Announcement PDF A N N U A L R E P O R T 2 0 2 6 CORPORATE DIRECTORY DIRECTORS Wayne Trumble — Non-Executive Chairman Don Hyma — Managing Director Alasdair Cooke — Executive Director Richard Monti — Non-Executive Director COMPANY SECRETARY Daniel Davis REGISTERED AND PRINCIPAL OFFICE Suite 1, 245 Churchill Avenue Subiaco WA 6008 POSTAL ADDRESS PO Box 162, Subiaco WA 6904 CONTACT Telephone: +61 8 9426 6400 Email: investors@caravelminerals.com.au Website: www.caravelminerals.com.au AUSTRALIAN BUSINESS NUMBER 41 120 069 089 SHARE REGISTRY Automic Group Level 2, 267 St Georges Terrace Perth WA 6000 GPO Box 5193, Sydney NSW 2001 Website: www.automicgroup.com.au AUDITOR BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth WA 6000 SECURITIES EXCHANGE LISTING Australian Securities Exchange ASX code: CVV CONTENTS INTRODUCTION OPERATIONS FINANCIAL MINERAL RESOURCES 04 08 24 15 01 02 04 03 Chairman’s Letter 5 Managing Director’s Letter 6 Project Profile 9 Operating and Financial Review 10 Annual Review of Mineral Resources 16 Tenement Schedule 22 Operations Mineral Resources Financial Introduction 4 C A R A V E L A N N U A L R E P O R T 2 0 2 6 CHAIRMAN’S LETTER Dear Fellow shareholders, On behalf of the Board, I am pleased to present Caravel Minerals’ Annual Report for the year ended 30 June 2026. I have had the privilege of chairing this Company since 2018. Across that period the Board’s purpose has not changed. Caravel exists to develop a large-scale, long-life copper mine in Western Australia to supply into the rapidly growing global demand for copper. During the year under review, the Company made substantial progress towards completion of a Definitive Feasibility Study which is expected to be published in late 2026. Copper is why this Company is reaching such a pivotal stage in its purpose. The metal sits at the centre of electrification; generation, transmission, and the modernisation of industrial economies, including the growth of emerging economies. In the past year, a further source of demand has become the build-out of artificial intelligence and data centres, which is copper-intensive in power, cooling, and grid connection. Prices have reached all-time highs, and new mine supply continues to struggle. Globally, ore resource and mineable reserve copper grades continue to fall, and the time required to bring new discoveries into production extends well beyond a decade. That widening gap is the reason long-life, jurisdictionally secure projects that are at an advanced stage of study matter. The Caravel Copper Project is such a project. It remains 100 per cent owned by Caravel and has a Mineral Resource of more than three million tonnes of contained copper. The planned operation is a conventional open pit, supported by an Ore Reserve of 597 million tonnes at 0.24 % copper. The Board’s work this year has been to oversee the quality of the Feasibility Study and the work that must sit beside it: water licensing, environmental assessment, metallurgy, power, land, funding, and stakeholder partnerships. We have asked management to take the time required to close those items to a bankable standard. The Study is now scheduled for release in the fourth quarter of 2026. Ministerial approval and a decision to build remains targeted for early 2028. On behalf of my fellow Directors, I thank our shareholders for their continued support. I also thank the landowners who collaborate with us in the Wheatbelt, the communities of Wongan-Ballidu and Victoria Plains, indigenous communities, our partners, suppliers, contractors, and advisors. The management team is committed to delivering the studies and the requirements that sit in front of a development of this size. The Board thanks them for that work. The year ahead will be defined by the publication of the Feasibility Study and by the approvals and commercial work that follow it. I look forward to reporting that progress to you at our Annual General Meeting. Yours sincerely, Wayne Trumble Non-Executive Chairman Operations Mineral Resources Financial 5 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Introduction MANAGING DIRECTOR’S LETTER Dear Shareholders, Caravel’s purpose throughout the year remained the development of a large, multi-generational copper project in Western Australia. The Caravel Copper Project lies 150 kilometres north-east of Perth on largely cleared freehold farmland in the Wheatbelt, close to sealed state roads, regional towns, and the South West Interconnected System (SWIS) power network. Few copper projects of this scale remain independently owned at feasibility stage in tier-one jurisdictions. Caravel holds 100 per cent of the Project and its 3 million tonnes of contained copper, which allows us to advance the Definitive Feasibility Study (DFS), permitting and commercial arrangements on our own timetable, and to negotiate with offtakers, financiers and partners from a strong position for shareholders. The Project is planned as a conventional open-pit operation, with a process plant designed for normal throughput of 30 million tonnes a year, producing a copper with precious- metal credits as the main product. Strong demand for copper saw counterparties continue to approach Caravel during the year. In November 2025 we signed a non-binding memorandum of understanding with Kutch Copper, a subsidiary of Adani Enterprises, covering potential life-of-mine offtake of up to 100 per cent of copper concentrate and a possible investment in the Project. We also received non-binding letters of interest from Finnvera and KfW IPEX-Bank for up to US$220 million of Finnvera-backed senior debt. In June 2026 Regal Resources Royalties Fund provided a further $15 million in exchange for a 0.75 per cent net smelter return royalty and extended the existing $15 million facility to 31 March 2028. This funding supports the Company through to completion of the Definitive Feasibility Study. In June we reported an updated Ore Reserve of 597 million tonnes at 0.24 per cent copper, with Proved Ore Reserves 48 per cent higher than in the 2022 maiden Reserve. In July, Mining Plus completed the mining component of the DFS, confirming a conventional truck-and- shovel operation developed in stages from the Bindi deposit and, approximately 15 years later, the Dasher deposit. Inferred Mineral Resources are excluded from the Ore Reserve and from the Ore Reserve pit designs. Mining will initially be undertaken by a contractor before transitioning to owner operation. After year end, we signed a non-binding, non-exclusive memorandum of understanding with Thiess for early contractor involvement in the mine planning prior to signing a contractor mining agreement for initial operations. Power supply was further derisked. Peak demand has been revised down to 109 megawatts, from 125 megawatts in the Western Power access application, and in October 2025 Western Power issued a draft Access Offer for connection to the SWIS of 89 megawatts in winter and 72 megawatts in summer. The balance will be supplied by a behind-the-meter solar, battery Operations Mineral Resources Financial 6 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Introduction and diesel generation facility, for which build-own-operate proposals are being evaluated. Together these are designed to deliver reliable power at the lowest levelised cost, reduce emissions, and preserve the option of later mining-fleet electrification. Hydrogeological work produced robust data supporting supply from a saline aquifer at the Gillingarra Borefield, west of the Project, while site water balance modelling reduced forecast demand from 18 gigalitres a year to between 12 and 14 gigalitres. Monitoring- bore drilling and engagement with the Department of Water and Environmental Regulation continued, and the results will support the permitting process. The Environmental Review Document is being finalised for submission in late 2026, with Ministerial approval under Part IV of the Environmental Protection Act 1986 targeted for early 2028. It draws on years of survey and study across groundwater, surface water, flora and fauna, short-range endemics, heritage, landforms, noise and dust, which have informed how the Project can be designed and operated responsibly and make investments in environmental initiatives over the long term. Caravel has entered into land purchase option agreements covering the land required to build and operate the Project over its life, and Mining Lease M70/1425 was granted in the March 2026 quarter. DFS engineering was substantially completed during the year. Lead engineer Primero advanced the process-plant design, capital estimate and construction execution plan for the simplified conventional flowsheet adopted in April 2025. KCB progressed tailings engineering, and design of the tailing’s storage facility, waste rock landforms and non-process infrastructure continued. Metallurgical testwork is under way to confirm saleable concentrate grade and recovery for both copper and molybdenum and produce marketing samples for offtake negotiations. I thank our small and dedicated management team, together with our technical advisers and specialist consultants, who have completed the substantial body of study work now ending. I also thank the landowners, Wheatbelt communities, Indigenous community members, regulatory agencies, offtakers and financiers who share our interest in seeing the Project developed. This Annual Report is published as the DFS enters its final stages. The Study is the milestone the Company has been working toward, and marks Caravel’s transition from preparation to the decisions that follow. I look forward to presenting it to you. Yours sincerely, Don Hyma Managing Director Operations Mineral Resources Financial 7 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Introduction O P E R A T I O N S PROJECT PROFILE The Caravel Copper Project is in the Wheatbelt of Western Australia, approximately 150 kilometres north-east of Perth, near Wongan Hills. It sits predominantly on freehold agricultural title in a district with sealed roads, regional towns, a skilled labour catchment and connection to the South West Interconnected System. The mineralised trend extends for about 30 kilometres and is anchored by the Bindi and Dasher deposits. Item Position Ownership 100 per cent Caravel Minerals Limited Mineral Resource (13 November 2023) 1.276 Bt at 0.24% Cu for 3.03 Mt contained copper, plus molybdenum, gold and silver (0.10% Cu cut-off) Ore Reserve (effective 1 June 2026) 597 Mt at 0.24% Cu for 1.42 Mt contained copper (0.10% Cu cut-off) Mining Conventional open pit, truck and shovel, staged from Bindi then Dasher Processing Conventional crushing, grinding and flotation Product Copper with precious-metal credits as the main product; molybdenum concentrate under evaluation; production profile to be set out in the Definitive Feasibility Study Mine life To be set out in the Definitive Feasibility Study Power South West Interconnected System connection plus behind-the-meter solar, battery and diesel generation. Water Saline groundwater, Gillingarra Borefield; planned demand 12 to 14 GL a year Product logistics Existing State roads to Bunbury or Geraldton Introduction Mineral Resources Financial 9 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Operations OPERATING AND FINANCIAL REVIEW NATURE OF OPERATIONS Caravel Minerals Limited is an Australian mineral development company. Its sole material project is the 100 per cent-owned Caravel Copper Project. The Company is pre-production. Activity in the year was technical studies, permitting, land, commercial work, and wider engagement toward a Feasibility Study and, subject to approvals and financing, a Final Investment Decision. The Company presents itself as a developer, not an explorer. The work described below is the work of taking a large copper deposit through feasibility and into a form that can be financed and built. PROJECT FEASIBILITY PROGRESS The Feasibility Study is the key piece of work for the year. It is scheduled for release in the fourth quarter of 2026. The final work prior to publication relates to metallurgical optimisation, groundwater modelling, and finalising the capital cost estimate and development plan, so that the study put to financiers and partners is one they can use. Front-end engineering is planned to commence early 2027. A Final Investment Decision remains aligned with Ministerial consent, which is targeted for early 2028. MINING In July 2026 Mining Plus completed the mining component of the Feasibility Study. That work supports the Ore Reserve reported on 19 June 2026. The Company’s announcement of 17 July 2026 did not report a production target or forecast financial information, and none is reported in this Annual Report. The DFS mining report contains a life-of-mine production schedule that draws on Inferred Mineral Resources in the later years. The mine is planned as a conventional open-pit, truck-and-shovel operation. Bindi will be developed first, in stages, with Dasher following approximately 15 years later in the mine operation. Staging is intended to reduce early capital, simplify the start of operations and level the strip ratio so that the plant has a consistent ore feed. Inferred Mineral Resources are excluded from the Ore Reserve and from the Ore Reserve pit designs. The Company intends to use a contractor for pre-strip and the early years of mining, then move to owner operation. After year end, on 21 September 2026, Caravel signed a non-binding, non-exclusive two- year memorandum of understanding with Thiess Pty Ltd. Thiess is to provide early engineering and planning for an initial seven-year full-service mining scope. The choice of mining contractor, fleet and autonomy remains with Caravel. PROCESS PLANT AND SUPPORTING INFRASTRUCTURE Primero is responsible for process- plant design, the capital estimate and construction execution planning. A simplified conventional crush, grind and flotation flowsheet was finalised. KCB is responsible for the tailings management facility design and DBM Vircon provided study input for the on-site maintenance facilities, administration building, bulk supply facility, and other non-process infrastructure. ALS continued to finalise the metallurgical testwork to produce marketable samples of copper and molybdenum concentrates for offtakers. POWER Peak electrical demand for the Project is 109 megawatts (30-minute peak), with an average load of 105 megawatts. In October 2025 Caravel received a draft Access Offer from Western Power for connection to the South West Interconnected System, providing up to 89 megawatts in winter Introduction Mineral Resources Financial 10 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Operations months and 72 megawatts in summer months. That allocation does not cover peak load on its own. The balance will be met by a behind-the-meter generation facility on land already secured by the Company next to the site. Comprising about 170 megawatts (AC) of solar photovoltaic capacity, a battery with 100 megawatts of inverter capacity and 500 megawatt-hours installed (more than 400 megawatt-hours usable), and 41 megawatts of diesel generation (37 megawatts firm), it is intended that the behind-the-meter facility will be developed as a build-own- operate commercial model to reduce the initial capital cost of the Project. The hybrid arrangement is intended to give the operation reliable power at the lowest levelised cost of energy, to de-risk a critical project input, and to leave a path open for later mine fleet electrification. Commercial proposals for the behind-the- meter plant have been received. The Access Offer itself remains a draft. The Project has achieved Ready to Progress status by Western Power and is progressing through their Critical Project Framework process. Study work toward an updated access offer, including embedded generation, is targeted for completion early 2027. WATER Further work was completed throughout the year to support water licencing applications to secure the Project’s water supply. Planned supply is saline groundwater from the Gillingarra Borefield, drawn from the Leederville Formation and deeper confined systems east of the Muchea Fault, including the Barberton Consolidated aquifer. Planned operational demand was reduced from 18 gigalitres per year, as announced in August 2026, to between 12 and 14 gigalitres a year, subject to final technical discussion with the DEWAR. The additional hydrogeological studies throughout the year, included modelling of the saline aquifer using seismic, airborne electromagnetic and borehole data and drilling expanded the monitoring-bore network. Additional technical studies were presented to the Department of Water and Environmental Regulation to define groundwater systems east of the Muchea Fault. Numerical modelling of the aquifers is now being completed to support regulatory assessments under the Rights in Water and Irrigation Act 1914. ENVIRONMENT AND APPROVALS A second draft Environmental Review Document was lodged with the Environmental Protection Authority in May 2024 and was reviewed by both the EPA and other Government Decision Making Authorities to advance the assessment document to a stage capable of approval. Additional study work required for the finalisation of the ERD was conducted throughout the year. The final Environmental Review Document is advancing to capture these results in tandem with DFS project design updates and is being prepared for regulator submission. A five week public review will follow lodgement and release by the EPA of WA. Ministerial approval under Part IV of the Environmental Protection Act is targeted for early 2028. Assessment under the Environment Protection and Biodiversity Conservation Act is being undertaken under an accredited state assessment. LAND AND TENURE Caravel completed negotiations to secure land required to develop the Bindi pit, the tailings storage facility, the waste rock dump, the process plant and supporting infrastructure and the main borefield under binding purchase option agreements. Mining Lease M70/1425 was granted in the March 2026 quarter over the Bindi resource, the open-pit mining area and associated infrastructure. Pipeline access will be managed through negotiated landholder agreements. Introduction Mineral Resources Financial 11 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Operations MINERAL RESOURCES AND ORE RESERVES The Mineral Resource for the Caravel Copper Project was reported on 13 November 2023 and is unchanged at 30 June 2026. Combined Measured, Indicated and Inferred Resource is 1,276.3 million tonnes at 0.24 per cent copper, at a 0.10 per cent copper cut- off, for 3.03 million tonnes of contained copper, with molybdenum, gold, and silver as reported in that announcement. An updated Ore Reserve, effective 1 June 2026, was reported on 19 June 2026. The Reserve is reported within the November 2023 Resource. Inferred Resource is excluded. COMMERCIAL AND FINANCIAL PERFORMANCE Caravel is pre-revenue. Expenditure in the year was directed to project- wide engineering, aquifer drilling and hydrogeology, environmental studies, land agreements, funding, and corporate costs. In June 2025, the Company put in place a $15 million convertible loan with Regal Resources Royalties Fund. In June 2026 Regal provided a further $15 million for a 0.75 per cent net smelter return royalty over the Project and extended the loan maturity to 31 March 2028. Regal’s investment in the Project is $30 million. That support is intended to fund the Company through to completion of the Definitive Feasibility Study. In the March 2026 quarter, the Company received non-binding letters of interest from Finnvera and KfW IPEX-Bank for up to US$220 million of Finnvera-backed senior debt. Discussions with precious-metals streamers are ongoing. In November 2025, the Company signed a non-binding memorandum of understanding with Kutch Copper Ltd, a subsidiary of Adani Enterprises, covering possible life-of-mine offtake of up to 100 per cent of copper concentrate and possible investment in the Company or the Project. A draft offtake term sheet was provided and due diligence was completed. The memorandum is not binding. On 21 September 2026, after the end of the reporting period, the Company announced a non-binding, non-exclusive memorandum of understanding with Thiess Pty Ltd for mining-services engineering and planning to support a future mining services contract for the initial 7 years of operations. Classification Mt Cu (%) Contained Cu (kt) Mo (ppm) Ag (ppm) Au (ppb) Proved 156 0.25 392 61.8 1.2 26.1 Probable 441 0.23 1,026 46.2 1.2 21.6 Total 597 0.24 1,418 50.3 1.2 22.8 TABLE 1 Ore Reserve — Caravel Copper Project (0.10% Cu cut-off) Introduction Mineral Resources Financial 12 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Operations MATERIAL BUSINESS RISKS The Board considers the following risks material to the Company’s prospects. Water licensing is the first. A licence under the Rights in Water and Irrigation Act 1914 is required. Modelling, bore installation and assessment by the Department of Water and Environmental Regulation are not complete. Delay or refusal would delay the Project. Environmental assessment and Ministerial consent are the second. The final Environmental Review Document has not been lodged. Public review and Ministerial conditions are ahead. Conditions may alter design, cost, or schedule. Assessment under the Environment Protection and Biodiversity Conservation Act is separate and incomplete. Ministerial approval under Part IV is targeted for early 2028. Power connection is the third. The Western Power Access Offer is a draft, and the behind-the-meter solar, battery and diesel generation facility remains subject to evaluation of build-own-operate proposals. The Study itself is the fourth. The Feasibility Study is not complete. Metallurgy, plant capital, and financial modelling are still being closed out. The economic case will be stated when the Study is released. Financing and offtake are the fifth. Existing Regal funding supports the Company through to completion of the Definitive Feasibility Study. Project finance, export-credit support, and offtake remain non-binding. Dilution, royalty burden, or partner terms may change. Commodity price and markets are the sixth and sit outside the Company’s control. The Project is intended to be a copper concentrate producer. Price, treatment charges, and smelter availability will affect the case the Study presents. Introduction Mineral Resources Financial 13 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Operations OUTLOOK Through the remainder of 2026, the Company will complete and publish the Definitive Feasibility Study, continue water licensing, and finalise the Environmental Review Document for submission. The Study will bring the mine, process plant, power, water and cost estimates and economic metrics together in one document, giving strategic investors, major copper consumers and prospective project partners the completed basis they need to assess investment in the Project. With the Study published, Caravel will be one of very few large-scale, 100 per cent independently owned copper projects at this stage of development in a tier-one jurisdiction. In 2027 the focus moves to project finance, front-end engineering, and progression toward Ministerial consent under Part IV, which is targeted for early 2028 preceding a Final Investment Decision. Introduction Mineral Resources Financial 14 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Operations M I N E R A L R E S O U R C E S As at 30 June 2026, the combined Measured, Indicated and Inferred Mineral Resource for the Caravel Copper Project, reported on 13 November 2023, totals 1,276.3 Mt at 0.24% Cu (at a 0.10% Cu cut-off grade) for 3.03 Mt of contained copper. There has been no change to the Mineral Resource during the year. The combined Proved and Probable Ore Reserve for the Project, effective 1 June 2026 and reported on 19 June 2026, totals 597 Mt at 0.24% Cu (at a 0.10% Cu cut-off grade) for 1.42 Mt of contained copper. It replaces the maiden Ore Reserve reported in July 2022 (583.4 Mt at 0.24% Cu for 1.42 Mt of contained copper). Mineral Resources are reported inclusive of Ore Reserves. ANNUAL REVIEW OF MINERAL RESOURCES Deposit Classification Mt Cu (%) Mo (ppm) Cu (t) Mo (t) BINDI1 Measured 154.6 0.26 64 405,600 9,950 Indicated 398.2 0.23 46 910,100 18,400 Inferred 462.8 0.23 43 1,046,000 19,740 Sub-total 1,015.7 0.23 47 2,361,700 48,090 DASHER1 Measured - - - - - Indicated 127.9 0.27 46 339,700 5,840 Inferred 111.2 0.24 53 268,500 5,850 Sub-total 239.1 0.25 49 608,200 11,690 OPIE2 Measured - - - - - Indicated 17.9 0.29 40 51,700 720 Inferred 3.6 0.30 33 10,900 120 Sub-total 21.5 0.29 39 62,600 840 TOTAL Measured 154.6 0.26 64 405,600 9,950 Indicated 544.0 0.24 46 1,301,500 24,950 Inferred 577.7 0.23 44 1,325,400 25,700 Total 1,276.3 0.24 47 3,032,500 60,600 TABLE 2 Combined Mineral Resources at 30 June 2026 (0.10% Cu cut-off) – Cu and Mo Note appropriate rounding applied 1 Bindi and Dasher Resource – reported 13th November 2023 2 No update to Opie Mineral Resource - reported April 2016 MINERAL RESOURCES Introduction Operations Financial 16 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Mineral Resources TABLE 3 Combined Mineral Resources at 30 June 2026 (0.10% Cu cut-off) – Au and Ag Deposit Classification Mt Au (ppb) Ag (ppm) Au (oz) Ag (moz) BINDI Measured - - - - - Indicated 552.8 24 1.1 421,600 19.6 Inferred 462.8 21 1.0 314,300 14.6 Sub-total 1,015.7 23 1.0 735,900 34.2 DASHER Measured - - - - - Indicated 127.9 20 1.8 81,700 7.5 Inferred 111.2 22 1.3 77,500 4.6 Sub-total 239.1 21 1.6 159,200 12.1 TOTAL Measured - - - - - Indicated 680.7 23 1.2 503,300 27.1 Inferred 574.1 21 1.0 391,800 19.2 Total 1,254.8 22 1.1 895,100 46.3 Note appropriate rounding applied. Excludes Opie – Au and Ag Mineral Resource not estimated for Opie. MINERAL RESOURCES (CONT.) Introduction Operations Financial 17 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Mineral Resources Deposit Classification Mt Cu (%) Cu (kt) BINDI Proved 156 0.25 392 Probable 350 0.23 789 Sub-total 506 0.23 1,180 DASHER Proved - - - Probable 91 0.26 237 Sub-total 91 0.26 237 TOTAL Proved 156 0.25 0.28 Probable 441 0.23 1,026 Total 597 0.24 1,418 TABLE 4 Combined Ore Reserve at 30 June 2026 (0.10% Cu cut-off; effective 1 June 2026) ORE RESERVES Ore Reserve reported 19 June 2026. Point of reference is plant feed. Reported at a 0.10% Cu cut-off grade and a copper price of US$4.76/lb. Inferred Mineral Resource is excluded from the Ore Reserve and from the Ore Reserve pit designs. Differences due to rounding are not considered material. CHANGES DURING THE YEAR The Mineral Resource is unchanged from 30 June 2025. The Ore Reserve was updated during the year using the mining study prepared by Mining Plus for the Definitive Feasibility Study. Proved Ore Reserve rose by about 48 per cent, from 105.4 Mt to 156 Mt, as more Measured Resource was converted. Total Ore Reserve rose from 583.4 Mt to 597 Mt. Contained copper is broadly unchanged at 1.42 Mt. A comparison with the Ore Reserve at 30 June 2025 is set out in Table 4. Classification Mt 2025 Cu (%) 2025 Cu (Mt) 2025 Mt 2026 Cu (%) 2026 Cu (Mt) 2026 Proved 105.4 0.27 0.28 156 0.25 0.39 Probable 478.0 0.24 1.14 441 0.23 1.03 Total 583.4 0.24 1.42 597 0.24 1.42 TABLE 5 Ore Reserve at 30 June 2026 compared with 30 June 2025 Introduction Operations Financial 18 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Mineral Resources ASX LISTING RULE 5.21 DISCLOSURE The Company’s financial year ended on 30 June 2026. The Mineral Resources and Ore Reserves held at that date are shown in the tables above. Mineral Resource governance arrangements are described in the ASX release “2023 Mineral Resource Update – Caravel Copper Project” dated 13 November 2023. There have been no material changes to the Mineral Resource estimate since that release. Ore Reserve governance arrangements are described in the ASX release “Updated Ore Reserve, Caravel Copper Project” dated 19 June 2026. MINERAL RESOURCES BY CONTAINED Cu 3 2.5 2 1.5 1 0 1.4 MT Cu 0.28% 2016 1.86 MT Cu 0.28% 2019 2.84 MT Cu 0.24% 2021 3.03 MT Cu 0.245% 2023 CONTAINED Cu (t) 1,277 Mt MEASURED INDICATED INFERRED MILLION TONNES 530 Mt 662 Mt 1,181 Mt MINERAL RESOURCES BY CLASSIFICATION 1400 1200 1000 800 600 400 200 0 2016 (0.15% cut-off) 2019 (0.15% cut-off) 2021 (0.1% cut-off) 2023 (0.1% cut-off) 19 C A R A V E L A N N U A L R E P O R T 2 0 2 6 Introduction Operations Financial Mineral Resources COMPETENT PERSONS STATEMENTS ORE RESERVES The information in this report that relates to Ore Reserves is based on, and fairly represents, information and supporting documentation prepared by Mr Franz Schlosser, a Competent Person who is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy (Membership No. 110564). Mr Schlosser is a full-time employee of Mining Plus Pty Ltd and is not an employee of the Company. Mr Schlosser has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr Schlosser consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. MINERAL RESOURCES The information in this report 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. That announcement is available on the Company