Canaccord Genuity Caravel Minerals 13 November 2023
Caravel Minerals CVV Canaccord Genuity Broker Report

Largest in Australia and globally significant

Caravel Minerals (CVV-ASX) released an updated Mineral Resource Estimate for the Caravel Copper Project in WA. The update has seen a 7% increase in total contained copper metal, within updates at Bindi and Dasher, bringing the total project resource, including Opie (unchanged) to 1.28Bt @ 0.24% Cu (+47ppm Mo) for 3.03Mt of contained copper. The Measured component has grown by 43% in terms of metal. CVV expects this will greatly improve confidence in planned starter pit locations. CVV also reported a separate gold and silver resource totalling 895koz Au and 46Moz Ag. At 0.022g/t Au and 1.1g/t Ag. Both are very low grade but if recoverable (CVV expects 50-60% recoveries), will add to the by-product credits alongside molybdenum. We already model modest credits for these by-products in our CVV mining scenario.

Paul Howard | Analyst | Canaccord Genuity (Australia) Ltd