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Caravel Minerals announced that the Definitive Feasibility Study (DFS) for its Caravel Copper Project in Western Australia is on track for release in H1 2026, with regulatory approvals now targeted for late 2027. The DFS includes metallurgical optimization and mine planning, with ongoing site activities for geotechnical and water investigations.

Discussions with Adani about a partnership and offtake agreement are progressing positively. Additional environmental studies are required, potentially deferring the Final Investment Decision to late 2027. The company is actively working to streamline the approvals process with the Western Australian Government while maintaining high ESG standards.