Investor Presentation Caravel Minerals Limited (ASX:CVV) | Nov 2017 CALINGIRI Advancing WA’s 2 nd largest Copper Project with Innovative Bulk Ore Sorting Technology
Company Highlights Rapidly advancing Calingiri Copper-Molybdenum Project in W.A. (100%): Large Resource (April 2016) : Maiden JORC Mineral Resource estimate released, 1.4Mt Cu Bulk Ore Sorting (Nov 2017) : Successful proof of concept with potential for major project upgrade Resource Growth: Potential for re-optimisations of the existing JORC Resources, exploration for extensions of the existing JORC resources and exploration of recently discovered targets within the Calingiri trend Management : Experienced, highly skilled team and Board Low Cash Burn: One of the leanest ASX junior mining companies Forward Strategy : Complete DFS in 2018 Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Nov 2017 2
Corporate Snapshot Copulos Group 8.4% 85 M Shares Outstanding^: Capital Sanctuary Victoria Pty 7.9% Options Listed: 0 M AFR Australia Pty Ltd 7.0% Unlisted: 21 M Hartree PL 5.6% J P Morgan 4.3% $0.7 M Cash^: BNP Paribas 3.7% Newstead South Holdings 3.6% Debt^: Nil Waratah / Taylor 3.0% $0.06 Share Price^: T Poustie Group 3.0% 12 months range: $0.05 -$0.12 M Hilmer Group 3.0% Avg daily volume: 41 K Total – Top 10 Shareholders 49.5% A$5 M Market Cap (undiluted): Total – Top 20 Shareholders 66.4% Board and Management: 11% ^ 8 Nov 2017 Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Nov 2017 3
ORE SORTING RESULTS EXCEED EXPECTATIONS 1 Successful proof of concept with potential for major project upgrade: Copper grades were beneficiated by an average of 81%. The highest sample product increase in overall grade of 139% resulted in an encouraging 71% reduction in feed with only a 34% deferral or loss of contained copper Molybdenum and silver were also upgraded by 111% in the high grade product Potential to materially reduce plant size and related Capex, decrease cash costs and maintain annual production that could result in vastly improved project economics Significant potential for higher feed grades from sorted ore in the early years of production Further bulk ore sorting testwork with larger bulk samples of approximately 1-2 tonnes is planned to commence shortly Advancing Innovative Green Technologies 1 – See News Release 8 th Nov 2017 - available on the ASX and the Caravel Website Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Nov 2017 4
Bulk Ore Sorting Outcomes and Benefits Consolidated Pro-Rata Contribution Beneficiated Increase in Reduction in Sorted Samples Cu Grade Cu Grade Ore Feed Beneficiated Increase in 0.44% 83% 5% product sensitivity 58% High-Grade Sorted Samples Grade PPM Grade 10% product " " 0.53% 139% 71% Molybdenum 88.3 111% 0.39% 42% 5% and 7% product " " 39% 0.40% 61% 1.9 112% 7% and 10% product " " 52% Silver Outcomes of Consolidated ore sorting for Copper by Grade Outcomes of Consolidated ore sorting for Mo and Ag by and Reduction in Ore Feed highest grade samples Bulk ore sorting is a proven pre-concentration technology in which barren gangue is separated from mineralisation based on the grade as measured or inferred from a sensor measurement. With bulk ore sorting, ore that previously didn’t qualify for processing may be upgraded, making it economic to treat and improving the resource utilisation More valuable metal may be extracted from the resource while the processing plant treats less tonnes at higher feed grade, reducing consumption of water and power as well as lower tailings output. Significant capital reductions may also be achieved through smaller back end milling and processing requirements The technology is based on industry proven, high capacity industrial sorting machines from major international equipment suppliers, with well established businesses in industrial minerals and material recycling Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Nov 2017 5
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 | Nov 2017 6
Scoping Study 1 Key Findings 2 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) Production Economics 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 – The Scoping Study was prepared before bulk ore sorting testwork was completed and is superseded in large part 2 – 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 | Nov 2017 7
Scoping Study Sensitivities 1 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 1 – The Scoping Study was prepared before bulk ore sorting testwork was completed and is superseded in large part Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Nov 2017 8
Operating Costs (C1 & C3) 1 C1 Cost C3 Cost $0.01 US$1.50/lb US$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 1 – The Scoping Study was prepared before bulk ore sorting testwork was completed and is superseded in large part Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Nov 2017 9
Infrastructure Summary Area Status ü Buildings Build requirements detailed and costed ü Power Supply External report completed and costed Potential water resources within both a perched water ü table and bedrock aquifers. Hydrogeological Water Supply 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 populated region where telephone and high-speed Site Communication data infrastructure is in place Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Nov 2017 10
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