Caravel Minerals (CVV) Q3 2025 TU earnings summary

Executive summary

• Strategic mine planning review and process flowsheet for Caravel Copper Project are nearing completion, with four years of testwork finalized.

• Environmental Review Document is being finalized for Q3 2025 public review; grid power access studies ongoing with an offer expected mid-2025.

• Gillingarra saline aquifer confirmed as viable life-of-mine water source, supporting licensing applications.

• Inaugural sustainability report aligned with IFC standards to be released in Q2 2025.

• Funding discussions remain active to support feasibility study progression.

Financial highlights

• $6.3M in cash reserves at quarter end, with nil debt.

• Net cash outflow from operating activities was $1.98M for the quarter and $6.54M for the nine months.

• $1.33M expensed on exploration and evaluation during the quarter, mainly for metallurgical testing, environmental studies, and mine planning.

• $190K raised from equity securities during the quarter; $4.7M raised year-to-date.

• Estimated 3.4 quarters of funding available based on current cash burn.

Outlook and guidance

• Grid access offer for 125MW connection expected by mid-2025; public environmental review to commence Q3 2025.

• Definitive Engineering and Feasibility Studies to proceed following process flowsheet finalization.

• Sustainability report release in Q2 2025 to support financing and offtake arrangements.