Elizabeth Creek Drilling 25% Complete, Supporting $1.3B NPV and 39% IRR
Coda Minerals reports steady progress in its diamond drilling program at Elizabeth Creek, confirming geological models and underpinning a robust $1.3 billion pre-feasibility study valuation. The ongoing work supports future development with promising upside from current copper and silver prices.
- Three-rig diamond drilling program progressing efficiently at Elizabeth Creek
- Tapley Hill Formation shale intersected as predicted, confirming resource continuity
- Approximately 25% of planned 6,000–7,000m drilling completed
- Pre-feasibility study estimates $1.3 billion pre-tax NPV and 39% IRR
- Upcoming updates include Mineral Resource Estimate, mine plan optimization, and environmental approvals
Steady Drilling Progress at Elizabeth Creek
Coda Minerals Limited (ASX, COD) has provided a comprehensive update on its ongoing diamond drilling program at the Elizabeth Creek Copper-Silver Project in South Australia. The company is operating three rigs simultaneously, targeting a total of 6,000 to 7,000 metres across its three major deposits, Emmie Bluff, MG14, and Windabout. Despite minor weather-related delays, drilling is progressing efficiently with approximately 25% of the program completed as of November 2025.
Confirming Geological Models and Resource Continuity
Importantly, the drilling has intersected the copper-silver bearing Tapley Hill Formation shale exactly as predicted by Coda’s geological models, particularly at the Emmie Bluff deposit. This confirmation strengthens confidence in the resource interpretation and supports the robustness of the deposit model. The core samples collected will be critical for advancing the Pre-Feasibility Study (PFS), including metallurgical testing to optimize a whole-ore chloride leach flowsheet that underpins the project’s economics.
Strong Economic Foundations and Upside Potential
The latest Scoping Study update, released in August 2025, estimated a pre-tax net present value (NPV) of approximately $1.3 billion and an internal rate of return (IRR) of 39% for Elizabeth Creek. Notably, current copper and silver spot prices are 17% and 70% higher, respectively, than those assumed in the study, suggesting significant upside potential for project valuation. The project is well positioned within South Australia’s Olympic Copper Province, near major operations such as BHP’s Olympic Dam and Carrapateena mines.
Looking Ahead, Resource Updates and Development Readiness
Coda anticipates ongoing news flow from the drill program, including an updated Mineral Resource Estimate incorporating results from the full 19-hole drilling campaign. Further studies will focus on mine plan optimization, hydrogeological and water availability modelling, and advancing environmental and mining approvals. These steps are essential to progressing Elizabeth Creek toward development readiness and eventual commercialisation.
Project Scale and Strategic Importance
Elizabeth Creek hosts over one million tonnes of contained copper equivalent across its deposits, with a high proportion classified in the Indicated Resource category, providing a solid foundation for mining studies. Coda’s strategic consolidation of 100% ownership of the project in 2022 has streamlined development efforts. The company’s focus on leveraging metallurgical breakthroughs and strong commodity fundamentals underscores Elizabeth Creek’s potential as a significant copper-silver asset aligned with the global energy transition.
Bottom Line?
As drilling advances and assays come in, Elizabeth Creek’s promising economics and resource confidence set the stage for a pivotal phase in Coda’s development journey.
Questions in the middle?
- How will upcoming assay results impact the updated Mineral Resource Estimate and project valuation?
- What are the timelines and potential hurdles for securing environmental and mining approvals?
- How might fluctuations in copper and silver prices influence the final Pre-Feasibility Study outcomes?
