Ann: Project Update - Caravel Copper Project, page-3

Probably be a presentation coming out for the upcoming meeting which may update this PFS schedule.


The number of possible holes visible on Sentinel satellite imagery seems to be slowing indicating the drill program is approaching its end.
A second diamond rig was added presumably to expedite a slow rate of progress or a slightly expanded program or both.

The 14/4 announcement, and previous ones, show proposed diamond holes which mean the program is behind the above schedule. I suspect they will set the end of this month as a cut off date for the next MRE and leave out any holes drilled later (if any).

@Rickiblueyes this may give you some hint of what could happen.
PFS by the end of the year. Usually a DFS to take the project to development stage with +-10% estimates vs the +-35?% for a PFS. However, CVV have taken the studies beyond these levels already so may be able to expedite the process. Not entirely but a lot hopefully.

I don't know what is required for a DFS.
Probably some more drilling to take a significant part of the resource into the indicated to measured category. This is a variable where the style of deposit comes into play with some needing higher drill densities than others. Drilling to date has shown Bindi to be quite predictable with relatively low variability which probably makes estimations more reliable.
Scale of operation - major decision that controls so many aspects of the study. Change this between PFS and DFS and I suspect it creates a lot of extra work and hence delays that had better be worth it.

Timing? DFS maybe another year. Financing? then development and construction? a further year to 18months.

The way the SP is moving suggests something is going on. Price of Cu - maybe but only that? That plus interest from some well healed company or investors would really make me regret going to free carry at under 20c.

Another speeding ticket coming up??

The options to be voted on at the GM are in the money already - at least for now.
The conditions seem relatively easy to meet. PFS planned and will be funded if voted for at the GM.