Caravel Minerals Limited · ASX:CVV
Caravel Minerals — Shareholder Meeting (November 2022)
24 slides from Caravel Minerals's shareholder meeting presentation, Nov 17, 2022
Slide 1: Annual General Meeting Presentation
For personal use only CARAVEL MINERALS Annual General Meeting Presentation 17 NOVEMBER 2022 SUITE 1, 245 CHURCHILL AVENUE, SUBIACO, WESTERN AUSTRALIA
Slide 2: Disclaimer and Cautionary Statements
Caravel Minerals Limited (Caravel or the Company) DISCLAIMER AND CAUTIONARY STATEMENTS For personal use only This presentation should be considered in its entirety. If you do not These announcements are available to view on the Company’s website The information in this report that relates to Ore Res
Slide 3: Corporate Snapshot
CORPORATE SNAPSHOT Proforma Snapshot post $12M placement Ownership For personal use only ASX ticker CVV Management 10.30% Share price (16 November 2022) 22.0c Paradice Shares on issue 479M 7.80% Unlisted options (8-75c strike) 27M Glenvar Market capitalisation $105M 3.80% Cash (includes net placemen
Slide 4: Caravel – Becoming a New Australian Copper Producer
CARAVEL – BECOMING A NEW AUSTRALIAN COPPER PRODUCER 1 2 For personal use only New Managing Director Mr Don Hyma Appointed $12.0M Share Placement • Firm commitments to raise $12.0M (less 5% costs) at 20c per share in a placement managed by Canaccord Funding to progress Definitive Feasibility Study DF
Slide 5: A Year of Momentum and Progress
A YEAR OF MOMENTUM AND PROGRESS Copper fundamentals remain very strong For personal use only 100% owned copper development in Western Australia - largest undeveloped copper project in Australia • Major producers' output is in decline 1 • Mineral Resource 1.18 billion tonnes @ 0.24% Cu and 48 • Curre
Slide 6: World Class Mineral Province – SW Yilgarn Terrane
WORLD CLASS MINERAL PROVINCE – SW YILGARN TERRANE For personal use only A relatively unexplored terrane, hosting some of Australia’s largest and most important mineral discoveries: • Boddington - Australia’s largest gold mine (+20M oz Au) • Greenbushes – World’s largest hard rock Li mine (8Mt LCE) •
Slide 7: Caravel Copper Project
CARAVEL COPPER PROJECT For personal use only Long-term, stable copper producer ~60ktpa equ. 130m lbs metal per year • Large, long-life project - 1.4 Mt Cu Reserves, 2.8 Mt Cu Resources • Simple open-cut, bulk mining and conventional mineral processing • Low mining cost (USD 0.44 lb*) - bulk mining,
Slide 8: Fourth Largest Copper Discovery Globally in Last Decade
FOURTH LARGEST COPPER DISCOVERY GLOBALLY IN LAST DECADE DISCOVERY DISCOVERY YEAR DISCOVERED BY COUNTRY COPPER IN RESERVES, RESOURCES For personal use only AND PAST PRODUCTION (MT) Kamoa-Kakula (Kakula) 2014 Ivanhoe Mines DRC 18.9 Onto (Hu’u) 2013 Vale 80% / Aneka Tambang 20% Indonesia 15.0 Cascabel
Slide 9: Resource Growth Potential
Bindi pit outline and drillholes RESOURCE GROWTH POTENTIAL For personal use only Bindi Resource remains open to the east B • New areas of mineralisation at Bindi Far East A • ‘Lower Limb’ developing as significant resource target • Wide zones of mineralisation above cut-off grades east of planned Bi
Slide 10: Over 100% Growth Copper Tonnes Since 2016
OVER 100% GROWTH COPPER TONNES SINCE 2016 For personal use only Drilling = Tonnes 2016 Maiden Resource 2019 Resource 2021 Resource 2021 Resource • 1.4Mt contained copper at • 32% increase in contained • 32% increase in contained • 53% increase in contained 0.15% cut-off copper at 0.15% cut‐off coppe
Slide 11: PFS Demonstrated a Robust and Executable Project
PFS DEMONSTRATED A ROBUST AND EXECUTABLE PROJECT For personal use only • Strong cashflows over 28-year initial mine life • Mineral Resource – 1.18 billion tonnes @ 0.24% Cu for 2.84Mt contained copper (at 0.1% cut-off) • Caravel Ore Reserve (JORC 2012) of 583.4Mt at 0.24% Cu for 1.42Mt contained cop
Slide 12: July PFS Highlighted Processing Optimisation Opportunities
JULY PFS HIGHLIGHTED PROCESSING OPTIMISATION OPPORTUNITIES For personal use only Single train optimisation studies commenced in July 2022, investigating: • Consolidation of the plant into a single ~27mtpa throughput train • Comminution and flotation circuit improvements • Studies undertaken by PFS e
Slide 13: September PFS Update - Financial Results
SEPTEMBER PFS UPDATE - FINANCIAL RESULTS NET CASHFLOW UP ~$1B 28 YEARS #1 WA For personal use only NPV (7%) INCREASED TO $1.5B Mine Life Resources likely to support longer life Best Mining Investment Jurisdiction Fraser Institute 2021 • HPGRs lower capital and operating costs 1.54/lb 60KTPA USD 5.6B
Slide 14: Scale and Simplicity - Key to Low Cost
SCALE AND SIMPLICITY - KEY TO LOW COST For personal use only • Conventional open-pit with very low waste/ore ratio • Bulk mining, wide ore zones, large equipment • Autonomous trucks – lower labour input, high efficiency • Electrified mining fleet – lower fuel cost, higher efficiency • Standard crush
Slide 15: Low Costs Allow Low Cut-off Grade
LOW COSTS ALLOW LOW CUT-OFF GRADE • Resource has a steep grade vs tonnage curve - favours bulk mining at lower For personal use only cut-off grades • Allows very low strip-ratios (1.3:1) • Bulk mining > larger equipment > lowers mining costs and reduces dilution risk • Ore grades delivered to the RO
Slide 16: Production Cost Comparison with Similar Operating Mines
PRODUCTION COST COMPARISON WITH SIMILAR OPERATING MINES 1 2 3 Gibraltar Copper Mountain Caravel Minerals For personal use only First 5 Years Life of Mine Tonnes Processed per annum (m) 29.2 13.4 27.0 26.5 Cu Grade (%)6 0.25 0.25 0.29 0.24 Strip ratio6 1:2.4 1:2.1 1:0.6 1:1.3 Cu (kg) mined per 1 tonn
Slide 17: For personal use only
For personal use only caravelminerals.com.au 17.
Slide 18: Automation and Electrification (ACE) - Low Operating Costs
AUTOMATION AND ELECTRIFICATION (ACE) - LOW OPERATING COSTS Exchange rate USD 0.72 Total $12.10 t/ore USD 1.54/lb* For personal use only Average ore grade 0.24% Cu. Recovery 92% 1st 5 years 0.29% Cu (5.56 lbs /payable Cu = A$ 31 revenue t/ore) G&A C1 costs USD 1.54 lb*, T&C less credits AISC USD 2.37
Slide 19: High Pressure Grinding Rolls (HPGR)
HIGH PRESSURE GRINDING ROLLS (HPRG) HPGR’S ARE A MODERN FORM OF GRINDING For personal use only TECHNOLOGY WITH FAR GREATER EFFICIENCY THAN CONVENTIONAL SAG/BALL MILLS • HPGR is far more energy efficient and does not require grinding media (balls) • Lowers energy and emissions profile - 27% reduction
Slide 20: Definitive Feasibility Study Already Underway
DEFINITIVE FEASIBILITY STUDY ALREADY UNDERWAY For personal use only DFS WORK SCOPE WELL-ADVANCED WITH CRITICAL PATH ACTIVITIES UNDERWAY • Sterilisation drilling • Grade control planning • Additional metallurgical sampling • Detailed mineral processing tests • Mining equipment selection • Environment
Slide 21: Project Funding Options
PROJECT FUNDING OPTIONS The Caravel Copper Project has a range of options for funding development For personal use only Strategic partner for debt and equity • Producing >60ktpa of clean copper concentrate in an attractive investment destination like WA makes Caravel of interest to major copper smel
Slide 22: Production Timing to Meet Emerging Supply Gap
PRODUCTION TIMING TO MEET EMERGING SUPPLY GAP Significant risks to new supply For personal use only • Fiscal and social instability in South America • Over $30B in investment required by Codelco and BHP to maintain production Copper forecasts vary widely • Lower forecasts assume production comes on
Slide 23: www.caravelminerals.com.au
For personal use only WWW.CARAVELMINERALS.COM.AU
Slide 24: For personal use only
For personal use only caravelminerals.com.au 24.
Caravel Minerals — Shareholder Meeting (November 2022) on 6ix