Investor Presentation Caravel Minerals Limited (ASX:CVV) | 22 - PowerPoint PPT Presentation

Investor Presentation Caravel Minerals Limited (ASX:CVV) | 22 January 2018 CALINGIRI Advancing a World Class Scale Copper Project with Proven Bulk Ore Sorting Technologies

Company Highlights Rapidly advancing Calingiri Copper-Molybdenum Project in W.A. (100%): Large Resource (April 2016) : Maiden JORC Mineral Resource estimate released, ~1.4Mt Cu Bulk Ore Sorting (Jan 2018) : Successful testwork confirms potential for major project upgrade. Phase 2 testing underway. Resource Optimisation: Potential for re- optimisations of the existing JORC Resources, exploration for extensions of the existing JORC resources and exploration of recently discovered targets within the Calingiri trend Management : Experienced, highly skilled team and Board Low Cash Burn: One of the leanest ASX junior mining companies Forward Strategy : Complete DFS in 2018/19 Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Jan 2018 2

Corporate Snapshot Copulos Group 7.0% Shares Outstanding^: 117 M AFR Australia Pty Ltd 6.4% Options Listed: 0 M Capital Sanctuary Victoria Pty 5.8% Unlisted: 37 M T Poustie Group 5.6% M Hilmer Group 5.6% Cash^: $1.9 M Hartree PL 5.3% BNP Paribas 4.1% Debt^: Nil J P Morgan 3.9% $0.051 Share Price^: Newstead South Holdings 3.2% 12 months range: $0.05 -$0.12 Clarkson Boathouse 3.1% Avg daily volume: 31 K Total – Top 10 Shareholders ^ 44.6% Market Cap (undiluted): A$6 M Total – Top 20 Shareholders 65.1% Board and Management: 17% ^ 19 Jan 2018 Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Jan 2018 3

Ore Sorting Results Exceed Expectations 1 Successful ore sorting testwork with potential for major project upgrade: Copper grades were beneficiated by an average of 81% (Molybdenum 111%). The highest sample product increase in overall grade of 139% resulted in an encouraging 71% reduction in feed with only a 34% deferral or loss of contained copper Potential to materially reduce plant size and related Capex, decrease cash costs and maintain annual production that could result in vastly improved project economics Significant potential for higher feed grades from sorted ore in the early years of production Further bulk ore sorting testwork with a larger bulk samples > 1 tonne is underway Ongoing review and assessment of other compatible ore sorting technologies Photo: Copper Ore Sorting – Glencore CSA, Cobar. Australia Advancing Innovative Green Technologies 1 – See News Release 8 th Jan 2018 - available on the ASX and the Caravel Website Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Jan 2018 4

Bulk Ore Sorting Outcomes and Benefits Consolidated Pro-Rata Contribution Beneficiated Increase in Reduction in Sorted Samples Cu Grade Cu Grade Ore Feed Beneficiated Increase in 0.44% 83% 5% product sensitivity 58% High-Grade Sorted Samples Grade PPM Grade 0.53% 139% 10% product " " 71% 88.3 111% Molybdenum 5% and 7% product " " 0.39% 42% 39% 1.9 112% 0.40% 61% Silver 7% and 10% product " " 52% Outcomes of Consolidated ore sorting for Copper by Grade Outcomes of Consolidated ore sorting for Mo and Ag by and Reduction in Ore Feed highest grade samples Bulk ore sorting is a proven pre-concentration technology in which barren gangue is separated from mineralisation based on the grade as measured or inferred from a sensor measurement. With bulk ore sorting, ore that previously didn’t qualify for processing may be upgraded, making it economic to treat and improving the resource utilisation More valuable metal may be extracted from the resource while the processing plant treats less tonnes at higher feed grade, reducing consumption of water and power as well as lower tailings output. Significant capital reductions may also be achieved through smaller back end milling and processing requirements There are a number of different technologies, based on industry proven, high capacity industrial sorting machines from major international equipment suppliers, with well established businesses in industrial minerals and material recycling Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Jan 2018 5

Bulk Ore Sorting: Proven Technology There are a significant number of global suppliers of sorting technology solutions. Caravel are considering a number of suppliers including TOMRA which is a leading global group with over 3,500 employees and an annual turnover in 2016 was A$1.12B. TOMRA currently have 250 global mining installations: MARKET INSTALLATIONS Europe 70 US / Canada 35 Australia 30 Southern Africa 50 Other 25 TOTAL 250 The TOMRA technology is currently being successfully used by many large global mining groups, including: Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Jan 2018 6

Calingiri JORC Resource Consolidated Indicated and Inferred Resource Estimate (0.25% Cut-off) Classification Tonnes (MT) Cu % Cu Eq % * Cu Metal (T) Indicated 187 0.34 0.38 626,300 Inferred 64 0.34 0.38 218,000 Total 251 0.34 0.38 844,300 Grade / Contained Copper Curve 0.43% 1,600,000 0.45% 1,407,900 0.38% 0.40% 1,400,000 1,182,500 0.33% 0.38% 0.35% 1,200,000 0.30% 0.34% 0.30% Average Cu Grade Copper Metal (t) 1,000,000 844,300 0.29% 0.25% 0.27% 800,000 0.20% 549,800 600,000 0.15% 400,000 0.10% Broad intersections of open copper-molybdenum-silver-gold mineralisation: 200,000 0.05% Dasher: 1,050m long and open - extending to vertical depths of 450m - 0.00% Bindi: 2,000m long and open - up to 150m thick extending to vertical depths of 300m 0.30 0.25 0.20 0.15 Opie: 300m long and open - up to 172m thick extending to vertical depths of 200m Cut-Off Grade (Cu%) Cu Metal (T) Cu % CuEq % • Refer to Mineral Resource disclosures in various news releases as detailed on page 2. Consolidation of Bindi, Dasher and Opie Prospects Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Jan 2018 7

Scoping Study 1 Key Findings 2 o Capital cost $440m o Throughput 15 Mtpa (21 Yrs) Opex - Lom $1.50/lb o o Ore treated 310mt Opex – 1 st 5 Yrs $1.40/lb Capex / Mine / o o Recoveries 92% Opex Plant Cu US$2.75/lb (FX A$0.72) o o Strip ratio 1:1 o NPV $520m after tax o Cu 710kt LoM (92% Revenue) Economics Production o IRR 23% o Moly 14.5kt (5%) o Payback 3 years Silver and Gold (3%) o o Net cash flow $1.5b o Float Conc 25% 1 – The Scoping Study requires updating to reflect the improvements from bulk ore sorting testwork. Projected for H1 2018. 2 – Prepared by CSA Global Pty Ltd June 2016. Please read in conjunction with disclosures on page 2 and public releases available on the ASX Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Jan 2018 8

Infrastructure Summary Area Status ü Buildings Build requirements detailed and costed ü Power Supply External report completed and costed Potential water resources within both a perched water ü Water Supply table, palaeochannel and bedrock aquifers. Hydrogeological investigations underway Sealed roads and railway lines with close proximity to ü Transport the project site and ports located within Western Australia that are suitable ü Tailings Management External report completed and costed Located in a first-world highly developed and ü Site Communication populated region where telephone and high-speed data infrastructure is in place Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Jan 2018 9

Global Comparable Copper Studies Red Hawk Caravel Minerals Hot Chili Sunstone Metals Resources Copper Units Altona Little Eva Calingiri Productora Viscaria Creek Market Capitalisation A$M $6 $77 $19 $5 $40 Study SS FS PFS SS SS Location Australia Australia Chile USA Sweden ü Key Findings Initial LoM Years 21 14 12 18 8 NPV - pre tax A$M $799 $462 $338 $231 $102 - post tax A$M $520 $301 $220 $154 $68 - DR % 7.0 7.5 7.0 7.5 7.0 % 31% 36% 20% 12% 22% IRR - pre tax - post tax % 23% 27% 15% 11% 17% Capital Cost A$M $440 $288 $725 $857 $139 Production (LOM) Treatment throughput Mt p.a. 15.0 7.0 14.7 8.5 1.2 Strip ratio t:t 1.0 1.8 2.7 4.0 5.8 Quantity ore treated Mt 310 92 167 156 10 % 0.30% 0.52% 0.43% 0.74% 1.20% Copper Eq. grade % 92% 96% 86% 89% 90% Recoveries Cu Cu sold Kt 710 432 527 950 107 Copper price (model input) US$Lb 2.75 2.95 3.00 3.00 3.25 Cash Costs (C1) US$Lb 1.50 1.65 1.47 1.85 1.86 SS: Scoping Study or Preliminary Economic Assessment. PFS: Preliminary Feasibility Study. FS: Feasibility Study or Definitive Feasibility Study. GREEN text cells are estimated as not market released Calingiri Scoping Study June 2016 and other data is from publicly available information. The Scoping Study requires updating to reflect the improvements from bulk ore sorting testwork. Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Jan 2018 10

Calingiri Roadmap Jan 2018 2018/19 Milestones Q4 2017 Bulk ore testwork Q1 2017 (Completed) Discovery of four new copper anomalies Q2 2016 Forward Work Programs Scoping Study Bulk Ore Sorting Testwork (Phase 2) Metallurgical Floatation Q1 2016 Maiden Drilling Programs Resource Resource Optimisations and Mining Studies Environmental Studies Water, Power and Tailings Studies Caravel Minerals Limited (ASX:CVV) | Investor Presentation | Jan 2018 11