Caravel Minerals (CVV) Q4 2024 TU earnings summary

Executive summary

• Lodged Environmental Review Document (ERD) with Western Australia's EPA, marking a major permitting milestone after four years of studies and fieldwork.

• Advanced water licensing applications and completed a numerical groundwater model and H3 report.

• Metallurgical testing nearing completion to confirm metal recovery and concentrate grades for final engineering studies.

• Updated Mine Plan based on November 2023 Mineral Resource nearing completion.

• Ongoing engagement with potential strategic investors and partners for project development.

Financial highlights

• $8.3M in cash reserves at quarter end, with nil debt.

• Approximately $899,000 expensed on exploration and evaluation during the quarter.

• Aggregate payments to related parties and associates totaled $389,000 for the quarter.

• Net cash outflow from operating activities was $1.014M for the quarter.

• 524,279,799 shares on issue, with listed and unlisted options outstanding.

Outlook and guidance

• Public environmental review of the ERD anticipated in early 2025.

• Final mine plan and metallurgical testwork results expected to be reported in Q3 2024.

• Access offer for 125MW grid power connection expected in early 2025 under WA's new Critical Projects Framework.