Caravel Minerals Limited (ASX: CVV), an Australian exploration and development company focused on its 100%-owned Caravel Copper Project, has provided a comprehensive update as its Definitive Feasibility Study (DFS) nears completion. Located 150km northeast of Perth, Western Australia, the project has seen significant de-risking across technical, environmental, and commercial aspects since its 2022 Pre-Feasibility Study. The DFS, scheduled for release in September 2026, will integrate these advancements into a definitive execution and economic case, solidifying the project’s path forward.
A key highlight is the updated Ore Reserve of 597 million tonnes at 0.24% copper for 1.42 million tonnes of contained copper, marking an approximately 48% increase in Proven Ore Reserve tonnes from the 2022 estimate. The DFS mining study confirmed a conventional open pit truck and shovel operation, progressing the Bindi Deposit in stages followed by Dasher. Significantly, the project’s water demand has been reduced by a third, from 18GL/yr to 12GL/yr. Power solutions are also well-advanced, with a Western Power grid connection offer secured and a commercial offer received for behind-the-meter renewable generation, bolstering the project’s energy independence.
On the commercial front, Caravel Minerals has executed a non-binding Memorandum of Understanding (MOU) with Kutch Copper Ltd, a subsidiary of Adani Enterprises, for potential investment collaboration and a life-of-mine off-take of up to 100% of copper concentrate. The company’s funding has been strengthened by a $30 million investment from Regal Funds Management, extending a loan facility and providing a net smelter return royalty. Furthermore, the Environmental Review Document (ERD) is substantially complete, with submission to the Environmental Protection Authority (EPA) targeted for Q4 2026. Managing Director Don Hyma stated the project is “fundamentally stronger and better-defined.”
