Caravel Minerals (CVV) Investor presentation summary

Project advancement and de-risking

• Mining license granted, mine plan updated, and ore reserve verified, supporting project progression toward a definitive feasibility study.

• Land and grid connection agreements secured, with environmental review submitted and engineering designs completed.

• Process testwork completed, flowsheet simplified, and MOU signed with Adani for potential offtake.

• Definitive feasibility study (DFS) funding in place, with key milestones scheduled through 2027.

Resource scale and global significance

• Contains 3.03 Mt copper resource and 1.42 Mt copper reserve, making it Australia’s largest undeveloped copper deposit.

• Ranks as the fourth-largest copper discovery globally in the past 14 years and the tenth-largest feasibility-stage copper project worldwide.

• Initial mine life exceeds 25 years, ranking sixth globally among undeveloped copper projects.

• Bindi deposit features simple, large-scale open pit geology, with resource open at depth.

Mining, processing, and infrastructure

• 583 Mt ore reserve supports two decades of low-cost, bulk mining with a low strip ratio and autonomous operations.

• Proven, simplified processing flowsheet reduces construction risk and enables faster ramp-up.

• Project benefits from proximity to grid power, saline water borefield, sealed roads, ports, and fibre communications.