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.