Caravel Minerals Limited (CVV-ASX) recently released the outcomes of an independent review undertaken by Lycopodium and Orway Mineral Consultants, on the metallurgy and process engineering for the Caravel Copper Project in WA. As outlined in our recent research note, the key outcomes of this review show an ~10% increase in plant capacity from 27Mtpa to 30Mtpa, which boosts average annual production to above 60ktpa; the inclusion of a Molybdenum Recovery Circuit (MRC) to produce 0.9ktpa Mo, adding a further 27c of by-product credits to reduce expected overall C1 from US$1.54/lb to US$1.23/lb Cu; and the removal/deferral of the Coarse Particle Flotation (CPF).