Caravel Minerals has updated key parameters for its Caravel Copper Project in Western Australia, lowering projected water consumption and lifting proven ore reserves compared to its 2022 pre-feasibility study as the company moves toward a definitive feasibility study scheduled for completion in September 2026.

Project water demand has dropped to 12 gigalitres per year from the 18 gigalitres per year estimated in the July 2022 pre-feasibility study. The reduction follows expanded groundwater modelling and additional borefield work progressed alongside the Department of Water and Environmental Regulation, alongside the confirmation of the Barberton Consolidated confined aquifer system as available for incorporation into current licence applications.

The updated ore reserve now stands at 597 million tonnes at 0.24% copper for 1.42 million tonnes of contained copper. Proved ore reserve tonnes have increased by approximately 48% to 156 million tonnes, compared to the maiden 2022 pre-feasibility study estimate of 105.4 million tonnes, reflecting improved confidence from a November 2023 mineral resource update and detailed mining studies completed for the definitive feasibility study by Mining Plus.

Power arrangements have also been derisked since the pre-feasibility study's concept-level grid connection, with a preliminary grid access offer secured from Western Power and a commercial offer received from an independent power provider for a behind-the-meter renewable generation solution adjacent to the project. Meanwhile, a non-binding memorandum of understanding has been executed with Kutch Copper Ltd, a subsidiary of Adani Enterprises, covering potential investment collaboration and a life-of-mine offtake of up to 100% of copper concentrate.

“The Caravel Copper Project today is a fundamentally stronger and better- defined project than at the time of the PFS. Each of the key questions investors ask of a development project; water, power, permitting, metallurgy, mining confidence, and partners, has been advanced to a point of substantial definition. The DFS will bring this body of work together in a single, integrated study that will demonstrate a sound and executable project.”

— Don Hyma, Managing Director

Environmental approvals are progressing alongside the technical studies. Caravel has substantially completed its environmental review document, with formal submission to the Environmental Protection Authority targeted for the fourth quarter of 2026.

Regional activity in the Wheatbelt region includes exploration by Constellation Resources, which reported shallow copper-gold drill intercepts, including 7 metres at 0.25% copper and 0.04 grams per tonne gold from surface at its Ularring project located 35 kilometres south of the Caravel development.

Read the full announcement: Project Update - Caravel Copper Project