Caravel Minerals (ASX:CVV) has provided an update on its Caravel Copper Project, announcing that the Definitive Feasibility Study (DFS) remains on track for release in the first half of 2026, while regulatory approvals are now targeted for the end of 2027. Caravel Minerals is focused on the development of the Caravel Copper Project, a copper project located in the mid-west of Western Australia, and near-term exploration on its exciting portfolio of mineral exploration tenements. The DFS and associated technical studies, including metallurgical optimisation, mine planning, infrastructure design, capital and operating cost estimates, and construction scheduling, are progressing as planned, with site activities ongoing, including geotechnical and water investigations. Following the DFS, the company intends to commence Front-End Engineering Design (FEED), detailed mining studies, and operational readiness activities.
Strategic partnership discussions with Adani are also advancing positively, supported by regular dialogue and the recent provision of a first draft offtake concentrate agreement term sheet. A recent due diligence site visit by Adani representatives and technical consultants was completed, with no issues raised. Both parties remain actively engaged and committed to achieving positive outcomes for the Project, although the process is expected to extend beyond initial timelines.
Additional water investigations are being undertaken to meet Department of Water and Environmental Regulation requirements. All other elements of the EPA Environmental Impact Assessment remain on schedule ahead of Ministerial approval. These extended studies are expected to defer the Final Investment Decision (FID) for the Caravel Copper Project to the end of 2027, in line with the Ministerial approval processes. The Company is actively mitigating the impact through parallel advancement of engineering, financing and stakeholder workstreams, together with ongoing discussions with the Western Australian Government to secure lead agency coordination for a streamlined approvals pathway.
Caravel Minerals stated that this adjusted timeframe reinforces the Company’s commitment to high Environmental, Social and Governance (ESG) standards, which remain critical for Export Credit Agency-backed financing. The announcement was authorised for release by the Board of Directors of Caravel Minerals Limited.
