Caravel Minerals (CVV) H2 2025 earnings summary

Executive summary

• Advanced the Caravel Copper Project towards development, underpinned by a JORC-compliant resource of over 3.0Mt copper, supporting decades of production at 65,000tpa copper-in-concentrate, plus by-products molybdenum, gold, and silver.

• Finalised a simplified process flowsheet in April 2025, achieving high copper (86%) and molybdenum (43%) recoveries, and annual credits of 14,600oz gold and 664,700oz silver.

• Secured a $15M non-dilutive convertible loan from Regal Funds Management in June 2025, fully funding the Definitive Feasibility Study (DFS) through March 2026.

• Appointed Primero Group as lead engineering consultant for the DFS, with permitting and land acquisition milestones achieved.

• Released inaugural Sustainability Report, aligning with global standards and supporting funding discussions.

Financial highlights

• Net loss from operations for FY25 was $7.45M, compared to $6.41M in FY24.

• Cash and cash equivalents at 30 June 2025 were $5.55M, down from $8.72M at prior year-end.

• Net current assets at year-end were $5.04M (FY24: $8.20M).

• Completed $5M share placement in October 2024 and February 2025.

• No dividends declared or paid for FY25.

Outlook and guidance

• DFS on track for completion in H1 2026, with funding secured for ongoing technical and engineering work.

• Focus areas include metallurgy, mine planning, tailings management, water supply, and energy integration for low-carbon operations.

• Ongoing discussions with potential strategic partners for funding and offtake agreements.