Caravel Minerals provided an update on key work streams being undertaken to execute the Company's 100%-owned Caravel Copper Project, located 120km north-east of Perth in WA. Caravel has commissioned an independent review of the optimised Pre-feasibility Study (PFS) process flowsheet published on 20 September 2022. The review is being undertaken by leading engineering and project delivery firm, Lycopodium Minerals Pty Ltd, with the comminution circuit review being undertaken by Orway Mineral Consultants, with input from European process equipment manufacturer, Weir Minerals, who specialise in High-Pressure Grinding Roll (HPGR) circuit design.

The scope of the review pertains to the process flowsheet from primary crushing to dewatering circuits with the aim of identifying process plant opportunities and confirming the absence of technical gaps prior to commencing the next phase of engineering in the second half of 2023. Initial results from this review indicate potential for plant simplification and increased capacity. A further update will be provided when complete results are available.

Water An extensive water bore drilling program approximately 60km to the west of the proposed mine and processing site is well advanced. Conceptual models have been prepared which indicate suitable resources exist for Project requirements. Applications for the abstraction licenses are in progress with the Department of Water and Environmental Regulation (DWER).

In addition, Caravel has secured agreements with landowners to enable the development and operation of the borefield. Power Applications have been submitted to Western Power to obtain a network access offer for the Project's mine and processing facilities. Applications are currently under assessment with approval anticipated in second quarter 2024.

Caravel is also completing a power demand simulation study to assess the opportunity to manage intra-day power demand in relationship to pricing cycles. Discussions with power generation suppliers has also commenced. Final studies required for the State and Federal environmental approvals are nearing completion.

The process to obtain primary Project environmental approvals under the State Environmental Protection Act 1986 (Part IV) and Commonwealth Environmental Protection and Biodiversity Conservation Act 1999 (Matters of National Environmental Significance) has commenced. The level of assessment and the scope of the assessment are expected to be notified by both agencies during second quarter 2023. Mining Equipment Discussions have commenced with mining equipment manufacturers for the supply of an automated and electrified mining fleet.

Caravel expects to enter a commercial arrangement with a preferred supplier later in the year. The mining equipment sourcing is consistent with forecast delivery timeframes in readiness to undertake pre-development activity. Caravel is currently assessing various business systems to finalise the operating system architecture during the Definitive Feasibility Study.