Highlights

  • Revised mine plan prioritises high-grade copper zones and delays second pit development.
  • Simplified site design removes public road relocation, reducing permitting and environmental complexity.
  • Conventional diesel-powered operations lower early-stage risk and defer major capital outlay.

Caravel Minerals Limited (ASX:CVV) announced the completion of its updated Strategic Mine Plan for the Caravel Copper Project in Western Australia. The study integrates refined geotechnical, metallurgical, and market data to optimise mine sequencing, grade distribution, and capital deployment across the project’s +25-year life.

Optimised Development and Mining Approach

The company evaluated multiple mine development scenarios to enhance operational efficiency and capital timing. The updated plan prioritises mining at the Bindi pit during the initial production phase, targeting elevated copper grades at an average of 0.27% Cu and a low strip ratio of 0.64:1. Development of the Dasher pit will commence in Year 5, reducing early operational complexity and capital requirements.

Caravel will use conventional manned diesel-powered equipment, removing reliance on early grid power and allowing future transition to autonomous or electric drive systems when infrastructure supports implementation. The mine plan incorporates total material movement of 1.6 billion tonnes, including 719 million tonnes of ore at an average diluted grade of 0.24% Cu and 881 million tonnes of waste, resulting in a life-of-mine strip ratio of 1.22:1.

Technical and Infrastructure Enhancements

A detailed bench height study supports selective excavation using 5-metre benches for ore and 10-metre benches for waste, reducing ore loss and dilution compared to the Pre-Feasibility Study. The revised site layout eliminates the need to relocate the Calingiri–Wongan Hills public road, simplifying logistics and minimising environmental impact.

The 30 Mtpa processing plant will be built in a single stage with two lines commissioned three to six months apart. Ramp-up to full capacity is expected within 30 months of commissioning, aligning mine output with plant throughput to avoid excessive stockpile buildup.

Production Profile and Economic Inputs

Over the 25-year mine life, the project is expected to produce:
• 1.527 million tonnes of contained copper;
• 23.3 thousand tonnes of molybdenum;
• 286 thousand ounces of gold; and
• 18.3 million ounces of silver.

Metal recoveries confirmed through recent testwork include copper at 88%, molybdenum at 63%, silver at 70%, and gold at 60%. Economic assumptions are based on 2025 pricing: copper at USD 4.20/lb, molybdenum at USD 21.00/lb, silver at USD 21.00/oz, and gold at USD 2,100/oz. Average unit mining cost is estimated at AUD 4.74 per tonne under an owner-miner model.

Next Steps

The updated mine plan will form a key input to the ongoing Definitive Feasibility Study, covering process plant design, tailings facility, water pipeline, and non-processing infrastructure. Caravel Minerals stated the plan confirms the Caravel Copper Project’s capacity for a long-term operation while maintaining flexibility to incorporate future technological and infrastructure advancements.

Share performance of CVV

CVV’s shares traded at AUD 0.175 per share on 04 November 2025, up by 2.94% from its previous close of AUD 0.170.