Caravel Minerals Limited · ASX:CVV

Caravel Minerals — Investor Presentation (October 2018)

29 slides from Caravel Minerals's investor presentation, Oct 24, 2018

  1. Slide 1: Caravel Copper Project Investor Presentation

    Caravel Copper Project Investor Presentation October 2018

  2. Slide 2: Focus on development

    Focus on development New team and strategy for advancing project  Large resource with low development • New Board and management and mining costs • 100% project ownership • PFS studies​ underway  Located 120km from Perth in secure, • Key consultants​ appointed stable mining jurisdiction • Priority

  3. Slide 3: Corporate overview

    Corporate overview Capital structure CVV share price performance (1 year) ASX ticker CVV Share price (23 October 2018) 5.0c Shares on issue 153.1M Unlisted options 44.0M Market capitalisation (undiluted) $7.6M Cash (30 September 2018) $1.7M Ownership Analysis Debt Nil Board and Management Wayne Trum

  4. Slide 4: Project location

    Project location Project location Diamond drilling at Bindi

  5. Slide 5: Established infrastructure - lower capex and risk

    Established infrastructure - lower capex and risk • 120km NE of Perth, WA • Serviced by towns of Wongan Hills (15km) and Calingiri (25km) • Sealed state road and rail network • Close access to suitable ports Fremantle, Bunbury, Geraldton • Skilled local workforce, accessible to metropolitan Perth •

  6. Slide 6: Large resource with high potential for significant increases

    Large resource with high potential for significant increases Global Resource1 • Sulphide at depths 5-50m below surface 844kt copper and 17kt molybdenum • Wide ore zones 50-200m+ true thickness 251Mt at 0.34% Cu (0.38% CuEq2) • 92% Cu recovery with conventional flotation3 • Limited by drilling - nume

  7. Slide 7: New drilling has confirmed higher-grade zones (0.5%+ Cu)

    New drilling has confirmed higher-grade zones (0.5%+ Cu) • Around 1,000m of HQ diamond core drilling completed • Program has confirmed zones of higher grade within current resource outline • Confirmation of higher-grade zones is significant to project economics • New holes also show potential to ext

  8. Slide 8: New multi-domain geology model

    New multi-domain geology model New multi-domain model with higher grade zones allows different project development options • New resource model defines higher and lower grade domains within previous resource boundaries 0.16%Cu 24ppm Mo • Allows greater flexibility to mine higher grades early in 0.38

  9. Slide 9: New multi-domain geology model - higher grade zones

    New multi-domain geology model - higher grade zones 0.16%Cu 24ppm Mo 0.38%Cu 16ppm Mo

  10. Slide 10: New porphyry copper province in Western Australia

    New porphyry copper province in Western Australia • Resources located across 20+km of mineralisation strike • First discovered in 2010 • First resources reported in 2016 • Caravel holds dominant mineral title position • Main deposits at Bindi and Dasher • Other resources at Opie and reporting in pro

  11. Slide 11: New porphyry model for regional exploration

    New porphyry model for regional exploration Yilgarn Terrane • Caravel is first discovery of porphyry copper in the region • Only comparable deposit is Boddington • Weathering profile masks copper mineralisation Caravel Cu • Discoveries only possible by detailed geochem and drilling • Caravel data is

  12. Slide 12: District scale exploration

    District scale exploration Early stages exploring a large porphyry system • Similar style of vein mineralisation and structure throughout district • All deposits have similar setting along margin of granite batholith on well defined trend • Most likely parts of one large system • Caravel exploration

  13. Slide 13: Scoping study outcomes (June 2016)

    Scoping study outcomes (June 2016)1 Scoping Study Scoping Study Operating parameters Units Financial parameters Units (June 2016) (June 2016) Pre-production mine development years 1.5 Forecast copper price (LOM avg) US$/lb 2.75 Production mine life years 20.7 Forecast molybdenum price (LOM avg) US$/

  14. Slide 14: Operating copper projects

    Operating copper projects World Operating Copper Projects with Copper Grades <0.5% and throughput 10-20 Mtpa (based on 2017 data) Cash Resource Copper Ore Head Copper Mine Mill Cost Total Site Operating Copper Resource Prodn Treated Grade Strip Recovery Cost (A$/t (A$/t Cost (A$/t Cost (A$/t Propert

  15. Slide 15: Copper project metallurgy advantages

    Copper project metallurgy advantages • Simple mineralogy - coarse grained chalcopyrite • >90% recoveries from initial testwork • Expected to produce high quality concentrate • Detailed metallurgical programme underway using new core

  16. Slide 16: Copper Project pre-feasibility focus

    Copper Project pre-feasibility focus Advance 2016 Scoping Study to pre-feasibility level Investigate upside in Resource Model • New geology model for high grade ore domains • New Resource (and Reserve) incorporating higher grade domains • New mine design and schedule with early delivery of high grad

  17. Slide 17: Project team and consultants

    Project team and consultants • Study Manager - • Geotechnical – Dempers & Seymour Steve Abbott • Metallurgy / Process Design – Stuart Smith • Commercial - (Aurifex) Bruce McLarty • Engineering – MSP Engineering • Resource - Laurie Barnes • Mining – Orelogy • Stakeholders & • Tailings – Knight Piesol

  18. Slide 18: Process flowsheet

    Process flowsheet • Conventional processing • Standard crush, grind float flowsheet • Production of copper concentrate for export

  19. Slide 19: Ore sorting test work

    Ore sorting test work Caravel ores are highly amenable to sorting Potential to substantially increase feed grade to mill reducing OPEX, CAPEX and tailings • Vein style mineralisation allows sorting of high sulphide ore from low sulphide waste • Copper grade in sulphide veins is high, >2% Cu, Ore gra

  20. Slide 20: Indicative Timeline

    Indicative Timeline Time Activity Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Diamond Core Program RC Drilling Geological & Resource Modelling Mine Design & Scheduling Met Testwork Process Flowsheet & Design Water Determination Other Infrastructure Studies Environmental Surveys Community

  21. Slide 21: Summary and key points

    Summary and key points • New opportunities created by the higher-grade domains within large existing resource • Focus on optimising project economics and financial returns • Experienced team in place to advance project • Dominant position in a new, highly prospective porphyry copper province Our aim

  22. Slide 22: www.caravelminerals.com.au

    Enquiries: Alasdair Cooke alasdairc@caravelminerals.com.au Steve Abbott stevea@caravelminerals.com.au Dan Davis danield@caravelminerals.com.au +61 8 9426 6400 www.caravelminerals.com.au

  23. Slide 23: Disclaimer and Disclosures

    Disclaimer and Disclosures Disclaimer The presentation materials(and the contents of the presentation) are for information purposes only and do not constitute an offer or invitation to subscribe for or purchase any securities, and neither the presentation materials nor anything contained therein nor

  24. Slide 24: Mineral Resource Estimate Disclosures

    Mineral Resource Estimate Disclosures1  Density is reported at 2.75 for all resource estimates  Metal equivalent values were calculated using the formula: Cu ppm + (Mo ppm*2.73) + (Ag ppm*77.9) + (Au ppb*4).  Assumed commodity prices were Cu ($2.87/lb), Mo ($8.00/lb), Ag ($17.37 / Oz) and Au ($1,

  25. Slide 25: Ore Sorting Testwork

    Ore Sorting Testwork1 Copper grade increase of 86%... Reduction in plant feed of 56%... Deferral/loss of contained copper only 22%... 100% Contained Cu (ktpa) 40.0 35.0 78% 30.0 25.0 20.0 15.0 10.0 5.0 0.0 Pre-sort ore feed Post-sort ore feed  Outstanding results: Average 86% increase in head grade

  26. Slide 26: Ore Sorting Testwork

    Ore Sorting Testwork1 Consolidated bulk ore sorting testwork results (Phase 2) 1 See Caravel ASX Release, 26 February 2018, “Outstanding Bulk Ore Sorting Results” 26

  27. Slide 27: Global open-pit copper development projects

    Global open-pit copper development projects1 Caravel Hot Chili Altona Redhawk Copper Fox Company ASX: CVV ASX: HCH ASX: AOH TSX: RDK TSX: CUU Market capitalisation (A$m) 7 18 75 C$5 C$55 Flagship project Calingiri Productora Little Eva Copper Creek Schaft Ck (25%) Location Australia Chile Australia

  28. Slide 28: World copper resources comparison

    World copper resources comparison World Copper Projects with Copper Grades <0.5% and Resource tonnage <1.5Bt Copper Projects Grade Vs Tonnage 0.5 0.45 0.4 0.35 0.3 Copper Grade % 0.25 0.2 0.15 0.1 0.05 Caravel 0 0 250 500 750 1000 1250 1500 Resource Mt 2 8

  29. Slide 29: Comparable copper projects – stripping ratio

    Comparable copper projects – stripping ratio World Copper Projects – Stripping Ratio Stripping Ratio Against Resource & Grade 0.600 0.500 0.400 Grade % Cu 0.300 0.200 0.100 0.000 0 250 500 750 1,000 1,250 1,500 Resource Mt Note- size of bubble indicates stripping ratio (smaller the better) 29

Caravel Minerals — Investor Presentation (October 2018) on 6ix