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Caravel Minerals has updated stakeholders on the Caravel Copper Project, indicating that the Definitive Feasibility Study (DFS) is on track for the first half of 2026, with regulatory approvals now expected by late 2027. Ongoing technical studies, including geotechnical investigations, are progressing as planned.

The company is also in strategic partnership discussions with Adani, with a draft offtake agreement under review. Additional studies are necessary to meet environmental regulations, which may delay the Final Investment Decision to late 2027.