Announcement PDF 30 October 2026 QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2026 Highlights • Mining component of the Definitive Feasibility Study (DFS) completed by Mining Plus, confirming a conventional open pit, truck and shovel operation developing the Bindi and Dasher deposits in stages, commencing at Bindi, with the mine plan designed to support a transition to autonomous haulage. • Non-binding, non-exclusive Memorandum of Understanding (MOU) executed with Thiess for mining services, under which Thiess will provide engineering and cost estimates for an initial seven-year full-service mining contract. • Gillingarra Borefield hydrogeological report advanced, with field work completed and numerical groundwater modelling and an independent peer review commenced. Work over the past 12 months has confirmed the Leederville–Parmelia aquifer as the primary water source, with the deep Barberton Consolidated Aquifer as a high-yielding contingency, supporting an abstraction strategy for the life of the Project. • Environmental Review Document updates progressed to incorporate recent studies, testwork results and design changes. • The field component of an archaeological and ethnographic heritage survey, covering power infrastructure, pipeline route refinements and the construction village location, was completed in August 2026. • The baseline surface water and groundwater monitoring network is operating across the Project area, establishing pre-development conditions ahead of construction. • Release of the Caravel Copper Project DFS rescheduled to Q4 2026 to include additional metallurgical testwork, numerical groundwater modelling, the final ERD update and a full Company review of the process plant capital cost estimate. 2 | Quarterly Activities Report Caravel Minerals Limited (ASX: CVV) progressed the Definitive Feasibility Study (“DFS”) for the Caravel Copper Project (“Project”), located 150km northeast of Perth, Western Australia, during the three months from July to September 2026 (“Quarter”). Key workstreams focused on completion of the DFS mining study, the Gillingarra Borefield drilling and testing programme, finalisation of the Environmental Review Document, and review of the process plant capital cost estimate. Figure 1: RC drilling at Bindi SW. Mine Design The Bindi and Dasher deposits are planned to be mined by conventional open pit methods, comprising drilling, blasting, and loading and hauling with an ultra-class fleet. The mine plan adopts a staged development, commencing with the Bindi pit and deferring the Dasher pit to later in the mine life to reduce upfront capital, simplify early operations and level the strip ratio for consistent ore feed. Material is planned to be delivered predominantly by direct feed to the crusher, with a run of mine stockpile of nominal capacity of approximately one million tonnes, at an average grade of 0.24% Cu, providing operational resilience. Pre-strip activities commence approximately 20 months ahead of first ore to the primary crusher. 3 | The principal mining parameters adopted in the study are a bench height of 12.5m, mining dilution of 4%, ore loss of 3%, a minimum mining width of 100m, and pit slope angles adopted in accordance with the recommendations of the Company's geotechnical consultants, Dempers & Seymour. Inferred Mineral Resources are excluded from the Ore Reserve and from the Ore Reserve pit designs. An ultra-class load and haul fleet, comprising 300-tonne-class haul trucks and 600-tonne-plus class shovels, has been selected and supported by a full ancillary fleet. Final equipment selection remains subject to commercial negotiation with equipment suppliers. Operations are planned to commence with a conventional manned haulage fleet, with the mine plan designed to support a transition to autonomous haulage. The Company intends to accelerate the introduction of autonomy once the equipment supplier and autonomous technology solution are finalised. The DFS was based on an owner-operated model. To de-risk pre-strip and the initial stages of mining, the Company is evaluating contractor and owner mining options, including through the mining services MOU with Thiess described below. Mining Services MOU with Thiess Caravel executed a non-binding, non-exclusive Memorandum of Understanding (MOU) with Thiess Pty Ltd (Thiess) for mining services to the Project (see ASX Announcement dated 21 September 2026). The collaboration is directed at supporting the DFS and definition of a full-service mining contract. Thiess will provide all engineering and cost estimates for an initial seven-year full-service contract covering all mining equipment, asset maintenance, technology and autonomy consideration, asset management, and drill and blast. Agreed work spans mine planning and scheduling, mining methodology and asset selection, autonomous drilling and haulage options, operational readiness and workforce development, and early works and mobilisation planning. An indicative pathway runs from the DFS to an Early Contractor Involvement (ECI) process, culminating in a Mining Services Agreement at Final Investment Decision (FID). No contract has been awarded and neither party is obliged to proceed beyond the MOU, which has a term of two years. The mining services provider, loading and haulage fleet, drill fleet and autonomy provider each remain subject to Caravel selection processes. Water Licensing The Caravel Copper Project has now established a technically proven water supply solution which will be the basis for final permitting approvals. The recent Gillingarra Borefield programme conducted over the past year has confirmed the Leederville–Parmelia aquifer as a good aquifer, and also confirmed the deep Barberton Consolidated Aquifer, which produced more than 50 litres per second in test pumping, is a high-yielding contingency if there is any shortfall or constraints from the Leederville. DWER has confirmed the Barberton aquifer, which is a new aquifer, is available to be allocated following its normal assessment process, known as H3 – the stage 3 hydrogeological assessment, which is now being finalised. Caravel’s target in both aquifers is brackish to saline water that has no other users. The next step is DWER’s assessment of our groundwater licence applications. Regulatory Approvals The draft Environmental Review Document is being further updated to incorporate recent survey results, water supply modelling and the inclusion of power supply infrastructure (see below). It will then be submitted to the Environmental Protection Authority (EPA) as a final document for assessment and release for the five-week Public Environmental Review (PER), with submission targeted for Q4 2026. The Project is being assessed under Part IV of the Environmental Protection Act 1986 (WA) at the PER level of assessment. Power Supply Infrastructure Following advice from the EPA, the Project’s solar farm, battery energy storage system and transmission connection to the Western Power network will be included in the ERD and assessed as part of the Project, consistent with recent EPA assessments of other major projects. The Project’s development envelopes are being updated, and supporting noise, air quality, greenhouse gas, flora and visual impact assessments are in progress. The solar farm and battery storage will also require a Development Approval under the planning framework. 4 | Aboriginal Heritage The field component of an archaeological and ethnographic heritage survey was completed in August 2026. The survey covered: • Residual areas not covered in previous surveys; • Land parcels for power generation infrastructure; • Minor pipeline route deviations made in response to landowner preferences; and • Proposed construction village location. Short-Range Endemic Fauna Short-range endemic invertebrate specialists have undertaken further technical reviews of a short-range endemic land snail recorded at the Dasher deposit. Preliminary genetic analysis places the Dasher population within a more widespread species, with records to the north, south and west of the Project. Formal taxonomic confirmation is underway with a leading Australian land snail specialist, and the results are expected to be provided to the EPA during the assessment process. Technical Geochemical & Materials Characterisation Studies Subsequent to the Quarter, additional tailings geochemical characterisation was completed to reflect proposed refinements to the processing flowsheet and will be incorporated into the ERD. Environmental Baseline Monitoring A baseline surface water and groundwater monitoring program is now operating across the Mine Site Development Envelope and surrounding areas. The network includes: • Continuous groundwater level loggers at 10 monitoring bores; • Groundwater quality sampling, including four government monitoring bores; • Surface water level and quality monitoring at 12 lake and drainage sites, supported by drone-based sampling where ground access is constrained; and • Continuous streamflow and event-based sampling on local drainage lines. Results from March to August 2026 provide an initial characterisation of pre-development conditions. Surface waters are generally saline to hypersaline, with salinity decreasing through winter as lakes fill. Groundwater is predominantly saline and naturally acidic in parts. Monitoring will continue across subsequent seasons to establish the full natural range of conditions against which future Project-related changes can be assessed. Engineering Design The process plant value engineering scope was completed. A revised capital cost estimate has been received from Primero Group and is the subject of a detailed review by the Company covering the basis of estimate, material take- offs, rates and productivity assumptions, together with the project delivery model. The estimate will be fully reviewed and accepted by the Company before it is incorporated into the DFS. Project scheduling, construction planning and contracting strategy development continued during the Quarter. Proposals for the process plant FEED phase and molybdenum circuit PFS-level design are pending. KCB completed the tailings storage facility (TSF) design to DFS level and raw water storage dam concept design for life-of-mine operations. A proposal for TSF FEED scope and costs has been received. Proposals for an on-site 700-man construction camp have been received from two vendors and are being evaluated for inclusion in the DFS. A project-wide Traffic Impact Assessment (TIA) study commenced (forecast completion Q4/26). This study will 5 | inform discussions with MRWA regarding the project entry road interface with the existing Wongan Hills–Calingiri Road and copper concentrate product haulage plans. Metallurgy An additional metallurgical testwork programme of approximately eight weeks commenced, building on the simplified flowsheet and strong copper recoveries already demonstrated (see ASX Announcement dated 23 April 2025). The programme aims to further improve the final copper concentrate grade and copper recovery reported in the DFS, to produce sufficient copper concentrate and molybdenum concentrate for product marketing purposes, and to re-assay previously tested samples to confirm gold and silver recoveries. Power Supply During the Quarter, the Project achieved connection-ready status for connection to the Southwest Interconnected System (SWIS) and is progressing through the Critical Project Framework endorsement process (see ASX Announcement dated 13 August 2026). Western Power is preparing the next scope of works, with study work targeted for completion by the end of 2026, positioning the Project to move to an updated access offer, including embedded generation, by mid-2027. Caravel continued to progress towards a commercial agreement for behind-the-meter renewable generation to be built on land available and adjacent to the Project. Drilling Programme A small programme of Reverse Circulation Percussion (RC) drilling was commenced at the end of the Quarter at Bindi Southwest, along strike from the Bindi West Limb deposit. The drilling follows up elevated bottom of hole (BOH) Aircore (AC) drilling results from earlier in 2026. Figure 2: Location of Bindi SW RC drilling. 6 | Definitive Feasibility Study The Company advised that release of the DFS had been rescheduled to the fourth quarter of calendar 2026, from the September 2026 timing previously advised. On release of the DFS, Caravel moves into the next phase of the Project, centred on project funding and joint venture partnering, alongside Front-End Engineering Design (FEED), operational readiness and completion of the environmental approvals process. Corporate Strategic Partner Engagement continued under the non-binding MOU with Adani Enterprises, which establishes a framework for potential investment collaboration and negotiation of a life-of-mine offtake agreement covering up to 100% of the Project’s copper concentrate (see ASX Announcement dated 7 November 2025). The Company continues discussions with other potential strategic and offtake partners, with the Project’s copper and molybdenum products attracting strong interest from end-users in multiple jurisdictions. Cash Position At 30 September 2026, the Company held cash and cash equivalents of $16.8M (30 June 2026: $22.0M). Net cash used in operating activities for the Quarter was $3.7M, including $3.2M of exploration and evaluation payments. A further $1.5M of GST on the Second Royalty Deed was remitted to the ATO and is reported under financing activities. Equity On 4 September 2026, the Company issued 1,000,000 unlisted options to employees under its employee incentive scheme, exercisable at $0.36 and expiring 25 August 2029. 1,000,000 performance rights expired on 30 September 2026. No new shares were issued during the Quarter. The following securities were on issue at 30 September 2026: • 558,762,518 shares on issue; • 26,300,000 unlisted options exercisable at $0.22 and expiring 1 November 2027; • 10,000,000 unlisted options exercisable at $0.42 and expiring 19 December 2030; • 1,000,000 unlisted options exercisable at $0.36 and expiring 25 August 2029. Listing Rule Disclosure During the Quarter, the Company incurred exploration and evaluation expenditure of approximately $3,231,000, primarily comprising: • EPCM and consultants (~$1,049,000); • Environmental and water studies (~$934,000); • Mining and Geotechnical studies (~$657,000); and • Metallurgical and tailings management studies (~$591,000). Aggregate payments to related parties and their associates totalled ~$241,000 (refer to Item 6 of the accompanying Appendix 5B), comprising: • Directors and Executive Directors' fees ($189,000); and • Serviced office and geological services provided by Mitchell River Group (MRG), where Alasdair Cooke is a director and shareholder ($52,000). 7 | No substantive mining production or development activities occurred during the Quarter. This announcement was authorised for release by the Board of Directors. For further information, please contact: Dan Davis Company Secretary Caravel Minerals Limited Suite 1, 245 Churchill Avenue, Subiaco WA 6010 Telephone: 08 9426 6400 Email: investors@caravelminerals.com.au 8 | Competent Persons Statements Ore Reserves: The information in this announcement that relates to Ore Reserves has been extracted from the announcement released to ASX on 19 June 2026 titled "Updated Ore Reserve - Caravel Copper Project", for which the Competent Person was Mr Franz Schlosser of Mining Plus Pty Ltd. This announcement is available on the Company's website. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Mineral Resources: The information in this announcement that relates to Mineral Resources has been extracted from the announcement released to ASX on 13 November 2023 titled "2023 Mineral Resource Update, Caravel Copper Project", for which the Competent Person was Mr Lauritz Barnes of Trepanier Pty Ltd. This announcement is available on the Company's website. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement. The Company confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Exploration Results: The information in this announcement that relates to Exploration Results has been extracted from the Previous Disclosure listed below for which the Competent Person was Mr Peter Pring, an employee of Caravel Minerals. These announcements are available to view on the Company’s website. The Company confirms it is not aware of any new information or data that materially affects the information included in these announcements and that all material assumptions continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements. Previous Disclosure: The information in this report is based on the following Caravel Minerals ASX Announcements, which are available from the Caravel Minerals website www.caravelminerals.com.au and the ASX website www.asx.com.au: • 12 July 2022 “Caravel Copper Project Pre-Feasibility Study Highlights Robust, Executable Project and Reports Maiden Ore Reserve” • 20 September 2022 “Pre-Feasibility Study Update – Caravel Copper Project” • 13 April 2023 “PFS Processing Update – Caravel Copper Project” • 10 October 2023 "Drilling Results - Dasher and Bindi" • 13 November 2023 "2023 Mineral Resource Update - Caravel Copper Project" • 23 April 2025 “Simplified Process Design Yields High-Grade Cu, Mo and PMs” • 6 November 2025 “Caravel Minerals Signs MOU with Adani” • 2 April 2026 “Definitive Feasibility Study Update – DFS Release Extended 3 Months to September 2026” • 15 June 2026 “$15 Million Royalty Funding Arrangement” • 19 June 2026 “Updated Ore Reserve - Caravel Copper Project” • 17 July 2026 “Definitive Feasibility Study - Mining” • 13 August 2026 “Project Update – Caravel Copper Project” • 14 September 2026 “Gillingarra Borefield Drilling and Testing Programme Completed” • 18 September 2026 “DFS Revised Completion Timing – Caravel Copper Project” • 21 September 2026 “Mining Services MOU with Thiess” Forward Looking Statements This document may include forward looking statements. Forward looking statements include, but are not necessarily limited to, statements concerning Caravel Minerals planned exploration programmes, studies and other statements that are not historic facts. When used in this document, the words such as “could”, “indicates”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward looking statements. Such statements involve risks and uncertainties, and no assurances can be provided that actual results or work completed will be consistent with these forward-looking statements. 9 | APPENDIX A – TENEMENT SCHEDULE Project Location Tenement % Equity at beginning of quarter % Equity at end of quarter Changes During Quarter Caravel Copper Wongan Hills E70/2788 100 100 - Caravel Copper Wongan Hills E70/3674 100 100 - Caravel Copper Wongan Hills E70/3680 100 100 - Caravel Copper Wongan Hills E70/5228 100 100 - Caravel Copper Wongan Hills R70/0060 80 80 - Caravel Copper Wongan Hills R70/0063 100 100 - Caravel Copper Wongan Hills E70/5442 100 100 - Caravel Copper Wongan Hills E70/6693 100 100 - Caravel Copper Bindi G70/0273 - - Application Caravel Copper Bindi G70/0274 - - Application Caravel Copper Bindi M70/1425 100 100 - Caravel Copper Dasher G70/0263 100 100 - Caravel Copper Dasher M70/1411 100 100 - Gillingarra Victoria Plains E70/5731 100 100 - Gillingarra Victoria Plains L70/257 - - Withdrawn Mt William Harvey E70/2338 - * - * Application Caravel Copper Wongan Hills E70/6812 - - Application * Caravel can earn a 51% interest once tenement granted Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Caravel Minerals Limited ABN Quarter ended (“current quarter”) 41 120 069 089 30 September 2026 Consolidated statement of cash flows Current quarter (3-months) $A’000 Year to date (3-months) $A’000 1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (3,231) (3,231) (b) development - - (c) production - - (d) staff costs (415) (415) (e) administration and corporate costs (160) (160) 1.3 Dividends received (see note 3) - - 1.4 Interest received 127 127 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activ- ities (3,679) (3,679) 2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment (3) (3) (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - 11 | Consolidated statement of cash flows Current quarter (3-months) $A’000 Year to date (3-months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activ- ities (3) (3) 3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) - - 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and bor- rowings - - 3.8 Dividends paid - - 3.9 Other – GST on Second Royalty Deed re- mitted to ATO (1,500) (1,500) 3.10 Net cash from / (used in) financing activ- ities (1,500) (1,500) 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 21,973 21,973 4.2 Net cash from / (used in) operating activi- ties (item 1.9 above) (3,679) (3,679) 4.3 Net cash from / (used in) investing activities (item 2.6 above) (3) (3) 4.4 Net cash from / (used in) financing activities (item 3.10 above) (1,500) (1,500) 12 | Consolidated statement of cash flows Current quarter (3-months) $A’000 Year to date (3-months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of pe- riod 16,791 16,791 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 2,091 21,773 5.2 Call deposits 14,700 200 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 16,791 21,973 6. Payments to related parties of the entity and their asso- ciates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associ- ates included in item 1 241 6.2 Aggregate amount of payments to related parties and their associ- ates included in item 2 - 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities 15,000 15,000 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities 15,000 15,000 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facili- ties have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. 13 | One secured loan facility, fully drawn:  Lender: Regal Royalties No.4 Pty Limited  Interest: 10%pa, capitalised quarterly  Maturity date: 31 March 2028  Balance at 30 September 2026: $16.833 million, including capitalised interest 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (3,679) 8.2 (Payments for exploration & evaluation classified as investing activi- ties) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (3,679) 8.4 Cash and cash equivalents at quarter end (item 4.6) 16,791 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 16,791 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.6 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: - 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? - Answer: - Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. 14 | Board of Directors 30 October 2026 Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: ................................................................................... Authorised by: ................................................................................... (Name of body or officer authorising release – see note 4) Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for inform- ing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional in- formation over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Min- eral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this re- port. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Govern- ance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate account- ing standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.