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Caravel Minerals Limited (ASX:CVV)

ALERT: Price-sensitive ASX Announcement for CVV
Current share price for CVV : $0.270 0.015 (5.88%)+
Announcement
Release
22 Jul 2026 1:24PM
Price at Release
$0.255
Full Release
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Summary
Caravel Minerals Limited reported on the progress of its Caravel Copper Project, highlighting the completion of detailed mining studies for its Definitive Feasibility Study (DFS) and an increase in Proven Ore Reserves. The project, set for completion in Q3 2026, incorporates a hybrid power supply and advances in environmental and water permitting activities. The company secured additional funding through a royalty and extended a $15 million loan facility. Operating cash flow was negative, but the company ended the quarter with significant cash reserves. Exploration and evaluation expenditures were a major cash outflow during the period.
Key Points
  • The Caravel Copper Project's Definitive Feasibility Study (DFS) confirms it as a conventional open pit operation.
  • An updated Ore Reserve was announced, containing 597Mt at 0.24% Cu, with a 48% increase in Proven Ore Reserves.
  • The project includes a hybrid power supply solution and is progressing towards a targeted completion of the DFS in Q3 2026.
  • A $15 million loan facility with Regal Royalty Fund has been extended to 31 March 2028.
  • Caravel Minerals received financing through a 0.75% net smelter return royalty and royalty funding proceeds.
  • Net cash from operating activities in the quarter was negative $3,948,000.
  • Cash and cash equivalents at the end of the quarter were $21,973,000.
  • Payments for exploration and evaluation during the quarter totaled approximately $3,953,000.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.