Caravel Copper Project Ore Reserve Confirmed at 597 Million Tonnes at 0.24% Copper

Mining Study Confirms Scale and Approach for Caravel Copper Project

Caravel Minerals Limited (ASX:CVV) has wrapped up the mining segment of its Definitive Feasibility Study (DFS) for the Caravel Copper Project in Western Australia's Wheatbelt region. The study, prepared by Mining Plus, supports an updated Ore Reserve of 597 million tonnes grading 0.24% copper, containing approximately 1.42 million tonnes of copper. This Ore Reserve update was previously reported on 19 June 2026 and forms a crucial foundation for the project's development strategy.

Rather than revealing production targets or financial forecasts, the mining study focuses on operational design and parameters, laying out a conventional open pit mining method. The plan is to develop the Bindi and Dasher deposits in stages, beginning with Bindi to manage capital expenditure and simplify early operations.

Staged Open Pit Mining with Ultra-Class Fleet and Contractor Support

The mining method involves truck and shovel operations using an ultra-class load and haul fleet, featuring 300-tonne haul trucks and shovels exceeding 600 tonnes. While the DFS initially assumed an owner-operated model, Caravel intends to mitigate early-stage risks by engaging a tier one mining contractor for pre-strip and initial mining phases. Commercial negotiations for this contract are ongoing, after which the operation will transition to owner mining.

Mine design incorporates a 12.5-metre bench height, 4% mining dilution, 3% ore loss, and a minimum mining width of 100 metres, aligning with geotechnical recommendations from consultants Dempers & Seymour. The Bindi pit’s slope angles have been carefully engineered across eight geotechnical domains to balance safety and operational efficiency.

Autonomous Haulage and Operational Resilience

Operations will start with conventional manned haulage but are designed to support a transition to autonomous haulage technology. The company plans to accelerate this transition once equipment suppliers and autonomous solutions are finalised. This forward-looking approach aligns with industry trends toward automation and productivity gains.

Material handling is planned to rely predominantly on direct feed to the crusher, with a nominal 1 million tonne run-of-mine stockpile providing operational resilience against temporary disruptions. Pre-strip activities are scheduled to begin about 20 months before first ore processing to expose sufficient ore and supply construction materials.

Ore Reserve Delineation and Resource Classification

Importantly, Inferred Mineral Resources have been excluded from the Ore Reserve and pit designs, reflecting a conservative approach consistent with JORC Code standards. While the DFS mining report includes a life-of-mine schedule that references Inferred Resources in later years, the Ore Reserve itself comprises only Proved and Probable classifications, ensuring a robust foundation for project planning.

Caravel’s updated Ore Reserve includes detailed grades not only for copper but also for molybdenum, silver, gold, iron, and sulphur, providing a comprehensive view of the deposit’s value. The DFS and Ore Reserve updates follow recent milestones including securing mining leases and advancing financing discussions, positioning the project for a potential construction decision in the near term.