Caravel Minerals (CVV) H2 2026 earnings summary

Executive summary

• Pre-revenue development advanced the 100%-owned Caravel Copper Project toward a Definitive Feasibility Study (DFS), scheduled for Q4 2026; Ministerial approval and a build decision remain targeted for early 2028.

• The updated Ore Reserve is 597 Mt at 0.24% Cu, containing 1.42 Mt Cu; the Mineral Resource remains 1,276.3 Mt at 0.24% Cu, containing 3.03 Mt Cu.

Financial highlights

• FY2026 loss was $20.33m vs $7.45m in FY2025; exploration expenses rose to $15.33m from $5.39m, while net finance costs were $1.52m.

• Operating cash outflow was $13.15m vs $7.78m; cash and cash equivalents ended FY2026 at $21.97m vs $5.55m.

• Net current assets were $19.31m vs $5.04m; total liabilities were $34.45m, including $16.29m borrowings and $15.00m royalty payable.

Outlook and guidance

• DFS publication is targeted for Q4 2026, with final work focused on metallurgy, groundwater modelling, capital estimates and the development plan; front-end engineering is planned for early 2027.

• 2027 priorities include project finance and front-end engineering; Ministerial consent is targeted for early 2028, ahead of a Final Investment Decision.

• Final Environmental Review Document submission is targeted for late 2026; water licensing work will continue, with forecast operational water demand of 12–14 GL/year.