Caravel Minerals' (ASX:CVV) definitive feasibility study (DFS) and associated technical studies for the Caravel project in Western Australia remain on track for release in June, according to a Wednesday filing with the Australian bourse.

Front-end engineering design, mining studies, and operational readiness activities will start following DFS completion to further de-risk and advance the project, the filing said.

Additionally, the company's collaboration with Adani is progressing with the recent provision of a first draft off-take concentrate agreement term sheet, per the filing.

Shares rose past 6% in afternoon trade Wednesday.