2019 Scoping Study gDesign 29 May 2019

2019 Scoping Study

Caravel Minerals Ltd (ASX:CVV) (Caravel) is pleased to release the results of the 2019 Scoping Study on its 100% owned Caravel Copper Project (Project).

The results of the 2019 Scoping Study confirm the very real potential to establish a new copper mining and processing operation to produce and export copper concentrate to global markets over 23 years and potentially longer.

The Scoping Study sets out a project that processes 16Mtpa of ore, ramping up to 30Mtpa by year eight to produce around 45,000 tonnes before growing to around 65,000 tonnes of copper in concentrate per year for export.

Caravel has used a conservative long-term average copper price of US$6,612 per tonne in the Scoping Study to calculate a Pre-Tax NPV of A$1.05 billion at a 7% discount rate. C1 cash costs of US$1.45/lb place the Caravel Copper Project in the second quartile of copper producers for the first five years, positioning the Project to be a low to mid-cost operator over its life.

This Scoping Study highlights the potential for developing a robust standalone mining and processing operation capable of generating strong margins and excellent financial returns.

Initial capital expenditure of A$481 million will be repaid within the first four years of production before capital expenditure in year five of A$256 for a ramp-up to 30Mtpa commencing in year six.