Caravel Minerals (CVV) H2 2026 earnings summary

Executive summary

• FY26 remained a development-stage exploration year; the Caravel Copper Project advanced through definitive feasibility work, reserve updates, water studies and environmental approvals.

• Net loss widened to $20.3m from $7.4m YoY, while cash increased to $22.0m after $30.0m in Regal loan and royalty funding.

• Funding and project development remain dependent on additional capital and successful approvals; the auditor highlighted material uncertainty about going concern.

Financial highlights

• Net loss was $20.3m vs $7.4m in FY25; exploration expenses rose to $15.3m from $5.4m, including $1.8m of land-option costs.

• Other income was $1.3m vs $0.7m, comprising $0.8m of grants and rebates and $0.5m of interest revenue in FY26.

• Operating cash outflow was $13.2m vs $7.8m; year-end cash was $22.0m vs $5.5m.

• No dividends were declared, provided for or paid in FY26 or FY25.

Outlook and guidance

• Environmental Review Document was substantially complete; submission to the Environmental Protection Authority was targeted for Q4 2026.

• Directors expected further equity or other funding as needed and considered the going-concern basis appropriate, while acknowledging funding dependence.

• Strategic investor and partner discussions continued alongside financing talks with international banks and export credit agencies.