Business Summary

Caravel Minerals Limited is an Australia-based copper, molybdenum, gold and base metals exploration and resource development company with deposits located in Western Australia. The Company's Copper Project is located approximately 120 kilometers (km) north-northeast of Perth in Western Australia’s Wheatbelt region, between the towns of Calingiri and Wongan Hills. The Company is advancing feasibility studies for the development of the Caravel Copper Project. The Caravel Copper Project comprises a series of deposits of copper with associated gold and molybdenum. Its exploration targets include Mt William nickel-platinum group metal (Ni-PGM) Prospect and Toolbrunup Ni-Cu-PGE Project. Mt William Ni-PGM Prospect is subject to exploration license application (E70/2338) and is located near Waroona, over 100km south of Perth, in the South West Yilgarn Terrane. The Toolbrunup Project is located between Tambellup and Gnowangerup in southern Western Australia.