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2026-11-06
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Caravel Minerals Limited

DFS Unfunded Developer · Copper · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.185
1D
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1M
—
YTD
—
1Y
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Upside
Locked: sign in to view
Mkt cap
A$103.4M
EV
A$96.4M
Cash
A$22M
Debt
A$15M
4 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

1 assets

Core asset

Caravel Copper Project

Australia

DFS Unfunded Developer100% ownedCopperOthersGoldSilver

100%-owned pre-production developer. Mining DFS and reserve are complete, but full DFS slipped to Q4 2026 for metallurgy, water modelling, environmental documentation and capital estimate review; build finance and permits remain open.

Project location

Approximate location

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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.

Published study economicsIssuer or study metrics
NPVA$2B7% discount
IRR21%Published return
Initial capexA$1.7BPublished capital estimate
Operating cost2.07USD/lb Cu AISC

Pre-tax PFS base case at US$4.00/lb copper as restated in the June 2026 presentation; superseded project design details remain subject to the pending full DFS.

Resources & reserves5
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured154.6M tonnes0.26% Cu and 64 ppm MoCopper · Others2023-11-13
Mineral ResourceIndicated544M tonnes0.24% Cu and 46 ppm MoCopper · Others · Gold · Silver2023-11-13
Mineral ResourceInferred577.7M tonnes0.23% Cu and 44 ppm MoCopper · Others · Gold · Silver2023-11-13
Ore ReserveProved156M tonnes0.25% Cu; 61.8 ppm Mo; 1.2 ppm Ag; 26.1 ppb AuCopper · Others · Gold · Silver2026-06-01
Ore ReserveProbable441M tonnes0.23% Cu; 46.2 ppm Mo; 1.2 ppm Ag; 21.6 ppb AuCopper · Others · Gold · Silver2026-06-01
Tenements7
m70-1411Granted— None · No expiry supplied
e70-2788Granted— None · No expiry supplied
e70-3674Granted— None · No expiry supplied
e70-3680Granted— None · No expiry supplied
e70-5228Granted— None · No expiry supplied
g70-0273Application— None · No expiry supplied
g70-0274Application— None · No expiry supplied
Milestones4
  1. Complete and publish the full Definitive Feasibility Study

    Delayed · High materiality

  2. Obtain Part IV Ministerial environmental approval

    Pending · High materiality

  3. Reach final investment decision with funding and approvals in place

    Pending · High materiality

  4. Achieve construction-ready status

    Pending · High materiality

Permits & approvals3
PermitJurisdictionStatusExpiryCritical path
Project mining leaseWestern AustraliaGranted—No
Environmental Protection Act Part IV approvalWestern AustraliaPending—Yes
Groundwater extraction licenceWestern AustraliaPending—Yes
Economic studies2
StudyStageStatusDateSummary
Caravel Copper Project Pre-Feasibility StudyPFSReaffirmed2022-07-12Current June 2026 presentation restates the PFS base economics pending the full DFS.
Definitive Feasibility Study - Mining componentDFSCurrent2026-07-17Mining component completed to plus or minus 10% accuracy; the broader DFS remains pending.