ANNUAL REPORT
2023
C V V
COPPER EXPLORATION AND DEVELOPMENT
DIRECTOR’S REPORT 30
JUNE 2023
CONTENTS
caravelminerals.com.au
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SECTION 01
HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .03
SECTION 02
CHAIRMAN’S LETTER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .05
SECTION 03
MANAGING DIRECTOR’S REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 06
SECTION 04
REVEIW OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08
SECTION 05
REVIEW OF MINERAL RESOURCES. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
SECTION 06
CORPORATE AND OUTLOOK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
SECTION 07
DIRECTOR’S REPORT 30 JUNE 2023 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
INDEPENDENT AUDITOR’S DECLARATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
CONSOLIDATED STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32
DIRECTORS’ DECLARATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .52
INDEPENDENT AUDITOR’S REPORT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53
SECTION 08
ADDITIONAL INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57
DIRECTORS
WAYNE TRUMBLE
Non-Executive Chairman
DON HYMA
Managing Director
ALASDAIR COOKE
Executive Director
RICHARD MONTI
Non-Executive Director
COMPANY SECRETARY
DANIEL DAVIS
Company Secretary
REGISTERED AND PRINCIPAL OFFICE
CARAVEL MINERALS LIMITED
Suite 1, 245 Churchill Avenue
Subiaco Western Australia 6008
+61 8 9426 6400
AUSTRALAIN BUSINESS NUMBER
ABN 41 120 069 089
SHARE REGISTER
ATOMIC GROUP
Level 2 267 St Georges Terrace
Perth Western Australia 6000
ASX CODE
CVV
Australian Securities Exchange Limited
Fully Paid Ordinary Shares
SOLICITORS
FAIRWEATHER CORPORATE LAWYERS
595 Stirling Highway
Cottesloe Western Australia 6011
AUDITORS
BDO AUDIT (WA) PTY LTD
38 Station Street
Subiaco Western Australia 6008
ANNUAL REPORT2023CARAVELMINERALS
2
ANNUAL REPORT
2023
HIGHLIGHTS 2022 – 2023 IN REVIEW
SECTION 01
caravelminerals.com.au
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CARAVEL
COPPER
PROJECT
• Substantial progress with study and pre-development
activities, building on the 2022 Prefeasibility Study
(PFS) and Maiden Ore Reserve.
• Positive independent reviews of ore reserves and
metallurgical process design.
• Project value was significantly increased by
simplification of the process plant design and an
incremental nameplate capacity increase.
• Introduction of a Molybdenum Recovery Circuit (MRC)
to produce a separate marketable by-product.
• Perth-based Lycopodium Minerals Pty Ltd selected as
lead engineer for the Bankable Feasibility Study (BFS).
• Benchmarking visits undertaken to major Canadian
copper mines of similar grade and scale which
validated Caravel’s design plans.
• Groundwater drilling and modelling confirmed the
presence of a newly discovered brackish aquifer.
• Applications for water abstraction licenses lodged,
in parallel with stakeholder engagement to secure
an infrastructure corridor for the borefield
and water pipeline.
• Application submitted to Western Power for
connection to the existing energy transmission
network (SWIS) to support a low-cost power solution.
• Financing proposals received from several mining
equipment manufacturers which are progressing
towards partnering arrangements for an automated
and electrified mining fleet.
• Key mining tenure approvals received for the Dasher
resource area, with Mining Lease 70/1411 and General
Purpose Lease 70/623 granted by the Department
of Mines, Industry, Regulation and Safety (DMIRS).
Heritage surveys for these areas were completed
by the Yued Aboriginal Group.
• Project referrals submitted under the Environmental
Protection Act 1986 (State) and the Environmental
Protection and Biodiversity Conservation Act 1999
(Commonwealth) to formally commence the primary
environmental assessment for the Project.
• Final environmental studies required for State
and Commonwealth environmental approvals nearing
completion. The State Government has set the level of
assessment for the Project as a Public Environmental
Review, giving certainty to the approval process.
• Completed two strongly supported capital raising and
a Share Purchase Plan (SPP), raising A$21.5m
• The raising proceeds will underpin work on the
Bankable Feasibility Study (BFS), permitting and
infrastructure studies and other development
activities. Caravel had a cash balance of $13.7 million
at 30 June 2023.
Our vision: to create value for our
stakeholders through the development
of a modern copper project.
CARAVELMINERALS 4
CHAIRMAN’S LETTER
SECTION 02
5
the Caravel Copper
Project is a unique
opportunity in
the global copper
landscape...
Following the Project Pre-Feasibility Study (PFS)
Release in July 2022, the team has achieved important
improvements to the Project’s value and economics
resulting from simplification of the processing plant
design and the inclusion of a Molybdenum Recovery
Circuit. This year also saw the completion of extensive
field-based programs with the valued involvement of
landowners and Traditional Owners in the region. We
have also continued discussions with a range of key
Project stakeholders including the State, Government
Agencies, Shires and industry participants as we
continue to secure the Project’s power and water
infrastructure.
I also want to highlight Caravel’s commitment to health,
safety and engagement which resulted in no lost time
injuries this year. This result starts with ensuring
the safety and wellbeing of our hard-working staff,
contractors and community, whom I sincerely thank
for their ongoing efforts and involvement.
In conclusion and on behalf of the Board, I wish to thank
you, our shareholders, for your ongoing support. This
year is shaping as another defining one as we continue
final feasibility studies for the Caravel Copper Project.
I look forward to updating you further
at our Annual General Meeting.
Wayne
Trumble
Wayne Trumble
CHAIRMAN
Wayne Trumble
CHAIRMAN
Dear Fellow Shareholders,
On behalf of the Board of Directors, it is my pleasure
to introduce the 2023 Annual Report for Caravel Minerals
and take this opportunity to thank all shareholders for
your continued support of the Company.
The progress we are reporting this year has been made
at a time of changing conditions in equity markets,
notwithstanding the broader thematic for copper as the
cornerstone metal of global decarbonisation.
As our shareholders understand, the Caravel Copper
Project represents a unique opportunity in the global
copper landscape. It is a large, long-life Project which
generates strong financial returns and competitive
operating cost metrics. Low costs are made possible
using well-established and proven bulk mining and
processing methods.
A wide range of credible industry participants, global
investment banks and financial analysts are forecasting
an emerging structural supply deficit in copper
towards 2030 as surging demand meets an increasingly
challenged supply pipeline. Global investment banks
and mining companies such as BHP and Glencore,
are predicting global copper shortages as the pace
to decarbonise quickens. This all augurs very well for
the methodical and considered progression of the
Caravel Copper Project through development towards
production later this decade.
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MANAGING DIRECTOR’S REPORT
SECTION 03
7
this year has been
one of significant
progress...
A key achievement during the year was the completion
of an independent metallurgical process review by
Lycopodium Limited, which confirmed the absence of
any fatal flaws in the process testwork, equipment
selection and basic plant design. This result provides
confidence that the plant has been designed to the
optimum scale and will perform as intended.
We had the opportunity to visit Gibraltar Mines and
Copper Mountain Mining in Canada. These operations
have similar ore grades and production levels to
Caravel, and therefore represent excellent benchmark
operations that have been performing successfully for
decades. The visits validated the Project’s adoption of
modern mining technologies including electrification
and automation and allowed direct assessments
of comminution, grinding, flotation and ore sorting
technologies.
During the year, we made substantial progress toward
securing a sustainable water supply for the Project.
We have also progressed studies with Western
Power with the aim of securing a low-cost grid power
solution for the Project. Important environmental and
heritage studies continued including engagement with
landowners and Traditional Owner Groups.
The Project’s location only 150km north of Perth
offers numerous advantages from a development
perspective. Being in a Tier-1 jurisdiction for mining
investment, with a well-established regulatory and
permitting framework, adjacent to high-quality
available infrastructure, and supported by a skilled
construction and operations workforce makes this
Project highly attractive. Importantly, this is a Project
which is well-timed to generate economic benefits
for shareholders and the regional economy as copper
demand is forecast to grow and the supply gap widens.
Caravel offers excellent exposure to copper in what
is a limited group of companies with prospects of
development in the next few years. Our Project has
Don Hyma
MANAGING DIRECTOR
After two years as an advisor to the Caravel Board,
it is a great pleasure to present my first Managing
Director’s report on behalf of the Company and the
Caravel Copper Project.
The past year saw Caravel take important steps towards
our goal of developing a new long-life copper project
in Western Australia’s Wheatbelt region. As well as
advancing a host of key studies and pre-development
activities, we refined the Pre-Feasibility Study to
capture upside value by simplifying the design of the
process plant, increasing its’ scale, and adding a small
circuit to produce Molybdenum as a by-product.
Our approach is characterised by a commitment to
carefully analyse and de-risk all elements of the Project
prior to a financial investment decision. We have been
systematic and methodical in our approach to power
and water, land access, stakeholder engagement,
flowsheet design and mine planning, including
benchmarking against similar operations offshore and
engaging early with equipment manufacturers, design
firms and constructors.
The Project is a highly attractive opportunity given
its’ multi-decade mine life, favourable location proximal
to Perth, low operating cost achieved through simple
bulk mining methods, and is therefore well-positioned
to capture the forecast copper supply deficit emerging
toward the end of this decade.
financial investment decision.
In conclusion, I would like to extend my sincere thanks
to the small but highly experienced Caravel team. Their
hard work, dedication and focus is greatly appreciated.
My thanks also to you as shareholders for your support
including investors who participated in our capital
raising during the year.
We have an exciting year ahead of us as we continue to
de-risk the Project. I look forward to continuing to share
our progress with you.
Don
Hyma
Don Hyma
MANAGING DIRECTOR
great upside to the copper price, with every US$0.50/lb
copper price increase generating an additional US$0.9B
in pre-tax NPV, from a base case NPV of US$2B at
US$4.00/lb copper.
Given equity market conditions being experienced
currently, the Board is cognisant of managing our
finances prudently and ensuring we make the most of
our cash resources. With that in mind, we are adopting
a cautious and staged approach to initiating major
expenditure items, such as commencing detailed
engineering work with our selected EPCM firm,
Lycopodium Limited. Essential work is continuing
in metallurgy, environmental approvals, water and
power access, stakeholder engagement and strategic
partnering.
Our copper project will be one of the largest single new
investments in the Wheatbelt region’s history and we
are taking the time and methodical approach to get it
right. Balancing technical accuracy considerations and
current market conditions, the team has developed
what we describe as a “long runway” approach to
studying and developing the Project. We believe this
is prudent and sensible in the current environment and
will serve us well for the future as we work toward a
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REVIEW OF OPERATIONS
SECTION 04
9
CARAVEL PROJECT OVERVIEW
INDEPENDENT PROCESS REVIEW
On 13 April 2023, Caravel reported the outcomes of
an independent metallurgical process review for the
Caravel Copper Project, which identified substantial
opportunities to enhance Project value and confirmed
the suitability of the process flowsheet ahead of the
start of engineering for the Bankable Feasibility Study
(BFS). The three-month review was undertaken by
industry specialist engineering and project delivery firm
Lycopodium Minerals (Lycopodium) and Orway Mineral
Consultants (OMC).
The key outcomes of the review included an incremental
increase in process plant capacity of ~10% to 30 Mtpa,
the inclusion of a Molybdenum Recovery Circuit (MRC),
the deferral of the Coarse Particle Flotation (CPF) circuit
and an update to the overall process plant copper
recovery. Based on these changes, forecast annual
copper production increases from 60ktpa to 65ktpa at
steady state, supplemented by 0.9ktpa of molybdenum
production as saleable by-product.
The adopted changes have all demonstrated material
benefits to the Project and are now incorporated into
the base case process plant design and financial model
for the BFS.
PROCESSING PLANT
Figure 2: Under Feasibility Study Development –
3D diagram of the Caravel Copper Project Process
Plant layout.
PROCESS FLOWSHEET
Figure 1: Including a Molybdenum Recovery Circuit
to produce separate Mo and Cu concentrate products.
Primary/Secondary Crushing
Ore Storage
HPGRs and Ball Mills
Cleaner Flotation
Regrind Mills
Rougher Flotation
Mo/Cu Separation
Tailings Storage
H₂O Recycle to Process
Mo Concentrate
Cu Concentrate
ROM
Pad
Secondary
Crusher Building
Primary
Crusher
High Pressure
Grinding Roll Building
Screen
Building
Coarse Ore
Stockpile
Ball
Mills
Concentrate
Regrind Mill
Cleaner
Flotation Circuit
Concentrate Dewatering
and Loadout
Rougher
Flotation Circuit
Warehouse
and Workshops
Molybdenum
Circuit
Concentrate
Thickener
Tailings
Thickener
Caravel Minerals Limited (“Caravel” or “Company”) is an
advanced stage exploration and minerals development
company focussed on bringing its’ flagship copper project
in Western Australia into production to meet the forecast
growth in global metals demand needed to achieve
progressive decarbonisation targets by 2030 and 2050.
The Company has a strong technical, project
implementation and operational team to progress
through the Bankable Feasibility Study (“BFS”) phase
towards operations in the latter half of the decade.
The Company aims to maximise shareholder value
through a well-considered approach to studies, careful
fiscal management, safe and responsible field activities
that minimise disruption and environmental impact,
and de-risking the Project prior to implementation.
Caravel Minerals’ Copper Project is located 150km
north-east of Perth in Western Australia’s Wheatbelt
region, which has established road, power and
supporting town infrastructure and services.
...the company
aims to maximise
shareholder value
The Project deposits are planned to be mined by
conventional open-pit, low-cost, bulk mining methods
using automated and electrified equipment and
technologies. Processing will be by an industry-proven
conventional copper processing plant to produce
a high-quality concentrate product. The Project is
planned to operate for 25+ years producing ~65,000
tonnes of copper-in-concentrate per annum (~71,000 tpa
in the first five years) and ~900 tonnes of molybdenum-
in-concentrate per annum. Concentrate is planned to
be transported, by truck, using existing sealed roads to
Bunbury or Geraldton Port for export.
Caravel’s copper deposits form part of a 30km long
regional porphyry-style copper-molybdenum-gold
mineralised belt. Discovered in the mid-2000’s in a
previously unexplored part of the South-West Yilgarn
Terrane. This region also hosts some of Australia’s most
significant mineral discoveries including Greenbushes
Li, Boddington Au-Cu and Chalice Julimar PGE.
Australia’s largest undeveloped copper Project, Caravel
is based on the JORC Code 2012 Mineral Resource
estimate reported in November 2021, totalling 1.18
billion tonnes @ 0.24% Cu for 2.84Mt of contained
copper (using 0.1% Cu cut-off).
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REVIEW OF OPERATIONS
SECTION 04
11
Collectively, the adopted changes are forecast to:
WATER
• Increase annual copper production from 60ktpa
to 65ktpa (71ktpa in the first five years)
• Increase initial capital investment from A$1.6B to A$1.7B
• Reduce C1 costs from US$1.54/lb to US$1.23/lb
• Reduce AISC from US$2.37/lb to US$2.07/lb
• Increase pre-tax net cash flow from A$5.6B to A$6.6B
• Increase pre-tax NPV7 from A$1.5B to A$2.0B
• Increase pre-tax IRR from 18% to 21%
• Reduce the Project payback period from 5.6 years
to 4.9 years.
The PFS Processing Update outcomes are based on
changes to the comminution and flotation circuits
within the process plant. All other study areas,
including Ore Reserves, Mineral Resources, mining
method, infrastructure studies reported in the July 2022
PFS remained unchanged.
The material assumptions in respect of the PFS financial
forecasts and production targets continue to apply with
no material change to these assumptions.
Following completion of the review, the base case
process flowsheet for the BFS has been established.
A schematic diagram of the process flowsheet is
illustrated in Figures 1 and 2.
LYCOPODIUM APPOINTED AS LEAD ENGINEER
Caravel appointed Perth-based Lycopodium Minerals
Pty Ltd as lead engineer for the BFS. Lycopodium has
extensive experience in mineral processing plant
design and project management, including copper
processing projects at Sandfire’s Motheo Copper Project
(Botswana) and First Quantum’s Cobre Panama Project
(Central America). Lycopodium is a highly experienced
engineering and project management firm and a strategic
execution partner for Caravel, with an extensive West
Australian pedigree in mineral processing, large capital
project delivery, firsthand knowledge of local fabricators,
constructors, regulatory processes, and long-standing
business relationships in the resources sector.
In conjunction with Caravel, Lycopodium will be
responsible for the Engineering, Procurement and
Construction Management (EPCM) delivery of the
Caravel Copper Project, including engaging with
numerous technical advisors and specialist consultants
in resource modelling, mine planning, metallurgical
testing, environmental and regulatory approvals, and
technology development. The BFS is expected to take
approximately twelve months to complete.
BANKABLE FEASIBILITY STUDY (BFS)
Caravel Minerals has progressed key workstreams that
will enable the completion of a high-quality BFS for the
Caravel Copper Project, with key work programs during
FY2023 including:
A water bore drilling program has been completed at
the proposed borefield ~60km west of the project site.
16 bores have been drilled, developed, and tested over
the past 18 months. Global Groundwater is developing a
numerical groundwater model using the geological and
water data collected from the borefield.
The numerical groundwater model is expected to
quantify the details outlined in the conceptual water
model developed and shared with the Department
of Water and Environmental Regulation (DWER)
earlier this year. The model identifies the existence
of a new aquifer with capacity to support the Project
water requirements. Applications for abstraction
licenses are being assessed by DWER. Negotiations
with key landowners are well-advanced to enable the
development and operation of the borefield.
Advisian Consultants are progressing groundwater
modelling for the mine project area. This includes water
bore monitoring to provide baseline data and passive
seismic surveys to provide definition of the paleo
drainage systems. In addition, two deep production
bores were installed into a water-bearing structure
along the western side of the Bindi Deposit. Pump
testing will provide data to understand the capacity
of the fractured rock aquifer and pit dewatering
requirements which are expected to be minimal.
POWER
Caravel is working closely with Western Power to
access transmission grid capacity for the Project. The
Access Application submitted to Western Power has
been approved and the first phase of studies (Steady
State Studies) have been completed. Additional studies
are underway in anticipation of an Access Offer from
Western Power in Q3 2024. Caravel is completing
a power demand simulation study to assess the
opportunity to manage intra-day power demand in
relationship to pricing cycles. Discussions with energy
suppliers have commenced.
APPROVALS
Mining Lease 70/1411 and General Purpose Lease 70/263
were granted by WA’s Department of Mines, Industry,
Regulation and Safety (DMIRS) on 21 September 2022
and 6 October 2022 respectively. Both leases are valid
for an initial term of 21 years.
M70/1411 covers the Dasher Deposit and associated
waste rock landform and crushing infrastructure. This
provides Mining Act 1978 tenure to fully develop and mine
the Dasher resource. G70/263 covers some supporting
infrastructure for the Dasher and Bindi deposits. This
lease provides Mining Act 1978 tenure for the construction
of waste rock landforms, tailings management facilities
and other associated mining infrastructure to support the
mining of the Dasher resource.
Standard conditions apply to both grants including
the requirement to submit a Mining Proposal to DMIRS
prior to commencing mining activities. MLA/1410
and GPLA/262 covering the Bindi resource and
associated infrastructure remain in progress as
applications with DMIRS.
Archaeological and ethnographic surveys have been
completed with representatives from the Yued
Aboriginal Group. The surveys have cleared the areas
within M70/1411 and GPL70/263 for development. Caravel
continues to work with the Yued People to ensure
ongoing management of any identified heritage values
associated with the Project.
Final environmental studies required for the State and
Federal environmental approvals are nearing completion.
The process to obtain primary Project environmental
approvals under the State Environmental Protection
Act 1986 (Part IV) and Commonwealth Environmental
Protection and Biodiversity Conservation Act 1999
(Matters of National Environmental Significance)
has commenced. The level of assessment has been set
at Public Environmental Review and the scope of the
assessment has been drafted and is being assessed by
the Department of Water and Environmental Regulation
(DWER) and the Department of Climate Change, Energy,
the Environment and Water (DCCEEW).
Caravel is currently preparing the Environmental
Review Document, which will be the subject of the
Accredited Assessment by the State and Federal
Governments and a public comment period during
2024. Consultation with environmental and other
stakeholders has occurred during the year and will
continue over the life of the project.
MINING EQUIPMENT
Discussions have progressed with mining equipment
manufacturers as Caravel works towards identification
of preferred suppliers of the automated and electrified
mining fleet. Fleet financing proposals from several
vendors have been received as progress is made
towards preliminary commercial arrangements. The
mining equipment sourcing is consistent with forecast
delivery timeframes and is in readiness to undertake
pre-development activity and potentially secure ~20%
of the project’s capital requirements.
DASHER DRILLING
Drilling was completed at Dasher to establish design
parameters required for open pit mine design,
establish a cost-effective general arrangement
of the process plant and supporting non-process
infrastructure, and to collect samples for continuous
metallurgical testing for engineering design. The drilling
program was completed in Q3 2023.
BENCHMARKING SITE VISITS
Members of the Caravel management team visited the
Gibraltar Mine (Taseko) and Copper Mountain Mine
(Hudbay) in May 2023. Both operations have a head
grade of 0.25% copper, low strip ratio, and throughputs
of 30Mtpa and 16Mtpa respectively; Gibraltar mine
has a Molybdenum circuit. The mine visits enabled
benchmarking Caravel’s project against the operations
regarding comminution, grinding, flotation, mine
electrification, and ore sorting technology. The visit
confirmed many engineering and design decisions to be
studied in the BFS.
...mine visits
enabled us to
benchmark
Caravel’s project
PROJECT FUNDING
Caravel Minerals is pursuing a range of options for
funding the Caravel Copper Project development.
Strategic partnering: Producing >60ktpa of clean
copper concentrate in an attractive investment
destination like WA makes Caravel of interest to
major copper smelters and traders seeking long term
concentrate supply agreements. These types of supply
agreements commonly involve equity and debt financing
arrangements.
Joint-venture partnering: The Caravel Project is one
of very few projects globally with both significant
scale and location in a good investment jurisdiction.
This makes it attractive to mid-tier mining companies
seeking near term copper production opportunities.
Vendor financing options: The Project’s close location to
Perth-based vendors offers opportunities for different
funding models, such as service and performance-
based contracts for certain mobile or replaceable
equipment. Current expectations are that the mining
fleet will be largely vendor financed, and Caravel is
investigating vendor financing models for significant
components of the process plant. These options will
reduce the project financing requirement and, where
performance based, will reduce operating risks.
Caravel continued exploration and project development
work programs and activities in line with its Health,
Safety, Environment, Community and Quality
Management System (HSECQ). Caravel’s HSECQ business
system was developed and implemented in mid-2021
to build value for the business and its’ stakeholders by
undertaking all work safely and responsibly.
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REVIEW OF OPERATIONS
SECTION 04
13
During 2023, Caravel Minerals began the journey
to formalise its ESG approach and alignment with
internationally recognised frameworks and standards. We
are investigating aligning our ESG reporting with the Global
Reporting Initiative (GRI) standards, enhancing reporting of
business activities to a wider range of stakeholders.
The information update described previous work
undertaken by the Department of Primary Industries
and Regional Development (DPIRD) and others in
the mid-2010s, which Caravel has further developed.
Consultation and engagement with interested
stakeholders is ongoing.
SAFETY
Caravel continues to implement its Health, Safety,
Environment, Community and Quality Management
System. The focus to date has been on identifying risks
in our field operations (exploration and investigative
works) and implementing preventative controls to
minimise the likelihood of incidents and implementing
mitigating controls. There were no lost time injuries
during FY2023.
STAKEHOLDER ENGAGEMENT
Caravel continued wide-ranging discussions with
landowners and other stakeholders regarding the
Project’s feasibility studies and the potential timeline
for implementation which remains subject to further
consultation and final approvals.
To support development of a buried water pipeline to
supply the Project with industrial quality processing
water, a conceptual underground water pipeline route
has been identified with the assistance and involvement
of landowners. The conceptual route is now being further
studied to include engineering, geotechnical, landowner
preferences, environmental and other factors.
Figure 4: Information update field session with community
members and landowners (April 2023)
Figure 5: Archaeological dig survey undertaken by representatives
of the Yued Aboriginal Group and supervised by archaeologists.
Figure 3: Conceptual pipeline route consultation with landowners
(May 2023).
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REVIEW OF OPERATIONS
SECTION 04
15
CASE STUDY
2022
ENVIRONMENT FOCUS
Caravel has successfully trialled a “solids recovery
unit” (SRU) during diamond core drilling programs
at the Dasher Deposit. The SRU separates drill
cuttings from the water returned from the hole,
the water is reused in the hole and the drill
cuttings are removed from site. The SRU requires
no drill sumps resulting in less impact on the soil
profile which is a major concern for landowners.
In addition, the SRU requires less water, reduces
the quantity of drilling muds used and allows
faster rehabilitation of drill sites.
CASE STUDY
2023
HERITAGE PROTECTION
As part of comprehensive studies to understand
the baseline environment and Aboriginal heritage
associated with the Project area, archaeological
and ethnographic surveys were undertaken by the
Yued Aboriginal Group during two field visits in 2021.
A subsequent archaeological dig at a single site
within the development envelope was completed
during the June Quarter 2023. The surveys and
investigations were undertaken under terms of an
agreed Heritage Protection Agreement between
Caravel Minerals and the Southwest Land and Sea
Council on behalf of the Yued People.
CASE STUDY
2023
COMMUNITY ENGAGEMENT
Landowner consultations were held in April and
May 2023 with Caravel providing an update on
investigations to inform the development of a
groundwater model. Water exploration is taking
place in areas where groundwater has been rising,
resulting in a loss of productive agricultural land
due to the spread of surface salinity.
DRILLING PROGRAMS
BINDI DIAMOND DRILLING
Diamond drilling at the Bindi deposit during the
reporting period increased confidence to the
existing Resource model, confirmed an extension of
mineralisation at depth, provided geotechnical data to
aid open pit design and provided material for further
metallurgical test work.
Hole 22CADD007 drilled to the north in the Bindi Hinge
starter pit area at an acute angle to the northwest
plunging hinge zone, the hole passed through
the hangingwall fault at the expected depth then
intersected long intervals of consistent mineralisation
through the West Limb. Structural data from the hole
and the continuity of mineralisation confirms the
geological model for the west limb.
Hole 22CADD010 drilled at the southern end of the
Bindi East deposit to provide geotechnical data for
the southeastern pit wall, the hole was extended
100m past the planned depth to test the Lower
Limb position. The hole intersected mineralisation
consistent with the geological model and confirmed
the extension of mineralisation at depth. Assay results
from this program were provided in the Company’s ASX
Announcement dated 1 March 2023.
Figure 6: Bindi Deposit showing the locations of diamond core drill holes.
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023 16
REVIEW OF OPERATIONS
SECTION 04
17
Figure 7: Bindi deposit cross-section looking east, illustrating recently completed drill hole 22CADD007.
Figure 8: Bindi Deposit cross-section looking north, illustrating recently completed drill holes 22CAD009 and 22CADD010.
DASHER DIAMOND DRILLING
AIRCORE STERILISATION DRILLING
Diamond core drilling commenced at the Dasher deposit
late in the reporting period on a spread of holes
targeting the Dasher starter pit. The drilling is intended
to provide representative mineralised material for
use in metallurgical testwork. The diamond core holes
have been selected from planned infill drilling. Assay
and detailed structural geology data will be utilised in
the forthcoming Dasher resource update. Geotechnical
data from the core holes will assist with pit design and
mining planning studies.
An updated Mineral Resource Estimate for both the
Bindi and Dasher Copper Deposits is scheduled for
delivery in the December 2023 Quarter.
Aircore (AC) drilling south and east of the Bindi deposit
during the reporting period was completed to confirm
the suitability of those areas for the location of mine
infrastructure. The broad-spaced drilling found no evidence
of mineralisation west of Bindi, moderate anomalism to the
south of Bindi requires further investigation.
WATER BORE DRILLING
Caravel installed additional observation bores around
the Bindi deposit to allow for groundwater monitoring
required for mining approvals. In addition, two deep
production bores were installed into a water-bearing
hangingwall fault structure along the western side
of the Bindi Deposit. Pump testing of water bores
will provide data to understand the capacity of the
fractured rock aquifer and pit dewatering requirements
(which are expected to be minimal).
EXPLORATION – NEW PROSPECTS
Caravel has applied for three tenements that
are prospective for Rare Earth Elements (REE
mineralisation), E70/6125 Mukinbudin, E70/6126 Burakin
and E70/6376 Cadoux. The areas were identified from
pre-competitive geophysical data and subsequently
confirmed as prospective from roadside soil sampling
results. Regolith mapping shows areas where saprolite
and colluvium are at surface are relatively enriched in
REEs which is consistent with the formation of ionic clay
style REE deposits.
The multi element geochemistry seen in AC drilling at
Dalwallinu E70/5400 has a similar signature to that seen
around Iron Oxide Copper Gold (IOCG) style systems,
in addition to the moderate elevated copper assays
up to 1,165ppm Cu. An extensive copper anomaly has
been defined in soil sampling elsewhere at Dalwallinu
E70/5673, the >100ppm Cu anomaly extends over 19km
and coincides with a broad low magnetic feature.
Caravel completed internal reviews of all regional
exploration tenements using new data acquired by the
company in combination with historic open file data.
Based on these reviews it was decided to surrender
three tenements, E70/5417 Dalwallinu, E70/5596
Moodiarup and E705964 Bruce Rock.
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023 18
REVIEW OF MINERAL RESOURCES
SECTION 05
19
ANNUAL REVIEW OF MINERAL RESOURCES
As of 30 June 2023, the combined Measured, Indicated
and Inferred Resources for the project totals 1,180.6Mt
@ 0.24% Cu (at a 0.10% Cu cut-off grade) for 2.8Mt of
contained copper. The combined Proven and Probable Ore
Reserve for the project totals 583.4Mt @ 0.24% Cu (at a
0.10% Cu cut-off grade) form 1.42 Mt of contained copper.
Table – Ore Reserve at 30 June 2023 (0.1% Cu cut off)
DEPOSIT
CLASSIFICATION MT
CU (%)
CU (t)
Calingiri
Bindi
Proven
Probable
TOTAL
Dasher
Proven
105.4
369.6
475
-
0.27
0.23
0.24
-
Probable
108.4
0.27
TOTAL
TOTAL
Proven
Probable
TOTAL
108.4
0.27
105.4
478.0
0.27
0.24
583.4
0.24
0.28
0.84
1.13
-
0.29
0.29
0.28
1.14
1.42
Table – ASX Listing Rule 5.21 Disclosure
Wongan Hills
5.21.1 Results of the annual review of the reported Mineral Resources and Mineral Reserves at the Company’s
flagship Caravel Copper Project for the year ending 30 June 2023 are disclosed in Table xx.
Bindi
Dasher
N
5
0
km
5.21.2 The Company’s financial year end is 30 June 2023 and Mineral Resources and Mineral Reserves held at
year end are disclosed in Table 1.
5.21.3 Caravel reported a Mineral Resources and Mineral Reserve as at 30 June 2023
5.21.4 Caravel reported a maiden Mineral Reserve during the period. There has been no material change to the
Mineral Resources in the period from 30 June 2022 to 30 June 2023.
5.21.5 Resource governance arrangements are disclosed in the ASX Announcement “Major Mineral Resources
Upgrade – Caravel Copper Project” released on 23 November 2021.Ore Reserve governance arrangements are
disclosed in the ASX Announcement “Pre-Feasibility Study – Caravel Copper Project” released on 12 July 2022.
Tenement Schedule at 30 June 2023
PROJECT
TENEMENT
STATUS
DATE GRANTED
DATE EXPIRES
INTEREST
Table – Mineral Resources at 30 June 2023 (0.1% Cu cut-off)
DEPOSIT
CLASSIFICATION MT
CU (%)
MO (ppm)
CU (t)
Bindi
Measured
Indicated
Inferred
TOTAL
Dasher
Measured
Indicated
Inferred
TOTAL
Opie
Measured
Indicated
Inferred
TOTAL
TOTAL
Measured
Indicated
Inferred
TOTAL
105.2
424.4
372.9
902.5
-
131.7
134.8
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
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
2,845,700
* E70/5442 Acquired from Diamandia Pty Ltd
** E70/5417 Dalwallinu Surrendered 7/07/2022
***E70/5596 Moodiarup Surrendered 28/09/2022
**** E70/5964 Bruce Rock Surrendered 18/07/2023
***** E70/6125 Mukinbudin Granted 7/08/2023
****** E70/6126 Burakin Granted 7/08/2023
6/03/2007
5/03/2024
15/11/2010
14/11/2023
23/11/2009
22/11/2023
6/11/2019
6/11/2019
5/11/2024
5/11/2024
17/01/2020
16/01/2026
12/05/2021
11/05/2024
12/10/2020
11/10/2025
5/01/2021
4/01/2026
100%
100%
100%
100%
100%
80%
100%
100%
100%
21/09/2022
20/09/2043
100%
Live
Live
Live
Live
Live
Live
Live
Live
Live
Pending
Live
Pending
Live
Live
Caravel Copper
E70/2788
E70/3674
E70/3680
E70/5228
E70/5229
R70/0060
R70/0063
E70/5586
E70/5442*
M70/1410
M70/1411
GPL70/262
GPL70/263
Dalwallinu
E70/5400
E70/5417
E70/5511
E70/5512
E70/5673
E70/5506
Brookton
6/10/2022
3/06/2020
5/10/2043
2/06/2025
8/07/2025
Surrendered
9/07/2020
Live
Live
Live
Live
21/01/2021
20/01/2026
23/02/2021
22/02/2026
11/05/2021
10/05/2026
22/01/2021
21/01/2026
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Moodiarup
E70/5596***
Surrendered
9/04/2021
8/04/2026
Gillingarra
E70/5731
Bruce Rock
E70/5964****
Live
Live
21/04/2021
20/04/2026
4/02/2022
3/02/2027
Mukinbudin
E70/6125 *****
Pending
Burakin
Cadoux
Mt William
E70/6126 ******
Pending
E70/6376
E70/2338
Live
Pending
7/03/2023
6/03/2023
100%
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023 20
CORPORATE AND OUTLOOK
CAPITAL RAISING
In November 2022, Caravel secured $12 million from
a placement comprising the issue of 60 million
new fully-paid ordinary shares. The Placement was
well-supported by new and existing institutional and
sophisticated investors.
Subsequent to the end of the reporting period, Caravel
completed a Share Placement and Share Purchase Plan,
which raised $10 million. The Placement and SPP shares
were offered with free attaching options on a 1:2 basis,
exercisable at $0.33 and expiring two years from the
date of issue.
The capital raising was strongly supported by new and
existing institutional and sophisticated investors, in
addition to the Board, and resulted in the introduction of
several new high-quality investors to Caravel’s register.
The proceeds will be used to support the continued
development of Caravel Copper Project in WA, including
the imminent commencement of a Bankable Feasibility
Study (BFS), permitting and infrastructure studies and
other development activities.
Upon settlement of the Placement, Caravel had a strong
pro-forma 30 June 2023 cash balance of $13.7 million
(before costs and net of payables) putting the Company
in a strong position to advance the Caravel Copper
Project towards development.
DIRECTOR’S REPORT 30 JUNE 2023
Directors’ Report
30 June 2023
SECTION 07
21
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 2023.
Directors
Qualifications, Experience and Special Responsibilities of Directors
Wayne Trumble – Non‐Executive Chairman
A senior executive with 35 years of specific industry expertise in mining, electricity, investment and construction. Wayne 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, Wayne 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. Wayne 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
Special responsibilities
Chairman
Member of Remuneration Committee
Former directorships in the last three years
None
Interests in shares and options
465,454 shares
Donald Hyma ‐ Managing Director (appointed 28 November 2022)
Don has over 30 years of international mineral resource project development experience across several countries including Canada,
Chile, New Caledonia and Australia. Don’s previous roles include Director Projects for Fortescue Metals Group, Technical Director
at Mitsui & Co, Vice‐President Projects for the Iron Ore Company of Canada and General Manager Projects for Rio Tinto Iron Ore
and he held senior project management roles at Falconbridge Limited (now Glencore).
Over the last two years, Don has been an advisor to the Caravel Board on the Caravel Copper Project feasibility studies and
implementation strategies and most recently was Managing Director at Adelaide‐based, ASX‐listed Australian Rare Earths Limited.
Mr Hyma holds a Bachelor of Science in Mining Engineering and a Master of Science in Mineral Processing along with an
International Executive Management Diploma from INSEAD in France and Singapore. He is also a Fellow of the Australian Institute
on Mining and Metallurgy (AusIMM).
Other current directorships
nil
Special responsibilities
Managing Director
Former directorships in the last three years
Australian Rare Earths (Retired 26 August 2022)
Interests in shares and options
100,000 shares
8,000,000 options
Alasdair Cooke ‐ Executive Director
Alasdair 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.
Alasdair is a substantial shareholder of Caravel Minerals.
Other current directorships
Alma Metals Limited
Aurora Energy Metals Limited
Special responsibilities
Executive Director
Former directorships in the last three years
EVE Health Group Limited (retired 28 February 2023)
Interests in shares and options
31,983,117 shares
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.
1
YEAR AHEAD
The outlook for the year ahead will see Caravel progress
methodical and staged project feasibility studies
including detailed engineering work with EPCM firm,
Lycopodium scheduled to commence in 2024. Key
workstreams will also continue for metallurgy, water and
power access and stakeholder engagement.
Formal regulatory environmental assessments will
continue including the project’s forthcoming submission
of its Environmental Review Document (ERD) which
will publicly report on the environmental baseline and
assessment of potential impacts resulting from project
development. A public examination and comment period
on the ERD is expected during 2024.
Caravel will continue to maintain a program of
engagement with high-quality partners including Original
Equipment Manufacturers (OEMs), European Credit
Agencies (ECAs) and cornerstone investors who can work
with the Company to deliver the project.
Regional stakeholder engagement with mine area,
borefield and pipeline area landowners and other
interested parties will continue as the Project obtains
further definition during the BFS stage and discussions
advance towards planning for project implementation.
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
22
Directors’ Report
30 June 2023
Other current directorships
Alto Metals Limited
Boab Metals Limited
Special responsibilities
Chairman of Remuneration Committee
Former directorships in the last three years
Zinc of Ireland Limited (resigned 8 March 2023)
Black Dragon Gold Limited (resigned 11 August 2021)
Interests in shares and options
2,436,364 shares
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 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
23
Directors’ Report
30 June 2023
o November 2022: $12 million Share Placement at $0.20 per share
o
July 2023: $9.5 million Share Placement at $0.22
The raisings proceeds will underpin work on the Bankable Feasibility Study (BFS), permitting and infrastructure studies
and other development activities.
Corporate and Financial Position
The group’s net loss from operations for the year was $11,065,755 (2022: $14,435,952).
At 30 June 2023, the group had net current assets of $4,915,419 (2022: $1,458,338). 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.
No dividends have been declared, provided for or paid in respect of the year ended 30 June 2023 (30 June 2022: nil)
Movements in Company’s share capital
Review of Operations
Caravel Copper Project, WA
Substantial progress with feasibility and development activities, building on the 2022 Pre‐Feasibility Study (PFS) and
maiden Ore Reserve.
Positive Independent reviews of the 2022 mining and processing Pre‐Feasibility Study and Maiden Ore Reserve.
Opportunities identified to add significant value with flowsheet simplification, process capacity increase and addition of
Molybdenum Recovery Circuit (MRC) to produce molybdenum as a separate marketable by‐product.
Perth‐based Lycopodium Minerals Pty Ltd selected as lead engineer for the Bankable Feasibility Study (BFS),
Benchmarking visits undertaken to major copper mines of similar grade and scale in Canada to validate Caravel’s
development plan.
Groundwater drilling and modelling confirmed the presence of a newly discovered aquifer sufficient to meet the water
requirements of the Caravel Project.
Applications for abstraction licences lodged, in parallel with stakeholder engagement to secure the infrastructure
corridor for the borefield and water pipeline.
Application submitted to Western Power for connection to the existing grid (SWIS) to support a low‐cost power
solution.
Financing proposals received from several mining equipment and manufacturers which are progressing towards
partnering arrangements for an automated and electrified mining fleet.
Key mining tenure approvals were received for the Dasher resource area, with Mining Lease 70/1411 and General
Purpose Lease 70/623 granted by the Department of Mines, Industry, Regulation and Safety (DMIRS). Heritage surveys
for these areas were completed by the Yued Aboriginal Group.
Project referrals submitted in December 2022 under the Environmental Protection Act 1986 (State) and the
Environmental Protection and Biodiversity Conservation Act 1999 (Federal) to formally commence the primary
environmental assessment for the Caravel Project.
Final environmental studies required for State and Federal environmental approvals nearing completion. The State
Government has set the level of assessment for the Project as a Public Environmental Review.
Corporate
Experienced resource industry leader Don Hyma appointed as Managing Director, bringing 30+ years of Australian and
international mineral resource project development experience to Caravel, including strong technical (engineering and
metallurgy) and business leadership skillsets.
Three strongly supported capital raisings and a Share Purchase Plan (SPP) completed
o August 2022: $3 million Share Placement at $0.17 per share
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 were exercisable at 30 cents and
subsequently expired on 30 June 2023.
On 9 August 2022 the Company issued 100,000 shares to a consultant 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 2022, 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.
On 23 November 2022, the Company completed a share placement of 59,500,000 shares at $0.20 per share, raising
proceeds of $11,900,000.
On 31 January 2023, 8,000,000 options were granted to the managing director Donald Hyma; the options have an
exercise price of $0.31 per option and expire on 31 October 2025.
On 3 February 2023, the Company completed a share placement to Alasdair Cooke, a director, of 500,000 shares at
$0.20 per share, raising proceeds of $100,000. The issue of these shares was approved by shareholders at a shareholder
meeting held on 31 January 2023.
On 31 May 2023, 1,727,447 options lapsed.
On 30 June 2023, 15,575,811 options lapsed.
Material Business Risk
The business activities of the Company are subject to risks and there are many risks which may impact on the Company’s future
performance. Some of these risks can be mitigated by the use of safeguards and appropriate systems and controls, but many are
outside of the control of the Company and cannot be mitigated.
Exploration projects: Mineral exploration is high‐risk, with no guarantee of economic ore discoveries beyond the Caravel
Copper Project. Various factors like geological conditions, weather patterns, water supply, and government regulations
can affect exploration. Uncertainty surrounds securing suitable water and power supplies for the Caravel Copper
Project. Access to capital, maintaining tenement titles, and obtaining approvals are crucial for success.
Water and power supply: Whilst the Company has identified a potential water and power supply for the project and is in
discussions with third parties to secure this, there can be no assurance that such water and power supply can be
secured on favourable terms. If adequate water and power cannot be secured for the project on acceptable terms, the
Company may be required to scale back its proposed development of the Caravel Copper Project.
2
3
ASX:CVVcaravelminerals.com.auSECTION 07DIRECTOR’S REPORT 30 JUNE 2023ANNUAL REPORT2023
24
Directors’ Report
30 June 2023
Regulatory risks: Extensive laws and regulations affect exploration, including permits, environmental compliance, and
native title issues. Obtaining permits may be time‐consuming, and non‐compliance can lead to fines or suspension of
activities.
Environmental risks: All mining projects are subject to scrutiny for environmental protection issues and are at risk of not
being approved if the impact on the environment is significant. The Caravel Copper Project is expected to be permitted
under Part IV of the Environmental Protection Act 1986 (WA) approval process and the necessary environmental studies
and documentation has been prepared on this basis. Whilst the Company is not aware of any significant environmental
sensitivities in connection with the Caravel Copper Project, there can be no assurance that environmental approval will
be obtained on acceptable terms.
Mineral resource estimations: The mineral resource estimates for the Caravel Copper Project are estimates only and no
assurances can be given that any particular levels of recovery of copper will in fact be realised. Mineral resource
estimates are expressions of judgment based on knowledge, experience and resource modelling. Mineral resource
estimates are inherently imprecise and rely to some extent on interpretations made. They are also influenced by the
recoverability of the value component from the defined resource.
Copper price volatility: The Company is seeking to develop the Caravel Copper Project which is reliant in part upon the
price of copper. Further, in the event of any future copper production, the Company’s financial performance will be
sensitive to the copper price which is affected by numerous factors and events that are beyond the control of the
Company.
Impact of inflation on costs: Higher than expected inflation rates generally, or specific to the mining industry in
particular, could be expected to increase operating and development costs and potentially reduce the value of future
project developments.
Title risk: Maintaining tenure over the Company’s projects depend on meeting license conditions and the ability to fund
future work programs. Tenement renewals are uncertain, and new conditions may be imposed.
Legal proceedings: Legal proceedings may arise from time to time in the course of the Company's business. As at the
date of this report, there are no material legal proceedings affecting the Company and the Directors are not aware of
any legal proceedings pending or threatened against or affecting the Company.
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;
Develop the Caravel Copper Project;
Selectively expand the group’s portfolio of exploration assets; and
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
On 4 August 2023 the Company issued 40,909,091 shares at $0.22 per share, under a share placement (Placement)
announced on 31 July, raising proceeds of $9,000,000.
On 4 August 2023 the Company granted a total of 12,900,000 options at $0.33 per option, expiring on 31 October 2025.
9,000,000 options were issued to employees. 3,900,000 to be issued to directors are subject to shareholder approval..
On 30 August, the Company issued further 1,913,608 at $0.22 per share under a Share Purchase Plan, raising proceeds
of $420,994.
On 30 August, the Company issued 22,820,436 listed free attaching options under the Placement and Share Purchase
Plan. The options have an exercise price of $0.33 and expire on 30 August 2025.
No other matter or circumstance has arisen since 30 June 2023 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
25
Directors’ Report
30 June 2023
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.
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 2023, 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
3
6
3
6
3
6
3
1
‐
‐
1
1
‐
‐
1
Wayne Trumble
Richard Monti
Stephen Abbott
Alasdair Cooke
Don Hyma
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 $27,750 (2022: $34,213)
exclusive of GST.
Share Options on Issue at the Date of this Report
Unissued shares
At the date of this report, the unissued ordinary shares of Caravel Minerals Limited under option are as follows:
Number of unlisted
options
2,000,000
8,000,000
9,000,000
22,820,436
41,820,436
Exercise price
($)
0.30
0.31
0.33
0.33
Expiry Date
3/03/2024
31/10/2025
31/10/2025
30/08/2025
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
No options were exercised during the financial year.
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.
Non‐Audit Services
4
There were no non‐audit services provided during the year by the auditor, BDO Audit (WA) Pty Ltd.
5
ASX:CVVcaravelminerals.com.auSECTION 07DIRECTOR’S REPORT 30 JUNE 2023ANNUAL REPORT2023
26
Directors’ Report
30 June 2023
Auditor’s Independence Declaration
The auditor’s independence declaration is on page 11.
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 2023 of Caravel Minerals Limited are the directors of the Company.
Details of Key Management Personnel
Directors
Wayne Trumble
Richard Monti
Donald Hyma
Stephen Abbott
Alasdair Cooke
Non‐Executive Chairman
Non‐Executive Director
Managing Director (appointed 28 November 2022)
Managing Director (resigned 8 December 2022)
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:
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 (%)
Remuneration Philosophy
2023
2022
2021
2020
2019
(11,065,755)
(2.44)
‐
‐
27.8
(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)
4.42
3.45
7.94
15.45
2.84
27
Directors’ Report
30 June 2023
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.
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 2023 and 30 June 2022 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.
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.
Fixed Remuneration
Objective
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.
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 2023 and 30 June 2022 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.
7
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ASX:CVVcaravelminerals.com.auSECTION 07DIRECTOR’S REPORT 30 JUNE 2023ANNUAL REPORT2023
28
Directors’ Report
30 June 2023
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 2023.
Executives receive a superannuation guarantee contribution required by the government, which was 10.5% during the year ended
30 June 2023 (2022: 10%) 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
During the period, the Company granted 8,000,000 KMP options to the managing director Donald Hyma (2022: nil). Total expense
recognised in the financial statements in regard to these options is $471,358.
Assumptions used for the grants made during the Period are set out in the table below.
Grant Date
Number of options
Dividend yield (%)
Expected volatility (%)
Risk free interest rate (%)
Expected life of the option (years)
Option exercise price ($)
Share price at grant date ($)
Expiry date
Fair value per option ($)
Total value at grant date ($)
Vesting conditions
KMP Options T1
31/01/2023
4,000,000
‐
97.20
3.07
2.75
0.310
0.275
31/10/2025
0.1574
629,600*
KMP Options T2
31/01/2023
4,000,000
‐
97.20
3.07
2.75
0.310
0.275
31/10/2025
0.1574
629,600*
‐ Continued employment; and
If the Company delivers a
‐
bankable feasibility study on the
Caravel Copper Project **
‐ Continued employment; and
‐
If the Company secures funding on the
Caravel Copper Project or a major
project partner is introduced and
agrees to fund the project **
Vesting commencement
Expected vesting date
Awarded to
Donald Hyma
15/11/22
31/03/2024
4,000,000
15/11/22
31/12/2024
4,000,000
*Each tranche of 4,000,000 options granted to Mr Hyma were independently valued at $385,566 around the time his
employment commenced late in 2022. Refer to the notice of meeting that was issued on 23 December 2022 for further details.
**The Company has determined that the options are likely to vest and therefore applied 100% probability to achievement of
vesting hurdles
During the year ended 30 June 2023, 1,250,000 options were exercised by a director, Richard Monti, at an exercise price of 8 cents
per option (2022: 9,730,000 options were exercised by directors at an exercise price of 8 cents).
Employment Contracts
Executive Directors
The employment conditions of Executive Director, Mr Alasdair Cooke, are formalised in a contract of employment. The total
remuneration package from 1 July 2022 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.
The employment conditions of Managing Director, Mr Donald Hyma, are formalised in a contract of employment commencing on
28 November 2022. The remuneration package includes a base salary of $325,792 per annum and statutory superannuation which
is currently 10.5% of the base salary. Notice of three months is required for either party to terminate the contract.
The employment conditions of Managing Director, Mr Stephen Abbott, until his resignation on 8 December 2022, were formalised
in a contract of employment. The total current remuneration package was $12,500 per month inclusive of statutory
superannuation with an additional $1,500 per day for additional time worked.
Directors’ Report
30 June 2023
Key Management Personnel Remuneration
Short term
employee
benefits
Post‐
employment
benefits
Share based
payments
%
Performance‐
based
Total
Cash salary
Superannuation
Options
29
Key Management Personnel remuneration – 2023
Non‐Executive Directors
Wayne Trumble
Richard Monti1
Executive Directors
Donald Hyma2
Stephen Abbott3
Alasdair Cooke
Total
Total
Key Management Personnel remuneration ‐ 2022
Non‐Executive Directors
Wayne Trumble
Richard Monti1
Executive Directors
Stephen Abbott3
Alasdair Cooke
59,998
90,000
193,802
112,350
230,600
686,750
60,000
88,250
248,250
223,600
620,100
6,300
5,040
‐
‐
‐
‐
66,298
95,040
20,349
‐
‐
31,689
471,358
8,698
8,698
488,754
6,000
4,800
‐
‐
‐
‐
10,800
248,972
248,972
497,944
69%
9%
4%
40%
‐
‐
50%
53%
44%
685,509
121,048
239,298
1,207,193
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.
2 Mr Donald Hyma was appointed a director on 28 November 2022.
3 Mr Stephen Abbott resigned on 8 December 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
30/06/2022
Other
Exercise of
options
Disposed
Balance at
30/06/2023
Balance at
Reporting Date
Non‐Executive Directors
Wayne Trumble
Richard Monti
Executive Directors
Donald Hyma1
Stephen Abbott2
Alasdair Cooke
Total
420,000
1,050,000
‐
‐
‐
1,250,000
‐
‐
420,000
2,300,000
‐
5,742,002
29,165,177
36,377,179
100,000
‐
2,817,940
2,917,940
‐
‐
‐
1,250,000
‐
(5,742,002)
‐
(5,742,002)
100,000
‐
31,983,117
34,803,117
465,454
2,436,364
100,000
‐
31,983,117
34,984,935
1 Number of shares held by Donald Hyma on appointment as a director.
2 Number of shares held by Stephen Abbott on the date of ceasing to be a director.
The fair value of options exercised during the year is $66,250. All options were exercised at $0.08 per option, contributing $100,000
to the share capital.
8
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ASX:CVVcaravelminerals.com.auSECTION 07DIRECTOR’S REPORT 30 JUNE 2023ANNUAL REPORT2023
30
Directors’ Report
30 June 2023
Option holding
The number of options over ordinary shares in the company held during the financial year by KMP of the consolidated entity,
including related parties, is set out below:
Balance at
30/06/2022
Issued as
remuneration
during the
year
Expired
During the
Year
Exercised
During the
Year
Balance at
30/06/2023
Vested and
exercisable
Maximum
value yet to
vest ($)
Non‐Executive
Directors
Wayne Trumble
Richard Monti
Executive Directors
Donald Hyma
Stephen Abbott
Alasdair Cooke
Total
287,908
1,393,954
‐
2,303,2621
2,303,262
6,288,386
‐
‐
(287,908)
(143,954)
‐
(1,250,000)
‐
‐
8,000,000
‐
‐
8,000,000
‐
(2,303,262)
(2,303,262)
(5,038,386)
‐
‐
‐
(1,250,000)
8,000,000
‐
‐
8,000,000
‐
‐
‐
‐
‐
‐
‐
‐
787,840
‐
‐
787,840
1 Number of options held by Stephen Abbott on the date of ceasing to be a director.
Use of Remuneration Consultants
The company did not use the services of any remuneration consultants during the year.
Voting and comments made at the Company’s 2022 Annual General Meeting
At the Annual General Meeting held on 17 November 2022 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 2023:
‐
$489,471 (2022: $527,074) 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 2023
was $52,688 (30 June 2022: $54,316).
The value of KMP options yet to vest at 30 June 2023 is $787,840. 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.
Donald Hyma
Managing Director
27 September 2023
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 2023, 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
27 September 2023
10
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.
ANNUAL REPORT2023
32
CONSOLIDATED STATEMENTS
SECTION 07
33
Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2023
Consolidated Statement of Financial Position
As at 30 June 2023
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
Items that will not be reclassified to profit or loss:
Changes in the fair value of equity investments at fair value through other
comprehensive income
Comprehensive loss attributable to the shareholders of the Company
Note
3.1
3.2
3.2
7.7
3.4
2023
$
717,378
(1,108,044)
(1,972,869)
(601,901)
(8,100,319)
(11,065,755)
‐
(11,065,755)
(11,065,755)
2022
$
89,332
(860,685)
(1,725,693)
(1,090,679)
(10,848,227)
(14,435,952)
‐
(14,435,952)
(14,435,952)
39,808
(11,025,947)
(30,250)
(14,466,202)
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
3.5
3.5
(2.44)
(2.44)
(3.72)
(3.72)
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
2023
$
2022
$
4.1
4.3
2.1
2.2
4.4
5.1
6,054,282
387,601
18,879
6,460,762
3,182,811
625,458
‐
3,808,269
10,269,031
1,545,343
1,545,343
1,545,343
8,723,688
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
83,907,438
(79,495,491)
4,311,741
8,723,688
69,547,987
(68,880,727)
4,121,023
4,788,283
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
12
13
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
34
CONSOLIDATED STATEMENTS
SECTION 07
35
Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2023
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2023
Contributed
equity
Accumulated
losses
Share‐Based
Payments
Reserve
$
69,547,987
‐
‐
‐
$
(68,880,727)
(11,065,755)
‐
(11,065,755)
14,359,451
‐
‐
14,359,451
83,907,438
‐
‐
450,991
450,991
(79,495,491)
66,639,277
‐
‐
‐
(54,444,775)
(14,435,952)
‐
(14,435,952)
2,908,710
‐
2,908,710
69,547,987
‐
‐
‐
(68,880,727)
$
4,151,273
‐
‐
‐
‐
601,901
(441,433)
160,468
4,311,741
3,060,594
‐
‐
‐
‐
1,090,679
1,090,679
4,151,273
Other
Comprehensive
Income Reserve
(FVOCI)
$
(30,250)
‐
39,808
39,808
‐
‐
(9,558)
(9,558)
‐
‐
‐
(30,250)
(30,250)
‐
‐
‐
(30,250)
Total
equity
$
4,788,283
(11,056,197)
30,250
(11,025,947)
14,359,451
601,901
‐
14,961,352
8,723,688
15,255,096
(14,435,952)
(30,250)
(14,466,202)
2,908,710
1,090,679
3,999, 389
4,788,283
At 30 June 2022
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
Reclassification within equity
Total
At 30 June 2023
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
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
Payment for acquisition of exploration property
Proceeds from sale of equity investments
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/(decrease) in cash and cash equivalents
Cash and cash equivalents at the end of the year
Note
2023
$
2022
$
120,418
579,400
(2,990,482)
(7,948,830)
(10,239,494)
52
29,280
(2,302,629)
(11,391,856)
(13,665,153)
(514,652)
(75,000)
75,558
(514,094)
(44,201)
‐
‐
(44,201)
15,100,000
(740,549)
14,359,451
2,937,537
(28,827)
2,908,710
2,448,419
3,605,863
6,054,282
13,249,063
(10,800,644)
2,448,419
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.
14
15
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
36
CONSOLIDATED STATEMENTS
SECTION 07
37
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
1.6. Going Concern
1. Basis of preparation
The annual report of Caravel Minerals Limited for the year ended 30 June 2023 was authorised for issue in accordance with a
resolution of the directors on 27 September 2023.
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 2023 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.
16
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 2023 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 $11,065,755 (2022: $14,435,952) and had net cash outflows
from operating activities of $10,239,494 (2022: $13,665,153). At balance date the group has working capital of
$4,915,419 (2022: $1,458,338).
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 exploration 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.
17
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
38
CONSOLIDATED STATEMENTS
SECTION 07
39
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
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:
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:
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. Judgement has been exercised in relation to probability of achievement of non‐
market performance hurdles, and the timing of expected achievement. At each reporting period management assess the
probability of the vesting of options and performance rights, where applicable, in accordance with AASB 2 – Share based
payments (non‐market conditions). The probability is assessed to either be less likely or more likely (0% or 100%) and a
vesting expense is recorded accordingly.
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:
Areas of interest:
Caravel Copper Project
2023
$
3,182,811
2022
$
3,107,811
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.
2.2. Property, Plant and Equipment
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.
Buildings
Plant and equipment
Exploration equipment
Vehicles
Leasehold improvements
Computer equipment and software
Furniture
and fittings
2.5%
25%
25%‐33%
25%‐33%
‐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
Net carrying amount
Total Property Plant and Equipment
Accumulated depreciation
Net carrying amount
2023
$
2022
$
224,097
(41,545)
182,552
44,163
(24,246)
19,917
71,896
(68,414)
3,482
543,866
(129,074)
414,792
8,306
(3,591)
4,715
892,328
(266,870)
625,458
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
377,675
(191,291)
186,384
18
19
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
40
CONSOLIDATED STATEMENTS
SECTION 07
41
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
2.3.
Impairment of assets
3.4.
Income Tax
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 2023.
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
2023
$
571,450
120,418
25,510
717,378
2022
$
‐
52
89,280
89,332
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
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.
3.2. Expenses
3.4.1. The major components of income tax are:
Administration services
Professional fees
Corporate costs
Depreciation
Occupancy
Other administration costs
Employee expenses
Directors Fees
Salaries and wages
Superannuation
Payroll Tax & Fringe Benefits Tax
3.3. Segment Information
2023
$
188,447
559,637
11,533
209,618
138,809
1,108,044
566,032
1,203,310
91,727
111,800
1,972,869
2022
$
217,092
380,141
8,721
227,038
27,693
860,685
342,400
1,230,612
79,492
73,189
1,725,693
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.
20
Current income tax
Deferred income tax
2023
$
2022
$
‐
‐
‐
‐
3.4.2. A reconciliation between tax expense and the product of accounting loss
Accounting loss before tax
At the Company’s statutory income tax rate of 25% (2022: 26%)
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
2023
$
2022
$
(11,065,755)
(2,766,439)
(14,435,952)
(3,608,988)
10,522
150,475
(138,487)
2,743,929
‐
‐
‐
‐
15,090
272,670
‐
3,321,228
‐
‐
‐
‐
21
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
42
CONSOLIDATED STATEMENTS
SECTION 07
43
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
3.4.3. Deferred tax liabilities @ 25% (2022: 25%) have not been recognised in respect of
Deferred tax liabilities @ 25% (2022: 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
3.5. Loss Per Share
2023
$
795,703
4,470
800,173
2023
$
20,785
291,428
20,746,935
220,458
21,279,606
2022
$
776,953
1,208
778,161
2022
$
41,457
221,964
17,862,084
220,458
18,345,963
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
2023
$
2022
$
(11,065,755)
(14,435,952)
400,187,314
52,458,856
452,646,170
377,775,017
10,114,776
387,889,793
Basic loss per share (cents per share)
(2.44)
(3.72)
At 30 June 2023, 10,000,000 (2022: 18,019,669) 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.
Subsequent to the reporting date:
On 4 August 2023 the Company issued 40,909,091 shares at $0.22 per share, under a share placement
(Placement) announced on 31 July, raising proceeds of $9,000,000.
On 4 August 2023 the Company granted a total of 12,900,000 options at $0.33 per option, expiring on 31 October
2025. 9,000,000 options were issued to employees. 3,900,000 to be issued to directors are subject to shareholder
approval.
On 30 August, the Company issued further 1,913,608 at $0.22 per share under a Share Purchase Plan, raising
proceeds of $420,994.
On 30 August, the Company issued 22,820,436 listed free attaching options under the Placement and Share
Purchase Plan. The options have an exercise price of $0.33 and expire on 30 August 2025.
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
2023
$
6,034,282
20,000
6,054,282
2022
$
2,428,419
20,000
2,448,419
4.2. Reconciliation of Net Loss After Income Tax Expense to Net Cash Used In Operating Activities
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
2023
$
2022
$
(11,065,755)
(14,435,952)
601,901
75,579
‐
1,090,679
64,676
(60,000)
(194,978)
343,759
(10,239,494)
155,612
(480,168)
(13,665,153)
Non‐cash financing activities
There were no non‐cash financing and investment activities during the year.
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
2023
$
16,919
370,682
387,601
2022
$
1,391
204,279
205,670
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
2023
$
954,249
591,094
1,545,343
2022
$
567,400
634,184
1,201,584
22
23
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
44
CONSOLIDATED STATEMENTS
SECTION 07
45
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
5. Funding and risk management
5.3. Movement in unlisted options
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
2023
$
88,352,935
(4,445,497)
83,907,438
2022
$
73,252,935
(3,704,948)
69,547,987
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.
Date
Number of
shares
Issue price
cents
$
Balance 30 June 2021
Option Conversion
Option Conversion
Option Conversion
Rights issue
Option Conversion
Less Transaction costs
Balance 30 June 2022
Share placement
Shares issued in consideration for services
Option Conversion
Share placement
Share placement
Share placement
Less Transaction costs
Balance 30 June 2023
09 Jul 2021
20 Sep 2021
31 Oct 2021
31 May 2022
29 Jun 2022
09 Aug 2022
09 Aug 2022
28 Sep 2022
28 Sep 2022
23 Nov 2022
03 Feb 2023
377,775,017
625,000
11,200,000
250,000
7,122,197
3,215,100
400,187,314
14,705,883
100,000
1,250,000
2,941,176
59,500,000
500,000
479,184,373
8.0
8.2
10.0
24.0
8.0
17.0
‐
8.0
17.0
20.0
20.0
66,639,277
50,000
896,000
25,000
1,709,329
257,208
(28,827)
69,547,987
2,500,000
‐
100,000
500,000
11,900,000
100,000
(740,549)
83,907,438
24
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
2023
Number
18,019,669
10,533,589
(17,303,258)
(1,250,000)
10,000,000
2,000,000
2022
Number
36,309,769
‐
(3,000,000)
(15,290,100)
18,019,669
14,852,684
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 2023, the Company issued 78,997,059 ordinary shares (2022: 22,412,297
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 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 2023 are expected to be settled within 6 months of year‐end.
25
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
46
CONSOLIDATED STATEMENTS
SECTION 07
47
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
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 2023 and 2022 and represents
management’s judgement of a reasonably possible movement.
30 June 2023
Cash and cash equivalents
30 June 2022
Cash and cash equivalents
Carrying
Amount
$
Interest Rate Risk ‐1%
Equity
Net Loss
$
$
Interest Rate Risk +1%
Equity
Net Gain
$
$
6,054,282
(60,543)
(60,543)
60,543
60,543
2,448,419
(24,484)
(24,484)
24,484
24,484
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 2023
Financial assets at FVOCI
Total assets
30 June 2022
Financial assets at FVOCI
Total assets
Level 1
$
Level 2
$
Level 3
$
Total
$
‐
‐
35,750
35,750
‐
‐
‐
‐
‐
‐
‐
‐
‐
‐
35,750
35,750
There were no transfers between levels during the financial year.
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
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‐2023
30‐Jun‐2022
Quadrio Resources Pty Ltd
Australia
11‐Jun‐1985
100%
100%
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
27
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
48
CONSOLIDATED STATEMENTS
SECTION 07
49
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
6.1.3. Comparatives
Prior period comparatives are for the year from 1 July 2021 to 30 June 2022.
6.2. Parent Entity Information
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
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 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.
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.
Current Assets
Non‐Current Assets
Total Assets
Current Liabilities
Total Liabilities
Contributed equity
Accumulated losses
Reserves
Total Equity
Loss for the year
Other comprehensive income/(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
2023
$
6,085,634
3,024,131
9,109,765
2022
$
2,404,581
2,787,235
5,191,816
386,077
386,077
403,533
403,533
83,907,438
(79,495,491)
4,311,741
8,723,688
69,547,987
(68,880,728)
4,121,024
4,788,283
(11,065,756)
39,808
(11,025,948)
(14,435,952)
(30,250)
(14,466,202)
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
2023
$
686,750
31,689
488,754
1,207,193
2022
$
620,100
10,800
497,944
1,128,844
Transactions with other related parties during the year ended 30 June 2023 were as follows:
$489,471 (2022: $527,074) 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 $52,688 was unpaid at 30 June
2023 (30 June 2022: $54,316).
During the year ended 30 June 2023 a total of 8,000,000 options were issued to Donald Hyma upon his appointment as
Managing Director. Total value of those options is $1,259,200 of which $471,358 was expensed during the year. Details
on terms and valuation of these options are disclosed in note 7.5.
No other options were granted to KMP during the year ended 30 June 2022.
The value of KMP options yet to vest at 30 June 2023 is $787,840 (2022: $17,396).
No loans to key management personnel were provided during the period or up to the date of signing this report.
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
2023
Number
18,019,669
10,533,589
(17,303,258)
(1,250,000)
10,000,000
2,000,000
2023
WAEP
0.33
0.31
0.34
0.08
0.31
0.30
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
Weighted average remaining contractual life of options at 30 June 2023: 2.01 years (2022: 1.02 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.
28
29
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
50
CONSOLIDATED STATEMENTS
SECTION 07
51
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
Notes to the Consolidated Financial Statements
For the Year Ended 30 June 2023
The table below sets out the assumptions used for grants made during the year ended 30 June 2023.
8.2. Commitments and Contingencies
Options issued during the year ended 30 June 2023
Grant Date
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 ($)
Vest
KMP Options T1
15/12/2022
4,000,000
‐
97.20%
3.07%
2.75
0.310
0.275
25/10/2025
0.1574
629,600
If the Company delivers a
bankable feasibility study
on the Caravel Copper
Project
KMP Options T2
15/12/2022
4,000,000
‐
97.20%
3.07%
2.75
0.310
0.275
25/10/2025
0.1574
629,600
If the Company secures
funding on the Caravel
Copper Project or a
major project partner is
introduced and agrees
to fund the project
Employee Options
1/07/2022
2,533,589
‐
97.20%
1.05%
1.00
0.300
0.180
30/06/2023
0.0407
103,117
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 twelve months from balance date amounts to $98,000 (2022: $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 2023 Caravel Minerals Limited has no contingent liabilities (2022: nil).
On issue
8.3. Remuneration of Auditors
Expected vesting date
31/03/2024
31/12/2024
1/07/2022
Amount received or due and receivable by the auditor for:
Auditing the financial statements, including audit review ‐ current year audits
Awarded to
Donald Hyma
Donald Hyma
Employees
Total remuneration of auditors
7.6. Shares
During the year ended 30 June 2023 the Company issued 100,000 shares at $0.17 per share as consideration for consulting
services (2022: nil).
8.4. New and revised accounting standards
Adoption of new and revised accounting standards
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
8. Other
8.1. Events occurring after the reporting period
2023
$
601,901
601,901
2022
$
1,090,679
1,090,679
On 4 August 2023 the Company issued 40,909,091 shares at $0.22 per share, under a share placement (Placement)
announced on 31 July, raising proceeds of $9,000,000.
On 4 August 2023 the Company granted a total of 12,900,000 options at $0.33 per option, expiring on 31 October
2025. 9,000,000 options were issued to employees. 3,900,000 to be issued to directors are subject to shareholder
approval.
On 30 August, the Company issued further 1,913,608 at $0.22 per share under a Share Purchase Plan, raising
proceeds of $420,994.
On 30 August, the Company issued 22,820,436 listed free attaching options under the Placement and Share
Purchase Plan. The options have an exercise price of $0.33 and expire on 30 August 2025.
Other than the matters above, at the date of this report there are no other matters or circumstances which have arisen
since 30 June 2023 that have significantly affected or may significantly affect:
the operations, in financial years subsequent to 30 June 2023, of the Group;
the results of those operations, in financial years subsequent to 30 June 2023, of the Group.
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 2023
The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and
Interpretations.
30
31
2023
$
2022
$
39,533
39,533
49,598
49,598
ASX:CVVcaravelminerals.com.auANNUAL REPORT2023
52
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
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)
giving a true and fair view of the Group’s financial position as at 30 June 2023 and of its performance for the
period ended on that date; and
INDEPENDENT AUDITOR'S REPORT
To the members of Caravel Minerals Limited
Report on the Audit of the Financial Report
Opinion
(ii)
mandatory
complying with Accounting Standards, the Corporations Regulations 2001 and other
professional reporting requirements, and
(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.
(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 2023.
On behalf of the Board.
Donald Hyma
Managing Director
27 September 2023
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 2023, 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 2023 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.
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.
32
ANNUAL REPORT2023
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.
•
Assessing whether rights to tenure of the
Group’s area of interest remained current
The Group’s accounting policies and significant
at balance date;
judgements applied to capitalised exploration and
evaluation expenditure are detailed in Notes 1.7 and 2.1
of the financial report.
•
Considering the status of the ongoing
exploration programmes in the respective
areas of interest by holding discussions with
In accordance with AASB 6 Exploration for and
management, and reviewing the Group’s
Evaluation of Mineral Resources (‘AASB 6’), the
exploration budgets, ASX announcements
recoverability of exploration and evaluation expenditure
and director’s minutes;
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.
•
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 in the Directors’ Report (excluding the audited Remuneration Report section) for the year
ended 30 June 2023, but does not include the financial report and the auditor’s report thereon, which
we obtained prior to the date of this auditor’s report, and the Annual Report to Shareholders, 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
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 to Shareholders, 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.
2
3
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 6 to 10 of the directors’ report for the
year ended 30 June 2023.
In our opinion, the Remuneration Report of Caravel Minerals Limited, for the year ended 30 June 2023,
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
27 September 2023
4
ADDITIONAL INFORMATION
57
Additional Shareholder Information – as at 24 October 2023
1.
TWENTY LARGEST SHAREHOLDERS
The names of the twenty largest holders of each class of listed securities as at 24 October 2023 are listed below:
Ordinary Shares
Rank
Holder Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Alasdair Cooke
Citicorp Nominees Pty Limited
Glenvar Nominees Pty Ltd
Alma Metals Ltd
HSBC Custody Nominees (Australia) Limited
Mrs Pamela Julian Sargood
J P Morgan Nominees Australia Pty Limited
Milford Park Superannuation Pty Ltd
Mandel Pty Ltd
Burls Holdings Pty Ltd
Troca Enterprises Pty Ltd
HSBC Custody Nominees (Australia) Limited
Equity Trustees Limited
Orbit Drilling Pty Ltd
Pebadore Pty Ltd
Clapsy Pty Ltd
Beebee Holdings Pty Ltd
Steve Abbott
Sarah Mcintyre
Ashim Marfatia & Mrs Rosemary Marfatia
Total
Total issued capital
Listed Options exercisable at 33 cents
Rank
Holder Name
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Bilgola Nominees Pty Limited
Citicorp Nominees Pty Limited
Merrill Lynch (Australia) Nominees Pty Limited
Alasdair Cooke
Glenvar Nominees Pty Ltd
Bilgola Nominees Pty Limited
CG Nominees (Australia) Pty Ltd
HSBC Custody Nominees (Australia) Limited
JP Morgan Nominees Australia Pty Limited
Bergen Global Opportunity Fund LP
Hawksburn Capital Pte Ltd
HSBC Custody Nominees (Australia) Limited
HSBC Custody Nominees (Australia) Limited ‐ A/C 2
The Roosters Beach Pty Limited
Mr Casey Joseph Iddon
Troca Enterprises Pty Ltd
Realee Pty Ltd
Buttonwood Nominees Pty Ltd
Certane Ct Pty Ltd
Certane Ct Pty Ltd
Total
Total issued capital
Securities
33,119,480
24,292,233
18,142,064
14,533,872
13,892,742
13,600,000
10,420,816
9,341,172
8,500,000
8,189,034
7,950,000
7,783,210
7,759,300
7,526,952
5,800,000
5,538,236
5,174,491
5,052,000
4,100,000
4,000,000
%
6.32%
4.63%
3.46%
2.77%
2.65%
2.59%
1.99%
1.78%
1.62%
1.56%
1.52%
1.48%
1.48%
1.44%
1.11%
1.06%
0.99%
0.96%
0.78%
0.76%
214,715,602
524,279,799
40.95%
100.00%
Securities
3,990,909
2,147,065
1,136,364
1,136,364
755,682
750,000
750,000
518,973
500,097
454,545
418,182
409,173
397,005
361,126
350,000
329,294
290,909
284,091
276,903
262,358
15,519,040
24,047,687
%
16.60%
8.93%
4.73%
4.73%
3.14%
3.12%
3.12%
2.16%
2.08%
1.89%
1.74%
1.70%
1.65%
1.50%
1.46%
1.37%
1.21%
1.18%
1.15%
1.09%
64.53%
100.00%
2
ASX:CVVcaravelminerals.com.auSECTION 07
58
Additional Shareholder Information – as at 24 October 2023
2. DISTRIBUTION OF EQUITY SECURITIES
Analysis of security by size holding as at 24 October 2023:
Ordinary Shares
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
Listed Options exercisable at 33 cents
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
Holders
121
640
421
1,241
509
2,932
Holders
‐
29
7
82
52
170
Total Units
35,512
1,989,552
3,345,035
46,255,231
472,654,469
524,279,799
% Issued Share Capital
0.01%
0.38%
0.64%
8.82%
90.15%
100.00%
Total Units
‐
131,805
60,149
3,527,110
20,328,623
24,047,687
% Issued Share Capital
‐
0.55%
0.25%
14.67%
84.53%
100.00%
3. UNQUOTED SECURITIES
As at 26 September 2023, the following unquoted securities are on issue:
Unquoted Securities
$0.30 Options expiring 03/03/2024
$0.31 Options expiring 31/10/2025
$0.33 Options expiring 31/10/2025
Total unquoted securities
4.
SUBSTANTIAL SHAREHOLDERS
Number on Issue
Number of Holders
2,000,000
8,000,000
12,900,000
22,900,000
1
1
14
The names of the substantial shareholders listed in the company’s register as at 24 October 2023 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
45,470,504
33,119,480
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.
3
THIS PAGE HAS BEEN
LEFT BLANK INTENSTIONALLY
ANNUAL REPORT2023
THIS PAGE HAS BEEN
LEFT BLANK INTENSTIONALLY
CARAVEL MINERALS LIMITED
+61 8 9426 6400
investors@caravelminerals.com.au
ASX:CVV
Suite 1, 245 Churchill Avenue Subiaco 6008 Western Australia
caravelminerals.com.au