Investor Presentation ASX: CVV June 2017
Company Highlights Rapidly advancing Calingiri Copper-Molybdenum Project in W.A. - Large Resource (April 2016) : Maiden JORC Mineral Resource estimate released, 1.4Mt Cu - Scoping Study (June 2016) : Confirmed potential as a low-cost mid-tier producer with low Capex and robust economics - Ownership : 100% of resource tenements Management : Experienced, highly skilled team and Board Low Burn: One of the leanest ASX junior mining companies Forward Strategy: Calingiri PFS in H2 2017 followed by DFS and construction 2018/19 Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 2
Corporate Snapshot Capital Sanctuary Victoria Pty 9.5% Copulos Group 9.1% Shares Outstanding^: 68 M First Quantum Minerals 8.8% 0 M Options Listed: NESTOR Investment 5.1% Unlisted: 11 M Newstead Holdings 4.5% Waratah / Taylor 3.7% Poustie Group 3.7% $0.6 M Cash^: Hilmer Group 3.6% Healy Group 3.6% Debt*: Nil Geoffrey Levy 3.4% Share Price*: $0.071 Clarkson’s Boathouse 3.0% Goldfire Enterprises 2.8% $0.06 -$0.15 12 months range: Corporate Property Services 2.4% Avg daily volume: 121 K Calama Holdings 1.3% William Brown 1.3% A$5 M Market Cap (undiluted): SBD Drilling 1.3% Limits Pty Ltd 1.0% Symington Pty Ltd 0.9% Board and Management: 11.3% Intersuisse Nominees 0.8% ^ March 2017 * as of Q2 2017 John Wardman & Assoc. 0.7% Total – Top 20 Shareholders 70.5% Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 3
Calingiri JORC Resource Consolidated Indicated and Inferred Resource Estimate (0.25% Cut-off) Classification Tonnes (MT) Cu % Cu Eq % * Cu Metal (T) Indicated 187 0.34 0.38 626,300 Inferred 64 0.34 0.38 218,000 Total 251 0.34 0.38 844,300 Grade / Contained Copper Curve 0.43% 1,600,000 0.45% 1,407,900 0.38% 0.40% 1,400,000 1,182,500 0.33% 0.38% 0.35% 1,200,000 0.30% 0.34% 0.30% Average Cu Grade Copper Metal (t) 1,000,000 844,300 0.29% 0.25% 0.27% 800,000 0.20% 549,800 600,000 0.15% 400,000 0.10% Broad intersections of open copper-molybdenum-silver-gold mineralisation: 200,000 0.05% Dasher: 1,050m long and open - extending to vertical depths of 450m - 0.00% Bindi: 2,000m long and open - up to 150m thick extending to vertical depths of 300m 0.30 0.25 0.20 0.15 Opie: 300m long and open - up to 172m thick extending to vertical depths of 200m Cut-Off Grade (Cu%) Cu Metal (T) Cu % CuEq % • Refer to Mineral Resource disclosures in various news releases as detailed on page 2. Consolidation of Bindi, Dasher and Opie Prospects Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 4
Scoping Study 1 Key Findings o Capital cost $440m o Throughput 15 Mtpa (21 Yrs) o Opex - Lom $1.50/lb o Ore treated 310mt Capex / Mine / o Opex – 1 st 5 Yrs $1.40/lb o Recoveries 92% Opex Plant o Cu US$2.75/lb (FX A$0.72) o Strip ratio 1:1 o NPV $520m after tax o Cu 710kt LoM (92% Revenue) Economics Production o IRR 23% o Moly 14.5kt (5%) o Payback 3 years o Silver and Gold (3%) o Net cash flow $1.5b o Float Conc 25% 1 – Prepared by CSA Global Pty Ltd June 2016. Please read in conjunction with disclosures on page 2 and public releases available on the ASX Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 5
Scoping Study Mining & Production 40 2 Total Tonnes Mined 1.8 35 1.6 30 1.4 25 1.2 Total Tonnes 20 1 0.8 15 0.6 10 0.4 5 0.2 - 0 Bindi West Stage 1 Bindi West Stage 2 Bindi East Stage 1 Bindi East Stage2 Dasher Stage 1 Dasher Stage 2 Opie Strip Ratio 45 0.400 Production Cu /Kt - Cu Grade 40 0.350 35 0.300 30 0.250 25 0.200 20 0.150 15 0.100 10 0.050 5 - 0.000 Production Cu /Kt CuEq Grade Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 6
Scoping Study Sensitivities 1000.0 $3.30 $3.03 800.0 $1.30 $1.40 $440m 600.0 $360m $490m $400m $530m NPV US$/M $1.50 $1.60 400.0 $2.75 $1.70 $2.48 200.0 $2.20 0.0 -200.0 -20% -10% Base 10% 20% Cu Price $/lb Capital Costs $m Cash Costs (C1) $/lb • Economic outcomes are robust • Most sensitive to copper price • Breakeven pre-tax NPV (DR7%) is $1.98/Lb Cu • Less sensitive to Opex • Not sensitive to Capex Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 7
Calingiri Pit Shells Dasher oblique with Cu>0.2% Bindi oblique with Cu>0.2% Low cost open pit mining Low strip ratio: < 1:1 Two major pits situated close to the proposed plant Opie oblique with Cu>0.2% Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 8
CAPEX & Process Plant Flowsheet Based on a well understood and proven SAG/ball mill circuit Capital Items Est. Cost PEBBLE +/- 30% A$/M CRUSHER CRUSHED ORE SAG MILL Process plant, first fill & spares 250 GYRATORY STOCKPILE CRUSHER CYCLONE CLUSTER BALL MILL Mining capital & pre-strip 70 SAG DISCHARGE Tailings disposal 10 SCREENS CYCLONE Bulk water supply 10 CLUSTER FEED COPPER ROUGHER FLOATATION (2*6) HOPPER COPPER CLEANERS COPPER 2 nd CLEANERS Power supply & substation 20 CONDITIONER CONDITIONER Cu/Mo Circuit Owner’s and other outlays 10 COPPER SCAVENGERS COPPER 3 rd CLEANERS Rougher Floatation | Conditioning Tanks (2) | 1 st , 2 nd , 3 rd and 4 th Cleaners EPCM 30 | st and 2 nd Column Feed 1 | Mo Filter | Contingency 40 Mo Dryer and Cooler COPPER COPPER | CONCENTRATE CONCENTRATE FILTER Bagged Mo THICKENER | Final Cu Con Thickener | Project Capital 440 Surge Tank Sustaining capital (LoM) 110 COPPER TAILS THICKENER CONCENTRATE TAILINGS STORAGE FACILITY PROCESS WATER POND Caravel Minerals Limited Level 3, 18 Richardson Street, West Perth 6005 Western Australia Calingiri Copper Project 08 9426 6400 Prepare: MH | Review: AB DR | Approve: DR PRELIMINARY – NOT FOR CONSTRUCTION A3 | Rev 7|Rel 0 | Pgs 1 Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 9
Operating Costs (C1 & C3) C1 Cost C3 Cost $0.01 $1.50/lb $1.82/lb $0.33 $0.25 $0.07 $0.63 $(0.53) $0.05 $0.98 $1.50 $0.03 Mining Processing C1 Cost Royalties Depreciation Other G&A Insurance & Management Moly / Silver / Gold Credit Treatment and Realization Charges Cost Cost Cost per Tonne Item (A$/t of ore (A$/t of ore of Ore: Yr. 1-5) LoM) Mining 4.58 4.43 Costs per tonne of ore are in AUD (A$) and Cash Costs are in USD Processing 6.85 6.85 (US$) and are considered to be G&A 0.22 0.22 estimated to ±30% with effective Metal Credits -3.86 -3.69 date of June 2016. Differences may occur due to rounding TC/RC 2.57 2.28 Total 10.36 10.09 Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 10
Infrastructure Summary Area Status ü Buildings Build requirements detailed and costed ü Power Supply External report completed and costed Abundant water within both a perched water table and ü Water Supply bedrock aquifers. Hydrogeological investigations underway Sealed roads and railway lines with close proximity to ü Transport the project site and ports located within Western Australia that are suitable ü Tailings Management External report completed and costed Located in a first-world highly developed and ü Site Communication populated region where telephone and high-speed data infrastructure is in place Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 11
Global Comparable Copper Studies Red Hawk Caravel Hot Chili Resources Altona Avalon Units Minerals Productora Copper Little Eva Viscaria Calingiri Creek Market Capitalisation A$M $4 $20 $6 $54 $6 Study SS PFS SS FS SS Location Australia Chilli USA Australia Sweden ü Key Findings Initial LoM Years 21 12 18 11 8 NPV - pre tax A$M 799 335 231 346 102 - post tax A$M 525 220 154 200 68 - DR % 7.0 7.0 7.5 7.5 7.0 IRR - pre tax % 31% 20% 12% 29% 22% - post tax % 23% 15% 11% 16% 17% Capital Cost A$M 445 725 857 294 139 Production (LOM) Treatment throughput p.a. 15.0 14.7 8.5 7.0 1.2 Strip ratio t:t 0.9 2.7 4.0 1.8 5.8 Quantity ore treated Mt 310 167 156 77 10 Copper Eq. grade % 0.30% 0.43% 0.74% 0.52% 1.20% Recoveries Cu % 92% 86% 89% 96% 90% Cu sold Kt 709 527 950 366 107 Copper price (model input) US$Lb 2.75 3.00 3.00 3.10 3.25 Cash Costs (C1) US$Lb 1.49 1.47 1.85 1.65 1.86 SS: Scoping Study or Preliminary Economic Assessment. PFS: Preliminary Feasibility Study. FS: Feasibility Study or Definitive Feasibility Study. Blue text cells are estimated as not market released Based on the released Calingiri Scoping Study June 2016 and other company data is from publicly available information. Full details of Calingiri releases can be found at www.caravelminerals.com.au. Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 12
Calingiri Roadmap June 2017 H2 2017 Pre-Feasibility Study Q1 2017 Discovery of four new copper Q2 2016 anomalies Scoping Study Q1 2016 Maiden Resource A history of achieving significant milestones Q2 2015 Delivering on time and within budget Exploration Targets Long-term focus on completing a DFS, obtaining project finance, construction and commissioning Caravel Minerals Limited (ASX:CVV) | Investor Presentation | June 2017 13
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