Caravel Minerals (CVV) Q4 2026 TU earnings summary

Executive summary

• Definitive Feasibility Study (DFS) for the Caravel Copper Project advanced, with mining studies confirming a staged open pit operation and early adoption of autonomous haulage and drilling.

• Updated Ore Reserve announced: 597Mt at 0.24% Cu for 1.42Mt contained copper, with a 48% increase in Proven Ore Reserves since 2022.

• DFS timeline extended by three months to September 2026 for additional groundwater studies, but regulatory approval and final investment decision remain targeted for end of 2027.

• $15M received from Regal Royalty Fund for a new 0.75% net smelter return royalty; existing $15M loan maturity extended to March 2028.

Financial highlights

• $15M royalty funding received, doubling Regal's total project investment to $30M.

• No new shares or options issued during the quarter; 558.8M shares and 36.3M options outstanding.

• Quarterly exploration and evaluation expenditure was $3.95M, with $1.92M on environmental and water studies.

• Cash and cash equivalents at quarter end: $21.97M, up from $9.51M in the previous quarter.

• Estimated 5.6 quarters of funding available at current expenditure rates.

Outlook and guidance

• DFS completion now targeted for September 2026, with no change to the overall regulatory approval timeline.

• Ministerial consent and final investment decision expected by end of 2027.

• Ongoing offtake and precious metal streaming discussions to support project capital requirements.