Caravel Copper Project DFS advances, off-take discussions underway

Caravel Minerals has provided a positive update on its Definitive Feasibility Study (DFS) for the Caravel Copper Project, with engineering studies progressing significantly and process plant design nearing completion. Mining Plus has been appointed to deliver the DFS mine plan and JORC Ore Reserve Statement, targeted for 2026. Environmental studies are nearing completion, positioning the final Environmental Review Document (ERD) for resubmission in mid-2026. Land access has also been secured for Mining and General Purpose Leases.

The company is installing additional water bores in the Gillingarra Borefield to support licensing and approvals. Sustainability efforts include the release of an inaugural sustainability report and the launch of a local seed collection and Indigenous ranger training program.

Strategically, discussions are underway with Adani towards a binding term sheet for concentrate off-take, with a site visit planned for January 2026 and a term sheet targeted for Q1 2026. Engagement with European Export Credit Agencies (ECAs) has also commenced to explore financing structures for processing equipment supply.