Caravel Minerals (CVV) AGM 2025 summary

Opening remarks and agenda

• Welcomed attendees in person and online, acknowledged a year of transition, and outlined plans to review achievements, copper market trends, and next 12 months' objectives.

• Provided shareholders with an update on current activities and the Caravel Copper Project, emphasizing the forward-looking nature of the presentation.

Financial performance review

• Secured a $15 million loan facility with Regal Royalty Funds, non-dilutive, 18-month term, 10% interest, convertible to a 0.75% net smelter royalty if not repaid.

• Loan drawdown began in July, with interest capitalized and some funds placed in term deposits.

• Noted significant progress despite limited financial capacity, with improved cash position allowing completion of the DFS without shareholder dilution.

Board and executive committee updates

• Appointed a new Study Manager and Mining Manager to oversee engineering and operational cost management.