Caravel Minerals advances Caravel Copper Project in Western Australia

Caravel Minerals Limited has announced significant progress on its 100%-owned Caravel Copper Project in Western Australia as it approaches the completion of its Definitive Feasibility Study (DFS), expected in September 2026.

The company reported an updated ore reserve of 597 million tonnes at 0.24% copper, representing approximately 1.42 million tonnes of contained copper. This marks a 48% increase in proven ore reserve tonnes compared to the 2022 estimate. The project will utilize a conventional open-pit truck and shovel operation, targeting the Bindi Deposit before moving to the Dasher Deposit.

Key operational advancements include a reduction in water demand from 18GL/yr to 12GL/yr and secured power solutions via a Western Power grid connection and renewable generation options. On the commercial side, Caravel has signed a non-binding Memorandum of Understanding with Kutch Copper Ltd, a subsidiary of Adani Enterprises, regarding potential investment and copper concentrate off-take. Additionally, Regal Funds Management has provided a $30 million investment to strengthen the company's funding.