New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$8.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$8.5m free cash flow). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$134.1m market cap, or US$92.4m). Breakeven Date Change • Jun 30
Forecast to breakeven in 2029 The analyst covering Caravel Minerals expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$319.1m in 2029. Average annual earnings growth of 94% is required to achieve expected profit on schedule. New Risk • Jun 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$136.9m (US$96.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$136.9m market cap, or US$96.0m). Price Target Changed • Feb 19
Price target increased by 29% to AU$0.80 Up from AU$0.62, the current price target is provided by 1 analyst. New target price is 90% above last closing price of AU$0.42. Stock is up 110% over the past year. The company is forecast to post earnings per share of AU$0 next year compared to a net loss per share of AU$0.014 last year. New Risk • Dec 04
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$7.9m). Currently unprofitable and not forecast to become profitable over next 3 years (AU$43m net loss in 3 years). Share price has been volatile over the past 3 months (14% average weekly change). New Risk • Sep 26
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$7.9m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 75% per year for the foreseeable future. Revenue is less than US$1m (AU$683k revenue, or US$447k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$7.9m). Currently unprofitable and not forecast to become profitable over next 3 years (AU$43m net loss in 3 years). Market cap is less than US$100m (AU$86.6m market cap, or US$56.6m). Announcement • Sep 10
Caravel Minerals Limited, Annual General Meeting, Oct 31, 2025 Caravel Minerals Limited, Annual General Meeting, Oct 31, 2025. New Risk • May 02
New major risk - Revenue and earnings growth Earnings have declined by 14% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$89.4m market cap, or US$57.5m). Announcement • Feb 13
Caravel Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million. Caravel Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 33,172,414
Price\Range: AUD 0.145
Discount Per Security: AUD 0.0087
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,310,345
Price\Range: AUD 0.145
Discount Per Security: AUD 0.0087
Transaction Features: Subsequent Direct Listing New Risk • Nov 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$80m net loss in 3 years). Shareholders have been diluted in the past year (6.3% increase in shares outstanding). Market cap is less than US$100m (AU$103.1m market cap, or US$67.0m). New Risk • Nov 02
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: AU$6.4m Forecast net loss in 3 years: AU$80m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$80m net loss in 3 years). Market cap is less than US$100m (AU$83.9m market cap, or US$55.0m). Announcement • Oct 18
Caravel Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million. Caravel Minerals Limited has filed a Follow-on Equity Offering in the amount of AUD 5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 34,482,759
Price\Range: AUD 0.145
Discount Per Security: AUD 0.0087
Transaction Features: Subsequent Direct Listing Announcement • Oct 01
Caravel Minerals Limited, Annual General Meeting, Nov 25, 2024 Caravel Minerals Limited, Annual General Meeting, Nov 25, 2024. New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (9.4% increase in shares outstanding). Market cap is less than US$100m (AU$97.0m market cap, or US$64.7m). Breakeven Date Change • Jun 30
Forecast to breakeven in 2027 The analyst covering Caravel Minerals expects the company to break even for the first time. New forecast suggests the company will make a profit of AU$263.1m in 2027. Average annual earnings growth of 89% is required to achieve expected profit on schedule. New Risk • May 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Revenue is less than US$1m. Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$11m). Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (9.4% increase in shares outstanding). Market cap is less than US$100m (AU$133.7m market cap, or US$88.4m). New Risk • Dec 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Earnings have declined by 38% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (9.5% increase in shares outstanding). Market cap is less than US$100m (AU$110.1m market cap, or US$72.7m). Announcement • Oct 02
Caravel Minerals Limited, Annual General Meeting, Nov 30, 2023 Caravel Minerals Limited, Annual General Meeting, Nov 30, 2023. Agenda: To approve the re-election of directors. New Risk • Sep 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$11m free cash flow). Earnings are forecast to decline by an average of 61% per year for the foreseeable future. Revenue is less than US$1m (AU$717k revenue, or US$459k). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (AU$45m net loss in 3 years). Shareholders have been diluted in the past year (25% increase in shares outstanding). Market cap is less than US$100m (AU$78.3m market cap, or US$50.0m). Announcement • Feb 20
Caravel Minerals Limited Provides Caravel Copper Project Update Caravel Minerals Limited announced that Tthe Caravel Copper Project Pre-Feasibility Study (PFS) Update Single Train Option Study outlined the adoption of a single train design using High Pressure Grinding Rolls (HPGRs) in the processing plant's primary grinding circuit, replacing Semi-Autogenous Grinding (SAG) mills originally selected in the PFS released on 12 July 2022. Further testwork has now been completed, better defining the assumptions used for the HPGR performance and specifications. A 2 tonne bulk sample from the Bindi East and Hinge Zone starter pits was sent for HPGR testing at the BureauVeritas Mineral Laboratory in Perth, Western Australia. The work was conducted using an Enduron® test unit with a roll diameter of 0.80m and 0.25m wide. A total of 6 ests were performed to determine grinding performance, energy use, wear rates, and design parameters for commercial scale application. The tests achieved the expected size reduction from ~30mm to ~8mm, under an operating pressure of 3N/mm2 while consuming 1.6 kWh/t and operating at a nominal throughput rate of 265t/hr-m3. The positive results confirm the PFS assumptions which are typical for copper ores and confirm HPGR's can achieve Caravel's processing plant throughput of 27mtpa. Two HPGRs will be incorporated into the overall crushing and grinding circuit, consisting of a primary gyratory crusher, secondary cone crushers, HPGRs and ball mills. The project is evaluating the merits of selecting industry proven HPGRs sized at 2.4m diameter, each with 8MW drives. Additional tests are underway to optimise the energy usage across the HPGR crushing ball mill grinding circuit. Power management is an increasingly important opportunity for grid connected facilities that seek to maximise their utilisationof renewable energy and reduce exposure to short duration price peaks. Announcement • Nov 16
Caravel Minerals Limited Announces Changes to its Managing Director Caravel Minerals Ltd. announced the appointment of experienced resources industry executive Mr. Don Hyma as Managing Director, commencing November 28, 2022. Mr. Hyma has more than 30 years experience in Australia, Canada, Chile and New Caledonia in the development of numerous major projects, primarily in base metals (copper and nickel) and iron ore. Mr. Hyma's previous roles include Director Projects for Fortescue Metals Group, Technical Director at Mitsui & Co, Vice-President Projects for the Iron Ore Company of Canada and General Manager Projects for Rio Tinto Iron Ore and he held senior project management roles at Falconbridge Limited (now Glencore). Over the last 2 years he has been an advisor to the Caravel Board on the Caravel Copper Project feasibility studies and implementation strategies and most recently was Managing Director at Adelaide based, ASX-listed Australian Rare Earths Limited. Mr. Hyma holds a Bachelor of Science in Mining Engineering and a Master of Science in Mineral Processing along with an International Executive Management Diploma from INSEAD in France and Singapore. He is also a Fellow of the Australian Institute on Mining and Metallurgy (AusIMM). Don Hyma will succeed Mr. Steve Abbott, who has been Managing Director since 2018. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Board Advisor Don Hyma was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 01
Caravel Minerals Limited Auditor Raises 'Going Concern' Doubt Caravel Minerals Limited filed its Annual on Sep 29, 2022 for the period ending Jun 30, 2022. In this report its auditor, , gave an unqualified opinion expressing doubt that the company can continue as a going concern. Recent Insider Transactions Derivative • Sep 30
Non-Executive Director exercised options to buy AU$256k worth of stock. On the 28th of September, Richard Monti exercised options to buy 1m shares at a strike price of around AU$0.08, costing a total of AU$100k. This transaction amounted to 119% of their direct individual holding at the time of the trade. Since September 2021, Richard's direct individual holding has increased from 1.00m shares to 1.05m. Company insiders have collectively bought AU$318k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Sep 28
Caravel Minerals Limited, Annual General Meeting, Nov 17, 2022 Caravel Minerals Limited, Annual General Meeting, Nov 17, 2022. Agenda: To consider and approve the re-election of directors. Announcement • Sep 20
Caravel Minerals Limited Provides Pre-Feasibility Study Update on Caravel Copper Project Caravel Minerals Limited provided Pre-feasibility Study Update (PFS) on Caravel Copper Project. The PFS outlined opportunities for improvements to the process plant, including consolidation of the plant into a single approximately 27Mtpa throughput train, the use of High-Pressure Grinding Rolls ("HGPR") to replace Semi-Autogenous Grinding ("SAG") Mills and the adoption of Coarse Particle Flotation ("CPF"). Results of Single Train Option Study: The Caravel Copper Project Pre-Feasibility Study ("PFS") defined a robust copper project capable of producing over 60,000tpa of copper in concentrate at low cost (C1 approximately USD 1.72/lb Cu), generating strong cashflows over an initial 28-year mine life. Technical, environmental and commercial studies completed for the PFS indicate that the Project can be built and operated with low technical risks, minimal environmental impact and positive economic and social outcomes. The PFS identified a number of options to improve project economics and operability, including: Consolidation of the proposed dual train process plant into a simplified, Single Train design; Replacement of Semi-Autogenous Grinding (SAG) mills with High-Pressure Grinding Rolls (HPGR) in the primary comminution circuit; and Inclusion of Coarse Particle Flotation (CPF) in the flotation circuit. Ausenco, the engineers to the PFS, have investigated these options and finalised their assessment. Consolidating the flotation circuit into a single train design provides significant efficiencies in construction and operation, resulting in forecast capital savings of around AUD 77 Million and operating costs savings of around AUD 0.46 /t ore. The use of High-Pressure Grinding Rolls (HPGR) as an alternative to Semi-Autogenous Grinding (SAG) mills reduces consumption of both power and operating consumables and results in a AUD 0.68/t reduction in operating costs and an estimated AUD 23 million saving in upfront capital. The inclusion of CPF the circuit will further reduce operating and capital costs through lower power usage due to the coarser grind size and reduced volumes through the flotation plant. Additional benefits will accrue through improved tailings characteristics and better water returns, lowering overall water requirements, but the financial impacts of this have not yet been included in the costings. The cumulative impact on the Project's financial model is as follows: Processing unit costs are reduced by AUD 1.23/t ore, primarily due to lower power costs relating to the use of HPGR and CPF. This increases annual free cashflow by approximately AUD 35 million, or AUD 870 million over life of mine; Capital costs are reduced by AUD 100 million, primarily due to capital efficiency in the Single Train design; The operating cost reductions result in a C1 Cost of USD 1.54/lb and an AISC of USD 2.37/lb; The changes to cashflows and capital result in an increase in Project NPV (7%) to AUD 1.5 billion (range AUD 1.3 billion to AUD 1.7 billion). The three options studied have all demonstrated substantial benefits to the Project and are now incorporated into the project base case design and financial model to be used in the DFS. There is no change (or delay) to project or mine scheduling resulting from the improvements. The study outcomes presented in this report are based on changes to the comminution and flotation circuits within the process plant. The material assumptions in respect of these PFS financial forecasts and production targets continue to apply with no material change to these assumptions. 81.6% of the Project's mine life remains in Ore Reserve with 18.4% as Inferred Mineral Resources. Announcement • Aug 18
Caravel Minerals Limited Demonstrates Starter Pit Mineralisation Continuity with Areas of Higher Grade Caravel Minerals Limited Demonstrates starter pit mineralisation continuity with areas of higher grade. Assay results received for diamond drill holes 22CADD001-004 at the Bindi Deposit demonstrate potential for starter pit mineralisation to be at better grades than current estimates included in Ore Reserve Diamond core holes targeted Ore Reserves within the planned starter pits in the West Limb, Bindi Hinge and East Limb as recently reported in the Pre- Feasibility Study (PFS) on 12 July 2022 Drilling results correlate with the starter pit positions and further demonstrate similar or higher-grade shallow mineralisation Core samples will be used for metallurgical test work to be conducted as part of the Definitive Feasibility Study as well as provide increased confidence for an updated resource estimate planned for early 2023 Results include: 54m grading 0.32% Cu from 94m (22CADD001) 38m grading 0.32% Cu from 54m (22CADD002) 20m grading 0.59% Cu from 104m including 14m grading 0.74% Cu from 110m (22CADD002) 40m grading 0.39% Cu from 48m (22CADD003) 98m grading 0.27% Cu from 94m including 12m grading 0.51% Cu from 98m (22CADD003) 74m grading 0.60% Cu from 44m (22CADD004) 72m grading 0.24% Cu from 124m (22CADD004) Assay results have been received for four diamond core holes (22CADD001-004) completed within the proposed Bindi starter pits to provide material for metallurgical testing. Hole 22CADD001 targeted the Bindi Hinge where it transitions into the West Limb, hole 22CADD002 targeted the West Limb, hole 22CADD003 was completed into the East Limb and hole 22CADD004 tested the Bindi Hinge. All the diamond core holes intersected good mineralisation in the target zones confirming the continuity and tenor of mineralisation within the Ore Reserve reported as part of the Caravel Copper Project Pre-Feasibility Study. Hole 22CADD002 intersected a significant dolerite in the lower half which has stoped out the mineralisation in that area. The subvertical dolerite can be seen to trend northwest in the airborne magnetic imagery. Supergene mineralisation seen in holes 22CARC008 and 22CARC023 was not seen in 22CADD002 on the same section, suggesting there has been little lateral movement of copper within the weathering profile in this area. Announcement • Aug 03
Caravel Minerals Limited announced that it expects to receive AUD 2.992 million in funding Caravel Minerals Limited announced that it will issue 17,600,000 shares at a price of AUD 0.17 per share for gross proceeds of AUD 2,992,000 on August 3, 2022. The transaction will include participation from institutional, sophisticated and professional investors, Alasdair Cooke for AUD 500,000 subject to shareholder approval and existing shareholders. The transaction is expected to close on August 9, 2022. Recent Insider Transactions Derivative • Jul 02
Executive Director exercised options to buy AU$491k worth of stock. On the 29th of June, Alasdair Cooke exercised options to buy 3m shares at a strike price of around AU$0.08, costing a total of AU$218k. This transaction amounted to 30% of their direct individual holding at the time of the trade. Since September 2021, Alasdair's direct individual holding has increased from 8.74m shares to 9.17m. Company insiders have collectively bought AU$600k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 23
Caravel Minerals Limited Announces That Assay Results Have Been Received for Aircore Drilling (22CAAC027-120) in Areas Around the Periphery of the Bindi Deposit At the Caravel Copper Project in Western Australia Caravel Minerals Limited announced that Assay results have been received for aircore drilling (22CAAC027-120) in areas around the periphery of the Bindi Deposit at the Caravel Copper Project in Western Australia. In addition results have been received for the final five RC percussion infill holes (22CARC026-030) drilled at Bindi West. Aircore bottom of hole (BOH) samples from fresh basement rock have returned significant assays up to 0.19% copper in five of the holes reported. These mineralised holes are in addition to the seven holes from the same program previously reported (8 February 2022, Drilling Results Bindi Copper Deposit) with significant BOH assay results. Holes 22CAAC027-053 were completed northeast and north of Bindi while holes 22CAAC054-120 were drilled south and southwest of Bindi. The aircore drilling program was designed with drill traverses 200m apart and hole collars 200m apart on those traverses, where field observations indicated the presence of mineralisation in the bedrock the collar spacing was closed up to 100m. The exploration and sterilisation drilling will provide data to assist decision making for potential mine infrastructure. Aircore drilling to the northeast of Bindi has now defined two sub-parallel north-northeast trending mineralised zones that start in the vicinity of the Bindi East limb. Both zones remain open to the north where the bedrock is covered by lacustrine clay sediments associated with modern drainage features in the area. The eastern most mineralised zone is interpreted to be the surface projection of theLower Limb of the Bindi East Deposit, this eastern mineralised zone is 1.8km long. The western mineralised zone sits between the Bindi Hinge and the Bindi Lower Limb, it is at least 1.3km long. Previous Reverse Circulation Percussion (RC) drilling (22CARC009-014) targeting the north- northeast trending mineralised zones (3 May 2022, Drilling Results Bindi Copper Deposit) confirms they are associated with primary sulphide mineralisation (22CARC011, 22m @ 0.26% Cu from 130m). Further infill RC drilling will be required to test the full strike extent of the mineralised zones and identify areas of potentially economic mineralisation. Aircore drilling south of Bindi has defined a small, mineralised zone which is consistent with results from historic wide spaced drilling in the area. This area resides within the larger Bindi antiform and may represent a smaller mineralised horizon within the fold system. The significance of this mineralisation is unclear as there is currently no structural data in the area to assist with putting the geochemistry in context. Drilling to the southwest of Bindi returned weak anomalism adjacent to the southwest trending hanging wall fault. These new results are consistent with the results from reverse circulation percussion drilling in the area which shows mineralisation to be tapering off in the southwest tip of the Bindi West Limb where it is truncated by the hanging wall fault (19 May 2022, Drilling Results Bindi Copper Deposit). Assays results for RC percussion drilling at Bindi West (22CARC026-030) show good continuity of shallow mineralisation within the resource and infills a number of areas to allow better resource classification. Four diamond core holes have been completed so far this year within the Bindi deposit (22CADD001- 004) to provide material for metallurgical test work. An additional five diamond core holes (22CADD005-009) have been completed or are in progress to provide geotechnical data to assist the design of the Bindi Deposit starter pits. Assay results are awaited for all of these holes. There is currently one diamond core rig on site at Bindi continuing the geotechnical drilling program. Drilling activities are winding up prior to the winter cropping season and will resume in the Spring. Announcement • Jun 16
Caravel Minerals Limited Provides Update on Caravel Copper Project Caravel Minerals Limited announced that completed and the report is being prepared for release in the coming weeks. As reported in the PFS Update announcement on 5 May 2022, the plant design for the PFS will be based on a through-put of 27.8Mtpa constructed as two 13.9Mtpa processing trains. At commencement of the PFS the plant was based on two processing trains with each having capacity of 12Mtpa. The throughput capacity of each train was subsequently upgraded to 13.9Mtpa by the addition of secondary crushing, for total capacity of 27.8Mtpa. The Dual Train option was selected due to the reduced financing costs allowed by building in stages with the second stage funded from project cashflows. Following the recent updates to capital costs, Ausenco have further reviewed opportunities to optimise the plant design and reduce capital expenditure. This review was able to consider the more advanced studies on mine schedules, metallurgy and flowsheet design, site layout, supporting infrastructure, services and material cost inputs developed to PFS level. In particular, the mining studies have indicated the mine is capable of producing at significantly higher rates than currently planned and other variables such as power and water supply are now well understood. The option review has highlighted significant cost efficiencies by building both process trains up-front rather than in stages, outweighing the financing benefits sought by deferring the second stage. The importance of this capital efficiency was further heightened by the increased capital costs announced in May. The building of both trains at the start of the project has been adopted as the base case for the PFS. On the basis that mining and processing will commence at approximately 27Mtpa, the review also considered the option of using a single process train designed around a large SAG and ball mill combination. Based on benchmark costing of the equipment and other costs from the PFS study, the review found a Single Train Design for 27Mtpa throughput has the potential to deliver substantial capital and operating costs benefits over the Dual Train option. Ausenco are now undertaking a more detailed study to quantify these preliminary findings. The new study will also re-evaluate the benefits of high-pressure grinding rolls (HPGRs) versus semi-autogenous grinding mills (SAGs) for a single train at the increased throughput rate. The Single Train approximately 27Mtpa trade-off study is expected to take 4-5 weeks to complete. PFS-level mine schedules have been completed for both the Dual Train and Single Train options and have confirmed ability to deliver ore to the plant over the 28-year project life. All mining studies and other areas of the PFS required for reporting of Ore Reserves are complete and the maiden Ore Reserve will be reported with the PFS. In order to avoid further delay, the PFS will be reported based on the current scope using the Dual Train Design. The option for a Single Train Design will be described in the PFS in as much detail as available at the time subject to reporting requirements. The full design options review will be released when completed by Ausenco. Although the late changes in the process plant design have delayed the PFS report slightly, the overall PFS timetable has achieved good progress in all other areas and the Project is on track to commence DFS studies in the second half of this year. The PFS is expected to confirm a robust and executable project and whilst up-front capital costs will be higher than originally planned, the overall capital intensity compares very favourably to similar scale projects. The Caravel Copper Project remains one of very few projects globally with >60,000tpa Cu potential production that is well advanced and has a clear pathway to development. With the current forecasts of substantial copper deficits in the coming years, Caravel is very well placed to be ready for financing. Announcement • May 19
Caravel Minerals Limited Announces Drilling Results - Bindi Copper Deposit Caravel Minerals Limited announced that assay results have been received for reverse circulation percussion drilling (22CARC0015-025) at the Bindi Deposit and the last diamond core hole (21CADD020) at the Dasher Deposit. The RC percussion drilling includes targeted infill drilling of the Bindi West Limb as well as exploration holes into the southern end of the West Limb, at the Caravel Copper Project in Western Australia. Infill RC percussion drilling results (22CARC015-016 and 22CARC023-025) continue to show good continuity of copper mineralisation within the Bindi West Limb position. The results show consistent grades along strike and across the mineralised zones. Holes 22CARC015-016 and 22CARC023 sit within the starter pit from the 2021 scoping study, completed holes show broad zones of higher- grade mineralisation, two holes were stopped short due to drilling problems. Holes 22CARC024-025 were completed on a new section 100m north of the 2021 scoping study pit, both holes show broad intervals of good mineralisation. The infill drilling achieves a nominal hole spacing of 100x80m in the top 150m or the resource, the new drilling data will provide increased confidence in that part of the revised resource estimate. The exploration RC percussion drilling (22CARC017-021) targeted the along strike position southwest of the Bindi West Limb. The drilling intersected moderate mineralisation in the West Limb position however the tenor of mineralisation is diminishing further to the south. The West Limb is interpreted to be truncated by the Northwest trending Hanging Wall fault which is sub parallel to the mineralised limb. Drilling southwest of the West Limb encountered larger volumes of groundwater than seen elsewhere at Bindi, combined with the near surface saprolitic clay this created challenging drilling conditions. Hole 21CADD020 drilled at the southern end of the Dasher optimised pit, intersected strong mineralisation below the barren hangingwall granite. The mineralised zone is thinner in this part of the Dasher Deposit however the grades are consistently good. The hole also intersected a thinner mineralised zone in the granites of the footwall which may represent the start of another mineralised window in the granites. Assays are awaited for further RC percussion drilling at Bindi West (22CARC025-030). Results are awaited for the AC sterilisation drilling (22CAAC027-120) completed northeast, south and west of the Bindi Deposit. In addition diamond core holes drilled into the Bindi deposit (22CADD001-004) will provide material for metallurgical test work. There is currently one diamond core rig on site at Bindi continuing geotechnical drilling program. Assays are awaited for samples collected during the following drilling programs: Bindi West infill RC percussion drilling (22CARC026-030), Bindi diamond core drilling (22CADD001-004) for metallurgical samples, AC drilling program peripheral to the Bindi Deposit (22CAAC027-120), and AC drilling program at Dalwallinu project (22DAAC001-033). This announcement is authorized for release by Executive Director, Alasdair Cooke. Announcement • May 05
Caravel Minerals Provides PFS Update - Caravel Copper Project Caravel Minerals Limited provided PFS update on Caraval Copper project. Preliminary capital cost estimates for the process plant and associated infrastructure have now been received from Ausenco, the lead engineer for the Pre-Feasibility Study. These estimates are undergoing further review and optimisation and are provided here as guidance on the expected costs to be reported in the PFS. Mining capital costs have also been finalised based on detailed costings provided by equipment vendors in consultation with Caravel mining engineers and mining consultants Orelogy. Compared to 2021 Scoping Study the Project's Stage 1 capital estimate for processing and infrastructure has increased by approximately $200M from ~$500 million to ~$700 million, or 40%. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Board Advisor Don Hyma was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 06
Caravel Minerals Limited Announces Caravel Copper Project Pre-Feasibility Update Caravel Minerals Limited announced Caravel Copper Project Pre-feasibility update. PFS Base Case Update - 1.9Mtpa Additional Throughput: Process circuit optimization work by Ausenco in conjunction with Caravel Copper Project Pre-feasibility Studies (PFS) mining studies has highlighted an opportunity to increase the throughput of the plant approximately 16% from the Caravel Copper Project Scoping Study by the addition of secondary crushing. The reduced size of the feed to the SAG mill circuit will enable throughput to increase 1.9Mtpa, for a total approximately 13.9Mtpa in stage one expanding to 27.8Mtpa in stage two of the Project. The capital cost increase for the secondary crushing is expected to be low relative to revenue increases. The increased throughput equates to an additional approximately 5,000 tonnes of Cu in concentrate per annum, increasing annual production to approximately 40,000 tpa Cu in stage one and approximately 61,000 tpa Cu in stage two. Additional costs from the secondary crushing circuit are more than offset by the impact of higher throughput with almost unchanged plant fixed costs, resulting in overall lower total processing costs per tonne ore and per unit of copper. Reviews of cost inputs have also highlighted increases in power prices and the assumption for power cost has been increased by approximately 18%. With the expected cost reductions from higher throughput and increases from higher power costs the overall processing costs remains in line with the previous 2021 Scoping Study costs. Further studies are required for the increased throughput option including revised mining schedules, comparisons of infrastructure requirements and financial modelling prior to final reporting. Mining: Detailed pit designs, mining schedules and costings have been completed for both the current throughput scenarios (12 to 24 Mtpa) and the higher throughput scenarios that are now under investigation (13.9 -27.9 Mtpa). The higher throughput scenarios are expected to be readily accommodated with only minor amendments to the schedules and no significant variation to designs. Mining working capital and unit operating costs will remain about the same as the 2021 Scoping Study and fixed costs will be unchanged against the higher throughput. Overall mining costs are expected to be in line with costs from the 2021 Scoping Study. Announcement • Apr 03
Caravel Minerals Limited Announces a Maiden Ore Reserve for its 100%-Owned Caravel Copper Project, Approximately 150Km Northeast of Perth, Western Australia Caravel Minerals Limited announced a maiden Ore Reserve for its 100%-owned Caravel Copper Project, approximately 150km northeast of Perth, Western Australia. This Ore Reserve Statement was estimated by Orelogy Consulting Pty Ltd. in conjunction with mining studies for the Caravel Copper Project Pre-Feasibility Study (PFS). An updated Mineral Resource for Caravel was announced in November 2021 following completion of 7,740m of diamond drilling and 20,233m of reverse circulation (RC) percussion drilling undertaken at Caravel's Bindi deposit since 2019. Caravel completed additional drilling to improve the confidence of a significant portion of the project's mineral resource to Indicated and Measured status and as well as drilling to update the geotechnical domains. Proven Ore Reserves are based on the Project's Measured resources and Probable Ore Reserves are based on Indicated resources. The Ore Reserve is based on a 12.0Mtpa copper processing facility which will expand to a 24Mtpa processing capacity from Year 6 of the mining schedule (excluding pre-strip). PFS studies to date have confirmed the processing of the ores as economically and technically viable. Caravel has adopted conventional open-pit mining as the preferred method of mining for the project. The Caravel PFS considers an owner-operator mining operation based on an autonomous haulage fleet utilising electric power where possible for loading, haulage and drilling operations. The application of electrification, communication and autonomy (ACE) will improve safety, reduce costs and lower greenhouse gas emissions. To mine and process higher grade ore early in the mine schedule, mining at Bindi will be sequenced and developed in four stages with a similar approach at Dasher which will be developed in three stages. This allows ore feeds to the mill of >0.32% Cu for the first 5 years of the project. The schedule also balances the amount of waste stripping in the early years whilst maintaining both a continuous supply of ore at the desired rates and an acceptable vertical rate of advance for each stage. The Mine Plan has confirmed the ability to deliver ore to the plant at throughput tonnages of 12Mtpa expanding to 24Mtpa. Several scenarios are being considered as part of the final mine PFS scheduling and optimisation to support higher processing throughputs. Inferred Resources are not included in the Ore Reserve however the presence of these resources below the current reserve, particularly at Bindi West have good potential to add to future Ore Reserves and extend the Project's mine life. Announcement • Apr 01
Caravel Minerals Limited Announces Drilling Results - Dasher Copper Deposit Caravel Minerals Limited announced Drilling Results - Dasher Copper Deposit. Highlights: Assay results received for holes 21CADD018-019 testing the Dasher main and footwall positions show the mineralised zone is associated with pronounced parasitic folding. narrow high grade Cu was intersected in the footwall. Assay results received for holes 21CARC128-132 drilled at Dasher South confirm significant mineralisation extends at least 500m south of previous drilling. Significant intersections: 21CADD018: 8-78m 70m @ 0.42% Cu Incl 10-48m 38m @ 0.52% Cu And 60-76m 16m @ 0.35% Cu 240-244m 4m @ 0.98% Cu; 21CADD019: 252-302m 50m @ 0.48% Cu; 21CARC129a: 98-112m 14m @ 0.19% Cu; 21CARC132: 138-156m 18m @ 0.27% Cu. Results highlight the potential for parasitic folding to host better grades and tonnages within the N-S trending Dasher mineralised system similar to that seen at the Bindi Deposit. Results highlight the continuity of mineralisation along the Dasher mineralised trend which potentially extends through the Kuralli prospect to the Opie Deposit. Drilling Results: Assay results have been received for diamond core drilling (21CADD018-019) in the Dasher Deposit and RC percussion drilling (21CARC128-132) 2.3km south of the Dasher Deposit, at the Caravel Copper Project in Western Australia. Structural measurements from the diamond core show strongly developed parasitic folding defined within the Dasher mineralised system. The parasitic fold hinge zone plunges to the north northeast which is consistent with smaller scale folding seen elsewhere at Dasher. The parasitic folding is more substantial than previously identified at Dasher and the fold zone hosts wider intervals of higher grade mineralisation which is a feature of the fold hinge zones seen at Bindi. RC percussion drilling (22CARC128-132) was undertaken to target a potential southern strike extension to the Dasher mineralised system. Previous drilling north of the latest work, shows the Dasher mineralised system to be striking toward this area which hosts scattered small but strong IP chargeability features. Surface geochemistry is very subdued in the area however this is likely due to the increasing thickness of transported material over the usual weathered bedrock profile. The new drilling confirms the presence of significant mineralisation through the area, the mineralised zone is interpreted to dip to the east which is consistent with the main Dasher Deposit. A smaller secondary mineralised zone was also identified west of the extension to the Dasher mineralisation. The RC percussion drilling results demonstrate the continuity of the Dasher mineralised system which has now been drill defined for 3,200m along strike. There is increasing evidence to support the interpretation that the mineralised system is continuous between Dasher and Opie. The correlation of parasitic folding with wider intersections of strong mineralisation at Dasher is consistent with observations elsewhere in the project area most notably at Bindi. Further work will be required to target parasitic fold zones along the strike length of the mineralised trend to Opie. Assays are awaited for one further diamond core hole (21CADD020) completed into the Dasher Deposit. The new drilling data will be included in an updated geological model for the Dasher Deposit and subsequently a new mineral resource. Further Work: There is currently one diamond core rig on site at Bindi. The core rig is continuing geotechnical and metallurgical sampling. Assays are awaited for samples collected during the following drilling programs: Dasher diamond core drilling (21CADD020); Bindi East RC drilling (21CARC133-136, 22CARC001-004); Bindi West infill RC percussion drilling (22CARC005-008, 22CARC015-030); Bindi Far East RC percussion drilling (22CARC009-014); Bindi diamond core drilling (22CADD001-003); AC drilling program peripheral to the Bindi Deposit (21CAAC001-005, 22CAAC001-120); AC drilling program at Dalwallinu project (22DAAC001-033). Announcement • Feb 17
Caravel Minerals Limited Announces PFS Update for the Caravel Copper Project Caravel Minerals Limited announces Pre-Feasibility Studies for the Caravel Copper Project are progressing as planned and due for completion at the end of March 2022. This update reports on progress with the studies and information on changes to the scope, particularly in relation to details of the mine design and planning. Substantial parts of the Resource are based on approximately 50m by 50m infill drilling and have been classified as Measured, providing high confidence for the mine planning and early grade schedules. Key changes from previous studies are the adoption of new, but well proven, `ACE' technologies for electrical drive systems and autonomous control. Access to the South-West Interconnected System electricity grid (SWIS) allows an electric mining fleet to utilise low-cost grid power in substitution for diesel fuel. Modern diesel-electric power trains can be driven by either diesel or external electrical power. The electric drives offer substantial advantages in power, efficiency and availability with significant reduction in diesel consumption and emissions when connected to the grid. The diesel motor allows flexibility to operate whilst not connected to the grid power and is also more efficient than conventional drives. The Mine Plan will be based on electric shovels (waste mining), electric blast-hole drill rigs and electric trolley assist on trucks in the haulage fleet. Modelling based on a 28+ year project life and pit depth of over 360 metres shows the increased speeds and efficiencies from trolley assist allow a reduction of at least two haul trucks compared to a standard diesel-powered truck fleet. The capital cost savings on trucks are expected to be roughly equivalent to the capital cost for installing trolley assist. Mine planning is also incorporating the use of autonomous vehicles as part of a broader adoption of remote control and supervision in both the mine and the mill. Autonomous operation of blast hole rigs and haul trucks is now an established practice in the WA mining industry with well-established operating procedures and technical support from both the equipment vendors and independent consultants. Excellent communications services are available through the local optic fibre connection as well as an operating methodology that takes advantage of the ability to mobilise people and equipment to site in less than 2 hours. Internal studies supported by vendor operational data and studies by Orelogy estimate the adoption of ACE (Automation, Communication, Electrification) technologies will result in operating cost savings of around 10-18% compared to conventional diesel only options, with labour reduction, diesel savings and improved operating efficiencies as the key factors. The use of electrification in the mining fleet allows a significant reduction in diesel usage compared to a conventional fleet with a proportional reduction in carbon emissions. Overall emissions will need to account for those related to sources of electricity generation, which is not yet determined and will be examined in more detail in the PFS report. The PFS mining schedule has matched the grade from the 2021 Scoping Study in the first 5 years at 0.32% with the detailed mine design now incorporating allowances for the operation of autonomous vehicles and provision for electrification infrastructure. The design and schedule also incorporates construction of the Tailings Management Facility (TMF) to utilise the significant clay resources within the Bindi overburden. Ensuring the high standards for tailings management is a key focus for the mine design and permitting process. The identification of suitable construction materials withing the overburden pre-strip has allowed scheduling the removal of overburden to be incorporated into the construction of the TMF. This provides substantial efficiencies in the construction process and also allows more conservative designs for the TMF taking advantage of the availability of material. Metallurgical test work is based on the revised process flowsheet where ore is primary crushed, ground in a SAG-ball circuit including pebble crushing followed by roughing and cleaning flotation before filtering. A P80 of 185 µm has been selected as the optimum grind size for the circuit however recent test work has also explored the opportunity for fully autogenous grinding and coarse particle flotation (CPF). This technology may allow for lower operating costs and increased throughput. Further work is being planned to evaluate the economic viability of the CPF as feasibility progresses. Current work is evaluating the optimum regrind size for the flotation cleaning circuit. Larger mass flotation tests are underway to provide samples for thickening test work as well as tailings characterisation. This work is also providing larger masses of concentrate for further test work. There has been minimal variability seen in the test work to date however further testing this month will evaluate the recoveries of paying metals and deportment of deleterious species utilising composites that represent the various zones and structure of the deposit including those materials that will make up the early years of production. Ausenco has performed a detailed review of existing and new test work and data to optimise the Caravel flowsheet. This includes selection of a robust comminution circuit design that allows for staged expansions during the life of the project. Furthermore, a review of flotation and regrind technology took place. This review resulted in an optimised configuration of the flotation circuit and included coarse particle flotation that allowed for additional circuit throughput without increasing mill size, improving project NPV. Ausenco has also considered overall developments to the Caravel Copper Project (in areas such as mining and tailings) and worked with Caravel Minerals to optimise the location of the process plant and associated infrastructure to address anticipated needs over the life of project. Furthermore, Ausenco has introduced a compact process plant layout, resulting in an anticipated reduction in bulk materials required to build the process plant without negatively impacting on plant operability or maintainability. On the basis of the revised flowsheet and optimised plant layout and location, priced mechanical and major electrical equipment lists have been generated. Material take-offs for earthworks, concrete and structural steel are currently being completed. These outputs are being generated in preparation of the PFS capital cost estimate. Ausenco has also worked with Caravel Minerals to develop a preliminary PFS operating cost estimate, which will be finalised in coming weeks alongside the capital cost estimate. Announcement • Feb 08
Caravel Minerals Limited Announces Drilling Results in Bindi Copper Deposit Caravel Minerals Limited announced that Assay results have been received for 31 aircore (AC) drill holes (21CAAC001-005 and 22CAAC001- 026) completed as part of an exploration and sterilisation drilling program around the Bindi Deposit. The AC drilling program will extend drill coverage in all directions around the Bindi Deposit providing data to assist decision making for potential mine infrastructure. Aircore bottom of holes samples from fresh basement rock have returned significant assays up to 0.50% copper in seven of the holes drilled to date (Appendix 2). The assay results and visual logging identify the results as primary sulphide mineralisation, supported by the higher levels of sulphur and other elements such as calcium and sodium (Appendix 3) which are typically leached when in the weathered regolith profile. The fresh basement rocks are schists and granitic gneiss with well- developed foliation similar to the host rocks of the main Bindi Deposit. The north-northeast trend of the mineralised zone is consistent with the interpreted surface projection of the Lower Limb of the Bindi East deposit. The copper anomalism is equivalent to that seen in historical AC results over the Bindi East limb, and higher than that seen over the Bindi West limb and Dasher Deposits. The AC drilling has also identified the presence of supergene copper blanket extending east of the Bindi East limb. The supergene zone is developed at a depth between 10-3m in the weathered saprolite clays of the regolith profile and shows intervals of up to 12m @ 0.21% Cu between 18-30m (22CAAC009). This is the first clear indication of supergene mineralisation at Bindi and it is not yet clear if this zone is related to the new zone of underlying primary mineralisation or is from the main Bindi Deposit and has travelled down slope. A program of at least 6 Reverse Circulation (RC) percussion holes has commenced to test the newly identified zone of mineralisation. The program of aircore drilling will continue at Bindi over the next two months, providing data to assist decision making for mine infrastructure layout. There are presently two RC rigs, one diamond rig and two aircore rigs on site at Bindi. The RC rigs are continuing work on resource infill definition and the diamond rig is continuing geotechnical and metallurgical sampling. Announcement • Jan 18
Caravel Minerals Limited Announces Assay Results Are Being Reported for 2 Diamond Core Drill Holes Caravel Minerals Limited announced assay results are being reported for 2 diamond core drill holes (21CADD016 and 17) completed in the Bindi East and Bindi West areas of the Bindi Deposit at the Caravel Copper Project in WesternAustralia. Mineralised intersections (at 0.15% Cu and 0.3% Cu cut-off grades) from the drill holes are detailed in Appendix 2 and illustrated on schematic cross sections. Hole 21CADD017 intersected significant mineralisation at depth in the Bindi East Limb demonstrating good continuity of mineralisation between previously reported drilling intersections (20CADD001 reported 10 February 2021 and 20CADD002 reported 2 March 2021) up to 400m below surface. In addition, the hole intersected good widths of Bindi West Limb mineralisation below the hanging wall fault. The hole intersected higher grades of mineralisation in the upper parts of the synform hinge. Given the depth of the hole at this point it was not warranted to extend it further to fully test the synform position. Hole 21CADD016 intersected intermingled granite, granite gneiss and mafic gneiss of the hanging wall units above the hanging wall fault (171-181m). Minor mineralisation seen above the hanging wall fault is associated with fracturing consisting of mixed chalcopyrite and native copper it likely represents mineralisation remobilised into the younger structures. The hole intersected nearly 40m of Bindi West Limb mineralisation before passing into a large dolerite dyke, the hole was stopped in the dyke rather than continuing on an unknown distance to find the other side. Large dolerite dykes are rarely intersected in drilling at Bindi, the dolerite intersected in 21CADD016 is interpreted to correlate with a NNW trending feature seen in airborne magnetic imagery of the area. Assay results are still to be received for diamond core holes 19CADT004 drilled at Bindi and holes 21CADD018 and 21CADD019 drilled at Dasher. Turnaround times for assay results experienced by industry have increased significantly through 2021 due to high volumes of samples. Announcement • Nov 24
Caravel Minerals Limited Announces Major Mineral Resource Upgrade at Caravel Copper Project Caravel Minerals Limited has released a new Mineral Resource for its Caravel Copper Project (the "Project") incorporating results from reverse circulation (RC) percussion and diamond drilling at the Bindi deposit. The updated Mineral Resource totals 1.18 Billion tonnes @ 0.24% Cu and 48 ppm Mo for 2.84Mt of contained copper. Since the last Mineral Resource update in April 2019 approximately 7,740 metres of diamond drilling and 20,233 metres of RC percussion drilling have been completed at Bindi, predominantly on the Bindi East Limb. Drilling was designed to better delineate the grade and distribution of copper-molybdenum mineralisation in the Bindi Hinge Zone and Bindi East Limb - which are expected to be the first areas developed in the mine plan. The recent drilling has also significantly extended the resource at depth and improved the continuity of mineralisation, particularly within a number of higher-grade zones within the East Limb and Hinge Zone areas, as illustrated in Figure 6. At Bindi, about 100Mt (at 0.01% cut-off grade) of the shallower resource (top 150m) is now defined as Measured Resource and is expected to be converted to Reserves in the PFS. At the higher cut-off grades that will be used in the early mine plan this is expected to include sufficient ores to cover the first 5 years of mining, providing high confidence in the mine schedule. Whilst contained copper within the existing resource envelope has increased significantly due to improved definition of the higher-grade zones at Bindi, the overall resource grade has remained unchanged (at the same 0.15% cut-off) due to the larger areas at lower grades that surround the higher-grade zone and fall within the Resource pit shell. Whilst the amounts of higher-grade ores have increased, so too has the volumes of lower grade ores. The cut-off grade has changed from 0.15% Cu to 0.1% Cu based on the revised marginal costs and revenue assumptions in the 2021 Scoping Study (refer to Caravel Minerals ASX announcement dated 4 November 2021). Whilst costs in that study were increased from the 2019 study, the assumed copper price was raised to $4/lb, at which price all mineralisation that falls within the pit shell above 0.1% Cu would be economically viable. The mine plan currently being developed is expected to schedule significantly higher than average resource grades in the early mine life, with lower-grade material being stockpiled. The low-grade stockpiles would be treated later in the mine schedule or may supply feed into later expansion plans or alternative strategies for beneficiating lower-grade material. 2021 Caravel Copper Project Mineral Resource increases to 2.84Mt of contained copper (0.1% Cu cut-off) - 53% increase, 2.46Mt contained copper (0.15% Cu cut-off) - 32% increase, Increased from 1.86Mt contained copper (0.15% Cu cut-off) in 2019 Mineral Resource. Project resource now 1.18 billion tonnes @ 0.24% Cu and 48 ppm Mo. Substantial increase in tonnages of higher-grade ores at shallow depth. Over 100Mt now defined as Measured Resource. Caravel is now the largest undeveloped copper project in Australia. PFS progressing well and due first quarter of 2022. Recent Insider Transactions Derivative • Sep 22
MD & Director exercised options to buy AU$2.1m worth of stock. On the 20th of September, Stephen Abbott exercised 5.00m options at around AU$0.08, then sold 300.00k of them at AU$0.45 each and kept the remainder. Since September 2020, Stephen's direct individual holding has increased from 957.14k shares to 5.66m. Company insiders have collectively bought AU$421k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 22
Caravel Minerals Limited announced that it has received AUD 7.5 million in funding On June 21, 2021, Caravel Minerals Limited (ASX:CVV) closed the transaction. Announcement • Jun 10
Caravel Minerals Limited Announces Drilling Results for Bindi Copper Deposit Caravel Minerals Limited announced drilling results for Bindi Copper Deposit. Further wide zones of higher-grade copper mineralisation intersected in the southern part of the Bindi East Limb. Drilling Results: The current RC percussion drilling program aims to locate higher grade material and confirm the
continuity of copper mineralisation in shallower parts (top 200m) of the Bindi Deposit. Mineralisation at Bindi occurs as zones of quartz vein stringers and disseminations of copper and molybdenum sulphides (chalcopyrite and molybdenite) within a deformed and metamorphosed granite-gneiss host rock.
Assay results have been received for eight recently completed RC percussion drill holes, including 21CARC049 - 21CARC051 and 21CARC053 - 21CARC057. Results for 21CARC052 are still pending. Results are particularly significant at the southern end of Bindi East, where preliminary interpretation suggests a synformal fold closure may be developed and mineralisation remains open at depth and to the east. As may be seen on the section below the higher-grade zones show good continuity on section and correlate well with adjacent sections. A new geological model is being prepared for this area and an update will be provided to outline the significance of this new resource potential at Bindi. The update is expected to be ready later in June. Announcement • May 29
Caravel Minerals Limited Announces Drilling Results for Bindi Copper Deposit Caravel Minerals Limited announced drilling results for Bindi Copper Deposit. Assay results for recently completed reverse circulation percussion drill holes at the Bindi Copper Deposit continue to show wide zones of mineralisation in the East Limb of the deposit and excellent continuity with zones drilled further to the north. The current RC percussion drilling program is designed to locate higher grade material and confirm the continuity of copper mineralisation in shallower parts of the Bindi Deposit. Assay results have been received for seven recently completed RC percussion drill holes, including 21CARC042 21CARC048. A 10,000m RC percussion and diamond drilling program is continuing at the Bindi deposit to further understand and define the wide zones of higher grades within the mineral resource and to support current feasibility studies for the Caravel Copper Project. Two RC percussion drill rigs and a diamond drill rig are continuing to operate on-site. Further assay results are awaited and will be reported as they become available. Announcement • May 25
Caravel Minerals Limited Provides Drilling Results for Dasher Copper Deposit Caravel Minerals Limited provided drilling results for Dasher Copper Deposit. Assay results have been received for recently completed reverse circulation (RC) percussion drill holes at the Dasher Deposit and nearby prospect areas, all part of the Company's Caravel Copper Project. A total of 16 holes were completed, for a total of 2,634 metres of percussion drilling. Results from Dasher South show broad zones of mineralisation at good grade. These results are significantly better than previously seen in this area. Further work is planned to determine the extent of this mineralisation. The results from elsewhere are generally consistent with the extension of known mineralised zones. The drilling results will be incorporated into an updated resource estimate for the Dasher Deposit that will subsequently be utilised in the current pre-feasibility study (PFS) for the overall Caravel Copper Project. The current RC percussion drilling program aims to infill and extend known mineralisation in the shallower parts of the Dasher Deposit and the nearby Dasher East and Dasher South Prospects. Mineralisation in the Dasher area occurs as moderately east-dipping zones of narrow stringers and disseminations of copper and molybenum sulphides (chalcopyrite and molybdenite) within a deformed and metamorphosed granite-gneiss host rock. Assay results have been received for five recently completed RC percussion drill holes at Dasher East, including 21CARC020 21CARC024; six holes at the Dasher Deposit, including 21CARC025 21CARC027 and 21CARC033 21CARC035; and five holes at Dasher South, including 21CARC028 - 21CARC032. Significant mineralised intersections (greater than 0.15% Cu). Significant zones of copper-molybdenum mineralisation were intersected in the Dasher South Prospect area, which is the interpreted southern continuation of the Dasher Deposit. Mineralisation was better grade and occurred over a wider interval than anticipated from the existing geological model. Narrow zones of mineralisation were also intersected in the drilling at the northern and southern ends of the Dasher Deposit and at the Dasher East Prospect, within north-south trending, moderately east dipping zones. The results of the RC percussion drilling program completed at Dasher Deposit and associated prospect areas will be integrated into an updated geological interpretation and resource estimate for this area. The updated resource estimate will be incorporated in the current feasibility studies for the Caravel Copper Project. Follow-up drilling is planned to investigate the extension of mineralisation further along strike to the south from the Dasher South Prospect. Announcement • May 17
Caravel Minerals Limited Commences A Substantial Program of Infill Reverse Circulation Percussion Drilling At the Bindi Deposit, Part of its Caravel Copper Project Caravel Minerals Limited commenced a substantial program of infill reverse circulation (RC) percussion drilling at the Bindi deposit, part of its Caravel Copper Project (the "Project"). Drilling is designed to increase the grade and distribution of copper-molybdenum mineralisation in the Bindi Hinge Zone and Bindi East Limb. Results from the drilling program will support an updated resource estimate and the potential to bring these higher-grade shallow zones into the early mine schedule of the Project's Pre-Feasibility Study (PFS). The Company has maintained an active diamond drilling and RC percussion drilling program at the Bindi deposit since late 2020. Approximately 5,000 metres of diamond drilling and 9,000 metres of RC percussion drilling have recently been completed. Broad zones of copper mineralization intersected by drilling show excellent continuity over more than 1.2 km of strike length. The recent work has identified new, near-surface zones of higher-grade mineralization as well as down-dip extensions of the mineralised zone on the East Limb of the deposit. The drilling has also allowed a more refined interpretation of the geology of the copper deposit. To increase confidence in the recently identified higher-grade areas in the Project's conceptual starter pit areas, the Company has initiated an extension of the drilling program at the Bindi Deposit that will comprise approximately 10,000 metres of RC percussion on infill traverses. Each drill hole is planned to be 150m-200m in depth. When completed, the drilling grid will comprise 50m spaced sections, with hole spacings from 50m to 80m along section. The infill program will allow a significant increase in the geological confidence and potential resource/reserve classification of the shallow higher-grade mineralisation. The PFS will utilise results from the program with the specific aim of improving early Project economics. Announcement • May 08
Caravel Minerals Limited Announces Recent Assays from Reverse Circulation Percussion Drill Holes At the Bindi Copper Deposit Caravel Minerals Limited announced that Recent assays from reverse circulation percussion drill holes at the Bindi Copper Deposit show wide zones of higher-grade mineralisation in the East Limb and indicate good continuity with zones drilled further to the north. The wider intervals are significantly better grade than was previously modelled for this part of the resource and show good potential for modelling discrete domains of higher-grade zones within these intervals. Drilling in this area is continuing with the objective of providing sufficient data to model this higher- grade zone in the next resource estimate. Defining higher-grades areas for inclusion in the resource and early mine schedule has been the main focus of the current RC drilling programme. These results are an important step toward that objective. The current RC percussion drilling program is aimed at locating higher-grade zones and confirming continuity of copper mineralisation in shallower parts of the Bindi Deposit. Mineralisation at Bindi occurs a zone of narrow stringers and disseminations of copper and molybdenum sulphides within a deformed and metamorphosed granite-gneiss host rock. Assay results have been received for nine recently completed RC percussion drill holes, including 21CARC015, 21CARC016, 21CARC019, and 21CARC036 21CARC041. Significant mineralised intersections from the drill holes are detailed. Note that results for 21CARC019 have previously reported in part. Significant intersections are reported below and are shown on schematic cross sections below. The recent result show wide zones of higher-grade mineralisation in the East Limb and indicate good continuity with zones drilled further to the north. The wider intervals are significantly better grade than was previously modelled for this part of the resource and show good potential for modelling discrete domains of higher-grade zones within these intervals. RC percussion and diamond drilling programs are continuing at the Bindi deposit to further understand and define the wide zones of higher grades within the mineral resource and to support feasibility studies for the Caravel Copper Project. An RC percussion drill rig and a diamond drill rig are continuing to operate on-site. Further assay results are awaited and will be reported as they become available. Announcement • May 04
Caravel Minerals Limited announced that it expects to receive AUD 7.5 million in funding Caravel Minerals Limited (ASX:CVV) announced a private placement of 27,777,778 common shares at a price of AUD 0.27 per share for gross proceeds of AUD 7,500,000.06 on May 3, 2021. The transaction will include participation from a large institutional investor for AUD 7,000,000. The company expects to close the transaction on June 15, 2021. The transaction is subject to the approval of the shareholders. Announcement • Mar 17
Caravel Minerals Limited Provides Drilling Update on Caravel Copper Project Caravel Minerals Limited announced that It is continuing its major RC percussion and diamond drilling program at the Bindi copper deposit. The program is focussed on the east limb aimed at better defining higher grade zones in shallow parts of the resource and also testing depth extensions down-dip. Four rigs are currently operating - two diamond rigs and two RC rigs. Deep diamond core drilling is continuing at the Bindi Deposit testing depth extensions below the current resource. Significant copper and molybdenum sulphide mineralisation, occurring as fine to coarse disseminations and stringers within granitic gneiss, has been intersected in hole 21CADD001 and 21CADD002. Visual estimates of chalcopyrite abundance indicate the copper mineralisation grades and distribution correlate well with the projected zones of mineralisation down- dip of the current resource model. Visual estimates of sulphide minerals are not an accurate representation of expected assay value and are provided for indicative purposes only. Assay results are pending and will be reported when available. The diamond drilling work continues to provide resource, detailed geological and geotechnical information, and additional metallurgical samples for ongoing feasibility studies into the mining development of the Caravel Copper Project. Reverse circulation (RC) percussion drilling continues at the Bindi east limb. The main objective is to better define the grade and continuity of copper mineralisation in upper areas (<200m depth) of the limb. In particular, the program is aiming to identify higher-grade areas of mineralisation and increase confidence in the continuity of these higher-grade zones. Announcement • Mar 04
Caravel Minerals Limited Announces Assay Results for Recently Completed Reverse Circulation (Rc) Percussion Drill Holes and A Diamond Drill Hole At the Bindi Deposit Caravel Minerals Limited announced Assay results for recently completed reverse circulation (RC) percussion drill holes and a diamond drill hole at the Bindi deposit confirm wide zones of mineralisation in the Hinge Zone and on the East and West Limb. Drilling results to date conform well with the geological model for the deposit and the deeper diamond holes have intersected significant mineralisation on the down-dip extensions of the East Limb, such as the 20CADD002 intersection of 120m at 0.32% Cu from 350m. Whilst these intersections are deep, they are potentially situated within economic open pit limits. Previous mining studies of the Bindi deposit have demonstrated that deeper open pits may be economic at a higher copper price. Furthermore, previous drilling was limited to a depth of approximately 300m and therefore the conceptual pit modelling was limited by the extent of the resource model. The new results provide confidence that the resource can be extended at depth and therefore are expected to support significantly deeper open pit models. The current RC percussion drilling program aims to locate higher grade material and confirm the wide occurrence of copper mineralisation in shallower parts of the Bindi deposit. Diamond drilling has confirmed the down-dip extension of mineralisation on both the East and West limbs of the deposit. Assay results have been received for eight RC percussion drill holes, including 20CARC023 - 20CARC027, 21CARC001, 21CARC003 and 21CARC004. Assay results have also been received for diamond drill hole 20CADD002. Announcement • Feb 16
Caravel Minerals Limited Announces Project Update on Caravel Copper Project Caravel Minerals Limited announced project update on caravel copper project. The Caravel Copper Project is a large-scale, long-life project based on current Resources of 662Mt at 0.28% Cu, for 1.86Mt contained Cu. The project has access to high-quality infrastructure including grid power, sealed roads, well serviced towns and nearby ports. The resource is amendable to low-cost open-pit bulk mining due to low waste ratio and wide ore zones. Simple metallurgy allows standard processing to produce a clean, readily marketable concentrate. Located in a tier 1 mining jurisdiction (WA) the project is one of the few large copper resources that can be quickly brought into production to meet near-term forecast strong copper demand. Resource drilling: Major RC percussion and diamond drilling programs are progressing with assay results being reported as they are received. To date, 21 RC percussion holes have been completed at the Project area, generating 4,000m of samples. In addition, 3 diamond drill holes have been completed for a total of 1,600m of core. Drilling to date has shown good results (as reported in the Caravel Minerals announcement on 25 January 2021 and 10 February 2021), providing confidence in the geological model and demonstrating potential for improving continuity of higher-grade zones. An updated JORC Resource is expected to be reported around mid-2021. Power: The project is located within the WA South West Interconnected System (SWIS) which has good capacity reserve and amongst the lowest wholesale power prices in Australia. The SWIS also has a growing range of low carbon energy supply options with numerous commercial solar and wind generation sources. Preliminary quotes have been received from energy providers indicating very competitive rates for delivered power. Western Power, the Western Australian State Government owned corporation responsible for building, maintaining and operating the electricity network, has been engaged to undertake a detailed assessment of the project's power supply and transmission options which is on track to be completed in April 2021. Environment: Environmental studies commenced in 2018 with Level 1 flora surveys completed. Further environmental surveys and assessments will commence this week with a level 2 fauna survey over key deposit areas and proposed infrastructure locations. Water: The water exploration program is advancing for the Project. A passive seismic survey was completed in January 2021 to identify targets for drill testing of a potential palaeochannel aquifer. Preparations are underway for drill testing. Initial environmental survey work has been completed for the water pipeline route. 2021 Pre-feasibility Study work program A number of studies completed for the 2019 Scoping Study already meet the criteria to satisfy PFS and Definitive Feasibility Study (DFS) due diligence. Announcement • Feb 10
Caravel Minerals Limited Announces Drilling Results - Bindi Copper Deposit Caravel Minerals Limited announced that assay results for recently completed reverse circulation (RC) percussion and diamond drill holes at the Bindi deposit have now been received confirming continuation of wide zones of mineralization with grades higher than expected for the East Limb, which was initially reported in the Caravel Minerals announcement on 25 January 2021. The current RC percussion and diamond drilling program aims to locate higher grade material and confirm the geological model for copper mineralisation. Assay results have been received for RC holes 20CARC021 20CARC022 and diamond drill hole 20CADD001. Results to date are consistent with the geological model and are also providing confidence in the continuity of higher grade zones in the East Limb, similar to what is seen in other parts of Bindi. RC percussion and diamond drilling programs are continuing at the Bindi deposit to further delineate the zones of higher grades within the mineral resource and to support feasibility studies for the Caravel Copper Project. Another RC percussion drill rig has been secured and is now operating at the Bindi Deposit. Diamond drilling production is planned to accelerate by moving to a 24-hour operation in the coming days. Significant intersections: 20CARC022 60 to 120m, 60m @ 0.40% copper; 20CADD001 124 to 218m, 94m @ 0.33% copper (West Limb), and 290 to 326m, 36m @ 0.29% copper (East Limb). Announcement • Jan 26
Caravel Minerals Limited Provides Drilling Update - Bindi Copper Deposit Caravel Minerals Limited announced that both diamond and reverse circulation (RC) percussion drilling programs have recommenced at the Caravel Copper Project after a short planned break over the Christmas New Year period. This continues the program initiated in later 2020 to test the depth extensions of the Bindi copper deposit below the previous resource model, particularly down-dip extensions of mineralisation on the eastern limb. The RC drilling program is targeting up dip positions of the east limb that have limited previous drilling. The drilling results are expected to support an update of the mineral resource estimate for the deposit. The first two of a series of planned diamond drill holes have now been completed at Bindi. Significant copper sulphide mineralisation and associated molybdenite mineralization occurring as fine to coarse disseminations and stringers within granitic gneiss was intersected in both the western and eastern limbs of the deposit. Based on visual estimates of chalcopyrite abundance made by Company geologists during detailed logging, the copper mineralisation grades and distribution correlate with the projected zones of mineralization down-dip of the current resource model. These results provide strong validation for the geological model and confirms extension of the mineralised zone to depths greater than 500m. Note that visual estimates of sulphide minerals may not be used as an accurate representation of expected assay values and are provided for indicative purposes only. Assay results are pending and will be reported when available. The diamond drilling work will also provide detailed geotechnical information and additional metallurgical samples for the feasibility studies into the mining development of the Caravel Copper Project. Reverse Circulation (RC) percussion drilling is continuing from the program commenced in December 2020. The program is designed to better define the grade and continuity of copper mineralisation in shallower parts of the Bindi deposit. Based on geological logging and visual estimates of mineral abundance the drilling has intersected zones of significant copper sulphide mineralisation that occurs as fine to coarse disseminations within granitic gneiss, typical for the Bindi deposit. Drilling samples have been submitted for assay and results are pending. The company has further drilling program planned at a number of areas within the Caravel Copper Project. Over coming months, further work is expected to be completed at the Bindi, Dasher and Opie deposits. Announcement • Jan 19
Caravel Minerals Limited Executes Joint Venture Agreement with Round Oak Minerals Pty Limited Caravel Minerals Limited announced that it has executed a joint venture agreement ("JV Agreement") with Round Oak Minerals Pty Limited (Round Oak) for the Mt William Ni-PGM prospect ("Mt William"). Mt William is subject to Exploration License application E70/2338 and is located near Waroona,
100km south of Perth, in the South West Yilgarn Terrane. The main target at Mt William is a 3.5km long, very prominent magnetic feature that
is interpreted to be a layered mafic complex with potential for Ni-PGM mineralisation. The 2020 discovery of Ni-Cu-PGM mineralisation at Julimar in the Gonneville layered mafic complex has further highlighted the prospectivity of the Mt William magnetic complex, as both of these intrusions are situated in similar geological settings within the South West Yilgarn Terrane. Mt William shows a very similar style of magnetic anomaly with discrete layering clearly visible and a character consistent with the chonolith style of intrusion at Gonneville. The Mt William intrusion is substantially larger than the Gonneville intrusion with over 3.5km of strike length compared to around 1.5km at Gonneville. The prospect area is dominated by deep laterite weathering profiles typical of the Darling Plateau, with no outcrops present in the area to indicate basement geology and the source of the magnetic
anomaly. There is no recorded previous exploration or drilling in this area other than shallow drilling for bauxite exploration to the north. Is New 90 Day High Low • Jan 04
New 90-day high: AU$0.24 The company is up 164% from its price of AU$0.091 on 06 October 2020. The Australian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 17% over the same period. Announcement • Dec 25
Caravel Minerals Limited Provides Drilling Update for Caravel Copper Project Caravel Minerals Limited announced that its drilling programs at the company's Caravel Copper Project have been completed for 2020 and that work has temporarily been suspended for the Christmas - New Year period. Drilling programs at the Project, located near Wongan Hills in the South West Yilgarn Terrane of Western Australia, will recommence in early 2021. The first two holes of a series of planned diamond drill holes have now been completed at the Bindi copper deposit for a total of 961.9 metres drilling. Copper sulphide (chalcopyrite) and associated molybdenite mineralisation was intersected in both the western and eastern limbs of the deposit and the Company has completed detailed geological and geotechnical logging prior to sampling of the drill core. Initial samples have been taken from 210 metres of core and dispatched for cutting and sampling. More complete sections will be cut and sent for assay in the New Year. Laboratory turnaround time is presently very slow with laboratories reporting large backlogs of samples, therefore timing for initial assay results is presently unknown and likely to be at least 5 weeks. Further advise on timing will be reported when available. The company has further diamond drill holes planned at the Bindi deposit and the program will recommence in January 2021. In addition to resource information, the work is expected providefurther detailed geological and geotechnical information, and additional metallurgical samples for ongoing feasibility studies into the mining development of the Caravel Copper Project. RC Percussion Drilling Program The company has also undertaken a reverse circulation (RC) percussion drilling program at the Bindi deposit during December 2020 to better define the grade and continuity of copper mineralisation in key parts of the deposit. A total of 7 holes for a total of 1,236 metres were completed and a further 10 holes are planned. The work has intersected copper sulfide mineralisation at shallow depths, in line with expectations based on surrounding drill traverses. A total of 662 drilling samples (including QA/QC samples) have been routinely submitted for assay and results will be reported when they are available in early 2021. The company has planned further RC percussion drilling at the Bindi, Dasher and Opie deposits and the drillirig is being retained in order to continue with this program in January 2021. Crop harvesting has now been completed and the Company now has access in all the key areas of interest. Is New 90 Day High Low • Dec 21
New 90-day high: AU$0.21 The company is up 95% from its price of AU$0.11 on 22 September 2020. The Australian market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 14% over the same period. Announcement • Dec 10
Caravel Minerals Limited Provides Update on the Drilling Programs Currently Underway At the Company's Flagship Caravel Copper Project, Located Near Wongan Hills in the South West Yilgarn Terrane of Western Australia Caravel Minerals Limited provided an update on the drilling programs currently underway at the company's flagship Caravel Copper Project, located near Wongan Hills in the South West Yilgarn Terrane of Western Australia. A series of deep diamond holes are in progress to test the depth extents of the Bindi copper deposit. The first hole has been completed at (Figure 1) a depth of 432.6 metres. Copper sulphide mineralisation was intersected in both the western and eastern limbs of the deposit, in line with the current geological model (refer to 12 November 2020 "Drilling Update Bindi and Dasher Deposits") and the Company is currently undertaking detailed geological and geotechnical logging prior to sampling of the drill core for assay. Results will be reported when available. A second diamond drill hole has commenced and is expected to be completed during December 2020. The drilling program is intended to further test down-dip extensions of the copper mineralisation on the eastern limb of the Bindi deposit and will support an update of the mineral resource estimate for the deposit. The Company has planned for additional diamond drill holes and the program will now extend into 2021. In addition to resource information, the work is expected provide further detailed geological and geotechnical information, and additional metallurgical samples for ongoing feasibility studies into the mining development of the Caravel Copper Project. Announcement • Nov 24
Caravel Minerals Limited announced that it expects to receive AUD 2.85 million in funding Caravel Minerals Limited (ASX:CVV) announced private placement of 35,625,000 shares at a price of AUD 0.08 per share for gross proceeds of AUD 2,850,000 on November 22, 2020. The transaction will include participation from sophisticated and professional investors including Alasdair Cooke for AUD 100,000. The placement is expected to complete on November 27, 2020. The transaction is subject to approval of shareholders. Announcement • Nov 12
Caravel Minerals Limited Announces Drilling Update on Bindi and Dasher Deposits Caravel Minerals Limited provided an update on the drilling programs currently underway at the Company's flagship Caravel Copper Project. Diamond drilling has commenced at the Bindi copper deposit. Two deep diamond drill holes are planned for approximately 1,100 metres of drilling, located in the northern hinge zone where thick zones of mineralisation have been defined in both an eastern and western limb of an overturned, north-plunging fold structure. Both holes will test down-dip extensions of the copper mineralisation on the eastern limb and are planned to extend the higher-grade zones in those areas and support an update of the mineral resource estimate for the deposit. The diamond core will also provide geotechnical and additional metallurgical samples for ongoing feasibility studies. Results have been received for the four reverse circulation (RC) percussion holes recently completed at the Dasher copper-gold deposit, located approximately 5km south of the Bindi deposit. Laboratory assays have confirmed low-grade sulphide copper intersections however the holes failed to intersect the higher-grade zone that was targeted. Further work is planned to improve the model for mineralisation in this area. The Bindi Deposit is the largest known copper resource at the Caravel Copper Project, with an indicated and inferred resource of 223.4Mt @ 0.36% Cu and 76 ppm Mo (at a 0.25% Cu cut-off grade), for a total of approximately 796,000t of contained copper (Appendix I). Mineralisation at the Bindi deposit is closely associated with a felsic to intermediate granite gneiss and is deformed into an overturned, isoclinal antiformal fold. The western limb strikes NE and dips approximately 45 degrees to the NW, the eastern limb strikes NNE and dips approximately 55 degrees to the west. The antiformal fold axis plunges moderately to the northwest. Mineralisation varies in true thickness from between 100-150m on the western limb to up to 300m within the eastern limb (Figure 2). The greater thickness on the eastern limb may reflect further parasitic folding of the mineralised high strain zone. Previous drilling has shown that the eastern limb at Bindi is open at depth and the proposed diamond drill holes are designed to test this area. The Company has completed 4 shallow RC percussion drill holes for a total of 564 metres drilling. The drilling was designed to test a footwall zone of mineralisation that is not well constrained by previous drill holes. Results indicate that weak sulfide copper mineralisation was intersected within the granite gneiss host rock. The distribution of known mineralisation suggests that there may be a structural control within the overall mineralised zone, with the development of higher-grade plunging shoots. In addition, there may be some younger (unmineralised) granite intrusions that cross-cut the deposit. The results from the drilling at the Dasher deposit and the current drill holes at Bindi deposit will be incorporated into the respective resource estimates for these deposits in due course. Further drilling is required to fully test the geometry of the mineralisation and the Company is assessing this work as part of the feasibility studies for the Caravel Copper Project. Additional technical work such as downhole logging, geotechnical logging and collection of petrographic and metallurgical samples from the diamond drill core at Bindi will also be undertaken to assist with the ongoing feasibility studies. The Company is also planning to accelerate the exploration of the regional projects that have recently been generated by the Company in the prospective South West Yilgarn Terrane. Work will be progressively commenced as exploration tenements over these areas are granted and land access is obtained. Announcement • Aug 20
Caravel Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 1 million. Caravel Minerals Limited has completed a Follow-on Equity Offering in the amount of AUD 1 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 25,000,000
Price\Range: AUD 0.04 Announcement • Jul 22
Caravel Minerals Limited announced that it has received AUD 1.15 million in funding On July 21, 2020, Caravel Minerals Limited (ASX:CVV) closed the transaction. The transaction involved participation from Alasdair Cooke, director, for 2,500,000 shares and other investors. Announcement • Jul 17
Caravel Minerals Limited announced that it expects to receive AUD 1.15 million in funding Caravel Minerals Limited (ASX:CVV) announced a private placement of 28,750,000 shares at a price of AUD 0.04 per share for gross proceeds of AUD 1,150,000 on July 15, 2020. The transaction will include participation from Alasdair Cooke for AUD 100,000, subject to the approval of the shareholders of the company. The company has received firm commitments from sophisticated and professional investors. The company will issue a minimum of 12,500 shares for proceeds of AUD 500 and a maximum of 750,000 shares for proceeds of AUD 30,000 to each individual security holder. The transaction is expected to close on July 21, 2020.