Caravel Minerals Limited has announced a new phase in the development of its Caravel Copper Project, which is situated 150km northeast of Perth in Western Australia’s Wheatbelt. The company has initiated the tendering process for the Definitive Engineering Study aimed at finalizing the process plant design and critical infrastructure. The process will involve leading engineering firms with proven expertise in Engineering, Procurement, and Construction Management for copper concentrators, with the first awards anticipated from August 2025. Recent metallurgy studies have led to a simplified flowsheet for a 30Mtpa plant design, now incorporating a SAG mill circuit and optimized flotation processes to enhance project economics. This design aims to deliver a high-grade copper concentrate production of approximately 65,000 tonnes per annum along with a molybdenum by-product of about 900 tonnes per annum. Alongside the process plant, Caravel Minerals is actively seeking proposals for water pipeline development from a remote borefield, tailings management, mining operations, and other non-processing infrastructure, while an experienced Study Manager has been appointed to oversee the evaluation of tender submissions. The project is underscored by strong technical fundamentals, including a Mineral Resource Estimate of 3.03 million tonnes of contained copper and an Ore Reserve of 1.4 million tonnes, positioning it among Australia’s largest undeveloped copper deposits. The streamlined process design and integration with existing grid power, automation technologies, and established transport infrastructure reflect the company’s commitment to delivering a sustainable and low-cost copper operation. This strategic move follows earlier financing news, including the recent securing of a $15 million loan facility from Regal Funds Management’s Regal Resources Royalties Fund, which further underscores investor confidence in the project. Bullish sentiment centers on the progress toward a more efficient and economically viable plant design, the simplified engineering approach that may reduce capital and operating costs, and the project’s robust resource base that underpins long-term production potential. Conversely, bearish concerns may arise from the inherent risks associated with the tendering process, potential delays in infrastructure procurement, and uncertainties tied to commodity price fluctuations which could impact project economics. Overall, the announcement indicates significant forward momentum for Caravel Minerals Limited as it moves closer to realizing the potential of its flagship Caravel Copper Project.