Coda Group of Rare Earth Project

Project Highlights

• Delineating a significant REE Project
  Large, high-potential REE targets in CODA North and CODA Central are currently under active exploration.
• Co-Mineralisation Potential
  CODA Project has potential for co-mineralisation of titanium, niobium and scandium which add significant value to the resource of the projects
• Additional High-Grade REE and Lithium Targets
  Four more prospective REE mineralised zones – CODA East, CODA XN, CODA XS, and CODA South await drilling, further expanding the project’s resource potential. East Salinas, Carai, Santo Antonio Do Jacinto and Resplendor located in Minas Gerais’ Lithium Valley are prospective lithium and REE regions and currently under field review.
• By-products of Potential Economic Grade
  CODA project contains potential economic grades of TiO₂ by products. Other metals of potential economic interest would be scandium and niobium.
• Experienced Leadership with Proven Success
  Enova’s board and management bring a strong track record in flagship project development and corporate growth.
• Cost-Efficient Exploration with Significant Upside
  The company is executing cost efficient exploration with substantial upside potential, maximising shareholder value.
• Strong Rare Earth Business Network
  Enova’s directors have interests in rare earth refining, technical separation expertise and rare earth supply chain networks in Malaysia and internationally. This provides opportunities for Enova to supply REE product, form alliances or take advantage of technology outside current supply chains dominated by China.
• Brazilian Exploration Experience
  Enova’s local Brazilian team possesses extensive exploration and mining experience. The company benefits from their local insights and understanding to effectively explore and develop REE and Lithium resources.

Geology

The prospective geological unit present in the CODA project areas including CODA North and CODA Central, is composed of the Patos formation. It formed during the Upper Cretaceous period, when a massive volcanic event occurred in the western part of Minas Gerais state. The volcanic activity exhibited both effusive (lava flows) and explosive (pyroclastic deposits) eruptions. The predominant rock type in this formation is kamafugite, which is classified as an alkaline-ultramafic rock. High-grade REE are also further enriched in this formation by saprolitisation.

The prospective unit consists of a horizontal bed of kamafugite, which is 40 metres thick on an average, overlain by overburden that varies from 0 to 50 metres. Weathering processes with thick clay zones are prevalent throughout this profile, leading to the accumulation of REE closer to the upper part of the formation. The rocks within this formation are predominantly soft and friable, with an extremely fine particle size. These characteristics are considered advantageous for the exploration of Clay hosted REE deposits.

Processing-Project Metallurgy

• 270kg composite sample delivered to Mineral Technologies Brisbane in preparation of mineral analysis and beneficiation tests
• Mineralogy, sizing analysis and magnetic separation testing partially completed at CIT Senai, Belo Horizonte Brazil
• Acid leaching and solvent extraction tests for recovery of REE, Sc and Nb in progress at Enova’s metallurgical laboratory, Selangor Malaysia

CODA North

Enova Mining (ASX: ENV) reports exceptional drilling results at CODA North, revealing multiple high-grade intercepts exceeding 15% TiO₂, enhancing value to the project’s rare earth mineralisation potential.

Significant TiO₂ Intercepts of RC holes

• 54.0m @ 10.5% TiO₂ from surface (CDN-RC-0032), including 39.0m @ 12.2% TiO₂ from 15m, and 9.0m @ 15.3% TiO₂ from 22m
• 41.0m @ 11.2% TiO₂ from 21m (CDN-RC-0006), including 28.0m @ 12.6% TiO₂ from 22m
• 36.0m @ 11.5% TiO₂ from 11m (CDN-RC-0025), including 21.0m @ 14.0% TiO₂ from 12m, and 4.0m @ 16.2% TiO₂ from 17m
• 34.0m @ 10.0% TiO₂ from surface (CDN-RC-0034), including 12.0m @ 15.6% TiO₂ from 22m, and 9.0m @ 17.0% TiO₂ from 23m
• 28.0m @ 13.2% TiO₂ from 3m (CDN-RC-0014), including 23.0m @ 14.2% TiO₂ from 6m
• 21.0m @ 12.1% TiO₂ from 6m (CDN-RC-0024), including 18.0m @ 13.0% TiO₂ from 9m, and 6.0m @ 15.4% TiO₂ from 21m

Significant TiO₂ Intercepts of Diamond holes

• 67.0m @ 10.1% TiO₂ from surface (CDN-DD-0004), including 22.0m @ 13.7% TiO₂ from 10m, and 5.0m @ 14.2% TiO₂ from 17m
• 63.1m @ 10.3% TiO₂ from surface (CDN-DD-0008), including 28.7m @ 13.2% TiO₂ from 13.3m, and 6.0m @ 16.4% TiO₂ from 23m
• 44.0m @ 10.7% TiO₂ from 4.45m (CDN-DD-0019), including 24.6m @ 12.3% TiO₂ from 4.45m, and 5.0m @ 15.5% TiO₂ from 13m
• 42.0m @ 10.2% TiO₂ from 11m (CDN-DD-0009), including 22.0m @ 13.1% TiO₂ from 12m
• 35.4m @ 12.5% TiO₂ from 32.84m (CDN-DD-0010), including 35.4m @ 12.5% TiO₂ from 32.84m, and 9.0m @ 15.4% TiO₂ from 40m
• 16.4m @ 13.1% TiO₂ from 5.5m (CDN-DD-0017), including 13.0m @ 14.4% TiO₂ from 8m, and 5.0m @ 16.3% TiO₂ from 11m

CODA Central

Enova Expands High-Grade Titanium-REE Mineralisation at CODA Central, Brazil

Exceptional near-surface intercepts from auger drilling at CODA Central, including titanium grades exceeding 20% TiO₂ and consistently elevated TREO-NdPr ratios, underscore the project’s significant scale and critical mineral potential. The presence of high-grade titanium, rare earth elements, and anomalous niobium mineralisation from surface across multiple drill holes positions CODA Central as a compelling multi-commodity discovery.

 

Auger and RC drilling confirms widespread, near-surface Titanium, REE (Rare Earth Element) and Niobium mineralisation across 12km²

Standout TiO₂ (titanium oxide) intercepts in auger holes at CODA Central:

• 25m @ 14.54% TiO₂ from 1m (CDC-AD-006), including:
  • 23m @ 15.02% TiO₂ from 2m
  • 10m @ 16.9% TiO₂ from 12m
• 20m @ 12.21% TiO₂ from surface (CDC-AD-008), including:
  • 18m @ 12.74% TiO₂ from 2m
  • 6m @ 15.8% TiO₂ from 6m
• 18m @ 14.26% TiO₂ from surface (CDC-AD-009), including:
  • 6m @ 17.0% TiO₂ from 6m
• 10m @ 13.18% TiO₂ from surface (CDC-AD-007), including:
  • 3m @ 18.3% TiO₂ from surface

Significant intercepts of TREO and NdPr^[1] ratio in auger holes at CODA Central:

• 26m @ 3,428ppm TREO and 22.2% NdPr from surface (CDC-AD-006) including:
  • 18m @ 4,055ppm TREO and 22.7% NdPr from 4m
• 20m @ 3,024ppm TREO and 20.3% NdPr from surface (CDC-AD-008) including:
  • 16m @ 3,337ppm TREO and 20.5% NdPr from 4m
• 18m @ 3,210ppm TREO and 20.4% NdPr from surface (CDC-AD-009) including:
  • 12m @ 3,617ppm TREO and 20.1% NdPr from 4m
• 10m @ 2,469ppm TREO and 19.5% NdPr from surface (CDC-AD-007)

Superior Nb₂O₅ (niobium oxide) intercepts in auger holes at CODA Central:

• 24m @ 916ppm Nb₂O₅ from 2m (CDC-AD-006) including 4m@1,206ppm Nb₂O₅ from 15m
• 18m @ 838ppm Nb₂O₅ from surface (CDC-AD-009) including 4m@1,123ppm Nb₂O₅ from 7m
• 18m @ 739ppm Nb₂O₅ from surface (CDC-AD-008)  8m @ 913ppm Nb₂O₅ from surface (CDC-AD-007

[1] Total Rare Earth Oxide and Neodymium-Praseodymium Oxide Ratio