation-reserve balance is established in the selected annual equity components; the FY2022 nil balance is a later date.
Source: Coda Minerals annual reports FY2021–FY2025; exact packet or selected-table rows are retained in the evidence bundle.
Capitalised exploration and evaluation carrying amounts
A$ (whole dollars)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Elizabeth Creek capitalised E&E assets | 1,416,359 | 17,619,275 | 17,619,275 | 17,619,275 | 17,619,275 |
| Cameron River capitalised E&E assets | 270,000 | 306,900 | 306,900 | 306,900 | 306,900 |
| Total capitalised E&E assets | 1,686,359 | 17,926,175 | 17,926,175 | 17,926,175 | 17,926,175 |
The group E&E carrying amount stayed at A$17,926,175 from FY2022 through FY2025. The FY2021 project split uses the FY2022 comparative; FY2025 project amounts were recovered from the selected FY2025 E&E note table.
Source: Coda Minerals annual reports FY2021–FY2025; exact packet or selected-table rows are retained in the evidence bundle.
FINANCIAL REVIEW / 03
Cash flow and funding
Operating cash outflows continued throughout the window and were funded primarily through equity cash proceeds. The operating versus investing placement of interest received changes after FY2022, so compare component rows with that break in mind.
Operating cash flow
A$ (whole dollars)
Net cash used in operating activities
AI-generated presentation · values from Consolidated cash flow summary; no missing values plotted as zero.
Share issue cash proceeds
A$ (whole dollars)
Cash proceeds from share issues
AI-generated presentation · values from Operating, investment and financing cash lines; no missing values plotted as zero.
Consolidated cash flow summary
A$ (whole dollars)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Net cash used in operating activities | -5,550,058 | -14,346,563 | -7,505,931 | -4,050,707 | -3,883,398 |
| Net cash from / (used in) investing | -239,393 | 828,948 | 281,688 | -1,817 | -10,711 |
| Net cash from / (used in) financing | 23,384,266 | -90,827 | 3,763,167 | 2,761,676 | 4,431,155 |
| Net change in cash | 17,594,815 | -13,608,442 | -3,461,076 | -1,290,848 | 537,046 |
| Closing cash | 21,787,110 | 8,178,668 | 4,717,592 | 3,426,744 | 3,963,790 |
FY2021–FY2022 interest received appears within investing cash flow; from FY2023 it appears within operating cash flow. The classification break affects component comparisons, not closing cash.
FY2023 comparative cash-flow figures were reclassified in later annual statements; this table consistently takes each current-year column.
Source: Coda Minerals annual reports FY2021–FY2025; exact packet or selected-table rows are retained in the evidence bundle.
Operating, investment and financing cash lines
A$ (whole dollars)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Government grants and tax incentives received | — | 791,996 | 69,907 | 269,622 | nil |
| Exploration and evaluation cash payments | -4,149,924 | -12,322,615 | -4,458,336 | -1,918,046 | -1,924,521 |
| Administration, corporate finance and other cash payments | -1,400,134 | -2,815,944 | -3,281,682 | -2,515,200 | -2,127,343 |
| Interest received (classification changes) | 8,682 | 13,950 | 164,180 | 112,917 | 168,466 |
| Payments for property, plant and equipment | -248,075 | -86,254 | -18,312 | -1,817 | -12,078 |
| Cash proceeds from share issues | 25,362,020 | nil | 4,131,756 | 2,919,930 | 5,091,353 |
| Cash share issue costs | -1,889,719 | nil | -266,789 | -46,804 | -538,452 |
| Lease payments | -88,035 | -90,827 | -102,175 | -111,450 | -121,746 |
Interest was included in investing in FY2021–FY2022, then operating from FY2023. The FY2025 lease line explicitly includes interest; earlier labels say repayment of lease liabilities.
The FY2022 A$901,252 cash acquired with Torrens and FY2023 A$300,000 Mt Piper disposal proceeds are shown separately below.
Basis and presentation notes (1)
- Government grants and tax incentives received / FY2021 — —: The FY2021 ADI grant announcement (R000034) states an award of up to A$75,000, but does not establish cash received during FY2021; no separate receipt is selected in that year's cash-flow lines.
Source: Coda Minerals annual reports FY2021–FY2025; exact packet or selected-table rows are retained in the evidence bundle.
Named cash flow components behind investing and financing totals
A$ (whole dollars)
| Metric | FY2022 | FY2023 | FY2025 |
|---|---|---|---|
| FY2022 Torrens subsidiary cash acquired, net of payments | 901,252 | Not applicable | Not applicable |
| FY2023 Mt Piper disposal proceeds | Not applicable | 300,000 | Not applicable |
| FY2023 premium on options issued | Not applicable | 375 | Not applicable |
| FY2025 deposit receipt in investing cash flow | Not applicable | Not applicable | 2,367 |
| FY2025 deposit payment in investing cash flow | Not applicable | Not applicable | -1,000 |
These individually named cash transactions are retained in their disclosed event years. Other listed years are not applicable to that same transaction, not reported zero cash flow or an assertion that no other transaction occurred.
Torrens acquisition cash is FY2022; Mt Piper disposal proceeds and option premium are FY2023; the selected deposit receipt and payment are FY2025.
Basis and presentation notes (10)
- FY2022 Torrens subsidiary cash acquired, net of payments / FY2023 — Not applicable: FY2022 Torrens subsidiary acquisition cash is a distinct named transaction in FY2022; this FY2023 column is not an occurrence of that transaction. No zero is inferred for other cash events.
- FY2022 Torrens subsidiary cash acquired, net of payments / FY2025 — Not applicable: FY2022 Torrens subsidiary acquisition cash is a distinct named transaction in FY2022; this FY2025 column is not an occurrence of that transaction. No zero is inferred for other cash events.
- FY2023 Mt Piper disposal proceeds / FY2022 — Not applicable: FY2023 Mt Piper disposal is a distinct named transaction in FY2023; this FY2022 column is not an occurrence of that transaction. No zero is inferred for other cash events.
- FY2023 Mt Piper disposal proceeds / FY2025 — Not applicable: FY2023 Mt Piper disposal is a distinct named transaction in FY2023; this FY2025 column is not an occurrence of that transaction. No zero is inferred for other cash events.
- FY2023 premium on options issued / FY2022 — Not applicable: FY2023 premium on options issued is a distinct named transaction in FY2023; this FY2022 column is not an occurrence of that transaction. No zero is inferred for other cash events.
- FY2023 premium on options issued / FY2025 — Not applicable: FY2023 premium on options issued is a distinct named transaction in FY2023; this FY2025 column is not an occurrence of that transaction. No zero is inferred for other cash events.
- FY2025 deposit receipt in investing cash flow / FY2022 — Not applicable: FY2025 named deposit receipt is a distinct named transaction in FY2025; this FY2022 column is not an occurrence of that transaction. No zero is inferred for other cash events.
- FY2025 deposit receipt in investing cash flow / FY2023 — Not applicable: FY2025 named deposit receipt is a distinct named transaction in FY2025; this FY2023 column is not an occurrence of that transaction. No zero is inferred for other cash events.
- FY2025 deposit payment in investing cash flow / FY2022 — Not applicable: FY2025 named deposit payment is a distinct named transaction in FY2025; this FY2022 column is not an occurrence of that transaction. No zero is inferred for other cash events.
- FY2025 deposit payment in investing cash flow / FY2023 — Not applicable: FY2025 named deposit payment is a distinct named transaction in FY2025; this FY2023 column is not an occurrence of that transaction. No zero is inferred for other cash events.
Source: Coda Minerals annual reports FY2021–FY2025; exact packet or selected-table rows are retained in the evidence bundle.
FINANCIAL REVIEW / 04
Projects and segment disclosures
Emmie Bluff resource estimates and Elizabeth Creek study economics are project disclosures. They are shown by disclosure vintage and must not be read as annual production, sales or realised cash flow. The FY2024–FY2025 segment measure has a separate non-IFRS basis.
Emmie Bluff Mineral Resource disclosure vintages
Mixed units; see row labels
| Metric | 2022 report estimate | 2024 report estimate | 2025 report reprint |
|---|---|---|---|
| Total Mineral Resource tonnestonnes | 43,300,000 | 40,200,000 | 40,200,000 |
| Copper equivalent grade% | 1.84% | 1.87% | 1.87% |
| Contained copper equivalent metaltonnes | 797,000 | 751,000 | 751,000 |
| Contained copper metaltonnes | 562,000 | 511,000 | 511,000 |
| Contained cobalt metaltonnes | 20,000 | 23,000 | 23,000 |
These are resource estimates reported or repeated in the named annual reports, not tonnes mined or produced in those fiscal years. The FY2025 report repeats the 2024 estimate.
Source: Coda Minerals annual reports FY2021–FY2025; exact packet or selected-table rows are retained in the evidence bundle.
Elizabeth Creek scoping study estimates by publication date
A$m or percent, as labelled
| Metric | March 2023 study | March 2024 update | December 2024 update |
|---|---|---|---|
| Estimated pre-tax NPV (2023/Mar 2024: NPV8; Dec 2024: NPV7)A$m | 570 | 826 | 1,181 |
| Estimated pre-tax IRR% | 26.5% | 31% | 35% |
The December 2024 source labels its pre-tax NPV as NPV7, while the earlier source labels NPV8; those amounts are separate study snapshots and not a like-for-like NPV trend. These are prospective project estimates, not historical group results or an investment valuation. The August 2025 update is subsequent to the 30 June 2025 balance date.
Source: Coda Minerals annual reports FY2021–FY2025; exact packet or selected-table rows are retained in the evidence bundle.
Segment EBITDA on the FY2024–FY2025 segment basis
A$ (whole dollars)
| Metric | FY2024 | FY2025 |
|---|---|---|
| Elizabeth Creek EBITDA | -1,526,711 | -1,847,497 |
| Cameron River EBITDA | -85,331 | -37,390 |
| Kinloch EBITDA | -11,813 | -7,852 |
| Corporate / Other EBITDA | -3,195,243 | -2,396,204 |
| Consolidated EBITDA | -4,819,098 | -4,288,943 |
Issuer segment EBITDA is a non-IFRS measure. The earlier annual reports used different segment configurations, so no continuous five-year segment series is implied.
The FY2024 and FY2025 columns use their respective current-year segment statements.
Source: Coda Minerals annual reports FY2021–FY2025; exact packet or selected-table rows are retained in the evidence bundle.
Reading the figures
- The FY2022 statement prints an inconsistent net-assets/equity amount. The report uses the assets-less-liabilities value corroborated by the segment reconciliation and discloses the printed figure.
- The FY2022 statutory operating subtotal differs by A$35,742 from its listed income and expense components. The printed subtotal and attributable loss are shown with the discrepancy noted.
- Selected resource and scoping-study figures are disclosure snapshots, not annual production or realised returns. December 2024 NPV uses a 7% discount rate versus 8% in the earlier studies.
Annual-report source registry
- Coda Minerals Ltd Annual Report 2021Year ended 2021-06-30; report dated 2021-10-27.
- Coda Minerals Ltd Annual Report 2022Year ended 2022-06-30; report dated 2022-10-07.
- Coda Minerals Ltd Annual Report 2023Year ended 2023-06-30; report dated 2023-10-05.
- Coda Minerals Ltd Annual Report 2024Year ended 2024-06-30; report dated 2024-10-18.
- Coda Minerals Ltd Annual Report 2025Year ended 2025-06-30; report dated 2025-10-01.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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