Caravel Minerals (CVV) Q1 2027 TU earnings summary

Executive summary

• Definitive Feasibility Study (DFS) mining component completed, confirming staged conventional open-pit development at Bindi first, followed by Dasher, with the plan designed for a transition to autonomous haulage.

• DFS release rescheduled to Q4 2026 from September, to incorporate additional metallurgical testwork, groundwater modelling, the final Environmental Review Document (ERD) update and review of process-plant capital costs.

Financial highlights

• Cash and cash equivalents were $16.8M at 30 September 2026, compared with $22.0M at 30 June 2026; quarterly operating cash outflow was $3.679M.

• Exploration and evaluation expenditure was $3.231M in the quarter, mainly for EPCM and consultants, mining and geotechnical studies, environmental and water studies, and metallurgy and tailings work.

Outlook and guidance

• DFS completion is targeted for Q4 2026; subsequent priorities include project funding and joint-venture partnering, FEED, operational readiness and environmental approvals.

• Final ERD submission to the EPA is targeted for Q4 2026, followed by a five-week Public Environmental Review; Western Power study work is targeted for completion by end-2026, with an updated access offer expected by mid-2027.

• Additional metallurgical testing is planned to improve concentrate grade and copper recovery, produce samples for marketing, and confirm gold and silver recoveries.