Caravel Copper Project Advances with $15M Loan and August Tender Awards

Engineering Tendering Kicks Off

Caravel Minerals Limited has taken a significant step forward in developing its flagship Caravel Copper Project by commencing the tendering process for the Definitive Engineering Study (DES). This process targets the design of the process plant and key infrastructure, with contract awards anticipated from August 2025. The project, located in Western Australia's Wheatbelt region, is Australia's largest undeveloped copper deposit, holding over 3 million tonnes of contained copper.

Simplified Design Enhances Project Viability

The tendering follows recent metallurgical studies that have simplified the plant’s flowsheet, notably incorporating a SAG mill circuit and optimized flotation processes. This streamlined design is expected to reduce capital and operating costs while maintaining a robust production profile of approximately 65,000 tonnes of copper concentrate and 900 tonnes of molybdenum annually. Such efficiencies are critical in positioning the project competitively within the global copper market.

Supporting Infrastructure and Financing in Place

Alongside the process plant design, tenders are advancing for essential infrastructure components including a water pipeline from a remote borefield, tailings management facilities, and mining operations infrastructure. Caravel has also secured a $15 million loan facility from Regal Funds Management’s Regal Resources Royalties Fund, providing financial backing to support the engineering and feasibility efforts. An experienced Study Manager has been appointed to oversee the tender evaluation, ensuring rigorous selection aligned with project goals.

Parallel Progress on Feasibility Study

The Definitive Feasibility Study (DFS) continues in parallel with the engineering tendering, underpinning the project’s timeline and readiness for eventual construction. The owners’ team remains actively engaged in preparing the DFS, which will integrate engineering outcomes and provide a comprehensive assessment of the project’s economic and technical viability.

Strategic Positioning for Sustainable Copper Supply

Caravel’s commitment to sustainability is evident in its plans to leverage existing grid power, automation technologies, and proximity to established transport infrastructure. These factors contribute to a low-cost, environmentally conscious operation that could play a pivotal role in meeting growing copper demand driven by global electrification and renewable energy trends.