25 Nov 2021

AGM Presentation

1 25 November 2021 AGM Presentation Disclaimer This presentation should be considered in its entirety. If you do not understand the material contained in this presentation, you should consult your professional advisers. The sole purpose of this presentation is to provide shareholders with an update on current activities of the Company and the current state of exploration at the Caravel Copper Project. Any statements which may be considered forward looking statements relate only to the date of this presentation document. Such forward looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company’s control that could cause actual results, performance or achievements of the Company to be materially different from future results, performance, or achievements expressed or implied by such forward looking statements. As a result of these factors, the events described in the forward-looking statements in this document may not occur. Notwithstanding the material in this presentation, shareholders should consider that any investment in the Company is highly speculative and should consult their professional advisers – whether scientific, business, financial or legal – before deciding whether to make any investment in the Company. The Company may at its absolute discretion, but without being under any obligation to do so, update, amend or supplement this presentation or any other information to the recipient. No person has been authorised to give any information or make any representation other than contained in this document and if given or made, such information or representation must not be relied on as having been so authorised. Previous Disclosure This document may include references to information that relates to Mineral Resources prepared and first disclosed under the JORC Code 2012. The information references the Company’s previous ASX announcements noting the following: • Mineral Resources for the Caravel Copper Project reference the Company’s previous ASX Announcement on 23 November 2021 and titled “Major Resource Upgrade – 2.8MT Contained Copper - Caravel Copper Project” • The Scoping Study refers to the November 2021 scoping study, announced to the ASX on 4 November 2021 and titled “Scoping Study - Caravel Copper Project” These announcements are available to view on the Company’s website www.caravelmineral.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are represented have not been materially modified from the original market announcement. Competent Persons Statements The information in this report that relates to Exploration Results is based on and fairly represents information and supporting documentation prepared by Mr Peter Pring (a full-time employee and shareholder of Caravel Minerals Limited) and Member of AusIMM. Mr Peter Pring has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Pring consents to the inclusion in this report of the matters based on their information in the form and context in which they appear. The information in this report that relates to Mineral Resources for the Bindi and Dasher deposits is based on and fairly represents information compiled by Mr Lauritz Barnes, (Consultant with Trepanier Pty Ltd). Mr Barnes is a shareholder of Caravel Minerals. Mr Barnes is a member of both the Australasian Institute of Mining and Metallurgy and the Australasian Institute of Geoscientists. Mr Barnes has sufficient experience of relevance to the styles of mineralisation and types of deposits under consideration, and to the activities undertaken to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Barnes consents to the inclusion in this report of the matters based on information in the form and context in which they appear. Forward Looking Statements This announcement contains certain forward-looking statements and comments about future events, including the Company’s expectations about the Caravel Copper Project and the performance of its businesses. Forward looking statements can generally be identified by the use of forward-looking words such as ‘expect’, ‘anticipate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘predict’, ‘plan’, ‘propose’, ‘will’, ‘believe’, ‘forecast’, ‘estimate’, ‘target’ and other similar expressions within the meaning of securities laws of applicable jurisdictions. Indications of, and guidance on, future earnings or financial position or performance are also forward-looking statements. Forward looking statements involve inherent risks and uncertainties, both general and specific, and there is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Forward looking statements are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. Forward looking statements involve known and unknown risks, uncertainty and other factors which can cause the Company’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements and many of these factors are outside the control of the Company. As such, undue reliance should not be placed on any forward-looking statement. Past performance is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this announcement nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of the Company. Except as required by law or the ASX Listing Rules, the Company assumes no obligation to provide any additional or updated information or to update any forward-looking statements, whether as a result of new information, future events or results, or otherwise. Authorisation of release Release of this market announcement is authorised by Steve Abbott, Caravel Minerals Limited’s Managing Director. Capital Structure ASX ticker CVV Share price (24 November 2021) 35c Shares on issue 390M Unlisted options (8-75c strike) 21M Market capitalisation (undiluted) $136M Cash (30 September 2021) $9.7M Debt Nil Twelve-month Share Price Performance Ownership Analysis Cu price Corporate snapshot www.caravelminerals.com | 4 On Perth's doorstep South West Yilgarn Terrane A mineral province hosting some of Australia’s most important new discoveries: • Australia’s largest gold mine Boddington – 1980s • Dominion Mining copper discovery mid-2000’s (Caravel) • Chalice PGE Julimar/Gonneville – 2020 Now hosts Australia’s largest undeveloped copper project – Caravel Copper Project (PFS stage) www.caravelminerals.com | 5 2021 Scoping Study confirmed strong economics, including: • 28 year mine life • ~35Kpta copper (in con) years 1 - 5 ~55Ktpa copper (in con) year 6 - 28 • ~$1.44b NPV (base case) @ 7% discount rate Study incorporated updated project process flow sheet and cost assumptions from Ausenco’s PFS engineering work to date Further project upside from: • Revised Mineral Resource (Nov 2021) – 53% increase in contained Cu • Copper price – study assumes US$4/lb. Current price ~US$4.35/lb • Optimisation of mining studies and process flow sheet Caravel Copper Project www.caravelminerals.com | 6 • Conventional open-pit, very low-strip, bulk mining, wide ore zones • >100Mt Measured Resource – low risk • First 5 years – access 59Mt higher-grade ore at 0.4:1 strip ratio • Good metallurgy and high recoveries • Standard crush - grind (SABC) – float – filter • Processing 12Mtpa ore years 1 - 5 then 24Mtpa ore from year 6 • Low cost power from grid • Close to existing port on heavy haul roads • Excellent concentrate quality (Ag, Au credits) • Benign waste and tails – no AMD. • C1 cost $1.90 /lb • <4 year payback Scale and simplicity are the key to low cost www.caravelminerals.com | 7 Study Version Flowsheet Design Throughput Rate CAPEX OPEX Revenue Forecasts 2021 SAG mill with pebble crusher (and no Moly circuit) 12Mtpa first 5 years 24Mtpa from year 6 $576M A$14.42/t milled Copper Price US$4/lb 2019 HPGR with Moly circuit 16Mtpa first 5 years 30Mtpa from year 6 $481M A$11.71/t milled Copper Price US$3/lb Pre-Feasibility assumptions updated Ausenco’s first phase engineering study and cost updates reflect wider industry escalations New assumptions and parameters for 2021 Scoping Study will be adopted for the PFS. www.caravelminerals.com | 8 Chart from Market Index: https://www.marketindex.com.au/copper 2019 Scoping Study based on $US3.00/lb Current copper price $US4.58/lb Copper price and outlook www.caravelminerals.com | 9 Life of Mine results 2021 study www.caravelminerals.com | 10 A$M Mining Pre-strip 59 Process Plant 217 Crushing and Stockpile 37 Milling and Pebble Crushing 113 Flotation 32 Concentrate Handling 7 Tailings Handling 12 Reagents 5 Plant Services 12 Infrastructure 160 TSF 40 Raw Water Supply 37 Process Infrastructure 38 Site 27 Administration 19 Other 21 Spares and first fills 21 In-directs 63 Contingency 55 Total 576 Initial Capital Breakdown 2021 Scoping Study Financials www.caravelminerals.com | 11 Financials www.caravelminerals.com | 12 Financials www.caravelminerals.com | 13 7% 7% 26% 45% 40% 5% 6% 4% Costs - 2021 Scoping Study Mining Processing Processing $6.70 t/ore Contract Mining $6.15 t/ore ($2.93 t @ 1:1 strip ) Total $14.42 t/ore www.caravelminerals.com | 14 7% 7% 26% 45% 40% 5% 6% 4% Costs – Caravel advantages If 3:1 strip ratio Substantial cost savings from grid power and low-strip ratio • ½ mining cost compared to 3:1 strip ratio • 1 / 3 power costs compared to off-grid Mining Processing If off-grid power www.caravelminerals.com | 15 Large Resource and Growing • 2021 and 2019 Study both based on the 2019 Mineral Resource • 662Mt at 0.28% Cu (at 0.15% Cu cut-off) for a total of 1.86Mt contained copper • Updated resource estimate complete – additional 1Mt contained copper now 2.84Mt Mineral Resources www.caravelminerals.com | 16 2021 Resource • 32% increase in contained copper at 0.15% cut-off • 2.46 Mt contained Cu • 874.9 Mt • 57 Mo (ppm) 2016 Maiden Resource • 1.4Mt contained copper at 0.15% cut-off • 529Mt 2019 Resource • 32% increase in contained copper at 0.15% cut-off • 1.86Mt contained Cu • 661.9Mt • 55Mo (ppm) 2021 Resource • 53% increase in contained copper at 0.10% cut-off • 2.84 Mt contained Cu • 1,180.6 Mt • 48 Mo (ppm) Over 100% growth copper tonnes Drilling = Tonnes www.caravelminerals.com | 17 Largest undeveloped copper resource in Australia 1.18 Billion tonnes @ 0.24% Cu and 48 ppm Mo 2.84 Mt contained copper (0.1% Cu cut-off) www.caravelminerals.com | 18 Drilling programs since 2019? • 34,230m drilling, mostly at the main Bindi Deposit? • 7,275m diamond core? • 26,955m reverse circulation (RC)? Results have significantly increased Mineral Resources? • Additional 1Mt contained copper = 53% increase to 2019 Mineral Resource Estimate • Depth extensions at >450m, below current resource? • New Bindi SE synform fold closures hosting higher grade shoot with implications for future extensions? • Zone of higher-grade in Bindi East Limb defined by infill program? • Potential for extension of resources at Dasher demonstrated at Dasher South? Mineral Resource drilling programs Bindi Deposit higher-grade infill RC percussion drilling program completed in July 2021. www.caravelminerals.com | 19 Depth Extension – Exploration Target www.caravelminerals.com | 20 Bindi East Limb Higher Grade www.caravelminerals.com | 21 Mining and Operations • Mining Parameter Studies • Geotechnical Investigations • Pit Optimisations • Mine Scheduling • Mine Design • Investigating Electrification and Automation Metallurgy • Mineralogy • Comminution • Flotation • Material Characteristics • Copper Concentrate Specification Project activities www.caravelminerals.com | 22 Mineral Processing • Caravel engaged Ausenco for process plant and infrastructure design, capital and operating cost estimation and execution planning • Trade-off studies produced revised standard crush, grind, float, concentrate production flowsheet • Throughput adjusted to match new flowsheet – cost and performance ‘sweet spot’ achieved • 12Mtpa first 5 years, expanding to 24Mtpa from year 6 • Engineering for PFS nearing completion Project progress www.caravelminerals.com | 23 Updated process plant design www.caravelminerals.com | 24 Clean Copper Concentrate • Initial test work indicates a very clean copper concentrate low in deleterious elements such as arsenic, bismuth and cadmium. Copper concentrate www.caravelminerals.com | 25 Infrastructure studies Roads • Adjacent to public roads (MRWA) • Further upgrades to Tonkin Highway and Great Northern Highway will reduce travel time by ~20min Ports • Option to export through Geraldton (~370km) or Bunbury (345km) Water • Potential sources identified, exploration and testing programs underway Power • Located within the SouthWest Interconnected System (SWIS) • Capacity to utilise renewable energy / green power • Access arrangements with Western Power progressing www.caravelminerals.com | 26 • Final environmental and heritage baseline surveys complete by end CY 2021 ? LiDAR survey ? Flora and vegetation (two season surveys complete) ? Aquatic ecology ? Subterranean fauna (mine) ? Invertebrate fauna ? Subterranean fauna ? Vertebrate fauna • Caravel on track to commence the Part IV approval process • Land tenure negotiations in progress • Mining tenure applications progressing Approvals & tenure Surveying of Mining Leases www.caravelminerals.com | 27 Pathway to production www.caravelminerals.com | 28 Project PFS due early 2022 • PFS progressing well • Experienced management team developing the project Resource update delivered • 53% increase in contained copper = additional 1Mt Cu • Project PFS to be based on new 2.8Mt Cu resource Appointed Ausenco as top-tier, lead engineer for PFS • Industry leader in global engineering services • Extensive experience in large copper processing and infrastructure projects • PFS Technical advisory team appointed ON TRACK DONE PFS on track DONE ASX:CVV caravelminerals.com.au
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