Caravel Minerals (CVV-ASX) has 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. Key outcomes, as tabulated below, show a ~10% increase in plant capacity to 30Mtpa, the inclusion of a Molybdenum Recovery Circuit (MRC) to produce 0.9ktpa Mo, and the removal/deferral of the Coarse Particle Flotation (CPF). In our view, the three-month review has been successful in identifying opportunities to enhance project value and has confirmed the suitability of the process flowsheet ahead of the start of engineering for the DFS, which is due in 1H24. CVV has also announced Lycopodium as lead engineer for the DFS.