2024
A N N U A L
R E P O R T
DIRECTORS
WAYNE TRUMBLE
Non-Executive Chairman
DON HYMA
Managing Director
ALASDAIR COOKE
Executive Director
RICHARD MONTI
Non-Executive Director
GREG LILLEYMAN
Strategic Advisor to the Board
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
AUSTRALIAN BUSINESS NUMBER
ABN 41 120 069 089
SHARE REGISTER
ATOMIC GROUP
Level 2 267 St Georges Terrace
Perth Western Australia 6000
1300 288 664
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 PTY LTD
Level 9, Mia Yellagonga Tower 2
5 Spring Street Perth, WA 6000
Managing Director's Report
1
Operations' Report
4
Corporate Update
11
Annual Review of Mineral Resources
13
Tenement Schedule
15
Annual Financial Report
16
Additional Shareholder Information
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CARAVEL MINERALS
CONTENTS
caravelminerals.com.au
CARAVEL
I am pleased to present my report for the 2024
financial year and to reflect on our continued
progress towards the establishment of
Australia’s next significant copper producer,
through the development of our flagship
Caravel Copper Project in Western Australia’s
Wheatbelt region.
We have said for some time that Caravel is a
project that must and will be built to meet
surging global demand for copper over the
coming decades – because of its Tier-1 location,
because of its scale and long life, and because
of its strong economics and fundamentals.
After observing the significant developments
that occurred in the copper industry during the
year, we feel more confident than ever that
Caravel’s time has well and truly come as the
push to decarbonise the global economy
gathers momentum and demand for copper – a
metal that is essential to electrification in all its
forms – rises to the next level.
COPPER MARKET
The copper price reached a new all-time high of
US$5.20/lb during the year, reflecting a growing
realisation by traders and investors that the
copper market is rapidly approaching an
expected structural deficit by the middle of this
decade.
The global copper industry is in the midst of a
historic transition; the average copper grade
mined by major producers has fallen from 1.2%
to 0.7% over the past decade and, despite
billions being invested in exploration, the rate of
greenfields discoveries have fallen well behind
where it needs to be.
At the same time, demand is forecast to remain
strong, driven by copper’s pivotal role in
electrical transmission, wind turbine power
generation and battery storage infrastructure
projects aimed at meeting decarbonisation
targets.
When measuring primary copper demand
against potential new supply, a supply gap of up
to 10Mtpa is forecast to open up by 2035 –
requiring the development of a new generation
of copper projects which will be lower grade
than those we have seen previously but,
because of their large scale and low costs,
capable of generating attractive margins
throughout the commodity price cycle.
Against this backdrop, the past 12 months has
seen accelerating consolidation and M&A
activity in the copper space as the world’s big
resource companies have sought to increase
their exposure to existing and new copper
production and development assets.
While this has yet to translate into improved
investor sentiment in the junior copper sector
on the ASX, we believe it is only a matter of time
before this will occur.
With ownership of the largest, most advanced
independent copper project outside of the mid-
tier or major resource companies, Caravel
Minerals remains ideally positioned to benefit
from this compelling market outlook –
occupying an extremely competitive position at
the forefront of the new generation of global
copper development assets.
YEAR IN REVIEW
We continued to diligently and systematically
de-risk and advance the Caravel Copper Project
during the year, advancing key mining and
engineering studies and progressing project
approvals as part of an overarching Definitive
Feasibility Study for the project development.
In November 2023, the Company announced an
updated Mineral Resource Estimate (MRE) for
the Caravel Project, incorporating results from
in-fill and Resource definition drilling at the
Bindi and Dasher deposits over the preceding
two years. The updated Mineral Resource totals
1.276 billion tonnes @ 0.24% Cu, 47ppm Mo,
22ppb Au and 1.1ppm Ag for 3,032,500t of
contained copper, 60,600t of contained
molybdenum, 895,100oz of contained gold and
46.3Moz of contained silver (at a 0.1% Cu cut-
off).
This update included significant growth in the
higher confidence Measured Resource
category, which rose by 48% to 155Mt,
increasing the proportion of the Resource
available for conversion to Ore Reserves.
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MANAGING DIRECTOR'S REPORT
SECTION 01
In addition, the update also provided the first
detailed assessment of the precious metals
within the Project’s orebodies, estimating
895,100oz of contained gold and 46.3Moz of
contained silver. Metallurgical testwork
undertaken during the year showed a strong
increase in precious metal recoveries, ranging
between 50-60% for both gold and silver (up
from the previous estimate of 30%). This has the
potential to deliver material additional revenue
for the Caravel Project through precious metals
credits, with the higher recoveries able to be
achieved with no change to production costs.
Further metallurgical testing to optimise metal
recovery and concentrate grades is now nearing
completion to support final engineering studies
and process flow sheet design, with an updated
mine plan based on the latest resource also
well advanced and scheduled for delivery in
December 2024.
To support our ongoing mine planning, during
the year we were pleased to secure the services
of Greg Lilleyman as a Strategic Advisor to the
Board. Greg has over 30 years’ international
experience in the mining sector and has played
a pioneering role in the development and
implementation of next-generation bulk mining
technologies. His strong technical knowledge
and experience has already been invaluable to
Caravel as we continue our transition from
exploration into mine development and
operations.
On the permitting front, the Company achieved
a significant milestone late in the reporting
period with the Environmental Review
Document (ERD) for the Caravel Project lodged
with the Environmental Protection Agency (EPA)
of Western Australia in May. The submission of
this document represented the culmination of
four years of fieldwork, studies, scientific
modelling and reporting to produce a
comprehensive approval document, which will
now be made available for public review and
comment.
Positive progress has been made towards
finalising site infrastructure requirements, with
ground water modelling complete and water
licensing applications well advanced, and
studies continue with the State power utility,
Western Power, to secure a grid connection.
A revised tailings management facility design is
under consideration to minimise cost, reduce
environmental impact, and increase
operational safety.
To de-risk our land access, Caravel has recently
entered into a binding Call Option Deed to
acquire 1,098 hectares of freehold land that
covers the planned initial mining areas,
including the main Bindi pit. The agreement,
which has been secured with landowner
Lawson Grains Pty Ltd, sets out the terms and
conditions for the land purchase within three
years, with a mechanism to extend the option
period if required, providing further certainty to
the Project’s development pathway.
Discussions are now ongoing with other parties
regarding the Project’s broader land
requirements.
Throughout the year, the Company’s work
programs have been conducted with an
unwavering focus on sustainable, socially
responsible development. Caravel’s approach
to Environmental, Social and Governance (ESG)
responsibilities is aligned with internationally
recognised frameworks and standards including
The Equator Principles, which will support
longer-term project financing requirements,
with our future ESG reporting to be conducted
in line with the Global Reporting Initiative (GRI)
standards.
One of the key initial sustainability programs we
are pursuing is the potential to work with local
landholders to help rehabilitate land affected by
rising groundwater and surface salinity.
Concept discussions have been held with
stakeholders and we look forward to
progressing this opportunity in the future.
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CARAVEL
CORPORATE & OUTLOOK
In light of the continued uncertainty in the
global macroeconomic environment – which
has had a significant impact on the ability of
junior mining companies to raise capital – we
maintained a responsible and prudent
approach to the management of our cash
reserves during the year, undertaking targeted
studies to simplify the Project design while
continuing to advance critical path activities,
primarily with respect to power, water and
environmental permitting.
Caravel completed a successful $10 million
capital raising early in the reporting period and
ended FY2024 with cash reserves of $8.7 million
and no debt.
Looking to the year ahead, we are now very
close to completing the updated design
configuration for the Project, which will feed
into updated production, capital and operating
cost estimates and an updated development
timeline.
We are also continuing to engage with potential
strategic investors and project development
partners who have a shared interest in the
development of the Caravel Copper Project,
including groups with expertise and capability in
financing, mining operations, mining fleet and
process plant equipment, and export credit
agencies.
These groups include the Export and Investment
Fund of Denmark (EIFO), the Danish Export
Credit Agency (ECA), who provided a Letter of
Intent to Caravel in October 2023 confirming
their interest in providing equipment finance
and potential project finance for the Caravel
Project development.
We look forward to progressing key
workstreams in the year ahead, including:
•
An update to the mine plan to increase
value and confirm mining rates, fleet size
and costs;
•
An update to the process and tailings design
and the delivery of a simplified site layout;
•
Progression of environmental approvals and
water license applications;
•
Power access applications and
confirmation of Critical Project Status for
Caravel;
•
Progression of negotiations for additional
land purchases;
•
Continued stakeholder engagement; and
•
Progression of discussions with potential
strategic partners and off-takers.
In closing, it’s an exciting to time to be
progressing a long-life copper project in such a
favourable location. The Caravel Copper Project
is on a clear pathway to development, with
strong technical fundamentals, robust
economics and permitting on track.
I would like to sincerely thank the entire Caravel
team – including our employees, contractors
and my fellow board members – for their hard
work and perseverance over the past year and
would also like to thank all our shareholders for
your continued support.
We look forward to an exciting year ahead.
Don Hyma
Managing Director
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Caravel Minerals Limited (“Caravel” or “Company”) is an advanced stage exploration and minerals
development company focused on bringing its flagship 100%-owned 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 (Figure 1).
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.
Figure 1. Simplified interpreted geology of the Caravel Copper Project area showing the Wongan Batholith
and mineralised drill holes
2024 ANNUAL REPORT
OPERATION'S REPORT
SECTION 02
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CARAVEL
Caravel Minerals’ “Caravel 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 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 undertaken
using 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 (~71,000tpa in the first five years) with precious metals 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.
Discovered in the mid-2000’s in a previously unexplored part of the South-West Yilgarn Terrane,
Caravel’s copper deposits form part of a 30km long regional porphyry-style copper-molybdenum-gold
and silver mineralised belt. This region also hosts some of Australia’s most significant mineral
discoveries including the world-class Greenbushes lithium deposit, Boddington gold-copper deposit
and Chalice Julimar PGE-nickel-copper deposit (Figure 2).
Figure 2. Southwest Yilgarn Terrane with major mines, mineral discoveries and interpreted regional
geological features and boundaries.
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OPERATION'S REPORT
SECTION 02
UPDATED MINERAL RESOURCE ESTIMATE
Caravel reported an updated Mineral Resource Estimate (MRE) for the Caravel Project in November
2023, incorporating results from in-fill and resource definition drilling completed at the Bindi and
Dasher deposits since the previous MRE announced on 23 November 2021.
The updated Mineral Resource totals 1.276 billion tonnes @ 0.24% Cu, 47ppm Mo, 22ppb Au and
1.1ppm Ag for 3,032,500t of contained copper, 60,600t of contained molybdenum, 895,100oz of
contained gold and 46.3Moz of contained silver (0.1% Cu cut-off – see Tables 1 and 2).
Since the last Mineral Resource update, approximately 6,400 metres of diamond drilling (DD) was
completed to obtain metallurgical sample and geotechnical information and 9,300 metres of Reverse
Circulation (RC) in-fill drilling was completed at Bindi and Dasher, predominantly focused on the
planned starter pits to improve confidence in the early mining schedule.
This drilling has underpinned significantly higher confidence for the Measured Resource category,
which has increased by 48% to 155Mt (up from 105Mt in November 2021) (Figure 3).
Table 1: Caravel Copper Project1 November 2023 Cu and Mo Mineral Resource (0.1% Cu cut-off grade)
Tonnes
(Mt)
Cu
(%)
Mo
(ppm)
Contained
Cu (t)
Contained
Mo (t)
Measured
155
0.26
64
405,600
9,950
Indicated
544
0.24
46
1,301,500
24,950
Inferred
578
0.23
44
1,325,400
25,700
TOTAL
1,276
0.24
47
3,032,500
60,600
Note – appropriate rounding applied
1 Caravel Copper Project combines Bindi, Dasher, and Opie deposits
Precious Metals Estimation and Growth
As well as increasing confidence in the copper and molybdenum within the Resource, the updated
MRE has also provided the first detailed assessment of precious metals within the Project’s orebodies,
estimating 895,100oz of contained gold and 46.3Moz of contained silver.
Due to pre-2019 holes being selectively assayed for precious metals, not all drill samples have
comprehensive assay suites, and hence the classification for gold and silver remains as Indicated and
Inferred.
Table 2: Caravel Copper Project1 November 2023 Au and Ag Mineral Resource (0.1% Cu cut-off grade)
Tonnes
(Mt)
Au
(ppb)
Ag
(ppm)
Contained
Au (oz)
Contained
Ag (Moz)
Measured
-
-
-
-
-
Indicated
681
23
1.2
503,300
27.1
Inferred
574
21
1.0
391,800
19.2
TOTAL
1,255
22
1.1
895,100
46.3
Note – appropriate rounding applied
1 Caravel Copper Project Au & Ag resource combines Bindi, Dasher but excludes Opie
Recent metallurgical testwork shows an increase in precious metal recoveries, ranging between 50-
60% for both gold and silver, up from a previous estimate of 30%. This will have a material impact on
revenues assessed from precious metals credits. The precious metals are recovered to the copper
concentrate and the additional revenue from higher recoveries is obtained with no change to
production costs.
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CARAVEL
Importantly, with future drilling into multiple areas of the orebody that remain open, the Company
sees strong potential to continue growing the Mineral Resource base at the Caravel Copper Project.
Given the Project’s already long mine life, deeper holes that had been planned to test for Resource
extensions at the Bindi Lower Limb and Far East positions earlier this year were deferred.
The new Mineral Resource therefore does not include possible extensions to the mineralisation within
this area.
Full details of the 2023 Mineral Resource Estimate were provided in the Company’s ASX
Announcement dated 13 November 2023.
Figure 3. Mineral Resource tonnage and classification growth 2016 – 2023.
FEASIBILITY STUDY PROGRESS
Approvals
The Company achieved a significant milestone in the permitting process after finalising the Project’s
Environmental Review Document (ERD) and submitting to the Environmental Protection Agency (EPA)
of Western Australia for assessment.
The lodgement follows four years of extensive fieldwork, investigations, studies and scientific
modelling, resulting in a comprehensive document detailing Project impacts in the context of the
cultivated farming environment of the Western Australian Wheatbelt region.
The ERD outlines the Project development on mostly cleared, freehold land, and includes:
•
Mine pits, waste rock landforms, ore processing, and tailings;
•
Site infrastructure such as workshops, laydown areas, landfill, communications, offices, fuel
storage, accommodation; and
•
Supporting infrastructure including a water borefield and sub-surface pipeline and a connection to
the State electrical grid.
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The Environmental Review is the most detailed level of environmental assessment available under
State and Federal legislation. The Project’s ERD outlines how the future operation can be delivered
responsibly while meeting the requirements of the EPA.
Detailed studies have been undertaken for:
•
Flora and vegetation;
•
Fauna, including vertebrates, endemic fauna, and subterranean fauna;
•
Inland waters, including groundwater and surface water;
•
Terrestrial environmental quality, including soils and waste characterisation;
•
Social surrounds, including heritage, dust, and noise; and
•
Air quality, including greenhouse gas and other air emissions.
Most of the Project will be developed on cleared farmland, with areas of interspersed remnant
vegetation which ranges from degraded or salt-affected regrowth to pockets of good quality
vegetation. The design of the Project has successfully ensured that the majority of high-value remnant
native vegetation is preserved and potentially enhanced.
The Project will draw electrical power from the State electrical grid that is connected to considerable
renewable energy generation. This will reduce emissions for the Caravel operations and support
marketing of a low carbon intensity copper product.
The 25+ year life of the Project provides a unique opportunity to form partnerships to pursue social and
environmental objectives, with a priority on replanting extensive areas of degraded land to re-establish
flora and fauna connectivity at a regional scale.
Figure 4. Drone image looking east over Bindi pit (Bindi Hinge and Bindi East) areas.
Groundwater Licencing
Caravel has applied for water licences under section 5C Rights in Water and Irrigation Act 1914 and
has completed groundwater investigations in accordance with Department of Water and
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CARAVEL
Environmental Regulation (DWER) guidance. The numerical groundwater model and H3 report were
finalised and submitted in June 2024.
Caravel completed fieldwork for a regional water census in the vicinity of the proposed borefield to
identify groundwater features, including licenced and unlicenced bores and soaks, regional
environmental features and other surface water features such as surface-fed dams.
Samples were collected according to a DWER approved methodology, with chemical and other
analysis completed to establish baseline information for the regional context of the borefield. This will
contribute to a management framework and form the basis of ongoing liaison with landowners. The
census information will also inform the EP Act 1986 Part IV environmental assessment to be detailed
in the Environmental Review Document.
Mining
Following the delivery of an updated Mineral Resource Estimate in November 2023 (see ASX
Announcement – 13 November 2023), which incorporated molybdenum and precious metals, Caravel
initiated a revised mine plan to support the Feasibility Study. The updated mine plan reassesses the
Bindi and Dasher pit shell shapes and locations, bench heights, internal road design, ROM pad size
and location, optimal fleet selection and scheduling of ore delivery to the process plant. The final
mine plan is nearing completion for late 2024.
Discussions have progressed with mining equipment manufacturers as Caravel works towards
identification of suppliers of an automated and electrified mining fleet. Fleet financing proposals from
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two suppliers’ vendors have been received as progress is made towards preliminary commercial
arrangements.
Metallurgy
Testwork for the flotation circuit during the year confirmed previously announced targets for copper
concentrate grades and recoveries, including molybdenum. Precious metal recoveries were also
tested, showing a range of 50% to 60% recovery of gold and silver to the copper concentrate.
Further testwork is continuing aimed at further process design simplification, production of a
marketable concentrate sample and detailed elemental specification, and optimisation of equipment
selection and sizing. A key focus is the primary grind size, which is the major energy consumer in the
flowsheet, and how the copper flotation responds to a coarser grind size. Final flotation circuit testing
is focused on reducing both capital and operating costs in a simplified flowsheet.
Work is nearing completion for reporting late 2024.
Power
Caravel has submitted a 125MW application to Western Power and is participating in the pilot of the
newly created Major Customer Connection Process (MCCP) Review Program.
Caravel has a high level of confidence in securing the access offer in 2025, at which time key access
offer terms can be negotiated. It is anticipated that power will be supplied by third parties to the
Project via a combined renewable energy and gas power mix, should the announced closure of
currently operating coal fired power stations by 2030 occur.
Caravel has commenced discussions with large private sector power generators in WA including
renewable power generators.
During the year, the WA Government announced the Clean Energy Link – North Region Transmission
Upgrades and introduced a new ‘Critical Projects Framework’ that builds on the ‘MCCP’. Projects
assessed as ‘critical’ will be fast-tracked for connection. Caravel remains in discussions Western
Power under this new fast-track framework.
Drilling
Exploration drilling results were reported during the reporting period from eight diamond drill holes
completed in mid-2023 at the Bindi and Dasher deposits, with the results adding further confidence to
the Bindi and Dasher Resource models.
Full details of the drilling and assay results were provided in the Company’s ASX Announcement dated
10 October 2023.
A small diamond core geotechnical drill programme was completed during the September 2023
Quarter, with results used for open pit mine design, general arrangement of the process plant and
supporting non-process infrastructure, and to collect samples for continuous metallurgical testing for
engineering design.
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CARAVEL
CORPORATE
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.
Heritage
Caravel met with the newly formed Yued Corporation Board in Moora early in the reporting period,
introducing the Company and Project and gaining an understanding of the Yued Corporation’s function
and scope and its approach to heritage management.
Following site surveys conducted in February 2024, a heritage survey report for the borefield and
pipeline was finalised. Further discussions with the Yued Corporation and the Cultural Advisory
Committee on cultural matters and final approvals required are ongoing, including investigation of
partnership opportunities that may result from the mine’s development.
Stakeholder Engagement
Caravel continued its engagement program with a wide range of stakeholders throughout the reporting
period. Surrounding the proposed borefield, detailed communication and property visits were
undertaken as part of water feature fieldwork and sampling. This work was made possible by
landowners who facilitated field visits and shared information on water resources. The resulting data
and analyses have been shared with property owners and used to further calibrate the groundwater
models (H3 Report) submitted to the regulator. There were no lost time injuries during FY2024.
Appointment of Strategic Advisor
In March 2024, Caravel appointed experienced mining executive Greg Lilleyman as a Strategic Advisor
to the Board.
Mr Lilleyman has over 30 years’ international experience in the mining sector, encompassing multiple
commodities and including large-scale project development and construction, operational and
business leadership, joint venture management and technology deployment.
Throughout his career, Mr Lilleyman has played a pioneering role in the development and
implementation of next-generation technologies within the mining industry, including the
implementation of remote operating centres and autonomous haulage at Rio Tinto.
His strong technical knowledge and experience is expected to be highly valuable to Caravel as the
Company prepares to transition from exploration into development and operations, with Mr Lilleyman
bringing proven mining and technology expertise and extensive experience in identifying and securing
project funding solutions.
Capital Raising
Caravel completed a successful $10 million capital raising in August 2023, comprising an institutional
share placement and a Share Purchase Plan (SPP) at an offer price of $0.22 per New Share.
The Shares offered under the Placement and the SPP entitled participants to one free attaching option
for every two New Shares subscribed exercisable at $0.33 per share and expiring two years from the
date of issue.
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The Options are listed on the ASX under the code CVVOB.
Letter of Interest from EIFO
During the reporting period, Caravel received a Letter of Interest (LOI) from the Export and Investment
Fund of Denmark (EIFO), the Danish Export Credit Agency (ECA), confirming their interest in providing
equipment finance and potential project finance for the Caravel Project.
The Letter of Interest from EIFO is an important step in the strategic partnering and financing process
for the Project which is being progressed as part of the Caravel Project Bankable Feasibility Study
(BFS). EIFO issues guarantees to cover loans or other debt instruments in conjunction with
agreements to procure equipment from Danish exporters such as FLSmidth (FLS). An EIFO guarantee
is backed by the Danish State and, as such, is a AAA-rated guarantee.
EIFO has extensive experience working with FLSmidth, which is a leading Denmark-based global
equipment and technology supplier. EIFO has cooperated with FLSmidth for many years in the
financing of projects around the world, gaining extensive experience within the field of export
equipment and project finance.
Caravel has worked with FLSmidth throughout 2023 to identify key process equipment packages
required for the Caravel Copper Project. FLSmidth is a global supplier of full flowsheet technologies.
Similar financing options are being discussed with potential strategic partners in relation to mining
fleet, which together with the process plant equipment represents most of the total requirement for
the Project.
EIFO indicated in the Letter of Interest that, if the Project has a sufficient level of Danish economic
content, it can potentially contribute a significant part of the senior project financing component
(subject to further assessments).
The Letter of Interest from EIFO and ongoing discussions is part of engagement with potential industry
partners to finance the Caravel Copper Project.
Strategic Investor and Partner Engagement
Caravel continued to engage with potential investors who have a shared interest in the development
of the Caravel Copper Project, including groups with expertise and capability in financing, mining
operations, mining fleet and process plant equipment, and export credit agencies.
YEAR AHEAD
The Caravel Copper Project is on a clear pathway to development, with the key focal points for the
year ahead including:
•
An update to the mine plan to increase value and confirm mining rates, fleet size and costs;
•
An update to the process and tailings design and the delivery of a simplified site layout;
•
Progression of environmental approvals, water licenses applications;
•
Power access applications and confirmation of Critical Project Status for Caravel;
•
Progression of negotiations for additional land purchases;
•
Continued stakeholder engagement; and
•
Progression of discussions with potential strategic partners and off-takers.
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CARAVEL
ANNUAL REVIEW OF MINERAL RESOURCES
As of 30 June 2024, the combined Measured, Indicated and Inferred Resources for the project, reported
November 2023, totals 1,276.3Mt @ 0.24% Cu (at a 0.10% Cu cut-off grade) for 3.03Mt of contained
copper. The combined Proven and Probable Ore Reserve for the project, reported July 2022, totals
583.4Mt @ 0.24% Cu (at a 0.10% Cu cut-off grade) for 1.42 Mt of contained copper.
Table 3 – Combined Mineral Resources at 30 June 2024 (0.1% Cu cut-off) – Cu and Mo
Deposit
Classification
Mt
Cu
(%)
Mo
(ppm)
Cu (t)
Mo (t)
Bindi1
Measured
154.6
0.26
64
405,600
9,950
Indicated
398.2
0.23
46
910,100
18,400
Inferred
462.8
0.23
43
1,046,000
19,740
Sub-total
1,015.7
0.23
47
2,361,700
48,090
Dasher1
Measured
-
-
-
-
-
Indicated
127.9
0.27
46
339,700
5,840
Inferred
111.2
0.24
53
268,500
5,850
Sub-total
239.1
0.25
49
608,200
11,690
Opie2
Measured
-
-
-
-
-
Indicated
17.9
0.29
40
51,700
720
Inferred
3.6
0.30
33
10,900
120
Sub-total
21.5
0.29
39
62,600
840
TOTAL
Measured
154.6
0.26
64
405,600
9,950
Indicated
544.0
0.24
46
1,301,500
24,950
Inferred
577.7
0.23
44
1,325,400
25,700
Total
1,276.3
0.24
47
3,032,500
60,600
Note appropriate rounding applied
1 Bindi and Dasher Resource – reported 13th November 2023
2 No update to Opie Mineral Resource - reported April 2016
Table 4 – Combined Mineral Resources at 30 June 2024 (0.1% Cu cut-off) – Au and Ag
Deposit
Classification
Mt
Au
(ppb)
Ag
(ppm)
Au (oz)
Ag (oz)
Bindi
Measured
-
-
-
-
-
Indicated
552.8
24
1.1
421,600
19.6
Inferred
462.8
21
1.0
314,300
14.6
Sub-total
1,015.7
23
1.0
735,900
34.2
Dasher
Measured
-
-
-
-
-
Indicated
127.9
20
1.8
81,700
7.5
Inferred
111.2
22
1.3
77,500
4.6
Sub-total
239.1
21
1.6
159,200
12.1
TOTAL
Measured
-
-
-
-
-
Indicated
680.7
23
1.2
503,300
27.1
Inferred
574.1
21
1.0
391,800
19.2
Total
1,254.8
22
1.1
895,100
46.3
Note appropriate rounding applied. Excludes Opie – Au and Ag Mineral Resource not estimated for Opie.
13
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2024 ANNUAL REPORT
ANNUAL REVIEW OF MINERAL RESOURCES
SECTION 04
Table 5 – Ore Reserve at 30 June 2024 (0.1% Cu cut off) – based on November 2021 Mineral Resource
Deposit
Classification
Mt
Cu (%)
Cu (t)
Bindi
Proven
105.4
0.27
0.28
Probable
369.6
0.23
0.84
Total
475
0.24
1.13
Dasher
Proven
-
-
-
Probable
108.4
0.27
0.29
Total
108.4
0.27
0.29
Total
Proven
105.4
0.27
0.28
Probable
478.0
0.24
1.14
Total
583.4
0.24
1.42
Note this ore reserve reported in July 2022 is based on the resource estimate reported in November 2021.
ASX Listing Rule 5.21 disclosure
•
The Company’s financial year end is 30 June 2024 and mineral resources and ore reserves held at
year end are disclosed in the tables above.
•
Resource governance arrangements are disclosed in ASX release “2023 Mineral Resource Update -
Caravel Copper Project” dated 13 November 2023. There have been no material changes to the
mineral resource estimate since this release.
Competent Persons Statements
The information in this report that relates to Exploration Results is based on information compiled by Mr Peter Pring, a Competent Person who is
a Member of the Australasian Institute of Mining and Metallurgy. Mr Pring is a Senior Exploration Geologist and is a full-time employee of Caravel
Minerals. Mr Pring is a shareholder of Caravel Minerals. Mr Pring has sufficient experience that is relevant to the style of mineralisation and type
of deposits under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint
Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Pring consents
to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Mineral Resources is based on information compiled by Mr Lauritz Barnes, a Competent Person who
is a member of both the Australasian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists. Mr Barnes is a consultant to
Caravel Minerals and is employed by Trepanier Pty Ltd. Mr Barnes has sufficient experience that is relevant to the style of mineralisation and type
of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint
Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Barnes
consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Ore Reserves is based upon information compiled by Mr Steve Craig, a Competent Person who is a
Member of the Australasian Institute of Mining and Metallurgy. Mr Craig is a consultant to Caravel Minerals and is employed by Orelogy Consulting
Pty Ltd. Mr Craig has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity
being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Craig consents to the inclusion in this report of the matters based
on his information in the form and context in which it appears.
Forward Looking Statements
This document may include forward looking statements. Forward looking statements include, but are not necessarily limited to, statements
concerning Caravel Minerals planned exploration programmes, studies and other statements that are not historic facts. When used in this
document, the words such as “could”, “indicates”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are
forward looking statements. Such statements involve risks and uncertainties, and no assurances can be provided that actual results or work
completed will be consistent with these forward-looking statements.
Previous Disclosure
The information in this report is based on the following Caravel Minerals ASX Announcements, which are available from the Caravel Minerals
website www.caravelminerals.com.au and the ASX website www.asx.com.au:
•
12 July 2022 “Caravel Copper Project Pre-Feasibility Study Highlights Robust, Executable Project and Reports Maiden Ore Reserve”
•
20 September 2022 “Pre-Feasibility Study Update – Caravel Copper Project”
•
13 April 2023 “PFS Processing Update – Caravel Copper Project”
•
10 October 2023 " Drilling Results - Dasher and Bindi"
•
13 November 2023 "2023 Mineral Resource Update - Caravel Copper Project"
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CARAVEL
TENEMENT SCHEDULE AT 30 SEPTEMBER 2024
Project
Tenement
Status
Date
Granted
Date
Expires
Interest
Caravel
Copper
Project
E70/2788
Live
6/03/2007
5/03/2025
100%
E70/3674
Live
15/11/2010
14/11/2024
100%
E70/3680
Live
23/11/2009
22/11/2024
100%
E70/5228
Live
6/11/2019
5/11/2024
100%
E70/5229
Surrendered
6/11/2019
100%
R70/0060
Live
17/01/2020
16/01/2026
80%
R70/0063
Live
12/05/2021
11/05/2027
100%
E70/5586
Live
12/10/2020
11/10/2025
100%
E70/5442**
Live
5/01/2021
4/01/2026
100%
M70/1410***
Withdrawn
M70/1411
Live
21/09/2022
20/09/2043
100%
GPL70/262****
Withdrawn
GPL70/263
Live
6/10/2022
5/10/2043
100%
M70/1425*****
Pending
GPL70/273******
Pending
GPL70/274******
Pending
Dalwallinu
E70/5400^
Surrendered
3/06/2020
100%
E70/5511^^
Surrendered
21/01/2021
100%
E70/5512^^
Surrendered
23/02/2021
100%
E70/5673^
Surrendered
11/05/2021
100%
Brookton
E70/5506 ^^^
Surrendered
22/01/2021
100%
Gillingarra
E70/5731
Live
21/04/2021
20/04/2026
100%
Bruce Rock
E70/5964^^^^
Live
4/02/2022
3/02/2027
100%
Mukinbudin
E70/6125
Live
7/08/2023
6/08/2028
100%
Burakin
E70/6126
Live
7/08/2023
6/08/2028
100%
Cadoux
E70/6376
Live
7/03/2023
6/03/2028
100%
Mt William
E70/2338
Pending
* E70/5229 Surrendered 3/11/2023
** E70/5442 Acquired from Diamandia Pty Ltd
*** M70/1410 Withdrawn 10/10/2023
**** GPL70/262 Withdrawn 5/09/2023
***** M70/1425 Application 21/12/2023
****** GPL70/273 & GPL70/274 Application 22/02/2024
^ E70/5400 & E70/5673 Dalwallinu Surrendered 7/08/2024
^^ E70/5511 & E70/5512 Dalwallinu Surrendered 29/05/2024
^^^ E70/5506 Brookton Surrendered 19/01/2024
^^^^ E70/5964 Bruce Rock Surrendered 18/07/2023
TENEMENT SCHEDULE
SECTION 05
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2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
Caravel Minerals Limited (ACN 120 069 089)
Annual Financial Report
30 June 2024
16
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caravelminerals.com.au
CARAVEL
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 2024.
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
Special responsibilities
None
Chairman
Member of Remuneration Committee
Former directorships in the last three years
Interests in shares and options
None
465,454 shares
500,000 unlisted options
22,727 listed options
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
Special responsibilities
nil
Managing Director
Former directorships in the last three years
Interests in shares and options
Australian Rare Earths (Retired 26 August 2022)
100,000 shares
8,000,000 unlisted options
Alasdair Cooke - Executive Director
Alasdair has over 35-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
Special responsibilities
Alma Metals Limited
Aurora Energy Metals Limited
Executive Director
Former directorships in the last three years
Interests in shares and options
EVE Health Group Limited (resigned 28 February
2023)
35,650,844 shares
2,900,000 unlisted options
1,496,363 listed options
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Richard Monti – Non-Executive Director
Mr Monti has a successful thirty-seven 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.
Special responsibilities
Chairman of Remuneration Committee
Interests in shares and options
Other current directorships
Alto Metals Limited
Boab Metals Limited
Strata Minerals Limited
Former directorships in the last three years
Zinc of Ireland Limited (resigned 8 March 2023)
2,436,364 shares
500,000 unlisted options
68,182 listed options
Daniel Davis – CFO and Company Secretary
Daniel is a qualified accountant who has twenty 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 Alma Metals.
Principal Activities
The principal activities of the group during the financial year were the exploration of mineral tenements in Western Australia
(“WA”).
Dividends
No dividends have been declared, provided for or paid in respect of the year ended 30 June 2024 (30 June 2023: nil)
Review of Operations
Caravel Copper Project, WA
•
Caravel Copper Project Mineral Resource Estimate increased to 3.03 million tonnes (Mt) of contained copper, 60,600
tonnes (t) of contained molybdenum, 895,100 ounces (oz) of contained gold and 46.3 million ounces (Moz) of contained
silver.
•
An updated Mine Plan incorporating the November 2023 updated Mineral Resource is nearing completion.
•
Environmental Review Document (ERD) lodged with the Environmental Protection Agency (EPA) of Western Australia,
culminating four years of fieldwork, studies, scientific modelling and reporting to produce a comprehensive approval
document. A public environmental review is anticipated early 2025.
•
Results from diamond drilling completed at the Bindi and Dasher deposits in mid-2023 added further confidence to the
existing Resource models, confirming the Bindi Lower Limb extension and the Dasher Higher Grade extension.
•
Metallurgical testing to confirm metal recovery and concentrate grades is nearing completion for incorporation into
final engineering studies.
•
Continued progress towards securing water supply, with groundwater drilling and modelling confirming the presence of
a newly discovered brackish aquifer. Applications for water abstraction licences have been lodged, in parallel with
stakeholder engagement to secure an infrastructure corridor for the borefield and water pipeline.
•
Recently announced WA State power infrastructure upgrades to the northern electricity transmission network expected
to substantially benefit future large load connections such as the Caravel Copper Project – a major step forward for the
Project.
•
Caravel and the Yued Aboriginal Group, the Traditional Owners in the Project area, completed heritage surveys and
investigations for all currently proposed Project disturbance.
•
Additional permitting and approvals activities completed:
o
Fieldwork to gather soil and water feature and chemistry data
o
Direct consultation and engagement with landowners proximal to the proposed borefield
o
Mining tenure application to accommodate infrastructure areas including the Bindi pit, Bindi resource growth
areas, waste rock dump, tailings and supporting infrastructure
2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
18
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caravelminerals.com.au
CARAVEL
Corporate
•
Mining executive Greg Lilleyman appointed as a Strategic Advisor to the Board, bringing over 30 years’ international
experience in the resources sector, encompassing multiple commodities, and including large-scale project development
and construction, operational and business leadership, joint venture management and technology deployment.
•
Completion of $10M Placement and Share Purchase Plan, with funds to support the continued development of Caravel
Copper Project, including the commencement of a Bankable Feasibility Study (BFS), permitting and infrastructure
studies and development activities.
•
Received a Letter of Interest (LOI) from the Export and Investment Fund of Denmark (EIFO), confirming their interest in
providing equipment finance and potential project finance for the Caravel Copper Project.
•
Engagement with potential strategic investors and partners is continuing.
Corporate and Financial Position
The group’s net loss from operations for the year was $6,405,380 (2023: $11,065,755).
At 30 June 2024, the group had net current assets of $8,195,747 (2023: $4,915,419). 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.
Movements in Company’s share capital
•
From 4 August to 18 October 2023 the Company granted a total of 12,900,000 options exercisable at $0.33 per option,
expiring on 31 October 2025.
•
From 4 August to 18 October 2023, the Company completed a Placement and Share Purchase Plan and issued
45,095,426 shares and 24,047,708 listed free attaching options exercisable at 33c and expiring 30 August 2025 raising
proceeds of $9,921,000.
•
On 18 April 2024 the Company issued 1,000,000 performance rights to a consultant.
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.
•
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
19
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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.
Significant Changes in the State of Affairs
None.
Matters subsequent to the end of the financial year
No matter or circumstance has arisen since 30 June 2024 that has significantly affected, or may significantly affect the entity's
operations, the results of those operations, or the entity's state of affairs in future financial years.
Environmental Regulation and Performance
The group’s operations are subject to various environmental laws and regulations under the relevant government’s legislation. Full
compliance with these laws and regulations is regarded as a minimum standard for all operations to achieve.
Instances of environmental non-compliance by an operation are identified either by external compliance audits or inspections by
relevant government authorities. There have been no significant known breaches by the group during the financial period.
Likely Developments and Expected Results
It is the Board's current intention that the group will seek to progress exploration on current projects. The group will also continue
to examine new opportunities in the mining and resources sector where appropriate.
These activities are inherently risky and there can be no certainty that the group will be able to successfully achieve the objectives.
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 2024, and the
number of meetings attended by each director.
Board Meetings
Number Eligible
to attend
Board Meetings
Number
attended
Remuneration
Committee Meetings
Number Eligible
to attend
Remuneration
Committee Meetings
Number
attended
Wayne Trumble
9
8
2
1
Richard Monti
9
9
2
2
Alasdair Cooke
9
9
-
-
Don Hyma
9
9
-
-
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:
2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
20
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caravelminerals.com.au
CARAVEL
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 $27,864 (2023: $27,750)
exclusive of GST.
Share Options on Issue at the Date of this Report
Unissued shares
At the date of this report, the unissued ordinary shares of Caravel Minerals Limited under option are as follows:
Number of shares
under option
Exercise price
($)
Expiry Date
Unlisted options
8,000,000
0.31
31/10/2025
Unlisted options
10,400,000
0.33
31/10/2025
Performance rights
1,000,000
-
30/09/2026
Listed options
24,047,708
0.33
30/08/2025
43,447,708
Option holders and performance right holders do not have any right, by virtue of the option or right, 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.
Non-Audit Services
There were no non-audit services provided during the year by the auditor, BDO Audit Pty Ltd.
Auditor’s Independence Declaration
The auditor’s independence declaration is on page 27.
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 2024 of Caravel Minerals Limited are the directors of the Company.
Details of Key Management Personnel
Directors
Wayne Trumble
Non-Executive Chairman
Richard Monti
Non-Executive Director
Donald Hyma
Managing Director
Alasdair Cooke
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.
21
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The following table shows key performance indicators for the Group over the last five years:
2024
2023
2022
2021
2020
Loss for the year attributable to owners (A$)
(6,405,380)
(11,065,755)
(14,435,952)
(11,201,272)
(1,118,461)
Basic loss per share (cents)
(1.25)
(2.44)
(3.72)
(3.89)
(0.58)
Dividend payments
-
-
-
-
-
Dividend payment ratio (%)
-
-
-
-
-
Increase / (decrease) in share price (%)
(19.6)
27.8
(60.9)
820.0
6.8
Total KMP incentives1 as percentage of loss
for the year (%)
1.81
4.42
3.45
7.94
15.45
1 Incentives are comprised of share-based payments and a cash bonus.
Remuneration Philosophy
The performance of the Company depends upon the quality of its Directors and Executives. To prosper, the Company must attract,
motivate and retain highly skilled Directors and Executives.
To this end, the Company embodies the following principles in its remuneration framework:
•
Provide competitive rewards to attract high calibre executives; and
•
Link executive rewards to shareholder value.
Due to the early stage of development which the Company is in, shareholder wealth is directly affected by the Company share price,
as the Company is not in a position to pay dividends. By remunerating Directors and Executives in part by share based payments,
the Company aims to align the interests of Directors and Executives with Shareholder wealth, thus providing individual incentive to
perform and thereby improving overall Company performance and associated value.
As the Company has been incorporated since June 2006 and remains in the development stage of an inherently risky industry, the
remuneration policy does not currently take into account current or prior year earnings. Other than share based payments made
to the directors from time to time, there is no specific link to the Company’s performance and directors’ remuneration.
Remuneration structure
In accordance with best practice corporate governance, the structure of non-executive director and executive remuneration is
separate and distinct.
Non-executive director remuneration
Objective
The Board seeks to set aggregate remuneration at a level which provides the Company with the ability to attract and retain directors
to the highest calibre, whilst incurring a cost which is acceptable to shareholders.
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 2024 and 30 June 2023 is detailed below, within this
section.
Executive remuneration
Objective
The Company aims to reward executives (both executive 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.
2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
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caravelminerals.com.au
CARAVEL
Structure
The remuneration policy for executives is to provide a fixed remuneration component and a specific equity related component. The
board believes that this remuneration policy is appropriate given the stage of development of the Company and the activities which
it undertakes and is appropriate in aligning director objectives with shareholder and business objectives.
The remuneration policy going forward in regard to setting the terms and conditions for the executive directors has been
developed by the board taking into account market conditions and comparable salary levels for companies of a similar size and
operating in similar sectors.
Fixed Remuneration
Objective
The level of fixed remuneration is set so as to provide a base level of remuneration.
Fixed remuneration is to be reviewed annually and the process consists of a review of company and individual performance, relevant
comparative remuneration in the market and internal policies and practices.
Structure
Executives are given the opportunity to receive their fixed remuneration in a variety of forms including cash and fringe benefits. It
is intended that the manner of payment chosen will be optimal for the recipient without creating undue cost for the Company.
The remuneration policy going forward in regard to setting the terms and conditions for the executive directors has been developed
by the board taking into account market conditions and comparable salary levels for companies of a similar size and operating in
similar sectors.
The remuneration of executives for the years ended 30 June 2024 and 30 June 2023 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.
Structure
Variable remuneration may be delivered in the form of options, shares or cash bonus.
Executives receive a superannuation guarantee contribution required by the government, which was 11% during the year ended 30
June 2024 (2023: 10.5%) and do not receive any other retirement benefit. Some individuals, however, may choose to sacrifice part
of their salary to increase payments towards superannuation.
Cash Bonus
During the year ended 30 June 2024, the Board approved the payment of a cash bonus to the Managing Director, Don Hyma. The
total amount paid was $162,896 (2023: nil) representing 50% of Don Hyma’s base salary for 2023.
In the 2024 calendar year, the board has discretion to award a bonus up to 100% of base salary to the Managing Director. The
quantum of the bonus will be based on progress of the Caravel Copper Project development milestones and work to secure funding
of the project.
Options Granted
During the period, the Company granted 3,900,000 (2023: 8,000,000) KMP options.
The cost of these equity-settled transactions is measured by reference to the fair value of the equity instruments at the date at
which they are granted, which is determined using a Black-Scholes model.
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Assumptions used for options granted to KMP during the year are set out in the table below.
KMP Options - T1
KMP Options - T2
Grant Date
28/09/2023
28/09/2023
Number of options
1,950,000
1,950,000
Dividend yield (%)
-
-
Expected volatility (%)
79.70%
79.70%
Risk free interest rate (%)
3.90%
3.90%
Expected life of the option (years)
2.09
2.09
Option exercise price ($)
0.330
0.330
Share price at grant date ($)
0.150
0.150
Expiry date
31/10/2025
31/10/2025
Fair value per option ($)
0.0371
0.0371
Total value at grant date ($)
72,345
72,345
Vesting conditions
- Continued employment; and
- If the Company delivers a bankable
feasibility study on the Caravel
Copper Project
- Continued employment; and
- If the Company secures funding on the
Caravel Copper Project or a major
project partner is introduced and agrees
to fund the project
Vesting commencement
4/08/2023
4/08/2023
Expected vesting date
30/06/2025
Not expected to vest
Awarded to:
Alasdair Cooke
1,450,000
1,450,000
Richard Monti
250,000
250,000
Wayne Trumble
250,000
250,000
Assumptions used in determining the fair value of the grants made during the comparative period are set out in the table below.
KMP Options - T1
KMP Options - T2
Grant Date
31/01/2023
31/01/2023
Number of options
4,000,000
4,000,000
Dividend yield (%)
-
-
Expected volatility (%)
97.20
97.20
Risk free interest rate (%)
3.07
3.07
Expected life of the option (years)
2.75
2.75
Option exercise price ($)
0.310
0.310
Share price at grant date ($)
0.275
0.275
Expiry date
31/10/2025
31/10/2025
Fair value per option ($)
0.1574
0.1574
Total value at grant date ($)
629,600
629,600
Vesting conditions
- 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
15/11/22
15/11/22
Expected vesting date
30/06/2025
Not expected to vest
Awarded to
Donald Hyma
4,000,000
4,000,000
No options were exercised during the reporting period (2023: 1,250,000 options were exercised by a director, Richard Monti, at an
exercise price of 8 cents).
It is expected that options granted to KMP requiring the delivery of the bankable feasibility study on the Caravel Copper Project will
vest within the periods disclosed in the above tables. The funding for the project is not likely to be secured before the expiry date
of the options so options with this vesting condition are not expected to vest.
2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
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caravelminerals.com.au
CARAVEL
Employment Contracts
Executive Directors
The employment conditions of Executive Director, Mr Alasdair Cooke, are formalised in an Executive Services Agreement. The total
remuneration package from 1 July 2023 to the reporting date was $150,000 per annum with an additional $1,700 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 an Executive Services Agreement. The
remuneration package includes a base fee of $361,629. Notice of three months is required for either party to terminate the contract.
Key Management Personnel Remuneration
Short term employee benefits
Post-
employment
benefits
Share based
payments
%
Performance-
based
Total
$
Cash salary
$
Cash bonus
$
Superannuation
$
Options
$
$
Key Management Personnel remuneration – 2024
Non-Executive Directors
Wayne Trumble
39,100
-
27,500
4,411
6%
71,011
Richard Monti
48,000
-
5,280
4,411
8%
57,691
Executive Directors
Donald Hyma
347,756
162,896
21,679
(81,637)1
18%
450,694
Alasdair Cooke
187,400
-
-
25,584
12%
212,984
Total
622,256
162,896
54,459
(47,231)
15%
792,380
1 The share-based payment expense for Donald Hyma is comprised of the current year expense of $103,539 and a reversal of the
prior year expense of $185,176 for options assessed to be unlikely to vest.
Key Management Personnel remuneration - 2023
Non-Executive Directors
Wayne Trumble
59,998
-
6,300
-
-
66,298
Richard Monti
90,000
-
5,040
-
-
95,040
Executive Directors
Donald Hyma1
193,802
-
20,349
471,358
69%
685,509
Alasdair Cooke
230,600
-
-
8,698
4%
239,298
Stephen Abbott2
112,350
-
-
8,698
9%
121,048
Total
686,750
-
31,689
488,754
40%
1,207,193
1 Mr Donald Hyma was appointed a director on 28 November 2022.
2 Mr Stephen Abbott resigned on 8 December 2022.
Additional Disclosures Relating to Key Management Personnel
Shareholding
The number of shares in the company held during the financial year by KMP of the consolidated entity, including their personally
related parties, is set out below:
Balance at
30/06/2023
Other1
Exercise of
options
Disposed
Balance at
30/06/2024
Non-Executive Directors
Wayne Trumble
420,000
45,454
-
-
465,454
Richard Monti
2,300,000
136,364
-
-
2,436,364
Executive Directors
Donald Hyma
100,000
-
-
-
100,000
Alasdair Cooke
31,983,117
3,431,162
-
-
35,414,279
Total
34,803,117
3,612,980
-
-
38,416,097
1 Acquired through participating in capital raisings on the same terms as other investors.
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10
Unlisted options holding
The number of unlisted options over ordinary shares in the company held during the financial year by KMP of the consolidated
entity, including related parties, is set out below:
Balance at
30/06/2023
Issued as
remuneration
during the year
Balance at
30/06/2024
Vested and
exercisable
Maximum
value yet to
vest ($)
Non-Executive Directors
Wayne Trumble
-
500,000
500,000
-
4,864
Richard Monti
-
500,000
500,000
-
4,864
Executive Directors
Donald Hyma
8,000,000
-
8,000,000
-
239,879
Alasdair Cooke
-
2,900,000
2,900,000
-
28,211
Total
8,000,000
3,900,000
11,900,000
-
277,818
Listed options holding
The number of listed 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
30/06/2023
Acquired1
Expired
Exercised
Balance at
30/06/2024
Non-Executive Directors
Wayne Trumble
-
22,727
-
- 22,727
Richard Monti
-
68,182
-
- 68,182
Executive Directors
Donald Hyma
-
-
-
-
-
Alasdair Cooke
-
1,496,363
-
-
1,496,363
Total
-
1,587,272
-
-
1,587,272
1 Acquired through participating in capital raisings on the same terms as other investors.
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 2023 Annual General Meeting
At the Annual General Meeting held on 30 November 2023 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 2024:
-
$248,173 (2023: $489,471) 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 2024
was $34,814 (30 June 2023: $52,688).
The value of KMP options yet to vest at 30 June 2024 is $277,818. 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
26 September 2024
2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
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BDO Audit Pty Ltd ABN 33 134 022 870 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 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.
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
DECLARATION OF INDEPENDENCE BY JARRAD PRUE TO THE DIRECTORS OF CARAVEL MINERALS
LIMITED
As lead auditor of Caravel Minerals Limited for the year ended 30 June 2024, 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.
Jarrad Prue
Director
BDO Audit Pty Ltd
Perth
26 September 2024
11
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Consolidated Statement of Profit or Loss and Other Comprehensive Income
For the Year Ended 30 June 2024
2024
2023
Note
$
$
Other Income
4.1
1,282,891
717,378
Administration services
4.2
(1,274,889)
(1,108,044)
Employee expenses
4.2
(1,911,164)
(1,972,869)
Share based payments expense
8.7
(95,014)
(601,901)
Exploration expenses
(4,407,204)
(8,100,319)
Loss from continuing operations before income tax expense
(6,405,380)
(11,065,755)
Income tax expense
4.4
-
-
Loss from continuing operations
(6,405,380)
(11,065,755)
Loss for the year
(6,405,380)
(11,065,755)
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
-
39,808
Comprehensive loss attributable to the shareholders of the Company
(6,405,380)
(11,025,947)
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
4.5
(1.23)
(2.44)
Basic and diluted loss per share (cents per share) attributable to the
shareholders of the Company
4.5
(1.23)
(2.44)
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the
accompanying notes.
2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
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caravelminerals.com.au
CARAVEL
Consolidated Statement of Financial Position
As at 30 June 2024
2024
2023
Note
$
$
Assets
Current assets
Cash and cash equivalents
5.1
8,722,591
6,054,282
Trade and other receivables
5.3
565,168
406,480
Total current assets
9,287,759
6,460,762
Non-current assets
Exploration and evaluation expenditure
3.1
3,182,811
3,182,811
Property, plant and equipment
3.2
466,577
625,458
Total non-current assets
3,649,388
3,808,269
Total assets
12,937,147
10,269,031
Liabilities
Current liabilities
Trade & other payables
5.4
1,092,012
1,545,343
Total current liabilities
1,092,012
1,545,343
Total liabilities
1,092,012
1,545,343
Net assets
11,845,135
8,723,688
Equity
Share capital
6.1
93,339,251
83,907,438
Accumulated loss
(85,900,871)
(79,495,491)
Reserves
4,406,755
4,311,741
Total equity attributable to shareholders of the Company
11,845,135
8,723,688
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.
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Consolidated Statement of Changes in Equity
For the Year Ended 30 June 2024
Contributed
equity
Accumulated
losses
Share-Based
Payments
Reserve
Other
Comprehensive
Income Reserve
(FVOCI)
Total
equity
$
$
$
$
$
At 30 June 2023
83,907,438
(79,495,491)
4,311,741
-
8,723,688
Loss for the year
-
(6,405,380)
-
-
(6,405,380)
Total comprehensive loss for the year
-
(6,405,380)
-
-
(6,405,380)
Transactions with owners in their
capacity as owners:
Issue of new shares net of cost
9,431,813
-
-
-
9,431,813
Share-based payments
-
-
95,014
-
95,014
Total
9,431,813
-
95,014
-
9,526,827
At 30 June 2024
93,339,251
(85,900,871)
4,406,755
-
11,845,135
At 30 June 2022
69,547,987
(68,880,727)
4,151,273
(30,250)
4,788,283
Loss for the year
-
(11,065,755)
-
-
(11,065,755)
Financial assets at FVOCI
-
-
-
39,808
39,808
Total comprehensive loss for the year
-
(11,065,755)
-
39,808
(11,025,947)
Transactions with owners in their
capacity as owners:
Issue of new shares net of cost
14,359,451
-
-
-
14,359,451
Share-based payments
-
-
601,901
-
601,901
Reclassification within equity
-
450,991
(441,433)
(9,558)
-
Total
14,359,451
450,991
160,468
(9,558)
14,961,352
At 30 June 2023
83,907,438
(79,495,491)
4,311,741
-
8,723,688
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.
2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
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caravelminerals.com.au
CARAVEL
Consolidated Statement of Cash Flows
For the Year Ended 30 June 2024
2024
2023
Note
$
$
Cash flows from operating activities
Interest received
423,522
120,418
Government grants
789,342
579,400
Payments to suppliers and employees
(3,163,795)
(2,990,482)
Payments for exploration and evaluation expenditure
(4,847,766)
(7,948,830)
Net cash (outflow) from operating activities
5.2
(6,798,697)
(10,239,494)
Cash flows from investing activities
(Payments)/proceeds for property, plant and equipment
35,193
(514,652)
Payment for acquisition of exploration property
-
(75,000)
Proceeds from sale of equity investments
-
75,558
Net cash inflow/(outflow) from investing activities
35,193
(514,094)
Cash flows from financing activities
Proceeds from issue of shares
6.2
9,921,000
15,100,000
Share issue costs
6.2
(489,187)
(740,549)
Net cash inflow from financing activities
9,431,813
14,359,451
Cash and cash equivalents at the beginning of the year
5.1
6,054,282
2,448,419
Net increase/(decrease) in cash and cash equivalents
2,668,309
3,605,863
Cash and cash equivalents at the end of the year
5.1
8,722,591
6,054,282
The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.
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1. Material accounting policy information
The accounting policies that are material to the consolidated entity are set out below. The accounting policies adopted are
consistent with those of the previous financial year, unless otherwise stated.
2. Basis of preparation
The annual report of Caravel Minerals Limited for the year ended 30 June 2024 was authorised for issue in accordance with a
resolution of the directors on 26 September 2024.
2.1. 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.
2.2. Functional and Presentation Currency
The financial report is presented in Australian dollars.
2.3. 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.
2.4. Going Concern
This report is prepared on the going concern basis which assumes the continuity of normal business activity and the
realisation of assets and settlement of liabilities in the normal course of business.
The financial statements for the year ended 30 June 2024 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 $6,405,380 (2023: $11,065,755) and had net cash outflows
from operating activities of $6,798,697 (2023: $10,239,494). At balance date the group has working capital of $8,195,747
(2023: $4,915,419).
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.
2.5. 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.
2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
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caravelminerals.com.au
CARAVEL
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.
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:
•
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
of options is determined by using either the Binomial or Black-Scholes model taking into account the terms and
conditions upon which the instruments were granted. Performance rights are generally valued with reference to the
share price on grant date, in the absence of any market based vesting conditions. 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.
3. Capital Expenditure
3.1. 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
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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:
2024
2023
Areas of interest:
$
$
Caravel Copper Project
3,182,811
3,182,811
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.
3.2. 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.
Depreciation is calculated on either the straight-line basis or diminishing value basis over their useful lives to the Group
commencing from the time the asset is held ready for use. The depreciation rates used are as follows:
Buildings
2.5%
Plant and equipment
25%-33%
Exploration equipment
25%-33%
Vehicles
25%-33%
Leasehold improvements
25%-33%
Computer equipment and software
30%-40%
Furniture and fittings
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.
2024
2023
$
$
Land and building - Cost
224,097
224,097
Accumulated depreciation
(73,551)
(41,545)
Net carrying amount
150,546
182,552
Computer equipment - Cost
57,600
44,163
Accumulated depreciation
(37,102)
(24,246)
Net carrying amount
20,498
19,917
Vehicles - Cost
71,896
71,896
Accumulated depreciation
(70,046)
(68,414)
Net carrying amount
1,850
3,482
Exploration equipment - Cost
545,867
543,866
Accumulated depreciation
(255,806)
(129,074)
Net carrying amount
290,061
414,792
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2024
2023
$
$
Furniture and fittings – Cost
9,494
8,306
Accumulated depreciation
(5,872)
(3,591)
Net carrying amount
3,622
4,715
Total Property Plant and Equipment
908,954
892,328
Accumulated depreciation
(442,377)
(266,870)
Net carrying amount
466,577
625,458
3.3. Impairment of assets
Caravel Minerals Limited conducts an annual internal review of asset values, which is used as a source of information to
assess for any indicators of impairment. External factors, such as changes in expected future processes, technology and
economic conditions, are also monitored to assess for indicators of impairment. If any indication of impairment exists,
an estimate of the asset’s recoverable amount is calculated.
An impairment loss is recognised for the amount by which the asset’s carrying value exceeds its recoverable amount.
Recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows that are
largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial
assets other than goodwill that suffered an impairment are tested for possible reversal of the impairment whenever
events or changes in circumstances indicate that the impairment may have reversed.
No impairment indicators were noted for the year ended 30 June 2024.
4. Financial Performance
4.1. 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.
2024
2023
Other Income
$
$
Government Grants and rebates
717,527
571,450
Interest revenue
441,731
120,418
Other income
71,815
25,510
Gain on sale of fixed assets
51,818
-
1,282,891
717,378
4.2. Expenses
2024
2023
Administration services
$
$
Professional fees
304,709
188,447
Corporate costs
546,133
559,637
Depreciation
14,304
11,533
Occupancy
220,840
209,618
Other administration costs
188,903
138,809
1,274,889
1,108,044
Employee expenses
Directors Fees
831,324
566,032
Salaries and wages
911,778
1,203,310
Superannuation
67,098
91,727
Payroll Tax & Fringe Benefits Tax
100,964
111,800
1,911,164
1,972,869
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4.3. Segment Information
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.
4.4. Income Tax
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.
4.4.1. The major components of income tax are:
2024
2023
$
$
Current income tax
-
-
Deferred income tax
-
-
4.4.2. A reconciliation between tax expense and the product of accounting loss
2024
2023
$
$
Accounting loss before tax
(6,405,382)
(11,065,755)
At the Company’s statutory income tax rate of 25% (2023: 25%)
(1,601,345)
(2,766,439)
Add/(Deduct) tax effect of:
Non-deductible expenses
26,424
10,522
Share based payments
(179,382)
150,475
Non-assessable amounts
23,753
(138,487)
DTA not brought to account as their realisation is not probable
1,730,550
2,743,929
-
-
Income tax expense reported in the consolidated income statement
-
-
Income tax attributable to discontinued operations
-
-
-
-
4.4.3. Deferred tax liabilities @ 25% (2023: 25%) have not been recognised in respect of
2024
2023
Deferred tax liabilities @ 25% (2023: 25%) have not been recognised in
respect of
$
$
Exploration & Evaluation Expenditure
795,703
795,703
Prepayments
7,961
4,470
803,663
800,173
4.4.4. Deferred tax assets have not been recognised in respect of
2024
2023
$
$
Provisions and accruals
12,769
20,785
Business related costs
280,871
291,428
Carry forward revenue losses
21,970,940
20,746,935
Capital losses
218,068
220,458
22,482,648
21,279,606
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4.5. Loss Per Share
The following reflects the income and share data used in the calculations of basic and diluted loss per share:
2024
2023
$
$
Gain (Loss) attributable to ordinary shareholders
(6,405,380)
(11,065,755)
Issued number of ordinary shares at 1 July
479,184,373
400,187,314
Effect of shares issued during the period
40,304,571
52,458,856
Weighted average number of shares for year to 30 June
519,488,944
452,646,170
Basic loss per share (cents per share)
(1.23)
(2.44)
At 30 June 2024, 19,400,000 (2023: 10,000,000) unlisted options and performance rights (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:
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.
5. Working Capital Management
5.1. Cash and Cash Equivalents
2024
2023
$
$
Cash at bank and in hand
1,222,591
6,034,282
Short-term deposits
7,500,000
20,000
8,722,591
6,054,282
5.2. Reconciliation of Net Loss After Income Tax Expense to Net Cash Used In Operating Activities
2024
2023
Cash flows from operating activities
$
$
(Loss) for the year
(6,405,380)
(11,065,755)
Adjustments for:
Equity-settled share-based payment expenses
95,014
601,901
Depreciation and amortisation expense
180,506
75,579
Gain on disposal of fixed assets
(51,818)
-
Change in operating assets & liabilities
(Increase) in receivables
(163,688)
(194,978)
(Decrease) / increase in payables
(453,331)
343,759
Net cash used in operating activities
(6,798,697)
(10,239,494)
Non-cash financing activities
There were no non-cash financing and investment activities during the year.
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5.3. Trade and Other Receivables
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.
2024
2023
$
$
Trade debtors
31,596
16,919
Net GST receivable
136,530
370,682
Prepayments
13,633
17,879
Environmental assessment fee prepaid
365,200
-
Other receivable
18,209
1,000
565,168
406,480
5.4. Trade and Other Payables
The amounts are unsecured and are usually paid within 30 days.
2024
2023
$
$
Trade payables
884,779
954,249
Other payables
207,233
591,094
1,092,012
1,545,343
6. Funding and risk management
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.
6.1. Contributed Equity
2024
2023
$
$
Contributed equity
98,273,935
88,352,935
Cost of share issue
(4,934,684)
(4,445,497)
93,339,251
83,907,438
2024 ANNUAL REPORT
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6.2. Movement in shares on issue
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 2022
400,187,314
69,547,987
Share placement
09 Aug 2022
14,705,883
17.0
2,500,000
Shares issued in consideration for services
09 Aug 2022
100,000
-
-
Option Conversion
28 Sep 2022
1,250,000
8.0
100,000
Share placement
28 Sep 2022
2,941,176
17.0
500,000
Share placement
23 Nov 2022
59,500,000
20.0
11,900,000
Share placement
03 Feb 2023
500,000
20.0
100,000
Less Transaction costs
(740,549)
Balance 30 June 2023
479,184,373
83,907,438
Share placement
04 Aug 2023
40,909,091
22.0
9,000,000
Share placement
30 Aug 2023
1,913,608
22.0
421,000
Share placement
04 Aug 2023
2,272,727
22.0
500,000
Less Transaction costs
(489,187)
Balance 30 June 2024
524,279,799
93,339,251
6.3. Movement in unlisted equity instruments
Options
2024
2023
Number
Number
Outstanding at the beginning of the year
10,000,000
18,019,669
Issued during the year
12,900,000
10,533,589
Expired or lapsed during the year
(4,500,000)
(17,303,258)
Exercised during the year
-
(1,250,000)
Outstanding at the end of the year
18,400,000
10,000,000
Exercisable at the end of the year
-
2,000,000
Performance rights
Outstanding at the beginning of the year
-
-
Issued during the year
1,000,000
-
Outstanding at the end of the year
1,000,000
-
Exercisable at the end of the year
-
-
6.4. Capital risk management
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 2024, the Company issued 45,095,426 ordinary shares (2023: 78,997,059
ordinary shares).
The Company is not subject to any externally imposed capital requirements.
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6.5. 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.
6.5.1. 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.
6.5.2. 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 2024 are expected to be settled within 6 months of year-end.
6.5.3. 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 2024 and 2023 and represents
management’s judgement of a reasonably possible movement.
Carrying
Amount
Interest Rate Risk -1%
Interest Rate Risk +1%
Net Loss
Equity
Net Gain
Equity
$
$
$
$
$
30 June 2024
Cash and cash equivalents
8,722,591
(87,226)
(87,226)
87,226
87,226
30 June 2023
Cash and cash equivalents
6,054,282
(60,543)
(60,543)
60,543
60,543
2024 ANNUAL REPORT
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None of the Group’s financial liabilities are interest bearing. Unless otherwise stated, the carrying amounts of financial
instruments reflect their fair value.
7. Group Structure
7.1. Basis of consolidation
7.1.1. 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
30-Jun-2024
Equity holding
30-Jun-2023
Caravel Operations Pty Ltd (previously
Quadrio Resources Pty Ltd)
Australia
11-Jun-1985
100%
100%
7.1.2. 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.
7.1.3. Comparatives
Prior period comparatives are for the year from 1 July 2022 to 30 June 2023.
7.2. Parent Entity Information
The following information relates to the parent entity, Caravel Minerals Limited. The information presented has been
prepared using accounting policies that are consistent with those presented in the Notes to the Financial Statements,
except for investments in subsidiaries are accounted for at cost, less any impairment, in the parent entity.
2024
2023
$
$
Current Assets
8,802,837
6,085,634
Non-Current Assets
3,344,822
3,024,131
Total Assets
12,147,659
9,109,765
Current Liabilities
302,525
386,077
Total Liabilities
302,525
386,077
Contributed equity
93,339,251
83,907,438
Accumulated losses
(85,900,871)
(79,495,491)
Reserves
4,406,755
4,311,741
Total Equity
11,845,135
8,723,688
Loss for the year
(6,405,380)
(11,065,756)
Other comprehensive income/(loss) for the year
-
39,808
Total comprehensive loss for the year
(6,405,380)
(11,025,948)
Caravel Minerals Limited has not issued any guarantees on behalf of subsidiaries.
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Contingent liabilities
The parent entity had no contingent liabilities as at 30 June 2024 and 30 June 2023.
Capital commitments
The parent entity had no capital commitments for property, plant and equipment as at 30 June 2024 and 30 June 2023.
8. Related Parties
8.1. Related Parties
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:
2024
2023
$
$
Short term employee benefits
785,152
686,750
Post-employment benefits
54,459
31,689
Share based payments
(47,231)
488,754
Total compensation
792,380
1,207,193
8.2. Transactions with Other Related Parties
Transactions with other related parties during the year ended 30 June 2024 were as follows:
•
The Group received invoices for the total of $248,173 (2023: $489,471) from Mitchell River Group, of which
Mr Alasdair Cooke is a part owner, for provision of serviced offices and geological consultancy. A total of
$34,814 was unpaid at 30 June 2024 (30 June 2023: $52,688).
During the year ended 30 June 2024 a total of 3,900,000 options were issued to directors. Total value of those options is
$144,690 of which $34,405 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 2024.
The value of KMP options yet to vest at 30 June 2024 is $277,818 (2023: $787,840).
No loans to key management personnel were provided during the period or up to the date of signing this report.
8.3. Share Based Payments
The Group provides benefits to Directors, employees, consultants and other advisors of the Group in the form of share-
based payments, whereby the Directors, employees, consultants and other advisors render services in exchange for
shares or rights over shares (equity-settled transactions).
The cost of these equity-settled transactions is measured by reference to the fair value of the equity instruments at the
date at which they are granted. The fair value is determined using a Black-Scholes model or fair value of services.
The fair value of performance rights is measured at the share price on the date the rights are granted.
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.
2024 ANNUAL REPORT
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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.
8.4. Employee Incentive Plan
Shareholders approved the establishment of the Caravel Employee Incentive Plan at the 2022 AGM.
The following table illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share
options and performance rights granted as consideration for services provided to the Company during the year:
Options
2024
2024
2023
2023
Number
WAEP
Number
WAEP
Outstanding at the beginning of the year
10,000,000
0.33
18,019,669
0.33
Granted during the year
12,900,000
0.33
10,533,589
0.31
Expired or lapsed during the year
(4,500,000)
0.32
(17,303,258)
0.34
Exercised during the year
-
-
(1,250,000)
0.08
Outstanding at the end of the year
18,400,000
0.33
10,000,000
0.31
Exercisable at the end of the year
-
-
2,000,000
0.30
Weighted average remaining contractual life of options at 30 June 2024: 1.34 years (2023: 2.01 years).
Performance rights
2024
2024
2023
2023
Number
WAEP
Number
WAEP
Outstanding at the beginning of the year
-
-
-
-
Granted during the year
1,000,000
-
-
-
Outstanding at the end of the year
1,000,000
-
-
-
8.5. Options pricing model
Options
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.
The table below sets out the assumptions used for options granted during the year ended 30 June 2024.
Options issued during the year ended 30 June 2024
KMP Options
T1
KMP Options
T2
Employee
Options T1
Employee Options
T2
Grant Date
28/09/2023
28/09/2023
4/08/2023
4/08/2023
Number of options
1,950,000
1,950,000
4,500,000
4,500,000
Dividend yield (%)
-
-
-
-
Expected volatility (%)
79.70%
79.70%
79.70%
79.70%
Risk free interest rate (%)
3.90%
3.90%
3.90%
3.90%
Expected life of the option (years)
2.09
2.09
2.24
2.24
Option exercise price ($)
0.330
0.330
0.330
0.330
Share price at grant date ($)
0.150
0.150
0.200
0.200
Expiry date
31/10/2025
31/10/2025
31/10/2025
31/10/2025
Fair value per option ($)
0.0371
0.0371
0.0675
0.0675
Total value at grant date ($)
72,345
72,345
303,750
303,750
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Vest
- Continued
employment;
and
- If the Company
delivers a
bankable
feasibility study
on the Caravel
Copper Project
- Continued
employment; and
- If the Company
secures funding or
a major project
partner is
introduced and
agrees to fund the
Caravel Copper
Project
- Continued
employment;
and
- If the Company
delivers a
bankable
feasibility study
on the Caravel
Copper Project
- Continued
employment; and
- If the Company
secures funding
or a major
project partner is
introduced and
agrees to fund
the Caravel
Copper Project
Expected vesting date
30/06/2025
Not likely to vest
30/06/2025
Not likely to vest
Awarded to KMP:
Alasdair Cooke
1,450,000
1,450,000
-
-
Richard Monti
250,000
250,000
-
-
Wayne Trumble
250,000
250,000
-
-
Of the Employee Options granted during the Period, 1,250,000 of T1 and 1,250,000 of T2 options were forfeited during
the Period upon employee resignation.
It is expected that options granted to KMP requiring a delivery of the bankable feasibility study on the Caravel Copper
Project will vest within the periods disclosed in the above tables. The funding for the project is not likely to be secured
before the expiry date of the options so options with this vesting condition are not expected to vest.
Options issued during the year ended 30 June 2023
KMP Options T1
KMP Options T2
Employee Options
Grant Date
15/12/2022
15/12/2022
1/07/2022
Number of options
4,000,000
4,000,000
2,533,589
Dividend yield (%)
-
-
-
Expected volatility (%)
97.20%
97.20%
97.20%
Risk free interest rate (%)
3.07%
3.07%
1.05%
Expected life of the option (years)
2.75
2.75
1.00
Option exercise price ($)
0.310
0.310
0.300
Share price at grant date ($)
0.275
0.275
0.180
Expiry date
25/10/2025
25/10/2025
30/06/2023
Fair value per option ($)
0.1574
0.1574
0.0407
Total value at grant date ($)
629,600
629,600
103,117
Vest
- Continued employment;
and
- If the Company delivers a
bankable feasibility study
on the Caravel Copper
Project
- Continued
employment; and
- If the Company secures
funding or a major
project partner is
introduced and agrees
to fund the Caravel
Copper Project
On issue
Expected vesting date
30/06/2025
Not likely to vest
1/07/2022
Awarded to
Donald Hyma
Donald Hyma
Employees
Performance rights
Performance rights are valued at 19 cents per right, being the share price on the date the rights are granted. During the
period the Company granted 1 million performance rights in two equal tranches to a strategical advisor. The rights vest
on 30 June 2025 and are subject to vesting conditions. Both tranches require the delivery of Feasibility Study on the
Caravel Copper Project. In addition, the first tranche requires twelve months continuous service while the second tranche
requires continuous service until the delivery of Feasibility Study on the Caravel Copper Project. Total value of the
performance grants is $190,000 of which 37,917 was expensed to shared-based payments expense during the financial
year.
2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
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CARAVEL
8.6. Shares
No shares were issued as share-based payments during the year ended 30 June 2024 (2023: 100,000 shares at $0.17 per
share).
8.7. Recognised share-based payment expense in profit or loss
2024
2023
$
$
Expense reversal arising from employee options issued during the
previous financial years
(81,637)
27,426
Expense arising from employee options issued during the current
financial year
176,651
574,475
Total share-based payments expensed in profit or loss
95,014
601,901
9. Other
9.1. Events occurring after the reporting period
At the date of this report there are no matters or circumstances which have arisen since 30 June 2024 that have
significantly affected or may significantly affect:
•
the operations, in financial years subsequent to 30 June 2024, of the Group;
•
the results of those operations, in financial years subsequent to 30 June 2024, of the Group.
9.2. Commitments and Contingencies
As at 30 June 2024 Caravel Minerals Limited has no commitments or contingent liabilities (2023: nil).
9.3. Remuneration of Auditors
2024
2023
$
$
Amount received or due and receivable by the auditor for:
Auditing the financial statements, including audit review - current year audits
54,101
39,533
Total remuneration of auditors
54,101
39,533
The BDO entity performing the audit of the group transitioned from BDO Audit (WA) to BDO Audit Pty Ltd on the 24th
of May 2024. The disclosures include amounts received or due and receivable by BDO Audit (WA) Pty Ltd, BDO Audit Pty
Ltd and their respective related entities.
9.4. New and revised accounting standards
Adoption of new and revised accounting standards
The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the
Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period.
Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.
Standards issued but not yet effective
Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet
mandatory, have not been early adopted by the consolidated entity for the annual reporting period ended 30 June 2024
The consolidated entity has not yet assessed the impact of these new or amended Accounting Standards and
Interpretations.
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Name of entity
Type of entity
Trustee,
partner or
participant
in JV
% of
share
capital
Place of
incorporation
Australian
resident or
foreign
resident
Foreign
jurisdiction(s)
of foreign
residents
Caravel Minerals Limited
Body
Corporate
-
n/a
Australia
Australian
n/a
Caravel Operations Pty Ltd
Body
Corporate
-
100
Australia
Australian
n/a
Caravel Exploration Pty Ltd
Body
Corporate
-
100
Australia
Australian
n/a
Caravel Water Pty Ltd
Body
Corporate
-
100
Australia
Australian
n/a
Caravel Resources
Netherlands Cooperatief U.A.
Body
Corporate
-
100
Netherlands
Foreign
Netherlands
Determination of tax residency
Section 295 (3A)(vi) of the Corporation Act 2001 defines tax residency as having the meaning in the Income Tax Assessment Act
1997. The determination of tax residency involves judgement as there are different interpretations that could be adopted, and
which could give rise to a different conclusion on residency.
In determining tax residency, the consolidated entity has applied the following interpretations:
-
Australian tax residency
The consolidated entity has applied current legislation and judicial precedent, including having regard to the Tax
Commissioner's public guidance in Tax Ruling TR 2018/5
-
Foreign tax residency
Where necessary, the consolidated entity has used independent tax advisers in foreign jurisdictions to assist in its
determination of tax residency to ensure applicable foreign tax legislation has been complied with (see section
295(3A)(vii) of the Corporations Act 2001).
Partnerships and trusts
Australian tax law generally does not contain corresponding residency tests for partnerships and trusts and these entities are
typically taxed on a flow-through basis. There are no partnerships or trusts in the consolidated group and no interests held in joint
ventures by the group entities.
2024 ANNUAL REPORT
ANNUAL FINANCIAL REPORT
SECTION 06
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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 2024 and of its performance for the
period ended on that date; and
(ii)
complying with Accounting Standards, the Corporations Regulations 2001 and other
mandatory professional reporting requirements, and
(iii)
the information disclosed in the attached consolidated entity disclosure statement is true and correct.
(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)
The Company has included in the notes to the financial statements an explicit and unreserved statement of compliance
with International Financial Reporting Standards.
(3)
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 2024.
On behalf of the Board.
Donald Hyma
Managing Director
26 September 2024
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BDO Audit Pty Ltd ABN 33 134 022 870 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 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.
Level 9, Mia Yellagonga Tower 2
5 Spring Street
Perth, WA 6000
PO Box 700 West Perth WA 6872
Australia
Tel: +61 8 6382 4600
Fax: +61 8 6382 4601
www.bdo.com.au
INDEPENDENT AUDITOR'S REPORT
To the members of Caravel Minerals Limited
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of Caravel Minerals Limited (the Company) and its subsidiaries
(the Group), which comprises the consolidated statement of financial position as at 30 June 2024, 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 material accounting policy information, the consolidated entity
disclosure statement 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 2024 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.
Material uncertainty related to going concern
We draw attention to Note 2.4 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.
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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 3.1 to the financial report, the
carrying value of the exploration and evaluation asset
represents a significant asset of the Group.
The Group’s accounting policies and significant
judgements applied to capitalised exploration and
evaluation expenditure are detailed in Notes 2.5 and
3.1 of the financial report.
In accordance with AASB 6 Exploration for and
Evaluation of Mineral Resources (‘AASB 6’), the
recoverability of exploration and evaluation
expenditure requires significant judgement by
management in determining whether there are any
facts and circumstances that exist to suggest the
carrying amount of this asset may exceed its
recoverable amount. As a result, this is considered a
key audit matter.
Our procedures included, but were not limited to:
•
Assessing whether rights to tenure of the Group’s
area of interest remained current at balance date;
•
Considering the status of the ongoing exploration
programmes in the respective areas of interest by
holding discussions with management, and
reviewing the Group’s exploration budgets, ASX
announcements and director’s minutes;
•
Considering whether the 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 2.5 and 3.1 to the financial report.
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Other information
The directors are responsible for the other information. The other information comprises the
information contained in Directors’ Report for the year ended 30 June 2024, but does not include the
financial report and our auditor’s report thereon, which we obtained prior to the date of this auditor’s
report, and the annual report, which is expected to be made available to us after that date.
Our opinion on the financial report does not cover the other information and we do not express any
form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent
with the financial report or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed on the other information that we obtained prior to the date
of this auditor’s report, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
When we read the annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to the directors and will request that it is corrected. If it is not
corrected, we will seek to have the matter appropriately brought to the attention of users for whom
our report is prepared.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of:
a)
the financial report that gives a true and fair view in accordance with Australian Accounting
Standards and the Corporations Act 2001 and
b)
the consolidated entity disclosure statement that is true and correct in accordance with the
Corporations Act 2001, and
for such internal control as the directors determine is necessary to enable the preparation of:
i)
the financial report that gives a true and fair view and is free from material misstatement,
whether due to fraud or error; and
ii)
the consolidated entity disclosure statement that is true and correct and is free of 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.
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Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with the Australian Auditing Standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
https://www.auasb.gov.au/admin/file/content102/c3/ar1_2020.pdf
This description forms part of our auditor’s report.
Report on the Remuneration Report
Opinion on the Remuneration Report
We have audited the Remuneration Report included in pages 21 to 26 of the directors’ report for the
year ended 30 June 2024.
In our opinion, the Remuneration Report of Caravel Minerals Limited, for the year ended 30 June 2024,
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 Pty Ltd
Jarrad Prue
Director
Perth, 26 September 2024
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1.
TWENTY LARGEST SHAREHOLDERS
The names of the twenty largest holders of each class of listed securities as at 26 September 2024 are listed below:
Ordinary Shares
Rank
Holder Name
Securities
%
1
Alasdair Cooke
35,125,844
6.70%
2
Citicorp Nominees Pty Limited
25,084,507
4.78%
3
Glenvar Nominees Pty Ltd
18,142,064
3.46%
4
Mrs Pamela Julian Sargood
14,850,000
2.83%
5
HSBC Custody Nominees (Australia) Limited
14,418,805
2.75%
6
Alma Metals
14,118,076
2.69%
7
Milford Park Superannuation Pty Ltd
9,041,172
1.72%
8
Burls Holdings Pty Ltd
8,189,034
1.56%
9
Mandel Pty Ltd
8,100,000
1.55%
10
J P Morgan Nominees Australia Pty Limited
7,939,290
1.51%
11
HSBC Custody Nominees (Australia) Limited
7,783,210
1.48%
12
Lowell Resources Fund A/C
6,009,300
1.15%
13
Orbit Drilling Pty Ltd
6,001,952
1.14%
14
Pebadore Pty Ltd
5,800,000
1.11%
15
Stephen Abbott
5,742,002
1.10%
16
Clapsy Pty Ltd
5,463,236
1.04%
17
Beebee Holdings Pty Ltd
5,174,491
0.99%
18
Lichita Pty Ltd
4,830,000
0.92%
19
Mr Kenneth Joseph Hall
4,500,000
0.86%
20
Mrs Sarah Elizabeth Mcintyre
4,200,000
0.80%
Total
210,512,983
40.15%
Total issued capital
524,279,799
100.00%
Listed Options exercisable at 33 cents
Rank
Holder Name
Securities
%
1
Citicorp Nominees Pty Limited
2,142,520
8.91%
2
Alasdair Cooke
1,496,363
6.22%
3
Certane Ct Pty Ltd
1,456,903
6.06%
4
Atlantis Mg Pty Ltd
1,300,000
5.41%
5
Kendali Pty Ltd
950,000
3.95%
6
Glenvar Nominees Pty Ltd
755,682
3.14%
7
Cg Nominees (Australia) Pty Ltd
750,000
3.12%
8
Bilgola Nominees Pty Limited
750,000
3.12%
9
Aukera Capital Pty Ltd
750,000
3.12%
10
Merrill Lynch (Australia) Nominees Pty Limited
681,819
2.84%
11
HSBC Custody Nominees (Australia) Limited
541,700
2.25%
12
Troca Enterprises Pty Ltd
513,630
2.14%
13
J P Morgan Nominees Australia Pty Limited
500,097
2.08%
14
BNP Paribas Nominees Pty Ltd
454,545
1.89%
15
Bergen Global Opportunity Fund LP
454,545
1.89%
16
HSBC Custody Nominees (Australia) Limite
409,173
1.70%
17
Mr Morgan Day
401,299
1.67%
18
Certane Ct Pty Ltd
395,315
1.64%
19
The Roosters Beach Pty Limited
361,126
1.50%
20
Mr Casey Joseph Iddon
350,000
1.46%
Total
15,414,717
64.10%
Total Listed Options exercisable at 33 cents
24,047,687
100.00%
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2024 ANNUAL REPORT
ADDITIONAL INFORMATION AS AT 26.09.2024
SECTION 07
2.
DISTRIBUTION OF EQUITY SECURITIES
Analysis of security by size holding as at 26 September 2024:
Ordinary Shares
Holders
Total Units
% Issued Share Capital
above 0 up to and including 1,000
123
32,703
0.01%
above 1,000 up to and including 5,000
678
2,139,029
0.41%
above 5,000 up to and including 10,000
466
3,728,345
0.71%
above 10,000 up to and including 100,000
1,404
53,615,649
10.23%
above 100,000
490
464,764,073
88.65%
Totals
3,161
524,279,799
100.00%
Unmarketable holdings of 411, with total 616,515 ordinary shares, amounting to 0.12% of issued capital
Listed Options exercisable at 33 cents
Holders
Total Units
% Issued Share Capital
above 0 up to and including 1,000
2
2
-
above 1,000 up to and including 5,000
27
122,724
0.51%
above 5,000 up to and including 10,000
8
70,148
0.29%
above 10,000 up to and including 100,000
64
2,589,206
10.77%
above 100,000
54
21,265,607
88.43%
Totals
155
24,047,687
100.00%
Unmarketable holdings of 63, with total 638,412 options, amounting to 2.65% of listed options on issue
3.
UNQUOTED SECURITIES
As at 26 September 2024, the following unquoted securities are on issue:
Unquoted Securities
Number on Issue
Number of Holders
$0.31 Options expiring 31/10/2025
8,000,000
1
$0.33 Options expiring 31/10/2025
10,400,000
12
Performance rights expiring 30/09/2026
1,000,000
1
Total unquoted securities
22,900,000
4.
SUBSTANTIAL SHAREHOLDERS
The names of the substantial shareholders listed in the company’s register as at 26 September 2024 are:
Name
Relevant Interest
(Ordinary Shares held)
Paradice Investment Management
45,470,504
Alasdair Cooke (and associated entities)
35,125,844
5.
VOTING RIGHTS
The voting rights of the ordinary shares are as follows:
Subject to any rights or restrictions for the time being attached to any shares or class of shares of the Company, each member
of the Company is entitled to receive notice of, attend and vote at a general meeting. Resolutions of members will be decided
by a show of hands unless a poll is demanded. On a show of hands each eligible voter present has one vote. However, where a
person present at a general meeting represents personally or by proxy, attorney or representation more than one member, on a
show of hands the person is entitled to one vote only despite the number of members the person represents.
On a poll each eligible member has one vote for each fully paid share held.
There are no voting rights attached to any of the options that the Company currently has on issue. Upon exercise of these options,
the shares issued will have the same voting rights as existing ordinary shares.
6.
ON-MARKET BUY BACK
There is currently no on-market buy-back program for any of Caravel Minerals Limited’s listed securities.
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CARAVEL MINERALS LIMITED
41 120 069 089
Suite 1, 245 Churchill Avenue
Subiaco 6008 Western Australia
+61 8 9426 6400
investors@caravelminerals.com.au
caravelminerals.com.au