ANNUAL REPORT 2022
COPPER EXPLORATION AND DEVELOPMENT
ASX:CVV
CORPORATE
DIRECTORY
DIRECTORS AND COMPANY SECRETARY
MR WAYNE TRUMBLE
Non-Executive Chairman
MR STEVE ABBOTT
Managing Director
MR ALASDAIR COOKE
Executive Director
MR RICHARD MONTI
Non-Executive Director
MR DANIEL DAVIS
Company Secretary
REGISTERED AND PRINCIPAL OFFICE
CARAVEL MINERALS LIMITED
Suite 1, 245 Churchill Avenue
Subiaco Western Australia 6008
+61 8 9426 6400
AUSTRALIAN BUSINESS NUMBER
ABN 41 120 069 089
SHARE REGISTER
ATOMIC GROUP
Level 2, 267 St Georges Terrace
Perth Western Australia 6000
ASX CODE
CVV
SOLICITORS
FAIRWEATHER CORPORATE LAWYERS
595 Stirling Highway
Cottesloe Western Australia 6011
AUDITORS
BDO AUDIT (WA) PTY LTD
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, Western Australia 6000
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2022 Pre-Feasibility Study available at
caravelminerals.com.au and asx.com.au
caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV MANAGING
DIRECTOR'S
REPORT
The past 12 months have seen
Caravel Minerals (ASX:CVV)
complete a significant Pre-
Feasibility Study work program
and deliver important milestones
to advance the large-scale,
long-life Caravel Copper Project in
Western Australia. The full range
of feasibility studies continue to
clearly demonstrate the Caravel
Copper Project is a robust and
executable project capable of
near-term development. Caravel
is one of very few large copper
projects in a stable jurisdiction
(WA) that is advancing towards
production at a time when copper
metal is forecast to enter a deficit
of between 4 – 10Mpta by 2030.
I am very pleased to provide an
overview of progress in the 2022
Financial Year and Caravel’s outlook
for the period ahead.
A major milestone was the delivery of a Pre-feasibility
Study (PFS) and a maiden Ore Reserve Estimate for the
project in July 2022. The Ore Reserve (JORC 2012)
of 583.4Mt at 0.24% copper for 1.42Mt contained copper
(at 0.10% cut-off) consists of Proven Ore Reserves of
105.4Mt for 0.28Mt contained copper and Probable
Ore Reserves of 478.0Mt for 1.14Mt contained copper.
Over 81.6% of the Project’s 28-year mine life is now
in Ore Reserve.
The culmination of wide-ranging technical, commercial
and environmental studies, the PFS confirmed annual
production of ~62,000 tonnes (copper metal in
concentrate) based on the parallel development of
two 13.9Mtpa capacity trains for a total throughput
capacity of 27.8Mtpa to generate strong cashflows over
an initial 28-year mine life.
The PFS also determined low operating costs
(C1 costs of ~US$1.72/lb) due to a very low strip-ratio
of 1.3:1 (including pre-strip), good metallurgy with high
copper recoveries and low-cost electricity enabling
the use of a safer, more efficient, lower carbon
emitting automated and electrified fleet from the
start-up of operations.
As well as demonstrating a clear pathway for
development, the July 2022 PFS outlined opportunities
to improve the process plant flowsheet, including
its consolidation into a single ~27Mtpa throughput
train, the use of High-Pressure Grinding Rolls (HGPRs)
replacing Semi-Autogenous Grinding (SAG) Mills and
the adoption of Coast Particle Flotation (CPF).
PFS Update studies on the optimised single train
flowsheet commenced in July this year and were
reported in September, delivering processing cash
unit cost reductions of $1.23/t of ore, primarily due
to lower power costs arising from the use of HGPR
and CPF. The processing cost savings resulted in
increased annual free cashflow of ~A$35m,
or $A$870m over life of mine. C1 cash costs reduced
from US$1.72/lb (PFS) to US$1.54/lb and AISC reduced
from US$2.55/lb (PFS) to US$2.37/lb. The changes
to cashflows and capital resulted in an increase
in Project NPV (7%) from A$1.1B (PFS) to A$1.5B.
The PFS studies are based on the Bindi and Dasher
deposits which make up only 6km of a 30km
mineralised system within the Caravel tenement
package. There remains clear and substantial upside
for resource growth with several deposits having
demonstrated good mineralisation based on limited
drilling to date.
Earlier in FY22, we released an updated Mineral
Resource of 1.18 billion tonnes at 0.24% Cu and 48 ppm
Mo for 2.84Mt of contained copper (0.1% Cu cut-off),
incorporating results from Reverse Circulation (RC)
percussion and diamond drilling at the Bindi deposit.
This was on the back of 7,740m diamond and 20,233m
RC percussion drilling aiming to better delineate
the grade and distribution of copper-molybdenum
mineralisation in the Bindi Hinge Zone and Bindi
East Limb which are the first areas to be mined.
The drilling at Bindi aimed to increase confidence
within planned starter pits and was achieved with
results showing shallow mineralisation at similar or
higher grades to previous drilling. Diamond drilling
also provided core material which will be used for
metallurgical test work and geotechnical analysis as
part of the Project’s Definitive Feasibility Study (DFS).
Caravel completed a Share Placement and entitlement
issue to Shareholders during the FY to complete
feasibility and optimisation studies and continue
critical path activities for the Caravel Project. We
would like to take this opportunity to thank new
and existing Shareholders for their support of the
Company as it effectively utilises funds to position
for long-term success.
Caravel has a strong management team that was further
bolstered during the year with the appointments of
Mining Manager Jason Vos, Approvals Manager Michael
Klvac and Don Hyma as an advisor to our Board,
providing guidance on our project implementation
strategy. I’d like to thank my fellow Board members and
our management team for their support and efforts over
the past year, and our staff and contractors who have
also worked incredibly hard to make progress towards
the Caravel Copper Project’s development.
Caravel values the effective working relationships
with a wide range of stakeholders involved in the
work programs associated with the PFS and the
project’s future development. This involvement
and collaboration is highly valued by the Company
and in particular we wish to thank landowners who
have worked with the Company since copper was
first discovered at Wongan Hills dating back to 2009
and continue to play an important part in the future
planning of the Project.
The year ahead is very important for positioning
Caravel as Australia’s next long-term, stable copper
production project as it moves into final feasibility.
I look forward to delivering further updates as we
progress the project towards an investment decision.
Caravel looks forward to sharing this journey with you.
Steve Abbott
MANAGING DIRECTOR
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV ACTIVITIES
REPORT
HIGHLIGHTS
COMPANY
The Company raised around $4.7M in a ($3.0M)
placement and ($1.7M) rights issue to fund drilling,
technical studies and project development activities.
The Company continued to enjoy strong support
from new and existing shareholders demonstrating
confidence in the Company’s copper assets and
a clear focus on progressing the project towards
development. The retention and attraction of
experienced key management and ‘owners team’
continued to be a key priority for Caravel.
Caravel released a project Scoping Study in November
2021 which incorporated results from initial Ausenco
engineering studies and modelled revised assumptions
on the flowsheet, throughput rate, capital estimates,
operating costs and revenue forecasts. The 2021
Scoping Study reported on progress of all other PFS
activities. At the time of the 2021 Scoping Study release
Caravel was preparing a Mineral Resource update which
followed approximately 7,740 metres of diamond drilling
and 20,233 metres of RC percussion drilling at Bindi and
predominantly on the Bindi East Limb.
The Mineral Resource upgrade was announced on
23 November 2021 and reported a total of 2.84Mt of
contained copper (0.1% Cu cut-off) representing a 53%
increase in contained copper compared to the 2019
Mineral Resource. The Caravel Copper Project deposits
are presently the largest undeveloped copper
resources in Australia based on contained copper.
A range of studies completed during the year suggest
Caravel Copper Project’s large ore bodies can be
economically mined and processed at a low cut-off grade
of 0.1% Cu. This is due to low operating costs provided
by an automated and electrified bulk mining operation,
access to low-cost grid power and the presence of
established road, port, and other infrastructure the
Project may leverage (such as towns, proximity to
services and skilled workforce in Perth). There are
several porphyry copper projects operating in Tier 1
jurisdictions exhibiting similar steep grade versus
tonnage curve characteristics to Caravel including
the Gibraltar copper-molybdenum mine, located in
south-central British Columbia, Canada (producing
~60Kt / 130mlbs of Cu per year) and the Copper Mountain
copper mine located in southern British Columbia,
Canada (producing ~40Ktpa / 80-90 mlbs of Cu per
year). Such projects offer reliable copper supply, strong
cashflows and stable mining operations over a very long
life and offer a very good basis of comparison to Caravel.
The completion of the PFS in July 2022 and subsequent
PFS Update in September 2022 provides Caravel with
a strong foundation for continued engagement with
interested parties including potential off-take partners
and other funding stakeholders. The Company remains
in discussions with a range of interested parties.
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Drilling – Cu% x Metres
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Legend
Drilling – Cu% x Metres
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Bedrock Geochem
1.0 – 5.0
Anolmalies (>300pm Cu)
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Bedrock Geochem
Anolmalies (>300pm Cu)
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30km Strike Copper
Molybdenum Target Trend
Caravel Tenements
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Ninan North
30km Strike Copper
Molybdenum Target Trend
Ninan
Western Power lines
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A ROBUST AND
EXECUTABLE COPPER
PROJECT
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Wongan Hills
Geraldton
Western
Australia
Western
Australia
CARAVEL
COPPER
PROJECT
CARAVEL
COPPER
PROJECT
Perth
Bunbury
Geraldton
Perth
Bunbury
Sealed Road
Cu
Large, near-surface,
Large, near-surface,
porphyry-style deposits,
Cu
porphyry-style deposits,
over 30km strike
over 30km strike
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Sealed Road
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Cavel
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Existing road and
port infrastructure
Existing road and
port infrastructure
Very low strip ratio
Very low strip ratio
Open-pit bulk mining
using ACE fleet
Open-pit bulk mining
using ACE fleet
Simple and proven
processing method
Simple and proven
processing method
High recoveries with
a clean Cu concentrate
Grid power access
High recoveries with
with ESG benefits
a clean Cu concentrate
Environmental baseline
studies complete, clear
pathway to approval
Grid power access
with ESG benefits
Environmental baseline
studies complete, clear
pathway to approval
Legend
Drilling – Cu% x Metres
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5.0 – 10.0
10.0 – 50.0
50.0 – 150.0
Bedrock Geochem
Anolmalies (>300pm Cu)
Caravel Tenements
30km Strike Copper
Molybdenum Target Trend
Western Power lines
Sealed Road
Western
Australia
CARAVEL
COPPER
PROJECT
Geraldton
Perth
Bunbury
Cu
Large, near-surface,
porphyry-style deposits,
over 30km strike
Existing road and
port infrastructure
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Very low strip ratio
Open-pit bulk mining
using ACE fleet
Simple and proven
processing method
High recoveries with
a clean Cu concentrate
Grid power access
with ESG benefits
Environmental baseline
studies complete, clear
pathway to approval
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2 km
Kurrali
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV RESOURCE DRILLING
Drilling programs were completed at the Dasher deposit
and a program of sterilisation air core (AC) drilling
surrounding the Bindi deposit. A major infill drilling
program was completed at the Bindi East deposit, with
a smaller infill drilling program completed at Bindi West.
An extensive 10,825 metre reverse circulation (RC)
percussion drilling programs at the Bindi and Dasher
deposits tested extensions and continuity of copper
mineralisation in the Bindi East Limb, Bindi Lower Limb
and Dasher South. A further 4,888 metres of diamond
drilling was completed at the Bindi deposit collecting
geotechnical data and material for metallurgical test
work. In addition, diamond core drilling tested for
depth extensions and structural complexity in the
mineralisation of the Dasher copper deposit.
Around 3,487 metres of AC sterilisation drilling was
completed to the east, north, south and southwest
of the Bindi deposit seeking to identify areas suitable
for the placement of site infrastructure. The drilling
identified two parallel Cu mineralised zones east of
the Bindi East Limb, the two zones have been named
Bindi Lower Limb and Bindi Far East.
As a result, the geological model for the Bindi
mineralisation has been revised in light of the
confirmation of the presence of the Bindi Southeast
Synform at the south end of the Bindi East Zone.
The Bindi Lower limb seen to the east of Bindi East,
is interpreted to connect with Bindi East through the
Southeast Synform. Initial RC drill testing of the Bindi
Lower Limb and Bindi Far East positions also returned
encouraging primary sulphide mineralisation (Figure 1).
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L
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e
w
o
L
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6,575,000mN
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s
a
E
r
a
F
6,574,000mN
CARAVEL COPPER PROJECT
Bindi Deposit
Drill hole collar locations
and Pit designs
e
g
n
i
H
i
d
n
i
B
LEGEND
Diamond Drill Hole Collar
RC Drill Hole Collar
AC Drill Hole Collar
Surface trace of
mineralised zone
Section 6,574,350mN
PFS Starter Pit
Ore Reserve Pit
PFS Pit
E
a
s
t
b
Lim
West
Bindi
East
L
i
m
b
Section 6,573,700mN
Bindi
West
m
r
o
f
n
y
E S
S
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6,573,000mN
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E
m
0
0
0
4
6
4
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6,572,000mE
H a n gin g W all F a ult
?
E
m
0
0
0
2
6
4
,
N
750m
E
m
0
0
0
3
6
4
,
Figure 2: Bindi deposit air core drilling results
Figure 3: Bindi deposit drill hole collar locations and pit design
Based on deep drilling results at Bindi, the Company
defined an Exploration Target for the intersected
mineralisation of 75 to 85 million tonnes at a grade of
0.20% to 0.30% copper, for 150,000 to 255,000 tonnes
contained copper (Figure 4).
A further 36 auger holes and five test pits were
completed investigating the properties of the soil
profile to assist with the potential design for a tailings
management facility and 10 shallow water bores
have been installed (532.5m) in paleodrainage
features across the project to provide baseline
data that will be used in hydrological modelling
of the project area.
Drilling programs completed during the year have
increased confidence in higher grade areas for
resource/reserve classification for consideration
in the early stage of a proposed mine schedule.
Figure 1: Bindi South East Synform Cross Section Showing Lower Limb and Far East Positions
Figure 4: Oblique 3D view of the Bindi Deposit showing 2019 Scoping Study open pit shells and location of the Exploration Target.
Highlighted are the deep diamond drill holes on which the Exploration Target is based.
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Table 1: Project Approvals Register
Legislation
Approval
Authority
Target
Approval Date
Environmental Protect Act 1986
Part IV
Environmental Protection
and Biodiversity Conservation
Act 1999
Matters of National
Environmental
Significance
The PFS studies delivered important technical
analysis, information and results which Caravel
has reported and presented a comprehensive
Pre-Feasibility Study.
Caravel encourages interested parties to view
the Caravel Copper Project Pre-Feasibility Study
(PFS) report (12 July 2022) and the PFS Update
announcement (20 September 2022) on the
caravelminerals.com.au or asx.com.au websites.
Mining Act 1978
Mining Proposal
Mine Closure Plan
Mining Leases
• MLA70/1410
• MLA70/1411
General Purpose Leases
• GPLA70/262
• GPLA70/263
Miscellaneous Licences
• Water pipeline (TBA)
• Power Line (TBA)
• Borefield (TBA)
Department of Water
and Environmental
Department of Agriculture,
Water and Environment
Department of Mines, Industry
Regulation and Safety
Department of Mines, Industry
Regulation and Safety
Department of Mines, Industry
Regulation and Safety
Q4 2023
Q4 2023
Q1 2024
Q1 2024
Q1 2024
Department of Mines, Industry
Regulation and Safety
Q1 2024
Department of Mines, Industry
Regulation and Safety
Q1 2024
Heritage Act 2018
Section 18s (if required)
Department of Planning,
Lands and Heritage
Electricity Industry Act 2004
Right in Water
and Irrigation Act 1914
Access Contract
(mine and processing)
Connection Contract
(borefield)
Section 26D Licences
Western Power
Western Power
Department of Water and
Environmental Regulation
Section 5C Licences
• Application 047262
Department of Water and
Environmental Regulation
Q1 2024
Q4 2023
Q4 2023
Q2 2022
Q1 2024
HEALTH, SAFETY, ENVIRONMENT,
COMMUNITY AND QUALITY (HSEQC)
Caravel adopted a HSECQ Management System during
the year to provide an organisational framework and
operating system for maintaining compliance and
increase efficiency as the team and company activities
develop. The HSEQC system is used by Caravel staff to
access policies, standards, procedures, and tools that
support delivery of the Company’s direction and purpose.
HSECQ Management System is comprised of:
External and Internal Standards Caravel has aligned
the HSECQ Management System with relevant State and
Federal legislation and the International Organization
for Standardisation (ISO) Standards to ensure the
business is meeting its legal requirements and adopting
international best practice in the areas of Health, Safety,
Environment, Community and Quality.
In addition, Caravel has used internationally
recognised risk management procedures to identify all
Caravel risks to ensure that our Management System
is focussed on the most prominent opportunities and
threats to the businesses.
Health and Safety Caravel’s HSECQ Management
System sets the health and safety standards and
procedures that require our management to provide
a healthy and safe work environment and ensure
our workforce complete their activities in a healthy
and safe manner. The standards and procedures are
focussed on the health and safety risks associated
with Caravel’s current exploration activities and will
evolve as the Caravel risk profile changes with the
different stages of project development.
The business recently adopted the ‘SafeX’ safety
system which is an online safety application that
assists the field staff and contractors manage their
APPROVALS
The Company has completed baseline studies required
to establish the existing environment and prepare
Caravel Copper Project approvals applications. The key
primary approvals required, the applicable legislation,
the granting authority and the targeted timing of the
approvals are listed in Table 1.
PROJECT DEVELOPMENT
The Caravel Copper Project Pre-Feasibility Study was
completed during the year and released on 12 July 2022,
followed by a PFS Update study which was released on
20 September 2022. The studies have defined a robust
project capable of producing at least ~60,000 tpa of
copper in concentrate at low cost, generating strong
cash flows over an initial 28-year mine life. The detailed
technical, environmental and commercial studies
indicated the Project can be built and operated with
low technical risks, minimal environmental impact and
positive economic and social outcomes.
The PFS comprised of studies on mining optimisation
and design, mineral processing, geotechnical design,
metallurgical, tailings management, approvals and
sustainability, water supply, transport and logistics,
infrastructure and services. Several key PFS technical
advisors supported Caravel throughout the year including:
• Ausenco - Engineering
• Orelogy - Mining and Ore Reserve
• Knight Piesold - Tailings
• Dempers & Seymour - Geotechnical Engineering
• Trepanier - Mineral Resources
• Fortin Pipelines - Water Pipeline
• Sensorem - LiDAR
• Western Power – Power
• ECG Engineering – Power
• ALS Laboratories - Metallurgical Testwork
• Aurifex - Metallurgy
• Preston Consulting – Approvals
• Mattiske Consulting - Flora
• Western Wildlife - Fauna
• Dortch Cuthbert - Indigenous Heritage
• Global Groundwater - Process Water
• Smith Drilling - Water Exploration
• Minera - Mining Automation and Electrification
• Civmec - Construction
• Qube Bulk - Transport
• Braemer - Shipping
• FTI Consulting - Financial Modelling
10
11
caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV safety in the field (e.g. online: Take 5, Job Hazard
Analysis, Risk Assessment tools, equipment registers,
etc). The tool also contains the companies risk
register, training matrix and training records and
action tracking tool with automated reminders for
actions to improved health and safety performance.
Our field staff have access to the system via field
tablets that electronically record health and safety
information in the field and automatically file it in
Caravel’s central data base.
sampling completed during the year. Recent sampling
confirms the elevated Cu (>500ppm) in rock chips
seen in historical sampling, the new work confirms
anomalism along 14km of strike. An elongate moderate
magnetic feature extends a further 6km to the east
along the same trend. Gossanous subcrop with
strongly elevated Cu and Zn,is hosted by quart-biotite-
garnet schists and granite gneiss suggesting a similar
metamorphosed alteration halo to that seen at the
Caravel Copper Project.
Environment Caravel is focussed on minimising its
impacts to the environment and has implemented
standards and procedures targeted at ensuring
our current exploration activities meet regulatory
compliance and impacts to the environment are
minimised. Ground disturbance permitting, weed
management and waste disposal management
procedures are all focussed on minimising impacts
to the environment.
EXPLORATION – NEW PROSPECTS
During the year, Caravel continued to secure new mineral
exploration licences over several areas of interest
for copper, gold and nickel mineralisation within the
prospective South West Terrane of the Yilgarn Block.
Caravel conducted reconnaissance surface sampling
over a number of these licences during the years. The
Caravel copper deposits were discovered in 2009 by the
same process of surface sampling and identification of
low-level anomalous geochemical responses.
The mineral potential of the South West Yilgarn Block
has been highlighted by the Pt-Pd-Ni-Cu discovery at
the Julimar Prospect by Chalice Gold Mines Ltd (70km
southwest of Bindi) and the Angepena Au-Cu discovery
by Liontown Resources Ltd (48km northwest of Bindi).
Combined with the Caravel Copper Project, the discoveries
show the potential for significant mineralisation to be
concealed below the surface weathering zone with only
subtle surface geochemical responses.
Caravel completed internal reviews of available data
for the regional exploration licences. Based on these
assessments the decision was made to surrender three
licences (Dalwallinu E70/5417, Toolbrunup E70/5462
and Congellign E70/5542). Roadside surface sampling
at Caravel’s Moodiarup (E705596) exploration licence
returned weak Cu anomalism coincident with a mapped
quartz monzonite which is sited on the Darkan Fault
which extends 100km northwest to the Boddington
Gold Mine. In addition the Company completed an AC
drilling program over the Dalwallinu magnetic feature
which found mafic to mafic basement rocks with
elevated Cu are responsible for the strong magnetic
anomaly. Results are awaited for further roadside soil
sampling in the Dalwallinu and Bruce Rock licences.
Caravel’s Brookton Cu-Zn prospect shows strong
surface geochemistry roadside reconnaissance
Caravel has applied for two new mineral exploration
licences that are prospective for Rare Earth Element
(REE) mineralisation. The areas near the wheatbelt
towns of Mukinbudin and Burakin were initially
highlighted from pre-competitive geophysical data,
subsequent roadside surface sampling has returned
widespread REE anomalism.
OUTLOOK
Drilling work planned for 2022/23 includes Reverse
Circulation (RC) infill drilling programs within the
starter pits at the Bindi deposit as part of a grade
control simulation program and further increasing
resource confidence. Further Mineral Resource
delineation drilling is planned at the Bindi Lower Limb
and South East Synform to test the new mineralised
domains identified by drilling (RC and AC) over the past
12 months. Results would be incorporated in future
Mineral Resource update expected in 1H 2023.
Further diamond core drilling with a focus on the
Bindi West Limb for geotechnical and metallurgical
studies and testwork and sterilisation aircore (AC)
drilling will be undertaken to confirm suitable areas
for mine infrastructure.
Further investigation into opportunities to enhance
project economics including consideration of ore sorting,
processing enhancements and other efficiency initiatives
that could further lower costs and carbon emissions
will be ongoing. Formal regulatory approval processes
for EPA Part IV, EPBC Act and Mining Act and tenement
approvals will continue during the coming year.
Securing power requirements including from renewable
sources to power the Project’s plant operations and
mining fleet will continue to be prioritised.
Discussions with off-take groups and potential partners
will be ongoing. Options for Caravel may include
financing-linked offtake agreements, a strategic joint
venture deal with a partner and/or a participation by
way of a project equity stake. Caravel will continue to
assess alignments such as with a smelter or a trader
who can add value to the project.
Caravel will continue to develop the project schedule for
completion of the DFS which is expected in early 2024.
ANNUAL REVIEW OF MINERAL RESOURCES
As of 30 June 2022, the combined Measured, Indicated
and Inferred Mineral Resources for the project totals
1,180Mt @ 0.24% Cu (at a 0.10% Cu cut-off grade) for
2.8Mt of contained copper (Table 2). There are no
reported Ore Reserves.
Table 2: Mineral Resources at 30 June 2022 (0.10% Cu cut-off)
Deposit
Classification
Mt
Cu (%)
Mo (ppm)
Cu (t)
Bindi
Dasher
Opie
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
Measured
Indicated
Inferred
Total
105.2
424.4
372.9
902.5
-
131.7w
124.8
256.5
-
17.9
3.6
21.5
105.2
574.1
501.3
1,180.6
0.27
0.23
0.22
0.23
-
0.28
0.26
0.27
-
0.29
0.30
0.29
0.27
0.24
0.23
0.24
Note – appropriate rounding applied
Table 3: ASX Listing Rule 5.21 Disclosure
67
49
45
49
-
43
46
45
-
40
33
39
67
47
45
48
287,300
974,400
833,700
2,095,400
-
364,100
321,700
685,800
-
51,700
10,900
62,600
287,300
1,390,200
1,166,200
2,843,700
5.21.1
5.21.2
5.21.3
5.21.4
5.21.5
Results of the annual review of the reported Mineral Resources at the Company’s flagship
Caravel Copper Project for the year ending 30 June 2022 are disclosed in the table above.
The Company’s financial year end is 30 June 2022 and mineral resources held at year end are
disclosed in the table above.
The Company had no reported Ore Reserves at 30 June 2022. Subsequent to 30 June 2022,
Caravel reported a maiden Ore Reserves for Caravel Copper Project. Refer to announcement
dated 12 July 2022.
A new Mineral Resource Estimate was reported for the Bindi Deposit on 23 November 2022
reflecting the major change from the Annual Review of Mineral Resources that was reported
at 30 June 2021. No change to Dasher Mineral Resource which remains as reported in April
2019. There was no change to Opie Mineral Resource which remains as reported in April 2016.
Resource governance arrangements are disclosed in the ASX announcement “Major Mineral
Resource Upgrade - Caravel Copper Project” released on 23 November 2021.
12
13
caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV Competent Person as defined in the 2012 Edition of the
Joint Ore Reserves Committee (JORC) Australasian Code
for Reporting of Exploration Results, Mineral Resources
and Ore Reserves. Mr Smith consents to the inclusion in
this report of the matters based on his information in
the form and context in which they appear.
Previous Disclosure The information in this report
is based on the following Caravel Minerals ASX
Announcements, which are available from the Caravel
Minerals website caravelminerals.com.au and the ASX
website asx.com.au:
• 25 August 2021 “Bindi Deposit – Updated Geological
Model”
• 23 November 2021 “Major Mineral Resource Upgrade
– Caravel Copper Project”
• 12 July 2022 “Caravel Copper Project Pre-Feasibility
Study Highlights Robust, Executable Project and
Reports Maiden Ore Reserve”
• 20 September 2022 “Pre-feasibility Study Update -
Caravel Copper Project”.
Forward Looking Statements This document may
include forward looking statements. Forward
looking statements include, but are not necessarily
limited to, statements concerning Caravel Minerals
planned exploration programmes, studies and other
statements that are not historic facts. When used in
this document, the words such as “could”, “indicates”,
“plan”, “estimate”, “expect”, “intend”, “may”,
“potential”, “should” and similar expressions are
forward looking statements. Such statements involve
risks and uncertainties, and no assurances can be
provided that actual results or work completed will be
consistent with these forward looking statements.
Competent Persons Statements The information in
this report that relates to Exploration Results is based
on and fairly represents information and supporting
documentation prepared by Mr Peter Pring (a full-time
employee and shareholder of Caravel Minerals Limited)
and Member of AusIMM. Mr Peter Pring has sufficient
experience of relevance to the styles of mineralisation
and types of deposits under consideration and to the
activities undertaken to qualify as Competent Persons
as defined in the 2012 Edition of the Joint Ore Reserves
Committee (JORC) Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore
Reserves. Mr Pring consents to the inclusion in this
report of the matters based on their information in the
form and context in which they appear.
The information in this report that relates to Mineral
Resources for the Bindi and Dasher deposits is based
on and fairly represents information compiled by Mr
Lauritz Barnes, (Consultant with Trepanier Pty Ltd). Mr
Barnes is a shareholder of Caravel Minerals. Mr Barnes
is a member of both the Australasian Institute of
Mining and Metallurgy and the Australasian Institute
of Geoscientists. Mr Barnes has sufficient experience
of relevance to the styles of mineralisation and types
of deposits under consideration, and to the activities
undertaken to qualify as Competent Persons as
defined in the 2012 Edition of the Joint Ore Reserves
Committee (JORC) Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore
Reserves. Mr Barnes consents to the inclusion in this
report of the matters based on information in the form
and context in which they appear.
The information in this report that relates to the Opie
Deposit within the overall Caravel Mineral Resource
estimates is extracted from an ASX Announcement
dated 4 April 2016 (see ASX Announcement 4 April 2016
“Caravel Maiden JORC Resource”, www.caravelminerals.
com.au and www.asx.com.au). The Company confirms
that it is not aware of any new information or data
that materially affects the information included in the
original market announcement and that all material
assumptions and technical parameters underpinning the
Opie Deposit Mineral Resource estimates in the relevant
market announcement continue to apply and have not
materially changed. The Company confirms that the form
and context in which the Competent Person’s findings are
represented have not been materially modified from the
original market announcement.
The information in this report that relates to
Metallurgical Test Work Results is based on and fairly
represents information and test work managed by Mr
Stuart Smith (consultant to Caravel Minerals Limited).
Mr Smith is a Fellow of the Australian Institute of
Mining and Metallurgy and has sufficient experience
of relevance for management and interpretation of
test work activities undertaken so as to qualify as a
Table 4: Tenement Schedule at 30 June 2022
Project
Tenement
Status
Date Granted Date Expires
Interest
6/03/2007
5/03/2022
100%
15/11/2010
14/11/2022
100%
23/11/2009
22/11/2021
100%
6/11/2019
5/11/2024
100%
6/11/2019
5/11/2024
100%
17/01/2020
16/01/2023
80%
12/05/2021
11/05/2024
100%
12/10/2020
11/10/2025
100%
3/06/2020
2/06/2025
100%
9/07/2020
8/07/2025
100%
21/01/2021
20/01/2026
100%
23/02/2021
22/02/2026
100%
11/05/2021
10/05/2026
100%
5/01/2021
4/01/2026
0%
22/01/2021
21/01/2026
100%
5/03/2021
4/03/2026
0%
9/04/2021
8/04/2026
100%
21/04/2021
20/04/2026
100%
4/02/2022
3/02/2027
100%
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Live
Pending
Pending
Pending
Caravel Copper Project
E70/2788
E70/3674
E70/3680
E70/5228
E70/5229
R70/0060
R70/0063
E70/5586**
Dalwallinu
E70/5400
E70/5417*****
E70/5511
E70/5512
E70/5673
E70/5462
E70/5506
E70/5542
E70/5596
E70/5731
E70/5964
E70/6125
E70/6126
E70/2338
Toolbrunup***
Brookton
Congellin****
Moodiarup
Gillingarra
Bruce Rock
Mukinbudin
Burakin
Mt William*
* Caravel can Earn a 51% Interest Once Tenement Granted
** E/70/5586 Acquired from Tashmont Minerals
*** E70/5462 Toolbrunup Surrendered 10/12/2021
**** E70/5542 Congellin Surrendered 6/05/2022
***** E70/5417 Dalwallinu Surrendered 7/07/2022
****** E70/6125 & E70/6126 Under Application
14
15
caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV 2022 ANNUAL
FINANCIAL REPORT
Caravel Minerals Ltd
ACN 120 069 089
Directors’ Report
30 June 2022
The Directors of Caravel Minerals Limited (the “Company” or “Caravel”) present their report on the consolidated entity (the
“Group”) consisting of Caravel Minerals Limited and its subsidiaries for the year ended 30 June 2022.
Directors
Qualifications, Experience and Special Responsibilities of Directors
Wayne Trumble - Chairman
A senior executive with 35 years of specific industry expertise in mining, electricity, investment and construction. Mr
Trumble currently consults as Energy Manager for Newmont Mining managing the supply of energy to the Newmont operations at
Boddington and Tanami.
For the twelve years to 2013, Mr Trumble was the Executive General Manager of Griffin Power Pty Ltd, reporting to the Board of
the Griffin Group, where he led Griffin’s move from fuel supplier to electricity generator. Mr Trumble led the team responsible for
preparation of strategy and the development, execution and operation of Griffin’s $1.2 billion Bluewaters coal fired project,
providing 436 MW of base load power in Western Australia.
Other current directorships
None
Former directorships in the last three years
None
Special responsibilities
Chairman
Member of Remuneration Committee
Interests in shares and options
420,000 shares
287,908 options
Stephen Abbott - Managing Director
A highly regarded mining executive with more than 25 years’ experience in senior international and resource sector roles. Mr
Abbott has proven technical and management experience at senior levels across exploration, mining, processing, metallurgy,
maintenance, smelting, refining, infrastructure, approvals and stakeholder engagement.
Prior to Caravel, Mr Abbott worked as General Manager Iron Ore and Industrial Minerals for BC Iron and General Manager Business
Development for Gindalbie Minerals.
Earlier in his career, Mr Abbott spent eight years at Western Mining Corporation where he held various mechanical engineer and
metallurgist roles culminating in a period as smelter superintendent at Olympic Dam.
Mr Abbott holds a Bachelor of Engineering from Curtin University of Technology as well as a Post Graduate Diploma in Metallurgy
and he attained an MBA from La Trobe University. He completed a diploma at Australian Institute of Company Directors.
Other current directorships
Nil
Special responsibilities
Managing Director
Former directorships in the last three years
None
Interests in shares and options
5,742,002 shares
2,303,262 options
Alasdair Cooke - Executive Director
Alasdair Cooke has over 30-years of experience in the mining industry with 20 years managing public resource companies. Alasdair
is a qualified geologist with a track record of successful exploration and project development. He is a founding partner of Perth-
based investment and technical services company Mitchell River Group (MRG). MRG has established a number of successful mining
projects including greenfield mines in Australia, Africa and South America. Mr Cooke is the Chairman of African Energy Resources
and a Director of EVE Investments.
Alasdair is a substantial shareholder of Caravel Minerals.
Other current directorships
EVE Health Group Limited
Alma Metals Limited
Special responsibilities
Executive Director
Former directorships in the last three years
Anova Metals Limited (retired 8 May 2020)
Interests in shares and options
31,483,117 shares
2,303,262 options
16
1
17
caravelminerals.com.au Annual Report 2022
Directors’ Report
30 June 2022
Richard Monti – Non-Executive Director
Mr Monti has a successful thirty-five year career in the international mineral resource industry and brings to Caravel broad project
development and corporate experience. Mr Monti is currently on the board of ASX listed companies Alto Metals Limited, Zinc of
Ireland Limited and Boab Metals Limited and is the principal of Terracognita supplying technical, commercial and corporate advice
to resource industry companies.
Other current directorships
Alto Metals Limited
Zinc of Ireland Limited
Boab Metals Limited (formerly Pacifico Metals Limited)
Former directorships in the last three years
Black Dragon Gold Limited (resigned 11 August 2021)
Special responsibilities
Chairman of Remuneration Committee
Interests in shares and options
2,300,000 shares
143,954 options
Daniel Davis – CFO and Company Secretary
Daniel is a qualified accountant who has fifteen years-experience in senior accounting and corporate roles for resources businesses
in all stages from exploration to development, construction and mining. In addition to his role with Caravel, he is the current
company secretary of ASX-listed companies Alma Metals, and has previously held finance roles with Albidon and Energy Ventures.
Principal Activities
The principal activities of the group during the financial year were the exploration of mineral tenements in Western Australia
(“WA”).
Dividends
Directors’ Report
30 June 2022
Movements in Company’s share capital
On 9 July 2021, 625,000 options were exercised at a strike price of 8 cents to raise $50,000.
On 20 September 2021, 11,200,000 options were exercised at a strike price of 8 cents to raise $896,000.
On 31 October 2021, 250,000 options were exercised at a strike price of 10 cents to raise $25,000.
On 31 May 2022, the Company issued 7,122,197 ordinary shares at 24 cents per share upon completion of a pro-rata rights issue,
raising $1,709,329 before costs.
On 29 June 2022, 3,215,100 options were exercised at a strike price of 8 cents to raise $257,208.
Business Strategies and Prospects
The group currently has the following business strategies and prospects over the medium to long term:
Seek to maximise the value of the group through successful exploration activities;
(i)
(ii) Develop the Caravel Copper Project;
(iii) Selectively expand the group’s portfolio of exploration assets; and
(iv) Examine other new business development opportunities in the mining and resources sector.
Significant Changes in the State of Affairs
None.
Matters subsequent to the end of the financial year
No dividends have been declared, provided for or paid in respect of the year ended 30 June 2022 (30 June 2021: nil)
- On 1 July 2022 the Company issued 2,533,589 options under its Employee Incentive Plan at an exercise price of 30 cents per
Review of Operations
The past 12 months have seen Caravel Minerals complete a significant Pre-Feasibility Study work program and deliver important
milestones to advance the large-scale, long-life Caravel Copper Project. The delivery of a Pre-feasibility Study and a maiden Ore
Reserve Estimate for the project in July 2022 continues to demonstrate the Caravel Copper Project is a robust and executable project
capable of near-term development.
The Pre-feasibility Study is based on the Bindi and Dasher deposits which make up only 6km of a 30km mineralised system within
the Caravel tenement package. There remains clear and substantial upside for resource growth with several deposits having
demonstrated good mineralisation based on limited drilling to date.
In November 2022, an updated Mineral Resource was announced which incorporated results from Reverse Circulation percussion
and diamond drilling at the Bindi deposit. This was on the back of 7,740m diamond and 20,233m RC percussion drilling aiming to
better delineate the grade and distribution of copper-molybdenum mineralisation in the Bindi Hinge Zone and Bindi East Limb which
are the first areas to be mined.
The drilling at Bindi was aimed at improving confidence within planned starter pits which was achieved with results showing shallow
mineralisation at similar or higher grades to previous drilling. Diamond drilling also provided core material which will be used for
metallurgical test work and geotechnical analysis as part of a Definitive Feasibility Study.
Caravel completed a Share Placement and entitlement issue to Shareholders during the year to complete feasibility and
optimisation studies and continue critical path activities for the Caravel Project.
Caravel has a strong management team that was further bolstered during the year with the appointments of Mining Manager Jason
Vos, Approvals Manager Michael Klvac and Don Hyma as an advisor to our Board, providing guidance on our project implementation
strategy.
Corporate and Financial Position
The group’s net loss from operations for the year was $14,435,952 (2021: $11,201,272).
At 30 June 2022, the group had net current assets of $1,458,338 (2021: $11,940,426). The Directors believe there are sufficient
funds to meet the Group’s working capital requirements and as at the date of this report the Group believes it can meet all liabilities
as and when they fall due.
This report is prepared on the going concern basis which assumes the continuity of normal business activity and the realisation of
assets and settlement of liabilities in the normal course of business.
The Directors have reviewed the business outlook and the assets and liabilities of the Group and are of the opinion that the going
concern basis of accounting is appropriate as they believe the Group will continue to be successful in securing additional funds
through equity issues as and when the need to raise funds arises.
2
18
share, expiring on 30 June 2023.
- On 12 July 2022, the Company announced the completion of the Caravel Copper Project Pre-feasibility Study upon which
2,303,262 KMP options and 863,723 employee options vested. The options are exercisable at 30 cents, expiring on 30 June
2023.
- On 9 August 2022 the Company issued 100,100 shares at $0.17 per share as consideration for consulting services.
- On 9 August 2022 the Company completed a share placement of 14,705,883 shares at $0.17 per share, raising proceeds of
$2,500,000.
- On 28 September 2022, the Company completed a share placement to Alasdair Cooke, a director, of 2,941,176 shares at
$0.17 per share, raising proceeds of $500,000. The issue of these shares was approved by shareholders at a shareholder
meeting held on 20 September 2022.
- On 28 September, the Company issued 1,250,000 shares to Richard Monti, a director, on the conversion of 1,250,000
options at $0.08 per option.
No other matter or circumstance has arisen since 30 June 2022 that has significantly affected, or may significantly affect the entity's
operations, the results of those operations, or the entity's state of affairs in future financial years.
Environmental Regulation and Performance
The group’s operations are subject to various environmental laws and regulations under the relevant government’s legislation. Full
compliance with these laws and regulations is regarded as a minimum standard for all operations to achieve.
Instances of environmental non-compliance by an operation are identified either by external compliance audits or inspections by
relevant government authorities. There have been no significant known breaches by the group during the financial period.
Likely Developments and Expected Results
It is the Board's current intention that the group will seek to progress exploration on current projects. The group will also continue
to examine new opportunities in the mining and resources sector where appropriate.
These activities are inherently risky and there can be no certainty that the group will be able to successfully achieve the objectives.
The directors are uncertain of the duration of the COVID-19 pandemic and of the potential consequential impact that may flow
through to the Group’s future operating costs and exploration activities. The directors believe there are reasonable prospects the
Group can continue operations through the COVID-19 pandemic and are committed to the long term development and growth of
the Company on behalf of its shareholders, employees and the communities in which it operates.
3
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Directors’ Report
30 June 2022
Greenhouse Gas and Energy Data Reporting Requirements
The Directors have considered compliance with the National Greenhouse and Energy Reporting Act 2007 which requires entities to
report annual greenhouse gas emissions and energy use. The directors have assessed that there are no current reporting
requirements, but may be required to do so in the future.
Meetings of Directors
The following table sets out the number of meetings of the Company's directors held during the year ended 30 June 2022, and the
number of meetings attended by each director.
Board Meetings
Number Eligible
to attend
6
Board
Meetings
Number
attended
6
Remuneration
Committee Meetings
Number Eligible
to attend
-
Remuneration
Committee Meetings
Number
attended
-
6
6
6
6
6
6
-
-
-
-
-
-
Wayne Trumble
Richard Monti
Stephen Abbott
Alasdair Cooke
Insurance of Officers and Auditors
During or since the end of the financial year the Company has given an indemnity or entered into an agreement to indemnify, or
paid or agreed to pay insurance premiums as follows:
The Company has paid premiums to insure each of the directors against liabilities for costs and expenses incurred by them in
defending any legal proceedings arising out of their conduct while acting in the capacity of director of the Company, other than
conduct involving a wilful breach of duty in relation to the Company. The amount of the premium is $34,213 (2021: $17,161)
exclusive of GST.
Share Options on Issue at the Date of this Report
Unissued shares
At the date of this report, the unissued ordinary shares of Caravel Minerals Limited under option are as follows:
Number of unlisted
options
1,250,000
2,000,000
15,575,811
1,727,447
20,553,258
Exercise price
($)
0.08
0.30
0.30
0.75
Expiry Date
30/09/2022
3/03/2024
30/06/2023
31/05/2023
Option holders do not have any right, by virtue of the option, to participate in any share issue of the Company or any related body
corporate.
Shares issued as a result of the exercise of options
During the financial year, employees and executives exercised 15,290,100 options to acquire ordinary shares at an average weighted
average price of 8.03 cents per option.
Non-Audit Services
There were no non-audit services provided during the year by the auditor, BDO Audit (WA) Pty Ltd.
Auditor’s Independence Declaration
The auditor’s independence declaration is on page 9 of the Annual Financial Report.
Directors’ Report
30 June 2022
Remuneration Report
(Audited)
This Remuneration Report outlines the director and executive remuneration arrangements of the Company in accordance with the
requirements of the Corporations Act 2001 and its Regulations. For the purposes of this report Key Management Personnel (KMP)
of the Group are defined as those persons having the authority and responsibility for planning, directing and controlling the major
activities of the Group, directly or indirectly, including any director (whether executive or otherwise) of the Group. Based on this
definition the KMP for the year ended 30 June 2022 of Caravel Minerals Limited are the directors of the Company.
Details of Key Management Personnel
Directors
Wayne Trumble
Richard Monti
Stephen Abbott
Alasdair Cooke
Non-Executive Chairman
Non-Executive Director
Managing Director
Executive Director
There were no changes in KMP after the reporting date and before the date the annual financial report was authorised for issue.
Remuneration and Performance
The remuneration is a mix of fixed and variable pay, and a blend of short and long-term incentives linked to performance.
The following table shows key performance indicators for the Group over the last five years:
2020
2021
2022
2019
2018
Loss for the year attributable to owners (A$)
Basic loss per share (cents)
Dividend payments
Dividend payment ratio (%)
Increase / (decrease) in share price (%)
Total KMP incentives as percentage of loss for
the year (%)
(14,435,952)
(3.72)
-
-
(60.9)
(11,201,272)
(3.89)
-
-
820.0
(1,118,461)
(0.58)
-
-
6.8
(3,211,611)
(2.06)
-
-
(19.1)
(2,483,941)
(2.48)
-
-
20.9
3.45
7.94
15.45
2.84
-
Remuneration Philosophy
The performance of the Company depends upon the quality of its Directors and Executives. To prosper, the Company must attract,
motivate and retain highly skilled Directors and Executives.
To this end, the Company embodies the following principles in its remuneration framework:
•
•
Provide competitive rewards to attract high calibre executives; and
Link executive rewards to shareholder value.
Due to the early stage of development which the Company is in, shareholder wealth is directly affected by the Company share price,
as the Company is not in a position to pay dividends. By remunerating Directors and Executives in part by share based payments,
the Company aims to align the interests of Directors and Executives with Shareholder wealth, thus providing individual incentive to
perform and thereby improving overall Company performance and associated value.
As the Company has been incorporated since June 2006 and remains in the development stage of an inherently risky industry, the
remuneration policy does not currently take into account current or prior year earnings. Other than share based payments made
to the directors from time to time, there is no specific link to the Company’s performance and directors’ remuneration.
Remuneration structure
In accordance with best practice corporate governance, the structure of non-executive director and executive remuneration is
separate and distinct.
Non-executive director remuneration
Objective
The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract and retain directors
to the highest calibre, whilst incurring a cost which is acceptable to shareholders.
20
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Directors’ Report
30 June 2022
Structure
The Constitution and the ASX Listing Rules specify that the aggregate directors' fees payable to non-executive directors shall be
determined from time to time by a general meeting. An amount not exceeding the amount determined is then divided between
the directors as agreed. Shareholders’ have approved aggregate non-executive directors' fees payable of $300,000 per year.
The Board determines payments to the non-executive directors and reviews their remuneration annually, based on market practice,
duties and accountability. Independent external advice is sought when required. Cash fees for non-executive directors are not linked
to the performance of the Company or shareholder wealth.
All remuneration paid to Non-Executive Directors is valued at cost to the Company and expensed.
The remuneration of Non-Executive Directors for the years ended 30 June 2022 and 30 June 2021 is detailed below, within this
section.
Executive remuneration
Objective
The Company aims to reward executives (both directors and company executives) with a level and mix of remuneration
commensurate with their position and responsibilities within the Company and so as to:
•
•
•
Reward executives for Company performance;
Align the interest of executives with those of shareholders; and
Ensure total remuneration is competitive by market standards.
Structure
The remuneration policy for executives is to provide a fixed remuneration component and a specific equity related component. The
board believes that this remuneration policy is appropriate given the stage of development of the Company and the activities which
it undertakes and is appropriate in aligning director objectives with shareholder and business objectives.
The remuneration policy going forward in regard to setting the terms and conditions for the executive directors has been
developed by the board taking into account market conditions and comparable salary levels for companies of a similar size and
operating in similar sectors.
Fixed Remuneration
Objective
The level of fixed remuneration is set so as to provide a base level of remuneration.
Fixed remuneration is to be reviewed annually and the process consists of a review of company and individual performance, relevant
comparative remuneration in the market and internal policies and practices.
Structure
Executives are given the opportunity to receive their fixed remuneration in a variety of forms including cash and fringe benefits. It
is intended that the manner of payment chosen will be optimal for the recipient without creating undue cost for the Company.
The remuneration policy going forward in regard to setting the terms and conditions for the executive directors has been developed
by the board taking into account market conditions and comparable salary levels for companies of a similar size and operating in
similar sectors.
The remuneration of executives for the years ended 30 June 2022 and 30 June 2021 is detailed below, within this section.
Variable Remuneration
Objective
The objective of variable remuneration provided is to reward executives in a manner which aligns this element of remuneration
with the creation of shareholder wealth.
Mr Abbott was granted a bonus of $50,000 upon his appointment on 29 May 2019, payable upon securing funding for a definitive
feasibility study, if achieved by 30 September 2021. The bonus expired during the year ended 30 June 2022, as the performance
objective was not met.
Directors’ Report
30 June 2022
Structure
Variable remuneration may be delivered in the form of options, shares or cash bonus. No cash bonuses were granted or paid during
the year ended 30 June 2022.
Executives receive a superannuation guarantee contribution required by the government, which was 10% during the year ended 30
June 2022 (2021: 9.5%) and do not receive any other retirement benefit. Some individuals, however, may choose to sacrifice part
of their salary to increase payments towards superannuation.
Options Granted
No options were granted to Directors during the year ended 30 June 2022.
During the year ended 30 June 2022, 9,730,000 options were exercised by directors at an exercise price of 8 cents. The options
were fully expensed in prior years.
Employment Contracts
Executive Directors
The employment conditions of Managing Director, Mr Stephen Abbott, are formalised in a contract of employment. The total
current remuneration package as at 30 June 2022 was $7,800 per month inclusive of statutory superannuation with an additional
$1,500 per day for additional time worked.
The employment conditions of Executive Director, Mr Alasdair Cooke, are formalised in a contract of employment. The total
remuneration package from 1 July 2021 to the reporting date was $150,000 per annum with an additional $1,500 per day for
additional time worked. Notice of one month is required for either party to terminate the contract.
Key Management Personnel Remuneration
Short term
employee
benefits
Post-
employment
benefits
Share based
payments
%
Performance-
based
Total
Cash salary
Superannuation
Options
Key Management Personnel remuneration - 2022
Non-Executive Directors
Wayne Trumble
Richard Monti1
Executive Directors
Stephen Abbott
Alasdair Cooke
Total
60,000
88,250
248,250
223,600
620,100
6,000
4,800
-
-
-
-
10,800
248,972
248,972
497,944
-
-
50%
53%
44%
66,000
93,050
497,222
472,572
1,128,844
1 Director fees for Mr Richard Monti are paid to Greatcity Corporation Pty Ltd of which Mr Monti is a director.
Key Management Personnel remuneration - 2021
Non-Executive Directors
Wayne Trumble
Richard Monti1,2
Alexander Sundich2
Executive Directors
Stephen Abbott
Alasdair Cooke
Total
29,971
39,575
14,214
174,764
211,100
469,624
2,174
2,097
677
76,106
104,303
-
3,811
-
8,759
335,681
373,369
889,459
70%
71%
-
65%
64%
65%
108,251
145,975
14,891
514,256
584,469
1,367,842
1 Director fees for Mr Richard Monti are paid to Greatcity Corporation Pty Ltd of which Mr Monti is a director.
2 Mr Richard Monti was appointed on 18 August 2020; Mr Alexander Sundich resigned on 8 December 2020.
22
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Directors’ Report
30 June 2022
Additional Disclosures Relating to Key Management Personnel
Shareholding
The number of shares in the company held during the financial year by KMP of the consolidated entity, including their personally
related parties, is set out below:
Balance at
30/06/2021
Purchased
Exercise of
options
Disposed
Balance at
30/06/2022
Balance at
Reporting Date
Non-Executive Directors
Wayne Trumble
Richard Monti
Executive Directors
Stephen Abbott
Alasdair Cooke
Total
500,000
1,000,000
20,000
50,000
-
-
(100,000)
-
420,000
1,050,000
420,000
2,300,000
957,144
23,176,358
25,633,502
84,858
1,258,819
1,413,677
5,000,000
4,730,000
9,730,000
(300,000)
-
(400,000)
5,742,002
29,165,177
36,377,179
5,742,002
31,483,117
39,945,119
The fair value of options exercised during the year is $297,613. All options were exercised at $0.08 per option, contributing $778,400
to the share capital.
Option holding
The number of options over ordinary shares in the company held during the financial year by KMP of the consolidated entity,
including related parties, is set out below:
Balance at
30/06/2021
Issued as
remuneration
during the
year
Expired
During the
Year
Exercised
During the
Year
Balance at
30/06/2022
Vested and
exercisable
Maximum
value yet to
vest ($)
Non-Executive
Directors
Wayne Trumble
Richard Monti
Executive Directors
Stephen Abbott
Alasdair Cooke
Total
287,908
1,393,954
10,303,262
7,033,262
19,018,386
Use of Remuneration Consultants
-
-
-
-
-
-
-
-
-
287,908
1,393,954
287,908
1,393,954
(3,000,000)
-
(3,000,000)
(5,000,000)
(4,730,000)
(9,730,000)
2,303,262
2,303,262
6,288,386
1,151,631
1,151,631
3,985,124
-
-
8,698
8,698
17,396
The company did not use the services of any remuneration consultants during the year.
Voting and comments made at the Company’s 2021 Annual General Meeting
At the Annual General Meeting held on 25 November 2021 the company’s shareholders did not record a vote of more than 25%
against the Remuneration Report and no questions were raised at the meeting in relation to the Remuneration Report.
Transactions with key management personnel
The following transactions with related parties took place during the year ended 30 June 2022:
- $527,074 (2021: $221,756) was paid or payable to Mitchell River Group, of which Mr Alasdair Cooke is a part owner, for provision
of serviced offices and geological consultancy. The unpaid amount due to Mitchell River Group at 30 June 2022 was $54,316 (30
June 2021: nil).
The value of KMP options yet to vest at 30 June 2022 is $17,396. No loans to key management personnel were provided during the
period or up to the date of signing this report.
END OF AUDITED REMUNERATION REPORT
Signed in accordance with a resolution of the directors.
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
DECLARATION OF INDEPENDENCE BY DEAN JUST TO THE DIRECTORS OF CARAVEL MINERALS LIMITED
As lead auditor of Caravel Minerals Limited for the year ended 30 June 2022, I declare that, to the best
of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
This declaration is in respect of Caravel Minerals Limited and the entities it controlled during the
period.
Dean Just
Director
BDO Audit (WA) Pty Ltd
Perth
29 September 2022
Stephen Abbott
Managing Director
29 September 2022
24
8
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia
Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability
limited by a scheme approved under Professional Standards Legislation.
25
caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2022
Consolidated Statement of Financial Position
As at 30 June 2022
Other Income
Administration services
Employee expenses
Share based payments expense
Exploration expenses
Loss from continuing operations before income tax expense
Income tax expense
Loss from continuing operations
Loss for the year
FVOCI loss
Comprehensive loss attributable to the shareholders of the Company
Comprehensive loss attributable to the shareholders of the Company arises from:
Basic and diluted loss per share (cents per share) for continuing operations
attributable to the shareholders of the Company
Basic and diluted loss per share (cents per share) attributable to the
shareholders of the Company
Note
3.1
3.2
3.2
7.7
3.4
2022
$
89,332
(860,685)
(1,725,693)
(1,090,679)
(10,848,227)
(14,435,952)
-
(14,435,952)
(14,435,952)
(30,250)
(14,466,202)
2021
$
108,626
(406,122)
(584,258)
(2,377,324)
(7,942,194)
(11,201,272)
-
(11,201,272)
(11,201,272)
-
(11,201,272)
3.5
3.5
(3.72)
(3.72)
(3.89)
(3.89)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the
accompanying notes.
Assets
Current assets
Cash and cash equivalents
Trade and other receivables
Other current assets
Total current assets
Non-current assets
Exploration and evaluation expenditure
Property, plant and equipment
Financial Assets at FVOCI
Total non-current assets
Total assets
Liabilities
Current liabilities
Trade & other payables
Total current liabilities
Total liabilities
Net assets
Equity
Share capital
Accumulated loss
Reserves
Total equity attributable to shareholders of the Company
Note
2022
$
2021
$
4.1
4.3
2.1
2.2
2.3
4.4
5.1
2,448,419
205,670
5,833
2,659,922
3,107,811
186,384
35,750
3,329,945
5,989,867
1,201,584
1,201,584
1,201,584
4,788,283
13,249,063
363,849
9,266
13,622,178
3,107,811
206,859
-
3,314,670
16,936,848
1,681,752
1,681,752
1,681,752
15,255,096
69,547,987
(68,880,727)
4,121,023
4,788,283
66,639,277
(54,444,775)
3,060,594
15,255,096
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
26
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2022
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2022
Contributed
equity
Accumulated
losses
Share-Based
Payments
Reserve
$
66,639,277
-
-
-
$
(54,444,775)
(14,435,952)
-
(14,435,952)
2,908,710
-
2,908,710
69,547,987
-
-
-
(68,880,727)
46,146,487
-
-
(45,970,841)
(11,201,272)
(11,201,272)
$
3,060,594
-
-
-
-
1,090,679
1,090,679
4,151,273
3,231,008
-
-
20,492,790
-
20,492,790
-
66,639,277
-
-
-
2,727,338
(54,444,775)
-
2,556,924
2,556,924
(2,727,338)
3,060,594
Other
Comprehensive
Income Reserve
(FVOCI)
$
-
-
(30,250)
(30,250)
-
-
-
(30,250)
-
-
-
-
-
-
-
-
Total
equity
$
15,255,096
(14,435,952)
(30,250)
(14,466,202)
2,908,710
1,090,679
3,999, 389
4,788,283
3,406,654
(11,201,272)
(11,201,272)
20,492,790
2,556,924
23,049,714
-
15,255,096
At 30 June 2021
Loss for the year
Financial assets at FVOCI
Total comprehensive loss for the year
Transactions with owners in their
capacity as owners:
Issue of new shares net of cost
Share-based payments
Total
At 30 June 2022
At 30 June 2020
Loss for the year
Total comprehensive loss for the year
Transactions with owners in their
capacity as owners:
Issue of new shares net of cost
Share-based payments
Total
Reclassification within equity
At 30 June 2021
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
Cash flows from operating activities
Interest received
Government grants
Payments to suppliers and employees
Payments for exploration and evaluation expenditure
Net cash (outflow) from operating activities
Cash flows from investing activities
(Payments)/proceeds for property, plant and equipment
Net cash (outflow) from investing activities
Cash flows from financing activities
Proceeds from issue of shares
Share issue costs
Net cash inflow from financing activities
Cash and cash equivalents at the beginning of the year
Net increase in cash and cash equivalents
Cash and cash equivalents at the end of the year
Note
2022
$
2021
$
52
29,280
(2,302,629)
(11,391,856)
(13,665,153)
179
108,447
(501,104)
(6,929,613)
(7,322,091)
(44,201)
(44,201)
(114,427)
(114,427)
2,937,537
(28,827)
2,908,710
13,249,063
(10,800,644)
2,448,419
21,835,098
(1,381,367)
20,453,731
231,850
13,017,213
13,249,063
4.2
5.2
5.2
4.1
4.1
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
28
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
1. Basis of preparation
The annual report of Caravel Minerals Limited for the year ended 30 June 2022 was authorised for issue in accordance with a
resolution of the directors on 29 September 2022.
1.1. Statement of Compliance
These financial statements are general purpose financial statements which have been prepared in accordance with the
requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements
of the Australian Accounting Standards Board.
Caravel Minerals Limited is a for-profit entity for the purpose of preparing the financial statements.
1.2. Basis of Measurement
The financial report has been prepared on a historical cost basis.
1.3. Functional and Presentation Currency
The financial report is presented in Australian dollars.
1.4. Compliance with IFRS
These financial statements comply with Australian Accounting Standards as issued by the Australian Accounting
Standards Board and International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board.
1.5. Principles of consolidation
The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Caravel Minerals Limited
(‘company’ or ‘parent entity’) as at 30 June 2022 and the results of all subsidiaries for the year then ended. Caravel
Minerals Limited and its subsidiaries together are referred to in this financial report as the group or the consolidated
entity.
Subsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls an
entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the consolidated entity. They are de-consolidated from
the date that control ceases.
A list of controlled entities is contained in note 6.1.1 to the financial statements.
Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated.
Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset
transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the
policies adopted by the group.
The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership
interest, without the loss of control, is accounted for as an equity transaction, where the difference between the
consideration transferred and the book value of the share of the non-controlling interest acquired is recognised directly
in equity attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown separately in the statement of profit or loss
and other comprehensive income, statement of financial position and statement of changes in equity of the consolidated
entity. Losses incurred by the consolidated entity are attributed to the non-controlling interest in full, even if that results
in a deficit balance.
Where the consolidated entity loses control over a subsidiary, it derecognises the assets including goodwill, liabilities
and non-controlling interest in the subsidiary together with any cumulative translation differences recognised in equity.
The consolidated entity recognises the fair value of the consideration received and the fair value of any investment
retained together with any gain or loss in profit or loss.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
1.6. Going Concern
This report is prepared on the going concern basis which assumes the continuity of normal business activity and the
realisation of assets and settlement of liabilities in the normal course of business.
The financial statements for the year ended 30 June 2022 have been prepared on the basis that the group is a going
concern and therefore, contemplates the continuity of normal business activity, realisation of assets and settlement of
liabilities in the normal course of business.
During the year the group recorded a net loss after tax of $14,435,952 (2021: $11,201,272) and had net cash outflows
from operating activities of $13,665,153 (2021: 7,322,091). At balance date the group has working capital of $1,458,338
(2021: $11,940,426).
The Group’s ability to continue as a going concern is principally dependent upon its ability to secure funds by raising
capital from equity markets or by other means, and by managing cash flows in line with available funds, and/or the
successful development of its explorations assets.
These conditions indicate a material uncertainty that may cast significant doubt about the entity’s ability to continue as
a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course
of business.
The Directors are confident of the ability of the Company to potentially raise capital as and when needed. The Directors
are satisfied there are sufficient funds to meet the Group’s working capital requirements as at the date of this report.
The Directors have reviewed the business outlook and the assets and liabilities of the Group and are of the opinion that
the going concern basis of accounting is appropriate as they believe the Group will continue to be successful in securing
the additional funds as and when the need to raise funds arises.
Should the entity not be able to continue as a going concern it may be required to realise its assets and discharge its
liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial
statements. The financial report does not include any adjustments relating to the recoverability or classification of
recorded asset amounts, nor the amounts or classification of liabilities that might be necessary should the Group not be
able to continue as a going concern.
1.7. Significant Accounting Judgements, Estimates and Assumptions
The preparation of the financial statements requires management to make judgements, estimates and assumptions that
affect the reported amounts in the financial statements. Management continually evaluates its judgements and
estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements
and estimates on historical experience and on other various factors it believes to be reasonable under the circumstances,
the results of which form the basis of the carrying values of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates under different assumptions and conditions.
Management has identified the following critical accounting policies for which significant judgements, estimates and
assumptions are made. Actual results may differ from these estimates under different assumptions and conditions and
may materially affect financial results or the financial position reported in future periods.
Further details of the nature of these assumptions and conditions may be found in the relevant notes to the financial
statements.
Significant accounting judgements
The determination of mineral resources impacts the accounting for asset carrying values. Caravel Minerals Limited
estimates its mineral resources in accordance with the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves 2012 (the ‘JORC’ Code). The information on mineral resources was prepared by or under
the supervision of Competent Persons as defined in the JORC Code. The amounts presented are based on the mineral
resources determined under the JORC Code.
There are numerous uncertainties inherent in estimating mineral resources, and assumptions that are valid at the time
of estimation may change significantly when new information becomes available.
Significant accounting estimates and assumptions
Exploration and evaluation expenditure
Exploration and evaluation expenditure is assessed for impairment if sufficient data exists to determine technical
feasibility and commercial viability or facts and circumstances suggest that the carrying amount exceeds the recoverable
amount.
30
14
15
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
Exploration and evaluation expenditure is assessed for indicators of impairment in accordance with AASB 6 Exploration
for and Evaluation of Mineral Resources when any of the following facts and circumstances exist:
2.2. Property, Plant and Equipment
•
•
•
•
The term of exploration licence in the specific area of interest has expired during the reporting period or will
expire in the near future, and is not expected to be renewed;
Substantive expenditure on further exploration and/ or evaluation of mineral resources in the specific area are
not budgeted nor planned;
Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of
commercially viable quantities of mineral resources and the decision was made to discontinue such activities
in the specified area; or
Sufficient data exist to indicate that, although a development in the specific area is likely to proceed, the
carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful
development or by sale.
Where a potential impairment is indicated, an assessment is performed for each cash generating unit that is no larger
than the area of interest. The Group performs impairment testing in accordance with accounting policy note 2.3.
Judgement is applied when considering whether fact and circumstances as per above indicate that the exploration and
evaluation asset should be tested for impairment and no impairment indicators were noted during the year.
Share based payments
The consolidated entity measures the cost of equity-settled transactions with employees (including directors and
consultants) by reference to the fair value of the equity instruments at the date at which they are granted. The fair value
is determined by using either the Binomial or Black-Scholes model taking into account the terms and conditions upon
which the instruments were granted. The accounting estimates and assumptions relating to equity-settled share-based
payments would have no impact on the carrying amounts of assets and liabilities within the next annual reporting period
but may impact profit or loss and equity.
Coronavirus (COVID-19) pandemic
Judgement has been exercised in considering the impacts that the Coronavirus (COVID-19) pandemic has had, or may
have, on the company based on known information. This consideration extends to the nature of the products and
services offered, customers, supply chain, staffing and geographic regions in which the company operates. Other than
as addressed in specific notes, there does not currently appear to be either any significant impact upon the financial
statements or any significant uncertainties with respect to events or conditions which may impact the company
unfavourably as at the reporting date or subsequently as a result of the Coronavirus (COVID-19) pandemic.
2. Capital Expenditure
2.1. Exploration & Evaluation Expenditure
Caravel Mineral’s Copper Project is located 120kms from Perth in Western Australia’s Wheatbelt region. The potential
mining area is located on cleared agricultural freehold land and is well connected to existing infrastructure
including interconnected power, roads and highways, regional service towns and a range of export ports. Caravel’s
copper deposits form part of a regional copper-molybdenum-gold mineralised belt discovered in a previously
unexplored part of the Yilgarn Craton.
Exploration and evaluation costs are expensed as incurred as an operating cost of the Group. Costs related to the
acquisition of properties that contain mineral resources are capitalised and allocated separately to specific areas of
interest. These costs are capitalised until the viability of the area of interest is determined.
The Group has exploration costs carried forward in respect of areas of interest:
Property, Plant and Equipment are stated at historical cost less accumulated depreciation and any accumulated
impairment losses. Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and
the cost of the item can be measured reliably. All other repairs and maintenance are charged to the statement of profit
or loss and other comprehensive income during the financial period in which they are incurred.
Depreciation is calculated on either the straight-line basis or diminishing value basis over their useful lives to the Group
commencing from the time the asset is held ready for use. The depreciation rates used are as follows:
Buildings
Plant and equipment
Exploration equipment
Vehicles
Leasehold improvements
Computer equipment and software
Furniture and fittings
2.5%
25%-33%
25%-33%
25%-33%
25%-33%
30%-40%
15%-25%
The assets’ residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each
reporting date.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses
are included in the Statement of profit or loss and other comprehensive income.
Land and building - Cost
Accumulated depreciation
Net carrying amount
Computer equipment - Cost
Accumulated depreciation
Net carrying amount
Vehicles - Cost
Accumulated depreciation
Net carrying amount
Exploration equipment - Cost
Accumulated depreciation
Net carrying amount
Furniture and fittings – Cost
Accumulated depreciation
2022
$
2021
$
100,165
(30,315)
69,850
35,594
(13,843)
21,751
71,896
(66,782)
5,114
161,714
(78,711)
83,003
8,306
(1,640)
6,666
100,165
(22,481)
77,684
21,038
(6,152)
14,886
68,715
(58,345)
10,370
143,556
(39,637)
103,919
-
-
-
Areas of interest:
Caravel Copper Project
2022
$
3,107,811
2021
$
3,107,811
Total Property Plant and Equipment
Accumulated depreciation
Net carrying amount
377,675
(191,291)
186,384
333,474
(126,615)
206,859
The recoverability of the carrying amount of the exploration and evaluation assets is dependent on the successful
development and commercial exploitation, or alternatively the sale, of the respective areas of interest.
32
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17
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
2.3. Financial Assets at FVOCI
3.2. Expenses
Listed Investments at fair value
Movement in fair value of listed investments
Carrying amount at 30 June 2021
Additions
Movement in Fair Value of Financial Assets at FVOCI
Disposals
Carrying amount at 30 June 2022
30-Jun-22
$
30-Jun-21
$
35,750
35,750
-
-
Shares in
ASX: PUR*
$
-
66,000
(30,250)
-
35,750
During the year, the Company received 2,750,000 shares in Pursuit Resources (ASX: PUR) at a price of 2.4 cents per share
for a total of $66,000.
The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to
present fair value gains and losses on equity investments in the FVOCI reserve, there is no subsequent reclassification of
fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such
investments continue to be recognised in profit or loss as other income when the Group’s right to receive payments is
established.
2.4.
Impairment of assets
Caravel Minerals Limited conducts an annual internal review of asset values, which is used as a source of information to
assess for any indicators of impairment. External factors, such as changes in expected future processes, technology and
economic conditions, are also monitored to assess for indicators of impairment. If any indication of impairment exists,
an estimate of the asset’s recoverable amount is calculated.
An impairment loss is recognised for the amount by which the asset’s carrying value exceeds its recoverable amount.
Recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are
largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial
assets other than goodwill that suffered an impairment are tested for possible reversal of the impairment whenever
events or changes in circumstances indicate that the impairment may have reversed.
No impairment indicators were noted for the year ended 30 June 2022.
3. Financial Performance
3.1. Other Income
Government grants relating to costs are deferred and recognised in profit or loss over the period necessary to match
them with the costs that they are intended to compensate.
Other income is recognised to the extent that it is probable that economic benefits will flow to the Group and the income
can be reliably measured. Other income is measured at the fair value of the consideration received or receivable.
Other Income
Government Grants and rebates
Interest revenue
Other income
34
2022
$
2021
$
-
52
89,280
89,332
82,280
179
26,167
108,626
18
Administration services
Audit, tax and accounting
Compliance & insurance
Legal fees
Marketing
Occupancy
Depreciation
Travel
Other administration costs
Employee expenses
Directors Fees
Salaries and wages
Superannuation
Payroll Tax & Fringe Benefits Tax
3.3. Segment Information
2022
$
107,039
251,504
110,053
128,637
227,038
8,721
9,274
18,419
860,685
342,400
1,230,612
79,492
73,189
1,725,693
2021
$
62,833
100,561
30,286
50,100
152,218
3,560
6,564
-
406,122
282,307
269,124
19,057
13,770
584,258
Management has determined the operating segments based on the reports reviewed by the board of directors that are
used to make strategic decisions. The Group does not have any material operating segments with discrete financial
information. The Group does not have any customers and all its’ assets and liabilities are primarily related to the mining
industry and are located within Australia. The Board of Directors review internal management reports on a regular basis
that is consistent with the information provided in the statement of profit or loss and other comprehensive income,
statement of financial position and statement of cash flows. As a result no reconciliation is required because the
information as presented is what is used by the Board to make strategic decisions.
3.4.
Income Tax
The income tax expense for the period is the tax payable on the current period’s taxable income based on the national
income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary
differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements, and to
unused tax losses.
Deferred tax assets and liabilities are recognised for temporary differences at the tax rates expected to apply when the
assets are recovered or liabilities are settled, based on those tax rates which are enacted or substantively enacted for
each jurisdiction. The relevant tax rates are applied to the cumulative amounts of deductible and taxable temporary
differences to measure the deferred tax asset or liability. An exception is made for certain temporary differences arising
from the initial recognition of an asset or a liability. No deferred tax asset or liability is recognised in relation to these
temporary differences if they arose on goodwill or in a transaction, other than a business combination, that at the time
of the transaction did not affect either accounting profit or taxable profit or loss.
Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that
future taxable amounts will be available to utilise those temporary differences and losses.
The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it
is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset
to be utilised.
Unrecognised deferred income tax assets are reassessed at each reporting date and are recognised to the extent that it
has become probable that future taxable profit will allow the deferred tax asset to be recovered.
Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in
equity.
Deferred tax assets and deferred tax liabilities are offset only if a legally enforceable right exists to set off current tax
assets against tax liabilities and the deferred tax liabilities relate to the same taxable entity and the same taxation
authority.
Caravel Minerals Limited and its wholly-owned Australian controlled entities have implemented the tax consolidation
19
35
caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
legislation as of 1 July 2013. As a consequence, these entities are taxed as a single entity and the deferred tax assets and
liabilities of these entities are set off in the consolidated financial statements.
3.4.1. The major components of income tax are:
Current income tax
Deferred income tax
2022
$
2021
$
-
-
-
-
3.4.2. A reconciliation between tax expense and the product of accounting loss
Accounting loss before tax from continuing operations
Loss before income tax from discontinued operations
Accounting loss before income tax
2022
$
(14,435,952)
-
(14,435,952)
2021
$
(11,201,272)
-
(11,201,272)
At the Company’s statutory income tax rate of 25% (2021: 26%)
(3,608,988)
(2,912,331)
Add/(Deduct) tax effect of:
Non-deductible expenses
Share based payments
Non-assessable amounts
DTA not brought to account as their realisation is not probable
Income tax expense reported in the consolidated income statement
Income tax attributable to discontinued operations
15,090
272,670
-
3,321,228
-
-
-
-
3.4.3. Deferred tax liabilities @ 25% (2021: 25%) have not been recognised in respect of
Deferred tax liabilities @ 25% (2021: 25%) have not been recognised in
respect of
Exploration & Evaluation Expenditure
Prepayments
3.4.4. Deferred tax assets have not been recognised in respect of
Provisions and accruals
Business related costs
Carry forward revenue losses
Capital losses
2022
$
776,953
1,208
778,161
2022
$
41,457
221,964
17,862,084
220,458
18,345,963
744
618,104
(9,745)
2,303,228
-
-
-
-
2021
$
776,953
2,066
779,019
2021
$
55,945
334,704
14,442,319
220,458
15,053,426
20
36
3.5. Loss Per Share
Basic earnings per share is calculated by dividing the profit/loss attributable to equity holders of the Group, excluding
any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding
during the period, adjusted for bonus elements in ordinary shares issued during the period.
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account
the after tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the
weighted average number of shares assumed to have been issued for no consideration in relation to dilutive potential
ordinary shares.
The following reflects the income and share data used in the calculations of basic and diluted loss per share:
Gain (Loss) attributable to ordinary shareholders
Issued number of ordinary shares at 1 July
Effect of shares issued during the period
Weighted average number of shares for year to 30 June
2022
$
2021
$
(14,435,952)
(11,201,272)
377,775,017
10,114,776
387,889,793
197,172,692
91,095,352
288,268,044
Basic loss per share (cents per share)
(3.72)
(3.89)
As at reporting date, 18,019,669 (2021: 36,309,769) unlisted options (which represent potential ordinary shares) were
not dilutive as they would decrease the loss per share. Details of changes in share capital are disclosed in note 5.2.1.
Subsequent to the reporting date:
-
-
-
The Company completed a share placement of 17,239,472 shares at $0.17 per share, raising proceeds of $3,000,000.
The Company issued 100,100 shares at $0.17 per share as consideration for consulting services.
The Company also issued 2,533,589 options under its Employee Incentive Plan at an exercise price of 30 cents per
share, expiring on 30 June 2023.
The Company issued 1,250,000 shares to Richard Monti, a director, on the exercise of 1,250,000 options at $0.08 per
option.
-
There have been no other conversions to, calls of, or subscriptions for ordinary shares or issues of potential ordinary
shares since the reporting date and before the completion of this financial report.
4. Working Capital Management
4.1. Cash and Cash Equivalents
“Cash and cash equivalents” includes cash on hand, deposits held at call with financial institutions and other short-term
highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant
risk of changes in value. For the purposes of the statement of cash flows, cash and cash equivalents consist of cash and
cash equivalents as defined above, net of any bank overdrafts.
Cash at bank and in hand
Short-term deposits
2022
$
2,428,419
20,000
2,448,419
2021
$
13,229,063
20,000
13,249,063
21
37
caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
4.2. Reconciliation of Net Loss After Income Tax Expense to Net Cash Used In Operating Activities
5. Funding and risk management
Cash flows from operating activities
(Loss) for the year
Adjustments for:
Equity-settled share-based payment expenses
Depreciation and amortisation expense
Other income received in equity instruments
Change in operating assets & liabilities
(Increase) / decrease in receivables
Increase / (decrease) in payables
Net cash used in operating activities
2022
$
2021
$
(14,435,952)
(11,201,272)
1,090,679
64,676
(60,000)
155,612
(480,168)
(13,665,153)
2,377,324
37,093
-
(347,712)
1,812,476
(7,322,091)
Non-cash financing activities
During the year, the Company received 2,750,000 shares in Pursuit Resources (ASX: PUR) in settlement of an outstanding
receivable invoice of $66,000; of the total invoice, $60,000 was recognised in other income and $6,000 as payable Goods
and Services Tax (GST).
4.3. Trade and Other Receivables
Trade receivables are initially recognised and carried at original invoice amount less allowance for expected credit loss.
Trade receivables are due for settlement no more than 30 days from the date of recognition. A provision for impairment
is made based on a forward-looking expected credit loss model in line the requirements of AASB 9. Bad debts are written
off when identified.
Trade debtors
Net GST receivable
4.4. Trade and Other Payables
2022
$
1,391
204,279
205,670
2021
$
5,821
358,028
363,849
Trade and other payables are carried at amortised cost and represent liabilities for the goods and services provided to
the Group prior to the end of the financial period that are unpaid and arise when the Group becomes obliged to make
future payments in respect of the purchase of these goods and services. The amounts are unsecured and are usually paid
within 30 days.
Trade payables
Other payables
2022
$
567,400
634,184
1,201,584
2021
$
1,425,351
256,401
1,681,752
38
22
The Group's objectives when managing capital are to safeguard their ability to continue as a going concern, so that it can
continue to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure
to reduce the cost of capital.
Ordinary shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in the
proportion to the number and amount paid on the shares held. Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax,
from the proceeds. Incremental costs directly attributable to the issue of new shares or options for the acquisition of a
business are not included in the cost of the acquisition as part of the purchase consideration.
5.1. Contributed Equity
Ordinary shares are classified as equity. Issued and paid up capital is recognised at the fair value of the consideration
received by the Company.
Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds.
Contributed equity
Cost of share issue
5.2. Movement in shares on issue
2022
$
73,252,935
(3,704,948)
69,547,987
2021
$
70,315,399
(3,676,122)
66,639,277
Ordinary shares have the right to receive dividends as declared and, in the event of the winding up of the Company, to
participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on
shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company.
Issue price
$
Balance 30 June 2020
Share Placement
Share Placement
Share Placement
Share Placement
Share Placement
Option Conversion
Share Placement
Share Placement
Option Conversion
Share Placement
Option Conversion
Option Conversion
Share Placement
Less Transaction costs
Balance 30 June 2021
Option Conversion
Option Conversion
Option Conversion
Rights issue
Option Conversion
Less Transaction costs
Balance 30 June 2022
Date
21 Jul 2020
20 Aug 2020
11 Sep 2020
16 Oct 2020
27 Nov 2020
07 Jan 2021
08 Jan 2021
04 Mar 2021
04 Mar 2021
04 Mar 2021
17 Jun 2021
17 Jun 2021
21 Jun 2021
09 Jul 2021
20 Sep 2021
31 Oct 2021
31 May 2022
29 Jun 2022
Number of
shares
197,172,691
26,250,000
25,000,000
2,500,000
2,082,222
34,375,000
1,000,000
1,562,000
1,250,000
200,000
56,250,000
2,125,000
230,326
27,777,778
377,775,017
625,000
11,200,000
250,000
7,122,197
3,215,100
400,187,314
cents
4.0
4.0
4.0
4.5
8.0
8.0
8.0
8.0
8.0
16.0
8.0
30.0
27.0
8.0
8.2
10.0
24.0
8.0
46,146,487
1,050,000
1,000,000
100,000
93,700
2,750,000
80,000
124,960
100,000
16,000
9,000,000
170,000
69,098
7,500,000
(1,560,968)
66,639,277
50,000
896,000
25,000
1,709,329
257,208
(28,827)
69,547,987
23
39
caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
5.3. Movement in unlisted options
Outstanding at the beginning of the year
Issued during the year
Expired or lapsed during the year
Exercised during the year
Outstanding at the end of the year
Exercisable at the end of the year
5.4. Capital risk management
2022
Number
36,309,769
-
(3,000,000)
(15,290,100)
18,019,669
14,852,684
2021
Number
19,655,800
20,209,295
-
(3,555,326)
36,309,769
33,142,784
When managing capital, management’s objective is to ensure the entity continues as a going concern as well as to
maintain optimal returns to shareholders and benefits for other stakeholders.
Being at an exploration stage, the Company does not generate cash inflows from its operations to fund its exploration
and working capital requirements, therefore, the Company may issue shares to either generate cash for operations or
to acquire assets in order to maintain adequate levels of cash reserves.
During the financial year ended 30 June 2022, the Company issued 22,412,297 ordinary shares (2021: 180,602,326
ordinary shares).
The Company is not subject to any externally imposed capital requirements.
5.5. Financial risk management
The Group’s principal financial instruments comprise cash and short-term deposits.
The main purpose of these financial instruments is to fund capital expenditure on the Group’s operations. The Group has
various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its
operations. It is, and has been throughout the period under review, the Group’s policy that no trading in financial
instruments shall be undertaken. Being at an exploration stage, the Group has limited exposure to risks arising from its
financial instruments.
Currently the Group does not have any exposure to commodity price risk or foreign currency risk as the Group has ceased
operations in Spain. As the Group moves into development and production phases, exposure to commodity price risk,
foreign currency risk and credit risk are expected to increase. The Board will set appropriate policies to manage these
risks dependent on market conditions and requirements at that time.
5.5.1. Credit risk
Credit risk represents the loss that would be recognised if counterparties fail to perform as contracted. The Group’s
maximum exposure to credit risk at reporting date in relation to each class of financial asset is the carrying amount of
those assets as indicated in the statement of financial position. The majority of cash and cash equivalents is held with
one Australian Bank which has an AA- long-term credit rating from Standard and Poor’s.
Wherever possible, the Group trades only with recognised, credit worthy third parties. There are no significant
concentrations of credit risk within the Group. Since the Group trades only with recognised third parties, there is no
requirement for collateral.
5.5.2. Liquidity risk
Liquidity risk is the risk that the Group does not have sufficient funds to pay its debts as and when they become due and
payable. The Group currently does not have major funding in place. However the Group continuously monitors forecast
and actual cash flows and the maturity profiles of financial assets and financial liabilities to manage its liquidity risk.
The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans
if and when required.
Cash at bank and on hand, as set out in Note 4.1, is available for use by the Group without restrictions.
Financial liabilities of the Group at 30 June 2022 are expected to be settled within 6 months of year-end.
5.5.3. Market risk
(A) Price risk
The Group is not exposed to a material equity security price risk. The Group is not exposed to material commodity price
risk.
(B) Foreign currency risk
The group do not have any foreign currency balances and therefore is not exposed to any foreign currency risk.
(C)
Interest rate risk
The following tables summarise the sensitivity of the Group’s financial assets to interest rate risk. Had the relevant
variables, as illustrated in the tables, moved, with all other variables held constant, post tax loss and equity would have
been affected as shown. The analysis has been performed on the same basis for 2022 and 2021 and represents
management’s judgement of a reasonably possible movement.
30 June 2022
Cash and cash equivalents
30 June 2021
Cash and cash equivalents
Carrying
Amount
$
Interest Rate Risk -1%
Equity
Net Loss
$
$
Interest Rate Risk +1%
Equity
Net Gain
$
$
2,448,419
(24,484)
(24,484)
24,484
24,484
13,249,063
(132,491)
(132,491)
132,491
132,491
None of the Group’s financial liabilities are interest bearing. Unless otherwise stated, the carrying amounts of financial
instruments reflect their fair value.
5.6. Fair Value measurement
The fair value of financial assets and financial liabilities must be estimated for recognition and measurement or for
disclosure purposes.
The following tables detail the consolidated entity's assets and liabilities, measured or disclosed at fair value, using a
three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access
•
at the measurement date
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
•
either directly or indirectly
•
Level 3: Unobservable inputs for the asset or liability
30 June 2022
Financial assets at FVOCI
Total assets
30 June 2021
Financial assets at FVOCI
Total assets
Level 1
$
Level 2
$
Level 3
$
35,750
35,750
-
-
-
-
-
-
Total
$
35,750
35,750
-
-
-
-
-
-
There were no transfers between levels during the financial year.
40
24
25
41
caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
Accounting policy for fair value measurement
When an asset or liability, financial or non-financial, is measured at fair value for recognition or disclosure purposes, the
fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date; and assumes that the transaction will take place either: in the
principal market; or in the absence of a principal market, in the most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset or liability,
assuming they act in their economic best interests. For non-financial assets, the fair value measurement is based on its
highest and best use. Valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, are used, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
Assets and liabilities measured at fair value are classified, into three levels, using a fair value hierarchy that reflects the
significance of the inputs used in making the measurements. Classifications are reviewed at each reporting date and
transfers between levels are determined based on a reassessment of the lowest level of input that is significant to the
fair value measurement.
Fair value in active market (Level 1)
The fair value of financial assets and liabilities traded in active markets (such as publicly traded derivatives and listed
equity securities) are based on quoted market prices at the close of trading at the end of the reporting period without
any deduction for estimated future selling costs.
A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from
an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and
regularly occurring market transactions on an arm’s length basis.
Fair value in an inactive or unquoted market (Level 2 and Level 3)
The fair value of financial assets that are not traded in an active market is determined using valuation techniques. These
include the use of recent share price from capital raising and option pricing models that provides a reliable estimate of
prices obtained in actual market transactions.
For option pricing models, inputs are based on available market data. Fair values for unquoted equity investments are
estimated, using the latest share price from capital raising. Some of the inputs to these models may not be market
observable and are therefore estimated based on assumptions.
6. Group Structure
6.1. Basis of consolidation
6.1.1. Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity
when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability
to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the
date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.
Investments in subsidiaries are carried at their cost of acquisition in the Company’s financial statements.
The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in
accordance with the accounting policy described in note 1:
Name of entity
Country of
incorporation
Date of
incorporation
Equity holding
Equity holding
30-Jun-2022
30-Jun-2021
Quadrio Resources Pty Ltd
Australia
11-Jun-1985
100%
100%
Caravel Resources Netherlands Cooperatief U.A.
Netherlands
16-Jul-2012
99.999%
99.999%
6.1.2. Transactions eliminated on consolidation
Intragroup balances, and any unrealised gains and losses or income and expenses arising from intragroup transactions,
are eliminated in preparing the consolidated financial statements.
26
42
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
6.1.3. Comparatives
Prior period comparatives are for the year from 1 July 2020 to 30 June 2021.
6.2. Parent Entity Information
The following information relates to the parent entity, Caravel Minerals Limited. The information presented has been
prepared using accounting policies that are consistent with those presented in the Notes to the Financial Statements.
Current Assets
Non-Current Assets
Total Assets
Current Liabilities
Total Liabilities
Contributed equity
Accumulated losses
Reserves
Total Equity
Loss for the year
Other comprehensive loss for the year
Total comprehensive loss for the year
Caravel Minerals Limited has not issued any guarantees on behalf of subsidiaries.
7. Related Parties
7.1. Related Parties
2022
$
2,404,581
2,787,235
5,191,816
403,533
403,533
69,547,987
(68,880,728)
4,121,024
4,788,283
(14,435,952)
(30,250)
(14,466,202)
2021
$
13,007,838
2,608,502
15,616,340
361,244
361,244
66,639,277
(54,444,776)
3,060,595
15,255,096
(11,201,273)
-
(11,201,273)
Details relating to key management personnel, including remuneration paid, are included in the audited remuneration
report section of the directors’ report. The aggregate compensation made to directors and other members of key
management personnel of the consolidated entity is set out below:
Short term employee benefits
Post-employment benefits
Share based payments
Total compensation
7.2. Transactions with Other Related Parties
2022
$
620,100
10,800
497,944
1,128,844
2021
$
469,624
8,759
889,459
1,367,842
Transactions with other related parties during the year ended 30 June 2022 were as follows:
- $527,074 (2021: $221,756) was paid or payable to Mitchell River Group, of which Mr Alasdair Cooke is a part owner,
for provision of serviced offices and geological consultancy. A total of $54,316 was unpaid at 30 June 2022 (30 June 2021:
nil).
No options were granted to KMP during the year ended 30 June 2022.
During the year ended 30 June 2021 a total of 6,678,386 options were issued to KMP. Of these, 390,000 options were
granted to Alasdair Cooke in lieu of unpaid director fees for July 2021 and the remaining 6,288,386 options were granted
under the terms and conditions of the Caravel Employee Share Option Plan (the “Option Plan”). Total value of options
granted to KMP during the year is $1,420,296 of which $22,191 is the value of options issued in payment of directors’
fees and $1,398,105 is the value of options granted under the Option Plan. Details on terms and valuation of these
options are disclosed in note 7.5.
The value of KMP options yet to vest at 30 June 2022 was $17,396 (2021: $515,339).
No loans to key management personnel were provided during the period or up to the date of signing this report.
27
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
7.3. Share Based Payments
The Group provides benefits to Directors, employees, consultants and other advisors of the Group in the form of share-
based payments, whereby the Directors, employees, consultants and other advisors render services in exchange for
shares or rights over shares (equity-settled transactions).
The cost of these equity-settled transactions is measured by reference to the fair value of the equity instruments at the
date at which they are granted. The fair value is determined using a Black-Scholes model or fair value of services.
In valuing equity-settled transactions, no account is taken of any performance conditions, other than conditions linked
to the market price of the shares of the Company if applicable.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period
in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant recipient
becomes fully entitled to the award (the vesting period).
The cumulative expense recognised for equity-settled transactions at each reporting date until vesting date reflects (i)
the extent to which the vesting period has expired and (ii) the Company’s best estimate of the number of equity
instruments that will ultimately vest. No adjustment is made for the likelihood of market performance conditions being
met as the effect of these conditions is included in the determination of fair value at grant date. The statement of profit
or loss and other comprehensive income charge or credit for a period represents the movement in cumulative expense
recognised as at the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is only conditional
upon a market condition.
If the terms of an equity-settled award are modified, as a minimum an expense is recognised as if the terms had not
been modified. In addition, an expense is recognised for any modification that increases the total fair value of the share-
based payment arrangement, or is otherwise beneficial to the recipient, as measured at the date of modification.
If an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not
yet recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award
and designated as a replacement award on the date that it is granted, the cancelled and new award are treated as if they
were a modification of the original award, as described in the previous paragraph.
The dilutive effect, if any, of outstanding options is reflected as additional share dilution in the computation of loss per
share (see Note 3.5).
The effect of such an arrangement is equivalent to an option with a strike price per share equal to the share price on
grant date.
7.4. Employee Incentive Plan
Shareholders approved the establishment of the Caravel Employee Incentive Plan at the 2020 AGM.
The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of, and movements in,
share options granted as consideration for services provided to the Company during the year:
Outstanding at the beginning of the year
Granted during the year
Expired or lapsed during the year
Exercised during the year
Outstanding at the end of the year
Exercisable at the end of the year
2022
Number
36,309,769
-
(3,000,000)
(15,290,100)
18,019,669
14,852,684
2022
WAEP
0.20
-
0.08
0.08
0.33
0.33
2021
Number
19,655,800
20,209,295
-
(3,555,326)
36,309,769
33,142,784
2021
WAEP
0.08
0.27
-
0.09
0.20
0.20
Weighted average remaining contractual life of options at 30 June 2022: 1.02 years (2021: 1.19 years)
7.5. Option pricing model
Options are valued using the Black-Scholes Option Valuation model, which takes account of factors including the option
exercise price, the current level and volatility of the underlying share price, the risk-free interest rate, expected dividends
on the underlying share, current market price of the underlying share and the expected life of the option.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
No options were granted during the year ended 30 June 2022. See below for the assumptions used for grants made
during the year ended 30 June 2021:
Options issued during the year ended 30 June 2021
Date of issue
Number of options
Dividend yield (%)
Expected volatility (%)
Risk free interest rate (%)
Expected life of the option (years)
Option exercise price ($)
Share price at grant date ($)
Expiry date
Fair value per option ($)
Total value at grant date ($)
Vesting
Awarded to
Stephen Abbott
Alasdair Cooke
Wayne Trumble
Richard Monti
Alex Sundich
11/09/2020
390,000
-
104
0.24
1.80
0.080
0.100
30/06/2022
0.057
22,191
On issue
24/07/2020
69,300
-
104
0.24
1.93
0.080
0.035
30/06/2022
0.015
1,033
On issue
24/07/2020
1,250,000
-
104
0.24
1.93
0.080
0.041
30/06/2022
0.015
19,126
On issue
and service
period2
26/11/2020
1,250,000
-
104
0.24
1.84
0.080
0.095
30/09/2022
0.053
66,250
On issue
16/11/2020
250,000
-
104
0.24
1.87
0.100
0.094
30/09/2022
0.048
11,950
Service
period2
-
390,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,250,000
-
-
-
-
-
-
Options issued during the year ended 30 June 2021 (table continued)
Date of issue
Number of options
Dividend yield (%)
Expected volatility (%)
Risk free interest rate (%)
Expected life of the option (years)
Option exercise price ($)
Share price at grant date ($)
Expiry date
Fair value per option ($)
Total value at grant date ($)
Vesting
Awarded to
Stephen Abbott
Alasdair Cooke
Wayne Trumble
Richard Monti
Alex Sundich
4/03/2021
2,000,000
-
117
0.72
3.00
0.300
0.155
03/03/2024
0.090
179,600
23/03/2021
6,506,716
-
117
0.72
2.27
0.300
0.235
30/06/2023
0.135
879,708
On issue
On issue
18/05/2021
5,038,386
-
117
0.72
2.12
0.300
0.400
30/06/2023
0.264
1,331,855
1/06/2021
1,727,446
-
117
0.72
2.08
0.300
0.550
30/06/2023
0.393
678,680
On issue
and PFS
completion1
PFS
and service
period2
4/06/2021
1,727,447
-
117
0.72
1.99
0.750
0.550
31/05/2023
0.289
499,750
On issue
-
-
-
-
-
-
-
-
-
-
2,303,262
2,303,262
287,908
143,954
-
-
-
-
-
-
-
-
-
-
-
1 The Company has issued options that vest upon the completion of a pre-feasibility study on the Caravel Copper Project,
which was completed on 12 July 2022. The Options have an exercise price of 30 cents and expire on 30 June 2023.
Completion
2 Service period of 12 months.
44
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
8.3. Remuneration of Auditors
Amount received or due and receivable by the auditor for:
Auditing the financial statements, including audit review - current year audits
Total remuneration of auditors
2022
$
2021
$
49,598
49,598
40,332
40,332
8.4. New and revised accounting standards
Adoption of new and revised accounting standards
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Standards issued but not yet effective
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2022
The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and
Interpretations.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2022
7.6. Shares
No shares were issued during the year ended 30 June 2022 in exchange for services (2021: 3,644,222 issued to Orbit
Drilling in exchange for services), as follows:
- On 16 October 2020 the Company issued 2,082,222 shares at 4.5 cents per share to Orbit Drilling to settle $93,700 of
invoices for services received from the supplier.
- On 8 January 2021 the Company issued 1,562,000 shares at 8 cents per share to Orbit Drilling to settle $124,960 of
invoices for services received from the supplier.
7.7. Recognised share-based payment expense in profit or loss
Expense arising from employee options issued
Total share-based payments expensed in profit or loss
2022
$
1,090,679
1,090,679
2021
$
2,377,324
2,377,324
8. Other
8.1. Events occurring after the reporting period
-
-
-
-
-
-
On 1 July 2022 the Company issued 2,533,589 options under its Employee Incentive Plan at an exercise price of 30
cents per share, expiring on 30 June 2023.
On 12 July 2022, the Company announced the completion of the Caravel Copper Project Pre-feasibility Study upon
which 2,303,262 KMP options and 863,723 employee options vested. The options are exercisable at 30 cents,
expiring on 30 June 2023.
On 9 August 2022 the Company issued 100,100 shares at $0.17 per share as consideration for consulting services.
On 9 August the Company completed a share placement of 14,705,883 shares at $0.17 per share, raising proceeds
of $2,500,000.
On 28 September 2022, the Company completed a share placement to Alasdair Cooke, a director, of 2,941,176 shares
at $0.17 per share, raising proceeds of $500,000. The issue of these shares was approved by shareholders at a
shareholder meeting held on 20 September 2022.
On 28 September, the Company issued 1,250,000 shares to Richard Monti, a director, on the conversion of 1,250,000
options at $0.08 per option.
Other than the matters above, at the date of this report there are no other matters or circumstances which have arisen
since 30 June 2022 that have significantly affected or may significantly affect:
•
•
the operations, in financial years subsequent to 30 June 2022, of the Group;
the results of those operations, in financial years subsequent to 30 June 2022, of the Group.
8.2. Commitments and Contingencies
The Company has certain obligations to perform minimum exploration work on the tenements in which it has an interest.
These obligations vary from time to time. The aggregate of the prescribed expenditure conditions applicable to the
granted tenements for the next twelve months amounts to $661,000.
Application for exemption from all or some of the prescribed expenditure conditions will be made but no assurance is
given that any such application will be granted. Nevertheless, the Company is optimistic, given its level of expenditure in
the North Perth Basin, that it would likely be granted exemptions, on a project basis, in respect of the prescribed
expenditure conditions applicable to many of its North Perth Basin tenements.
If the prescribed expenditure conditions are not met with respect to a tenement, that tenement is liable to forfeiture.
The Company has the ability to diminish its exposure under these conditions through the application of a variety of
techniques including applying for exemptions (from the regulatory expenditure obligations), surrendering tenements,
relinquishing portions of tenements or entering into farm-out agreements whereby third parties bear the burdens of
such obligation in whole or in part.
As at 30 June 2022 Caravel Minerals Limited has no contingent liabilities (2021: nil).
46
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Directors Declaration
In accordance with a resolution of the directors of Caravel Minerals Limited, I state that:
(1)
In the opinion of the directors:
(a)
the financial statements, notes and the additional disclosures included in the directors’ report designated as audited, of
the Group are in accordance with the Corporations Act 2001 including:
(i)
(ii)
giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its performance for the
period ended on that date; and
complying with Accounting Standards, the Corporations Regulations 2001 and other
mandatory professional reporting requirements, and
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
INDEPENDENT AUDITOR'S REPORT
(b)
there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and
payable.
To the members of Caravel Minerals Limited
(2)
(3)
The Company has included in the notes to the financial statements an explicit and unreserved statement of compliance
with International Financial Reporting Standards.
This declaration has been made after receiving the declarations required to be made to the directors in accordance with
section 295A of the Corporations Act 2001 for the year ended 30 June 2022.
On behalf of the Board.
Stephen Abbott
Managing Director
29 September 2022
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Caravel Minerals Limited (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2022, the
consolidated statement of profit or loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows for the year then ended, and notes
to the financial report, including a summary of significant accounting policies and the directors’
declaration.
In our opinion the accompanying financial report of the Group, is in accordance with the Corporations
Act 2001, including:
(i)
Giving a true and fair view of the Group’s financial position as at 30 June 2022 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the Financial
Report section of our report. We are independent of the Group in accordance with the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s
APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code)
that are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been
given to the directors of the Company, would be in the same terms if given to the directors as at the
time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
48
32
BDO Audit (WA) Pty Ltd ABN 79 112 284 787 is a member of a national association of independent entities which are all members of BDO Australia
Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit (WA) Pty Ltd and BDO Australia Ltd are members of BDO
International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability
limited by a scheme approved under Professional Standards Legislation.
49
caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Material uncertainty related to going concern
Other information
We draw attention to Note 1.6 in the financial report which describes the events and/or conditions
which give rise to the existence of a material uncertainty that may cast significant doubt about the
group’s ability to continue as a going concern and therefore the group may be unable to realise its
assets and discharge its liabilities in the normal course of business. Our opinion is not modified in
respect of this matter.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial report of the current period. These matters were addressed in the context of
our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters. In addition to the matter described in the Material uncertainty
related to going concern section, we have determined the matters described below to be the key audit
matters to be communicated in our report.
Carrying Value of Exploration and Evaluation Assets
Key audit matter
How the matter was addressed in our audit
As disclosed in Note 2.1 to the financial report, the
Our procedures included, but were not limited to:
carrying value of the exploration and evaluation asset
represents a significant asset of the Group.
The Group’s accounting policies and significant
judgements applied to capitalised exploration and
evaluation expenditure are detailed in Notes 1.7 and
2.1 of the financial report.
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources (‘AASB 6’), the
recoverability of exploration and evaluation
expenditure requires significant judgement by
management in determining whether there are any
facts and circumstances that exist to suggest the
carrying amount of this asset may exceed its
recoverable amount. As a result, this is considered a
key audit matter.
•
•
•
•
•
Assessing whether rights to tenure of the Group’s
area of interest remained current at balance
date;
Considering the status of the ongoing exploration
programmes in the respective areas of interest by
holding discussions with management, and
reviewing the Group’s exploration budgets, ASX
announcements and director’s minutes;
Considering whether any such areas of interest
had reached a stage where a reasonable
assessment of economically recoverable reserves
existed;
Considering whether any facts or circumstances
existed to suggest impairment testing was
required; and
Assessing the adequacy of the related disclosures
in Notes 1.7 and 2.1 to the financial report.
The directors are responsible for the other information. The other information comprises the
information contained in the Director’s report for the year ended 30 June 2022, but does not include
the financial report and our auditor’s report thereon, which we obtained prior to the date of this
auditor’s report, and the Annual report, which is expected to be made available to us after that date.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent
with the financial report or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed on the other information that we obtained prior to the date
of this auditor’s report, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
When we read the Annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to the directors and will request that it is corrected. If it is not
corrected, we will seek to have the matter appropriately brought to the attention of users for whom
our report is prepared.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that gives a
true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001
and for such internal control as the directors determine is necessary to enable the preparation of the
financial report that gives a true and fair view and is free from material misstatement, whether due to
fraud or error.
In preparing the financial report, the directors are responsible for assessing the ability of the group to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 5 to 8 of the directors’ report for the year
ended 30 June 2022.
In our opinion, the Remuneration Report of Caravel Minerals Limited, for the year ended 30 June 2022,
complies with section 300A of the Corporations Act 2001.
Responsibilities
The directors of the Company are responsible for the preparation and presentation of the
Remuneration Report in accordance with section 300A of the Corporations Act 2001. Our responsibility
is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with
Australian Auditing Standards.
BDO Audit (WA) Pty Ltd
Dean Just
Director
Perth
29 September 2022
Additional Shareholder Information – as at 7 October 2022
1.
TWENTY LARGEST SHAREHOLDERS
The names of the twenty largest holders of ordinary fully paid shares as at 7 October 2022 are listed below:
Rank
Holder Name
Securities
%
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Paradice Investment Management
Alasdair Cooke
Glenvar Nominees Pty Ltd
Alma Metals Ltd
Pamela Sargood
Milford Park Superannuation Pty Ltd
Orbit Drilling Pty Ltd
Troca Enterprises Pty Ltd
Mandel Pty Ltd
Burls Holdings Pty Ltd
Lowell Resources Fund
Pebadore Pty Ltd
Steve Abbott
Beebee Holdings Pty Ltd
Sarah McIntyre
Ashim Marfatia
Bruce McLarty
Clapsy Pty Ltd
Terra Metallica Nominees Pty Ltd
Kendali Pty Ltd
Total Top 20
2. DISTRIBUTION OF EQUITY SECURITIES
Analysis of security by size holding as at 7 October 2022:
32,167,786
31,483,117
16,630,700
15,133,872
12,700,000
10,341,172
10,168,452
9,174,491
7,689,034
7,689,034
7,622,936
5,800,000
5,742,002
5,174,491
4,100,000
4,000,000
3,544,119
3,535,000
3,513,586
3,500,000
7.7%
7.5%
4.0%
3.6%
3.0%
2.5%
2.4%
2.2%
1.8%
1.8%
1.8%
1.4%
1.4%
1.2%
1.0%
1.0%
0.8%
0.8%
0.8%
0.8%
199,709,792
47.6%
Holding Ranges
Holders
Total Units
% Issued Share Capital
above 0 up to and including 1,000
above 1,000 up to and including 5,000
above 5,000 up to and including 10,000
above 10,000 up to and including 100,000
above 100,000
Totals
109
458
287
767
365
1,986
34,516
1,325,425
2,278,890
29,049,643
386,495,899
419,184,373
0.01%
0.32%
0.54%
6.93%
92.20%
100.00%
3. UNQUOTED SECURITIES
As at 7 October 2022, the following unquoted securities are on issue:
Unquoted Securities
$0.300 Options expiring 03/03/2024
$0.300 Options expiring 30/06/2023
$0.750 Options expiring 31/05/2023
Total unquoted securities
Number on Issue
Number of Holders
2,000,000
15,575,811
1,727,447
19,303,258
1
17
1
19
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caravelminerals.com.au Annual Report 2022Caravel Minerals Limited ASX:CVV
Additional Shareholder Information – as at 7 October 2022
4.
SUBSTANTIAL SHAREHOLDERS
The names of the substantial shareholders listed in the company’s register as at 7 October 2022 are:
Name
Paradice Investment Management
Alasdair Cooke (and associated entities)
5. VOTING RIGHTS
The voting rights of the ordinary shares are as follows:
Number of Shares Held
32,167,786
31,483,117
Subject to any rights or restrictions for the time being attached to any shares or class of shares of the Company, each member
of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions of members will be decided
by a show of hands unless a poll is demanded. On a show of hands each eligible voter present has one vote. However, where a
person present at a general meeting represents personally or by proxy, attorney or representation more than one member, on a
show of hands the person is entitled to one vote only despite the number of members the person represents.
On a poll each eligible member has one vote for each fully paid share held.
There are no voting rights attached to any of the options that the Company currently has on issue. Upon exercise of these options,
the shares issued will have the same voting rights as existing ordinary shares.
6. ON‐MARKET BUY BACK
There is currently no on‐market buy‐back program for any of Caravel Minerals Limited’s listed securities.
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Caravel Minerals Limited ASX:CVV
ASX:CVV
CARAVEL MINERALS LIMITED
caravelminerals.com.au
+61 8 9426 6400
investors@caravelminerals.com.au
Suite 1, 245 Churchill Avenue Subiaco Western Australia 6008