Caravel Minerals Secures $15M Royalty Funding for Copper Project in WA
Caravel Minerals has entered into a $15 million royalty funding agreement with Regal Resources to advance a definitive feasibility study (DFS) for its copper project in Western Australia. This funding increases Regal's total commitment to the project to $30 million, supporting the development of one of Australia's largest undeveloped copper assets.
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Caravel Minerals has finalized a $15 million royalty funding deal with Regal Resources, which will facilitate a definitive feasibility study for its copper project in Western Australia. Regal's total investment in the project now amounts to $30 million, reflecting an extension of the original $15 million loan facility to March 2028.
The agreement includes a 0.75% net smelter return royalty and is secured by a general security deed over Caravel's assets. The project hosts defined ore reserves of 583 million tonnes at 0.24% copper, with potential annual production estimates of 65,000 tonnes of copper and byproducts including gold and silver.
Caravel anticipates releasing DFS results and an updated ore reserve in September 2026, aiming for regulatory approval by the end of 2027. The royalty funding may reduce dilution and enhance investor confidence, although the reliance on external financing could pose risks to project timelines.
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