en.Wedoany.com Reported - Caravel Minerals is progressing its Caravel Copper Project Final Feasibility Study (DFS) as planned, with completion expected in September 2026, at which point the proposed Western Australian mine will have the opportunity to advance to front-end engineering design and a final investment decision.
The project is located in the Wheatbelt region, approximately 150 kilometres northeast of Perth. The latest published ore reserves stand at 597 million tonnes at a copper grade of 0.24%, containing 1.42 million tonnes of copper. Proven reserves have increased to 156 million tonnes, approximately 48% higher than the initial 2022 estimate, enhancing confidence in the early stages of the mine plan.
Caravel Managing Director Don Hyma stated that the project has made significant progress in both definition and overall strength compared to the Pre-Feasibility Study (PFS) period. Key issues of interest to investors, including water, power, permitting, metallurgy, mining confidence, and partnerships, have all advanced to a stage of substantive clarity. Hyma noted that the DFS work will be consolidated into a comprehensive study designed to demonstrate the project's reliability and executability.
Mining Plus completed the DFS mining study in July, determining a conventional open-pit truck-and-shovel mining operation. The mine development plan commences at the Bindi deposit, transitioning to the Dasher deposit in the later stages of production—a sequence designed to reduce upfront capital requirements and simplify early operations. Caravel is evaluating contractor versus owner-mining options for pre-stripping and initial operations. The selected fleet includes 300-tonne-class haul trucks and shovels exceeding 600 tonnes, with infrastructure design accommodating future autonomous haulage integration.
Following process design optimisation, the project's water demand has been reduced from 18 gigalitres to 12 gigalitres per annum, a reduction of one-third. Caravel has expanded the groundwater investigation scope at the Gillingarra wellfield and is advancing groundwater modelling with Western Australia's Department of Water and Environmental Regulation. Securing the water licence remains a key objective ahead of the investment decision.
The power supply solution combines a Western Power grid connection with behind-the-meter solar, battery storage, and peaking capacity. Caravel has obtained a preliminary grid connection access proposal and has received commercial proposals for renewable energy generation on land adjacent to the project. Metallurgical test work supports a simplified processing flowsheet with a throughput of 30 million tonnes per annum, designed to produce a high-quality copper concentrate with gold and silver by-products, as well as a separate molybdenum concentrate.
On the environmental approvals front, the updated environmental review document is substantially complete, with submission to the WA Environmental Protection Authority planned for the fourth quarter of 2026.
On the commercial partnership front, the binding agreement between Caravel and Kutch Copper, a subsidiary of Adani Enterprises, covers potential investment as well as offtake arrangements for up to 100% of Caravel's copper concentrate over the mine life. On financing, the company has secured A$30 million in funding from Regal Funds Management and has received non-binding indications of support for senior debt of up to US$220 million in export credit support.
Following completion of the DFS, Caravel plans to continue advancing engineering design, operational readiness, financing, and environmental approval activities.
