Caravel Minerals (CVV) H2 2025 earnings summary

Executive summary

• Advanced the Caravel Copper Project towards development, finalising a simplified process flowsheet and securing key land and water rights.

• Raised $15 million through a non-dilutive convertible loan to fully fund the Definitive Feasibility Study (DFS) through March 2026.

• Appointed Primero Group as lead engineering consultant for the DFS, with permitting and environmental approvals progressing.

• Ended the year with strong cash reserves and continued engagement with potential strategic partners for funding and offtake.

Financial highlights

• Net loss from operations for the year was $7,448,620, compared to $6,405,380 in the prior year.

• Cash and cash equivalents at year-end were $5,545,633, down from $8,722,591 the previous year.

• Net current assets stood at $5,044,755 as of 30 June 2025.

• Raised $5 million via share placement and secured a $15 million convertible loan facility.

• No dividends declared or paid for the year.

Outlook and guidance

• DFS on track for completion in the first half of 2026, with funding secured for ongoing technical and environmental studies.

• Focus on securing reliable, low-carbon energy supply and finalising land acquisitions.

• Ongoing discussions with potential partners for funding and offtake agreements, leveraging strong copper market fundamentals.