Mineralisation at the Caravel Copper Project is hosted by a highly deformed Archaean granite and considered to originate as a large porphyry copper system.

The granite host rock, the inferred pre-metamorphic mineral assemblages and general scale and style are all consistent with the porphyry copper model. The broader geological setting is also consistent with a porphyry style of mineralisation, with the 30km mineralised trend following the margins of granite batholith of similar scale, referred to as the Wongan Batholith.

Outhwaite (2017) describes in detail age dating work and the tectonic history of the project area. Host granites and associated mineralisation have been dated at around 3.0 Ga, with subsequent deformation and metamorphism around 2.7 Ga, coincident with the regional deformation and gold mineralisation at Kalgoorlie and the wider Yilgarn goldfields, as well as the Boddington gold deposit.

Copper occurs almost exclusively as chalcopyrite sulphides associated with quartz veins. Copper grade is largely determined by the frequency and thickness of the veins, which may be semi-massive chalcopyrite up to several cm thick, though mostly the sulphide veins are more attenuated and in the range of mm thick following the main foliation. The frequency of veins or sulphide bands also varies on the scale of meters and tens of meters, where copper grades may range up to 0.6% over thicknesses of tens of meters with lower grades or waste in be ........

The mining plan is based on an owner-operator model due to the long mine life and the opportunity to utilise technologies such as automation and electric drives that are not currently available with contract mining. Both automation and electrification of the mine fleet require a high level of integration with other mine functions as well as offering significant opportunities for offering better work environments and attracting staff, further supporting the decision to adopt an owner-operator model.

The mine method will be conventional open-pit extraction using RC grade control drilling and autonomous platform rigs for blast hole drilling. Load and haul is based on manned electric shovels and backhoes loading autonomous diesel-electric trucks using trolley assist for grid powered electric drive on ramps and long hauls for both ore and waste.

Initial mine development and overburden pre-strip will provide materials including sand, gravel, aggregate and rock for construction of the Tailings Management Facility (TMF), site roads, Run-of-Mine (ROM) pad and concrete foundations which will lower material sourcing, handling costs and construction time frames.

The Bindi and Dasher deposits have wide ore zones suitable for a bulk mining strategy avoiding the requirement to markup the ore zones for excavation and allowing larger mining equipment. Trade-off studies by Orelogy determined the mining units should be dimensions of 12.5m x 12.5m x 5m with 10 me ........

- subscription is required.

- subscription is required.

Caravel will secure water supply for the Project via a combination of developing new water resources and purchasing existing allocations. A remote borefield will be developed and licenced to supply water to the Project.

New regulatory licence applications have been prepared and lodged with regulators to secure the newly identified water resources and Caravel is developing the appropriate groundwater models and completing the required environmental studies to support the licence applications.

Once abstracted the water from the borefield will be transported to site via a below-ground pipeline. The final pipeline route and detailed design will be completed during the DFS. The borefield and pipeline development will be a significant new regional infrastructure project that has potential benefits for local stakeholders including landowners and local Bush Fire Brigades along the pipeline route.

The drilling program and development of the groundwater model will be completed in H1 2023 with a target of securing water abstraction licences for 16GL/year of water supply in H2 2023.