Caravel Minerals (CVV) H1 2025 earnings summary

Executive summary

• Focused on developing a large-scale, long-life copper project in Western Australia, with a 25+ year mine life target.

• Completed a $5 million share placement in October 2024, with $4.81 million raised during the period and the remainder post-period.

• No significant events or changes in operations occurred after 31 December 2024.

Financial highlights

• Net loss for the half-year ended 31 December 2024 was $4,511,806, compared to $4,160,806 for the same period last year.

• Basic and diluted loss per share was 0.85 cents, compared to 0.81 cents per share year-over-year.

• Net cash outflow from operating activities was $4,552,773, slightly improved from $4,639,925 in the prior year.

• Cash and cash equivalents at period end were $8,664,595, down from $8,722,591 at 30 June 2024.

• Net current assets at 31 December 2024 were $7,751,460, compared to $8,195,747 at 30 June 2024.

Outlook and guidance

• Directors believe the group will continue to secure additional funds through equity as needed.

• Business strategy remains focused on developing the Caravel Copper Project and selectively expanding exploration assets.

• Directors are confident in meeting working capital requirements through at least the end of 2025.