Caravel Copper Project

Flagship 100%-owned copper development project in Western Australia's Wheatbelt region, a large-tonnage, low-grade copper-molybdenum porphyry system comprising the Bindi, Dasher and Opie deposits and targeted as a long-life open-pit operation. The project carries gold and silver by-product credits. A Pre-Feasibility Study was completed in September 2022 and a Definitive Feasibility Study is underway, on track for completion in 2026, supported by a A$15 million secured loan facility from Regal Resources Royalties Fund (managed by Regal Funds Management). An option agreement with the Nixon Family secured water licences and borefield land providing 15 GL/year of water for the project, and engagement with potential strategic investors and partners is continuing. Mineral Resources were last updated in November 2023 and Ore Reserves in July 2022, both reported at a 0.10% Cu cut-off and disclosed as held at 30 June 2025.