Caravel Minerals Limited · ASX:CVV

Caravel Minerals — Investor Presentation (June 2015)

25 slides from Caravel Minerals's investor presentation, Jul 2, 2015

1. Slide 1: A compelling growth story in Australian copper

   For personal use only A compelling growth story in Australian copper Investor Presentation – June 2015 Marcel'Hilmer,'CEO' ASX:'CVV'

2. Slide 2: Disclosure and Disclaimer

   Disclosure'and'Disclaimer' Explora<on'Targets' Cut$off'grades' Tonnage' Cu'Range'(%)' Mo'Range' Ag'Range' Au'range' CuEq'' For personal use only Cu' Range'(Mt)' (ppm)' (ppm)' (ppb)' (%)' On'9'April'2015'Caravel'upgraded'the'Explora<on'Target'for'Calingiri'to:' (%)' 0.2%% 435%–%460' 0.30%–%0.32% 58%–

3. Slide 3: Overview

   Overview! For personal use only • Cornerstone!asset:'Calingiri'CopperW Molybdenum'Project,'WA'–'a'globally' significant'copper'discovery'' • Tier,1!partner:'leading'interna<onal' miner'First'Quantum'Minerals'(FQM)' • Explora2on!funding:'secured'for'next' 2'years'via'A$3.6M'farmWin'JV' • Drilling!prog

4. Slide 4: Capital Structure

   Capital'Structure! For personal use only Caravel'Minerals'Major'Shareholders:' Shares'Outstanding:'' 746'M' Op<ons'Listed:' 166'M' Kingsgate'Consolidated' 18.5%' '''''''''''''''Unlisted:'' 159'M' First'Quantum'Minerals' 11.4%' Directors'and'employees' 10.2%' Cash*:' $379k' Waratah'Investments'Group'

5. Slide 5: Calingiri and First Quantum Minerals Farm-In

   Calingiri'and'First'Quantum'Minerals'FarmWIn*' For personal use only FQM! • One'of'the'largest'global'producers'of'copper'with'a'market'cap'>A$15b'(FM:TSX)' ' • Opera<ng'seven'mines'and'developing'five'bulk'tonnage'projects'worldwide'' ' • Producing'copper,'nickel,'gold,'zinc'and'pla<num'group'metals

6. Slide 6: Calingiri, WA

   Calingiri,'WA! For personal use only 30!Km!Target!Trend! • 3'Explora<on'Targets' ' • 8'major'drilled'prospects'and' extensive'wellWdefined' undrilled'priority'targets'' A'Significant'New'Mineralised'District' within'the'Yilgarn:'a'90'minute'drive'from' Perth' Investor Presentation | June 2015 | Page 6

7. Slide 7: Calingiri: a rapidly growing large tonnage copper-molybdenum system

   Calingiri'|'A'rapidly'growing'large'tonnage,'disseminated'style,'primary' copperWmolybdenum'sulphide'system' For personal use only Explora2on!Targets! ! 0.2%!Cut,off:!!!!!!!435!–!460!Mt!@!0.35!–!0.37!CuEq%:! ! ! ! ! ! !!!!!!!!~1.4Mt!Cu! ! 0.3%!Cut,off:!!!!!!!275!–!335!Mt!@!0.41!–!0.43!CuEq%:! ! ! ! !

8. Slide 8: Bindi Exploration Target

   Bindi'Explora<on'Target' For personal use only Investor Presentation | June 2015 | Page 8

9. Slide 9: Dasher Exploration Target

   Dasher'' Explora<on'Target' For personal use only Investor Presentation | June 2015 | Page 9

10. Slide 10: Opie Exploration Target

    Opie'Explora<on'Target' For personal use only Investor Presentation | June 2015 | Page 10

11. Slide 11: Dasher Exploration Target - Core

    Dasher'Explora<on'Target'W'Core' For personal use only Diamond'core'hole' demonstrates' prospec<ve'style'of' copper'–'molybdenum' mineralisa<on' Investor Presentation | June 2015 | Page 11

12. Slide 12: Exploration Programs

    'Explora<on'Programs! For personal use only Priority!Targets! • Three'extension'target'zones' • Seven'RC'drilling'targets' • Extensive' Air' core' program' over' untested'copper'trend' Fully'funded'explora<on'programs'in' 2015/16'will'substan<ally'progress'the' project' Investor Presentation | June

13. Slide 13: Calingiri: Global Comparable Mines and Exploration Projects

    Calingiri:'Global'Comparable'Mines'and'' ' ' ' ''Explora<on'Projects' For personal use only 800" 0.60# 700" 0.49$ 0.49$ 0.46$ 0.46$ 0.47$ 0.50# 0.42$ 0.42$ 600" 0.41$ 0.37$ 0.35$ 0.40# 500" 0.33$ 0.29$ 400" 0.24$ 0.30# 300" 0.20# 200" 0.10# 100" 0" 0.00# " a" a" " "" a" " t ." a" a" a" " ." ka SA an

14. Slide 14: Calingiri | Consolidated Exploration Target

    Calingiri'|'Consolidated'Explora<on'Target' For personal use only Copper!Mine:!Bulk!Tonnage!Requirements1! Development'&'produc<on' PFS/'Feasibility' Consolidated! Explora<on'Target' Tonnage' CuEq' Preliminary'economics' Nominal'Cu'(%)'cog' Range'(Mt)' (%)' Resource'defini<on'warranted' 0.2' 435'W'46

15. Slide 15: A Compelling Australian Calingiri Copper-Molybdenum Project

    !!!!!!!!!!!!!!!!!A'Compelling'Australian'' Calingiri:' '''''''''''''''''''''''CopperWMolybdenum'Project' For personal use only • Global'major,'FQM,'a'cornerstone'investor'and'funding'for'2'years'explora<on'confirmed' • Similar'deposits'economically'mined'globally'including'North'and'South'America' •

16. Slide 16: Other Projects - Wynberg and Bryah

    Other'Projects'–'Wynberg'and'Bryah! For personal use only Wynberg'(100%)'is'a'Cloncurry'style' Bryah'(97.5%)'is'located'~80km'north'of' copperWgold'system'with'high'grade' Meekatharra'–'60km'southWwest'of'the' outcropping'mineralisa<on' Degrussa'CopperWGold'Deposit' '' ' Three'Significant'Prospects'w

17. Slide 17: Caravel Project Schedule

    Caravel'Project'Schedule' For personal use only Quarter Objective %(Completed Notes Report(results(of(major(drilling(program(at(Calingiri(copper> Reported(new(Exploration(Targets(at(priority(prospects.(Further( molybdenum(project.(7,618m(of(RC(drilling(across(multiple( Q2(15 100 upgraded(existing(Ex

18. Slide 18: A Very High Quality Leadership Team

    A'Very'High'Quality'Leadership'Team' For personal use only ' MARCEL!HILMER,!CEO"and"ExecuDve"Director"" Fellow'of'the'Ins<tute'of'Chartered'Accountants'and'a'Member'of'the'Australian'Ins<tute'of'Company'Directors'with'more'than'30' years'experience'in'execu<ve'management'of'global'public'and'private

19. Slide 19: Caravel Investment Summary

    CARAVEL! An'emerging'growth'story'with' INVESTMENT!! compelling'projects'in'WA'and'QLD' For personal use only ' SUMMARY! Calingiri:!! • Globally'comparable'to'exis<ng' mines'and'projects' ' • Three'large'Explora<on'Targets' ' • Ideal'loca<on' ' • Low'mining'costs' ' • No'na<ve'<tle' ' • Strong'farmW

20. Slide 20: Contact Information

    Contact! Informa2on! For personal use only ! Corporate!and!Opera2ons:' Marcel'Hilmer,'CEO'or' Tony'Pous<e,'Dir.'Of'Explora<on' ' L3,'18'Richardson'Street''' West'Perth'WA'6005' +61'8'9426'6400'' ' Investor!Rela2ons:' Paul'Armstrong'or'Nicholas'Read' ' Read'Corporate' Telephone:'+61'8'93881474' ' Inv

21. Slide 21: Appendices: Australian Portfolio

    Appendices:'' Australian'Por~olio! For personal use only Projects! Status! Target! Loca2on! Holding! Area! (km2)! Copper,!Gold,! 16!tenements!–!100%!! CALINGIRI! Granted! WA,!Australia! 1048.8! Molybdenum! !!2!tenements!–!80%!!! WYNBERG! Granted! Gold,!Copper! QLD,!Australia! 3!tenements!–!100%! 83.

22. Slide 22: Calingiri Broad Intersections of Copper-Molybdenum-Silver-Gold

    Calingiri'Broad'Intersec<ons'of'CopperW MolybdenumWSilverWGold' For personal use only Interval! Hole!Id! Prospect! From!(m)! Width! Cu!(%)! Mo!(ppm)! Ag!(ppm)! Au!(PPb)! CuEq!(%)! 11CARC011' Dasher' 52' 74' 0.4' 172' 1.64' 39' 0.51' 13CARC0O9' Dasher' 28' 82' 0.39' 34' 3.98' n/a*' 0.44' 13CARC012' D

23. Slide 23: Options Summary

    Op<ons'Summary:'' 30'June'2015' For personal use only Listed/!Unlisted! Op2ons!Mm! Exercise!Price! Expiry!Date! Listed' 166.60' '$0.035'' 31/05/2016' Unlisted' 20.00' '$0.100'' 26/03/2016' Unlisted' 0.75' '$0.021'' 16/10/2016' Unlisted' 83.30' '$0.035'' 31/12/2016' Unlisted' 55.40' '$0.020'' 16/10/2

24. Slide 24: Calingiri: Exploration Targets

    Calingiri:'Explora<on'Targets' For personal use only Dasher!Caravel'ini<ally'referred'to'the'Dasher'Explora<on'Target'in'its'release'of'10'July'2013'(subsequently'modified'on'2'August'2012)'–'Explora<on'Confirms'Significant'Poten<al'of'Calingiri'CopperWMolybdenum'Project.'In'a'subsequent' release'of'17

25. Slide 25: Calingiri: Exploration Targets (Con't)

    Calingiri:'Explora<on'Targets'(Con’t)' For personal use only Opie'The'Opie'mineralisa<on'is'developed'within'a'consistent'gneissic'unit'between'50'W'150m'thick'and'dipping'at'approximately'35W45'degrees'to'the'north'has'been'intersected'over'a'strike'length'of'over'200m,'from'near'surface'to'a' ver<

Caravel Minerals — Investor Presentation (June 2015) on 6ix