Caravel Minerals completes mining study for 597Mt reserve

• Caravel Minerals completed the mining component of its definitive feasibility study for the Caravel Copper Project.
• The company’s share price fell 3.45% to $0.28 following the updated ore reserve report.
• Mining Plus designed the mine plan to transition towards autonomous haulage and de-risk early operations.

Caravel Minerals (ASX:CVV) completed a key feasibility study supporting a 597Mt ore reserve containing 1.42Mt of copper.

While total contained copper stayed stable, higher geological confidence drove a 48% increase in proved ore tonnes.

"The updated reserve reflects increased confidence following detailed mining studies," said Caravel Minerals Managing Director Don Hyma.

The company plans to engage a contractor for early mining before transitioning to owner operations and autonomous trucks.

Following the announcement, the Caravel Minerals share price was down at $0.28.

Caravel is targeting a construction-ready status for the Western Australian project in the first quarter of 2028.

The business previously secured $30 million in project funding and royalty commitments from Regal Resources.