Caravel Minerals (CVV) H2 2024 earnings summary

Executive summary

• Advanced Caravel Copper Project progressed towards development, targeting long-term copper production in Western Australia to meet global decarbonisation-driven demand.

• Updated Mineral Resource Estimate (MRE) in November 2023: 1.276Bt @ 0.24% Cu, 47ppm Mo, 22ppb Au, 1.1ppm Ag, with 3.03Mt contained copper and significant precious metals.

• Environmental Review Document lodged with EPA; permitting, mine planning, and stakeholder engagement advanced.

• $10M capital raised; FY2024 ended with $8.7M cash and no debt.

Financial highlights

• Net loss for FY2024: $6.4M, improved from $11.1M in FY2023.

• Cash and cash equivalents at 30 June 2024: $8.7M (2023: $6.1M).

• Net current assets: $8.2M (2023: $4.9M).

• No dividends declared or paid for FY2024.

• Share capital increased to $93.3M after new share issues.

Outlook and guidance

• Updated mine plan, process and tailings design, and site layout to be completed in 2024.

• Continued engagement with strategic investors, equipment suppliers, and export credit agencies for project financing.

• Anticipated public environmental review in early 2025; power and water access applications progressing.

• Focus on securing additional land, advancing permitting, and finalising project partners and off-take agreements.