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%.