Caravel Minerals (CVV) Q1 2026 TU earnings summary

Executive summary

• Advanced the Caravel Copper Project with focus on Definitive Engineering Study, infrastructure, and regulatory approvals for the quarter ended 30 September 2025.

• Appointed Primero Group Ltd as preferred EPCM firm and a new General Manager Technical and Mining.

• Released inaugural Sustainability Report outlining ESG commitments and community engagement.

Significant events and developments

• Received a preliminary 90MW grid connection Access Offer from Western Power, a key milestone for project power supply.

• Progressed environmental approvals, water licensing, and key studies, with the Definitive Feasibility Study on track for mid-2026 completion.

• Developed comprehensive environmental monitoring and management plans, and initiated biodiversity offset programs.

• Seed collection for biodiversity offsets began in partnership with local rangers and NRM.

Capital allocation and financing

• Drew down a $15 million secured loan from Regal Resources Royalties Fund on 31 July 2025, with a 10% interest rate and maturity on 31 January 2027.

• Loan secured by general security deed over assets, with repayment options including cash or conversion to a 0.75% net smelter return royalty.

• 24,047,708 listed options expired unexercised; 558,762,518 shares on issue at report date.