Caravel Minerals (CVV) Q3 2026 TU earnings summary

Executive summary

• Mining Lease M70/1425 granted, securing tenure over the Bindi resource after land purchase option executed in December 2025.

• Definitive Feasibility Study (DFS) for the Caravel Copper Project advanced, with process plant, mine, and infrastructure designs nearing completion; DFS targeted for September 2026.

• Environmental studies and baseline monitoring completed; Environmental Review Document (ERD) to enter public comment in Q3 2026.

• Strategic partnership and offtake discussions with Adani Enterprises progressed, and non-binding LOIs for up to USD 220M in Finnvera-backed senior debt secured.

Financial highlights

• Exploration and evaluation expenditures for the quarter totaled approximately $5.14 million, with major allocations to EPCM, consultants, environmental, water, metallurgical, and geotechnical studies.

• Net cash used in operating activities was $5.71 million for the quarter and $10.51 million for the nine months.

• Cash and cash equivalents at quarter end were $9.51 million, down from $15.37 million in the previous quarter.

• $15 million loan facility fully drawn from Regal Royalties No.4 Pty Limited at 10% p.a., maturing January 2027.

Outlook and guidance

• DFS completion scheduled for September 2026, with JORC-compliant Ore Reserve statement expected in Q2 2026.

• Operating cash outflows expected to reduce in subsequent quarters as major engineering studies conclude.

• Company advancing funding initiatives, including offtake and streaming discussions, and retains capacity for share placement if needed.