Caravel Minerals Ltd.

Caravel Minerals Ltd. is a junior copper development company headquartered in Subiaco, Australia, operating primarily in Australia. The company's portfolio consists of 1 development project. Key assets include Caravel. The business model centers on advancing a large-scale, long-life development asset from exploration to production. The operational approach is designed around conventional open-pit, low-cost bulk mining methods, incorporating automated and electrified equipment to enhance efficiency and reduce environmental impact. Processing capabilities will utilize an industry-proven conventional plant to produce a high-quality concentrate product, with by-products expected to provide material revenue credits at no additional production cost. The company's competitive position is derived from the asset's significant scale, extended operational life, and strong underlying economics, which are designed to generate attractive margins throughout commodity price cycles. This positions the organization at the forefront of a new generation of global development assets required to meet future structural market deficits. The development strategy focuses on systematic de-risking through comprehensive engineering studies and securing necessary permits and infrastructure access in a Tier-1 jurisdiction, ensuring a clear pathway to production.

Strategic priorities center on the systematic de-risking and advancement of a singular, large-scale development asset through a Definitive Feasibility Study. Near-term objectives involve finalizing an updated mine plan to increase value, optimizing process and tailings design, and delivering a simplified site layout to reduce capital and operating costs. A critical component of the strategy is progressing environmental approvals and securing water and power access, including pursuing 'Critical Project Status' to fast-track infrastructure connections. The capital allocation philosophy is characterized by a prudent and responsible management of cash reserves, focusing on targeted studies and critical path activities such as permitting and land access negotiations. The organization is concurrently progressing discussions with potential strategic investors, off-takers, and project development partners, including export credit agencies, to secure financing and operational expertise for the development phase. The ultimate goal is to establish a new, significant producer to meet surging long-term global demand driven by global decarbonization trends.

Executive leadership is spearheaded by a Managing Director with over 30 years of international experience in mineral resource project development, including senior roles at Fortescue Metals Group and Rio Tinto. The board includes an Executive Director with 35 years of industry experience and a track record of successful project development, and a Non-Executive Chairman with 35 years of expertise in mining, electricity, and construction. Governance is further enhanced by the appointment of a Strategic Advisor with over 30 years of international experience, recognized for a pioneering role in implementing next-generation technologies like autonomous haulage. The board of directors, which held 9 meetings during the fiscal year, provides strategic oversight. A dedicated Remuneration Committee, which met twice, guides compensation policies. This leadership structure combines extensive operational, project development, and technological expertise to guide the organization's transition from exploration into development and operations.

The sustainability framework is aligned with internationally recognized standards, including The Equator Principles and Global Reporting Initiative (GRI) standards, to support project financing and ensure transparent disclosure. A core environmental strategy involves designing the operational footprint on mostly cleared, freehold agricultural land to preserve the majority of high-value remnant native vegetation. The organization submitted a comprehensive Environmental Review Document to regulatory authorities, representing the culmination of 4 years of extensive fieldwork, scientific modeling, and impact studies. A key social initiative focuses on forming partnerships with local landholders to rehabilitate degraded land affected by rising groundwater and surface salinity. The company maintains active engagement with Traditional Owners, conducting heritage surveys and pursuing partnership opportunities. A commitment to decarbonization is demonstrated through plans to connect to the state electrical grid, which has considerable renewable energy generation, supporting the marketing of a low-carbon-intensity product.

The corporate structure is centered on the 100% ownership of its primary development asset. To support its advancement, the organization is actively engaging with potential strategic and financial partners. A key development in this area was receiving a Letter of Interest from the Export and Investment Fund of Denmark (EIFO), the Danish Export Credit Agency, confirming interest in providing equipment and project finance, contingent on the procurement of technology from Danish suppliers. The company has also secured a binding call option deed with landowner Lawson Grains Pty Ltd to acquire 1,098 hectares of freehold land covering planned initial mining areas, providing certainty for the development pathway. In 2023, the company completed a successful $10 million capital raising through an institutional share placement and a Share Purchase Plan to fund ongoing feasibility studies and permitting activities. Substantial shareholders include key executives and institutional investors such as Paradice Investment Management.