Caravel Minerals (CVV) Q1 2025 TU earnings summary

Executive summary

• Feasibility study and permitting activities advanced, including mine planning, environmental management, and process plant design simplification.

• Entered a land purchase option for 1,098 hectares, covering 60% of the main Bindi Deposit and eastern extension.

• Engaged with strategic investors and partners for technical, funding, and marketing arrangements.

Financial highlights

• $5.3M in cash reserves at quarter end, with nil debt.

• $1,108,000 expensed on exploration and evaluation during the quarter.

• Net cash outflow from operating activities was $1.61M for the quarter.

• Net cash outflow from investing activities was $0.26M for the quarter.

• Estimated 4.2 quarters of funding available based on current cash burn.

Outlook and guidance

• Feasibility study activities, including mining and metallurgical design, are progressing with final mine plan and flowsheet expected in Q4.

• Environmental Review Document to be released for public review in Q1 2025, targeting mining tenure grant in Q4 2025.

• Power connection access offer targeted for mid-2025.