Caravel Minerals (ASX:CVV) said it has decided to extend the definitive feasibility study (DFS) timeline for its Caravel project in Western Australia by three months to September, to allow completion of additional detailed work, according to a Thursday Australian bourse filing.

The company said the extension allows further refinement of water studies and engagement with the Department of Water and Environment Regulation (DWER), as well as updates to the Environmental Review Document (ERD), with no change to the regulatory approval target completion of end-2027.

The company's shares fell 3% in recent Thursday trade.