Caravel Minerals (CVV) South-West Connect Conference presentation summary

Project scale and location

• Resource: 1,277 Mt at 0.24% Cu, containing 3.03 Mt copper; reserve: 597 Mt at 0.24% Cu, containing 1.42 Mt.

• The 30 km mineralised trend lies 150 km northeast of Perth on freehold farmland; native title is settled and mineralisation remains open at depth.

• A 27-year mine life and 597 Mt reserve underpin the plan; the project is described as a top-10 feasibility-stage copper resource globally and the only one in Australia.

Development plan and infrastructure

• Proposed conventional open-pit mining and flotation, with a large pit, low strip ratio and 30 Mtpa plant using standard equipment.

• Infrastructure includes a state-grid connection 10 km from site, saline borefield, sealed roads, port access via Bunbury or Geraldton, fibre and a workforce within two hours of Perth.

• A mining services MOU was signed with Thiess; a grid connection access offer was received from Western Power.

Copper market and commercial position

• Global copper demand is projected to rise while existing and committed mine supply capability falls, with the gap to be met by scrap, probable projects and unsanctioned mines.

• Chinese benchmark treatment charges were $0/t in 2026 and spot charges were -$235/t in October 2026, reflecting tight concentrate supply.

• A non-binding offtake MOU is in place with Kutch Copper (Adani); the proposed clean concentrate includes gold and silver credits.