Caravel Minerals (CVV) Q2 2025 TU earnings summary

Executive summary

• Key borefield agreement signed, securing water licences and land under an option agreement for the Caravel Copper Project.

• Feasibility study advanced with updated mine plan, improved site layout, and finalized flowsheet and equipment design.

• $5 million share placement completed, supported by institutional and sophisticated investors.

• Strategic funding and copper offtake discussions ongoing with interested parties.

Financial highlights

• $7.7 million in cash reserves and nil debt at quarter end.

• $5 million raised via institutional placement at $0.145 per share; additional $190,000 pending shareholder approval.

• Net cash used in operating activities was $2.94 million for the quarter.

• Estimated 2.9 quarters of funding available based on current cash and outgoings.

Outlook and guidance

• Feasibility mine plan nearing completion, with reporting expected in Q2 2025.

• Power access offer anticipated mid-2025; ongoing studies to secure 125MW grid connection.

• Water drilling and pump testing program planned for early 2025.

• Environmental Review Document resubmitted; public review pending.