Ann: Results of Meeting, page-4

• The 29/4/21 announcement had the results of deep diamond holes. I realised at the meeting I had 'misinterpreted' that when Steve Abbot and then AC commented about it. The exploration target shown on this oblique view wasn't the new fold zone interpretation at the southern end of the Bindi East zone but a depth extension with relatively consistent zones of higher grade - something I had already considered quite likely.
  The presentation shown at the GM had a slide with 4 sections juxtaposed on it, and annotated. 2 for the deep zone diamond holes and 2 for the "new fold" area.
• Apparently prior to this drilling Caravel ranked 4th or 5th in terms of size in terms of Australian undeveloped Cu deposits. SA mentioned moving to #2. A rapidly changing list with so much interest in the Cu field and companies well funded. From Memory: Hillside (RXM) is likely to be the biggest in size; right up there - Kalkaroo, Maroochydore, Boda, Thursday's (and others I missed) are likely contenders, with deposits open. However, few will have the location, infrastructure etc advantages of Bindi/Caravel combined with 30+ years potential mine life (something they may all share once drilled out - decades of potential mine life).
• CVV took the scoping study somewhat beyond "basics" and into some areas of a PFS. This pre-empts some of what is needed to be done for the PFS that JORC rules mean +-35% accuracy can be assumed. Apparently the upcoming PFS will overlap with a DFS/BFS that is needed to take the project to development once financing is secured - chicken and egg situation. The 10000m RC infill program is a major part of this upgrade and no further drilling may be needed at Bindi East prior to a mining decision.
• The PFS is now scheduled for Q1 2022. A slight slip in the timeline, but with a lot more drilling that is likely to take parts of the resource to indicated or better.
• DFS/BFS are expected to take a further 12 to 18 months. Construction, not mentioned, would then begin. leading to a potentially optimistic first production by the end of 2024.
• Bindi West has not been drilled out but the 2 month, 10Km RC program at Bindi East is probably on the drawing board, back of the mind of directors. IMO at least scoping drilling of the fold zone at southern Bindi East needs to be done for possible mine planning - my conceptual fold model was not shot down, in fact it seemed to reflect planned exploration targeting (not rocket science = pretty obvious).
• Assay turnaround is down from an average of 6 weeks to 4 now. The 4-500m intersection in DDH 20-3 should be available shortly - body language fairly positive on it without any details provided or asked for.

A dash of history.
FQM (First Quantum Mines) dropped their option on Bindi/Caravel as it didn't meet their size criteria (AC comment). It wasn't a rejection of the deposit per se and predated the current structural model that may have modified that decision (optimistic thought perhaps if they were after an elusive Tier 1 (5Mt Cu?)). [FQM and CVV have some ?tenuous connections through AFR - director(AC)/Africa.]


A question for @CVVDirector: Has the fold model at the southern. end of Bindi East modified how the late granite is seen to relate with mineralisation?
IMO the previous interpretation was intrusive. Recent drilling to grid west seemed to be testing the modelled granite contact or something that wasn't too obvious to me.

Many issues discussed, mostly a gentle touch so treat the above with caution and DYOR or contact the company.

Many thanks to SA, AC, WT for their time. Apologies for being a kid in a candy store.....