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- Last 2026-11-06
- A$0.185
- 1D
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- 1M
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- 1Y
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- Fair value
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- Mkt cap
- A$103.4M
- EV
- A$96.4M
- Cash
- A$22M
- Debt
- A$15M
4 newer ASX announcements not yet reflected in this valuation
- Quarterly Activities/Appendix 5B Cash Flow ReportLatest Four Activities Reports
- Annual Report to shareholdersLatest Annual Report
- Presentation - South-West ConnectLatest Operating Presentation
- Notification of cessation of securities - CVVPost Cash Checkpoint Security Event
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Sign in or enter a guest codeAnnouncements
Latest 12 of 15All sources ▸- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- Definitive Feasibility Study - MiningStudy
- Updated Ore Reserve - Caravel Copper ProjectReserve Update
- Investor Presentation - RIU Gold Coast Investment ShowcasePresentation
- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- DFS Update - Caravel Copper ProjectStudy
- Half Year AccountsResults
- Quarterly Activities/Appendix 5B Cash Flow ReportResults
- Notification regarding unquoted securities - CVVCorporate Action
- Definitive Feasibility Study UpdateStudy
- Strategic Mine Plan Update - RetractionOther
- Strategic Mine Plan UpdateStudy
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| Q4 2026 | Full Caravel Copper Project DFS release | Study | Company Guided | High | Will replace older pre-tax PFS capital and return assumptions and test dilution and funding needs. |
| Q4 2026 target | Updated Environmental Review Document submission | Permitting | Company Guided | High | A complete ERD is needed ahead of public review and Part IV Ministerial consideration. |
| Post-DFS phase in 2027 | Project funding and joint venture partnering after DFS | Financing | Inferred | High | Binding financing terms will determine attributable ownership, royalty leakage and dilution. |
Executive roster
As of 2026-09-21Background checks ▸FY2025 annual report, later technical appointment, June 2026 presentation and September releases identify current executive directors, named senior technical managers and company secretary; nonexecutive directors excluded.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Donald Hyma | Managing Director | Executive Director · Chief Executive | 2022-11-28 | Annual Report to shareholders · DFS Revised Completion Timing |
| Alasdair Cooke | Executive Director | Executive Director | — | Annual Report to shareholders |
| Andrew O'Dowd | General Manager Technical and Mining | Technical · Operations · Senior Management | 2025-10-27 | Appointment of General Manager Technical and Mining · Project Update - Caravel Copper Project |
| Greg MacDonald | Caravel Copper Project Study Manager | Technical · Senior Management | — | Appointment of General Manager Technical and Mining · Project Update - Caravel Copper Project |
| Daniel Davis | Company Secretary | Company Secretary | — | Annual Report to shareholders · $15 Million Royalty Funding Arrangement |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Caravel Copper Project
Australia
DFS Unfunded Developer100% ownedCopperOthersGoldSilver
100%-owned pre-production developer. Mining DFS and reserve are complete, but full DFS slipped to Q4 2026 for metallurgy, water modelling, environmental documentation and capital estimate review; build finance and permits remain open.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Published study economicsIssuer or study metrics
NPVA$2B7% discount
IRR21%Published return
Initial capexA$1.7BPublished capital estimate
Operating cost2.07USD/lb Cu AISC
Pre-tax PFS base case at US$4.00/lb copper as restated in the June 2026 presentation; superseded project design details remain subject to the pending full DFS.
Resources & reserves5
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured | 154.6M tonnes | 0.26% Cu and 64 ppm Mo | Copper · Others | 2023-11-13 |
| Mineral Resource | Indicated | 544M tonnes | 0.24% Cu and 46 ppm Mo | Copper · Others · Gold · Silver | 2023-11-13 |
| Mineral Resource | Inferred | 577.7M tonnes | 0.23% Cu and 44 ppm Mo | Copper · Others · Gold · Silver | 2023-11-13 |
| Ore Reserve | Proved | 156M tonnes | 0.25% Cu; 61.8 ppm Mo; 1.2 ppm Ag; 26.1 ppb Au | Copper · Others · Gold · Silver | 2026-06-01 |
| Ore Reserve | Probable | 441M tonnes | 0.23% Cu; 46.2 ppm Mo; 1.2 ppm Ag; 21.6 ppb Au | Copper · Others · Gold · Silver | 2026-06-01 |
Tenements7
Milestones4
- Complete and publish the full Definitive Feasibility Study
Delayed · High materiality
- Obtain Part IV Ministerial environmental approval
Pending · High materiality
- Reach final investment decision with funding and approvals in place
Pending · High materiality
- Achieve construction-ready status
Pending · High materiality
Permits & approvals3
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Project mining lease | Western Australia | Granted | — | No |
| Environmental Protection Act Part IV approval | Western Australia | Pending | — | Yes |
| Groundwater extraction licence | Western Australia | Pending | — | Yes |
Economic studies2
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Caravel Copper Project Pre-Feasibility Study | PFS | Reaffirmed | 2022-07-12 | Current June 2026 presentation restates the PFS base economics pending the full DFS. |
| Definitive Feasibility Study - Mining component | DFS | Current | 2026-07-17 | Mining component completed to plus or minus 10% accuracy; the broader DFS remains pending. |
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
June 2026 cash of A$21.973m and 5.6 quarters issuer-estimated runway finance study and approvals, but not an indicative A$1.676bn build. The A$15m Regal loan remains fully drawn and interest capitalises; the new A$15m royalty proceeds are already inside June cash and are not added again.
Capital structure
Ownership and dilution
- Ordinary shares
- 558.8M
- Fully diluted
- 596.1M
The 30 June quarterly discloses 558,762,518 ordinary shares, 36.3m options and 1.0m performance rights, or 596,062,518 potential securities. A 4 September Appendix 3G is visible but its issue table is inaccessible; the diluted count is a documented June anchor and may understate current potential dilution. No unverified issuance is assumed.
Security classes4
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares | Ordinary Share | 558.8M | — | — |
| Unlisted options exercisable at A$0.22 | Option | 26.3M | A$0.22 | 2027-11-01 |
| Unlisted options exercisable at A$0.42 | Option | 10M | A$0.42 | 2030-12-19 |
| Performance rights expiring September 2026 | Performance Right | 1M | — | 2026-09-30 |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Full DFS Release | caravel | Q4 2026 | — | — calendar quarter | Current |
| Full DFS Release | caravel | September 2026 | — | — calendar month | Superseded |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2025-07-31 | Debt | A$15M | — | — | Ongoing | Fully drawn secured Regal loan; maturity extended to 31 March 2028.Period 2025-07-31 to 2028-03-31 · 10% per annum compounded quarterly; repayment in cash or potential conversion to a 0.75% project NSR under the disclosed election terms. · Regal Royalties No.4 Pty Limited |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Annual-report baseline reconciled to original Adani, ECA, Regal and later Thiess disclosures; nonbinding discussions and conditional loan conversion are separated from the active NSR.
A$15m secured loan can be repaid with accrued interest or converted into a separate 0.75% NSR at maturity; Regal also holds a future royalty/stream participation right. Base assumes cash repayment and carries the debt, not both outcomes.
Royalty · Conditional- Counterparties
- Regal Resources Royalties Fund
- Applies to
- Caravel Copper Project · Copper
- Economic direction
- Mixed
- Period
- 2025-07-31 to 2028-03-31
- Key terms
- Loan principal: 15,000,000 AUD
Interest: 10 percent per annum
Alternative settlement: 0.75 percent NSR
Future royalty/stream participation: first right
How it affects our valuation
No valuation treatment is available for this arrangement.
A new 0.75% NSR was sold for A$15m and reduces future attributable project cash flow; its proceeds are included in reported June cash.
Royalty · Active- Counterparties
- Regal Resources Royalties Fund
- Applies to
- Caravel Copper Project · Copper · Gold · Silver · Others
- Economic direction
- Burden
- Period
- From 2026-06-15; no end date stated
- Key terms
- Royalty consideration: 15,000,000 AUD
Net smelter return rate: 0.75 percent NSR
How it affects our valuation
No valuation treatment is available for this arrangement.
Nonbinding Adani framework covers possible life-of-mine copper concentrate offtake and project investment, but no price, commitment, or equity percentage is agreed.
Offtake · Announced- Counterparties
- Kutch Copper Ltd · Adani Enterprises Ltd
- Applies to
- Caravel Copper Project · Copper
- Economic direction
- Mixed
- Period
- From 2025-11-07; no end date stated
- Key terms
- Potential offtake: up to 100% copper concentrate
Binding status: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Nonbinding ECA letters indicate interest in up to US$220m tied debt, not a committed construction facility.
Strategic Partnership · Announced- Counterparties
- Finnvera plc · KfW IPEX
- Applies to
- Caravel Copper Project · Copper
- Economic direction
- Benefit
- Period
- From 2026-02-19; no end date stated
- Key terms
- Indicative debt interest: 220,000,000 USD
Binding status: —
How it affects our valuation
No valuation treatment is available for this arrangement.
Option over Dalmeny Water shares and Nixon land access supports the Gillingarra borefield but licence applications and acquisition consideration remain unresolved.
Other · Conditional- Counterparties
- Nixon family · Dalmeny Water Pty Ltd
- Applies to
- Caravel Copper Project · Copper
- Economic direction
- Mixed
- Period
- 2024-10-22 to 2027-10-22
- Key terms
- Existing licensed water: 1.5 GL/year
Additional water applications: 13.5 GL/year
Initial option term: 3 years
How it affects our valuation
No valuation treatment is available for this arrangement.
Western Power draft grid offer defines a route to power but binding connection and tariff terms are outstanding.
Other · Announced- Counterparties
- Western Power
- Applies to
- Caravel Copper Project · Copper
- Economic direction
- Benefit
- Period
- From 2025-10-02; no end date stated
- Key terms
- Winter preliminary access: 89 MW
Summer preliminary access: 72 MW
How it affects our valuation
No valuation treatment is available for this arrangement.
Primero is the appointed engineering and capital-estimate contractor for the DFS; fee and any construction award terms are not disclosed.
Other · Active- Counterparties
- Primero Group Ltd
- Applies to
- Caravel Copper Project · Copper
- Economic direction
- Mixed
- Period
- From 2025-09-01; no end date stated
- Key terms
- Scope: DFS engineering and process-plant cost estimate
How it affects our valuation
No valuation treatment is available for this arrangement.
Thiess will provide cost and engineering inputs for a possible seven-year mining service contract, but no binding award or price exists.
Strategic Partnership · Announced- Counterparties
- Thiess Pty Ltd
- Applies to
- Caravel Copper Project · Copper
- Economic direction
- Mixed
- Period
- 2026-09-21 to 2028-09-21
- Key terms
- Potential initial services term: 7 years
MOU term: 2 years
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
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Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Evidence is limited to the issuer’s disclosed roster and selected filings. The available material does not support a complete assessment of each executive’s professional record; individual reports state specific gaps.
Decision-relevant facts
Material summary
Donald Hyma
Managing Director
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Prior roles, exact tenure, education and professional qualifications are not established by the selected evidence.
- Targeted independent searches of regulator, court, safety and environmental records were not completed for this individual; the logged source review does not support a clearance conclusion.
Alasdair Cooke
Executive Director
GovernanceDocumented · Medium materiality
2018 shareholder-control dispute and Takeovers Panel decision
Caravel sued Mitchell River Group, Hartree and Cooke in the WA Supreme Court alleging confidentiality breaches and unusual share trading during a rights issue. In separate Panel proceedings, the Panel said it was not satisfied there was sufficient material to establish the alleged shareholder associations or unacceptable circumstances and declined to make a declaration. Those reasons do not disclose the final disposition of the parallel court action; neither the allegations nor the Panel outcome establish personal wrongdoing by Cooke.
Individual involvement documented · The Panel record directly identifies Cooke’s connection to MRG and the allegations made by Caravel, while recording no adverse Panel declaration; the separate court outcome was not established in this review.
Caravel Minerals Limited (2018 ATP 8) · Reasons [23]-[25], [94]-[101], [149]-[165]
Evidence gaps · 2
- Prior roles, exact tenure, education and professional qualifications are not established by the selected evidence.
- The Takeovers Panel declined to make a declaration in 2018, but the outcome of Caravel’s separate WA Supreme Court action against Cooke/MRG was not resolved from the public material reviewed; no later court disposition was located in this pass.
Andrew O'Dowd
General Manager Technical and Mining
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Prior roles, exact tenure, education and professional qualifications are not established by the selected evidence.
- Targeted independent searches of regulator, court, safety and environmental records were not completed for this individual; the logged source review does not support a clearance conclusion.
Greg MacDonald
Caravel Copper Project Study Manager
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Prior roles, exact tenure, education and professional qualifications are not established by the selected evidence.
- Targeted independent searches of regulator, court, safety and environmental records were not completed for this individual; the logged source review does not support a clearance conclusion.
Daniel Davis
Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 2
- Prior roles, exact tenure, education and professional qualifications are not established by the selected evidence.
- Targeted independent searches of regulator, court, safety and environmental records were not completed for this individual; the logged source review does not support a clearance conclusion.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2025-09-11 · 558,762,558 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 8.08% | 45,150,223 | |
| 2 | 5.31% | 29,647,904 | |
| 3 | 4.44% | 24,784,204 | |
| 4 | 3.46% | 19,314,478 | |
| 5 | 2.86% | 15,990,000 | |
| 6 | 2.27% | 12,668,076 | |
| 7 | 1.62% | 9,029,310 | |
| 8 | 1.56% | 8,741,172 | |
| 9 | 1.47% | 8,235,465 | |
| 10 | 1.42% | 7,925,000 | |
| 11 | 1.25% | 7,000,000 | |
| 12 | 1.15% | 6,403,931 | |
| 13 | 1.04% | 5,800,000 | |
| 14 | 1.03% | 5,742,002 | |
| 15 | 0.93% | 5,174,491 | |
| 16 | 0.86% | 4,800,000 | |
| 17 | 0.86% | 4,780,000 | |
| 18 | 0.86% | 4,780,000 | |
| 19 | 0.81% | 4,500,000 | |
| 20 | 0.81% | 4,500,000 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 8.14%Calc. on issued shares | 2025-09-11 | |
| 8.08%Calc. on issued shares | 2025-09-11 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The register is more than one year old. Later cached company releases through the cutoff did not provide a new shareholder register or substantial-holder disclosure.
- Substantial-holder quantities are as of the 11 September 2025 company register; the report provides no percentage values for those entries.
- Nominee accounts do not establish their underlying beneficial owners.
Sources
- Caravel Minerals Limited Annual Report 2025
ASX / Caravel Minerals Limited · Published 2025-09-26 · Accessed 2026-10-09
Full 20-largest ordinary-share accounts, issued-share count and substantial holders as at 11 September 2025.
Local PDF downloads/CVV/2025/2025-09-26_Annual Report to shareholders.pdf, p. 57
Disclosed activity
Insider transactions
Trading activity4 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2025-10-31to 2025-11-06 | Wayne Trumble
Details & evidence for Wayne Trumble on 2025-10-31As disclosed: Incentive options awarded following shareholder approval; nil consideration.
director · Start not disclosed Change of Director's Interest Notice x4 - Incentive Options ↗ | GrantUnlisted options exercisable at A$0.22, expiring 1 November 2027 | 1,000,000 | —Non Cash | — | — |
| 2025-10-31to 2025-11-06 | Wayne Trumble
Details & evidence for Wayne Trumble on 2025-10-31As disclosed: Expiry of existing unlisted options.
director · Start not disclosed Change of Director's Interest Notice x4 - Incentive Options ↗ | ExpiryUnlisted options exercisable at A$0.33, expiring 31 October 2025 | 500,000 | —Not Disclosed | — | — |
| 2025-10-31to 2025-11-06 | Richard MontiGreatcity Corporation Pty Ltd
Details & evidence for Richard Monti on 2025-10-31As disclosed: Incentive options awarded following shareholder approval; nil consideration.
director · Start not disclosed Greatcity Corporation Pty Ltd · director and potential beneficiary as stated in Appendix 3Y Change of Director's Interest Notice x4 - Incentive Options ↗ | GrantUnlisted options exercisable at A$0.22, expiring 1 November 2027 | 1,000,000 | —Non Cash | — | — |
| 2025-10-31to 2025-11-06 | Richard MontiGreatcity Corporation Pty Ltd
Details & evidence for Richard Monti on 2025-10-31As disclosed: Expiry of existing unlisted options.
director · Start not disclosed Greatcity Corporation Pty Ltd · director and potential beneficiary as stated in Appendix 3Y Change of Director's Interest Notice x4 - Incentive Options ↗ | ExpiryUnlisted options exercisable at A$0.33, expiring 31 October 2025 | 500,000 | —Not Disclosed | — | — |
| 2025-10-31to 2025-11-06 | Don (Donald) HymaHyma Family Trust
Details & evidence for Don (Donald) Hyma on 2025-10-31As disclosed: Incentive options awarded following shareholder approval; nil consideration.
director · Start not disclosed Hyma Family Trust · director notice reports interests through the Hyma Family Trust Change of Director's Interest Notice x4 - Incentive Options ↗ | GrantUnlisted options exercisable at A$0.22, expiring 1 November 2027 | 8,000,000 | —Non Cash | — | — |
| 2025-10-31to 2025-11-06 | Don (Donald) HymaHyma Family Trust
Details & evidence for Don (Donald) Hyma on 2025-10-31As disclosed: Expiry of existing unlisted options.
director · Start not disclosed Hyma Family Trust · director notice reports interests through the Hyma Family Trust Change of Director's Interest Notice x4 - Incentive Options ↗ | ExpiryUnlisted options exercisable at A$0.31, expiring 31 October 2025 | 8,000,000 | —Not Disclosed | — | — |
| 2025-10-31to 2025-11-06 | Alasdair Cooke
Details & evidence for Alasdair Cooke on 2025-10-31As disclosed: Incentive options awarded following shareholder approval; nil consideration.
director · Start not disclosed Yaralla Holdings Pty Ltd · director reported indirect interest through Yaralla Holdings Pty Ltd Melissa Cooke · spouse; reported as an associated indirect-interest holder Change of Director's Interest Notice x4 - Incentive Options ↗ | GrantUnlisted options exercisable at A$0.22, expiring 1 November 2027 | 4,000,000 | —Non Cash | — | — |
| 2025-10-31to 2025-11-06 | Alasdair Cooke
Details & evidence for Alasdair Cooke on 2025-10-31As disclosed: Expiry of existing unlisted options.
director · Start not disclosed Yaralla Holdings Pty Ltd · director reported indirect interest through Yaralla Holdings Pty Ltd Melissa Cooke · spouse; reported as an associated indirect-interest holder Change of Director's Interest Notice x4 - Incentive Options ↗ | ExpiryUnlisted options exercisable at A$0.33, expiring 31 October 2025 | 2,900,000 | —Not Disclosed | — | — |
| 2025-08-30 | Wayne Trumble
Details & evidence for Wayne Trumble on 2025-08-30As disclosed: Expiry of 22,727 listed options.
director · Start not disclosed Change of Director's Interest Notice x3 ↗ | ExpiryListed options exercisable at A$0.33, expiring 30 August 2025 | 22,727 | —Not Disclosed | — | — |
| 2025-08-30 | Richard MontiGreatcity Corporation Pty Ltd
Details & evidence for Richard Monti on 2025-08-30As disclosed: Expiry of 68,182 listed options held through Greatcity Corporation Pty Ltd.
director · Start not disclosed Greatcity Corporation Pty Ltd · director and potential beneficiary as stated in Appendix 3Y Change of Director's Interest Notice x3 ↗ | ExpiryListed options exercisable at A$0.33, expiring 30 August 2025 | 68,182 | —Not Disclosed | — | — |
| 2025-08-30 | Alasdair Cooke
Details & evidence for Alasdair Cooke on 2025-08-30As disclosed: Expiry of 1,496,363 listed options; interests are direct and indirect, no account allocation in the notice.
director · Start not disclosed Yaralla Holdings Pty Ltd · director reported indirect interest through Yaralla Holdings Pty Ltd Melissa Cooke · spouse; reported as an associated indirect-interest holder Change of Director's Interest Notice x3 ↗ | ExpiryListed options exercisable at A$0.33, expiring 30 August 2025 | 1,496,363 | —Not Disclosed | — | — |
| 2025-02-13 | Alasdair CookeMelissa Cooke
Details & evidence for Alasdair Cooke on 2025-02-13As disclosed: Participation in shareholder-approved placement; 1,310,345 shares for A$190,000.
director · Start not disclosed Yaralla Holdings Pty Ltd · director reported indirect interest through Yaralla Holdings Pty Ltd Melissa Cooke · spouse; reported as an associated indirect-interest holder Change of Director's Interest Notice - Alasdair Cooke ↗ | SubscriptionOrdinary shares | 1,310,345 | AUD 190,000.00 | AUD 0.145Calculated average | — |
| 2024-03-01 | Alasdair CookeHartree Pty Ltd
Details & evidence for Alasdair Cooke on 2024-03-01As disclosed: On-market acquisition of 160,000 listed options for A$3,203.
director · Start not disclosed Yaralla Holdings Pty Ltd · director reported indirect interest through Yaralla Holdings Pty Ltd Melissa Cooke · spouse; reported as an associated indirect-interest holder Change of Director's Interest Notice - Cooke ↗ | PurchaseListed options exercisable at A$0.33, expiring 30 August 2025 | 160,000 | AUD 3,203.00 | AUD 0.020019Calculated average | — |
| 2023-11-11 | Alasdair CookeYaralla Holdings Pty Ltd
Details & evidence for Alasdair Cooke on 2023-11-11As disclosed: On-market acquisition of 1,158,436 ordinary shares for A$208,747.
director · Start not disclosed Yaralla Holdings Pty Ltd · director reported indirect interest through Yaralla Holdings Pty Ltd Melissa Cooke · spouse; reported as an associated indirect-interest holder Change of Director's Interest Notice - Cooke ↗ | PurchaseOrdinary shares | 1,158,436 | AUD 208,747.00 | AUD 0.180197Calculated average | — |
| 2023-02-03 | Don (Donald) Hyma
Details & evidence for Don (Donald) Hyma on 2023-02-03As disclosed: 8,000,000 unlisted options exercisable at $0.31 expiring 31 October 2025; nil consideration.
director · Start not disclosed Hyma Family Trust · director notice reports interests through the Hyma Family Trust Change of Director's Interest Notice (Hyma and Cooke) ↗ | GrantUnlisted options exercisable at A$0.31 | 8,000,000 | —Non Cash | — | — |
| 2023-02-03 | Alasdair Cooke
Details & evidence for Alasdair Cooke on 2023-02-03As disclosed: Participation in share placement; 500,000 shares for A$100,000.
director · Start not disclosed Yaralla Holdings Pty Ltd · director reported indirect interest through Yaralla Holdings Pty Ltd Melissa Cooke · spouse; reported as an associated indirect-interest holder Change of Director's Interest Notice (Hyma and Cooke) ↗ | SubscriptionOrdinary shares | 500,000 | AUD 100,000.00 | AUD 0.2Calculated average | — |
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Narrative and provenance
Research & Sources
AI Analyst Report
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Sign in or enter a guest codeChronological evidenceSource-document inventory29 documents
CVV 25 September 2026 ASX ordinary-share closeMarket Data · HighExtracted
Local ASX price history returned a 25 September close of A$0.245 and volume of 347,161; the 18 September close was A$0.23 versus A$0.275 on 17 September, with 1,411,076 shares traded. Provider is market data provider via miners.collect_stock_prices.
- Document ID
- doc-2026-09-25-market-price
- Published UTC
- 2026-09-25T06:10:00Z
- Projects
- caravel
- Commodities
- copper
Caravel working with Thiess on mine planEconomic Arrangement · HighExtracted
Two-year nonbinding, nonexclusive Thiess MOU supports cost estimates for a potential initial seven-year full-service mining contract; no contract awarded.
- Document ID
- doc-2026-09-21-thiess
- Published UTC
- 2026-09-20T23:08:00Z
- Projects
- caravel
- Commodities
- copper
DFS Revised Completion TimingStudy · HighExtracted
Full DFS release rescheduled to Q4 2026 to finish metallurgy, groundwater modelling, ERD and process-plant capital estimate review; end-2027 FID remains a target.
- Document ID
- doc-2026-09-18-dfs-delay
- Published UTC
- 2026-09-17T23:10:00Z
- Projects
- caravel
- Commodities
- copper
Notification regarding unquoted securities - CVVCorporate Action · MediumMetadata Only
Appendix 3G was released after the close; the underlying issue table was not accessible, so no new security quantity is inferred.
- Document ID
- doc-2026-09-04-securities
- Published UTC
- 2026-09-04T07:41:00Z
- Projects
- caravel
- Commodities
- copper
Project Update - Caravel Copper ProjectOperations · HighExtracted
Company said ERD was substantially complete with Q4 2026 submission targeted and DFS expected in September, since superseded by 18 September timing update.
- Document ID
- doc-2026-08-13-project-update
- Published UTC
- 2026-08-12T23:43:00Z
- Projects
- caravel
- Commodities
- copper
Quarterly Activities/Appendix 5B Cash Flow ReportResults · HighExtracted
June 2026 quarterly updates cash, securities, royalty funding, debt maturity, DFS, water licensing and approvals.
- Document ID
- doc-2026-07-22-quarterly
- Published UTC
- 2026-07-22T03:24:03Z
- Projects
- —
- Commodities
- copper
Definitive Feasibility Study - MiningStudy · HighExtracted
Completes the mining component of the DFS and defines the staged open-pit mine plan supporting the updated reserve.
- Document ID
- doc-2026-07-17-dfs-mining
- Published UTC
- 2026-07-16T22:22:12Z
- Projects
- caravel
- Commodities
- copper
Updated Ore Reserve - Caravel Copper ProjectReserve Update · HighExtracted
Updates the JORC Ore Reserve to 597Mt at 0.24% Cu for 1.418Mt contained copper, effective 1 June 2026.
- Document ID
- doc-2026-06-19-reserve
- Published UTC
- 2026-06-18T23:04:28Z
- Projects
- caravel
- Commodities
- copper
$15 Million Royalty Funding ArrangementEconomic Arrangement · HighExtracted
Regal paid A$15m for a new 0.75% Caravel net-smelter-return royalty; existing A$15m loan maturity extended to 31 March 2028.
- Document ID
- doc-2026-06-15-regal-royalty
- Published UTC
- 2026-06-14T22:25:00Z
- Projects
- caravel
- Commodities
- copper
Investor Presentation - RIU Gold Coast Investment ShowcasePresentation · HighExtracted
Current investor presentation restates project scale, PFS economics, copper sensitivity, production profile and milestone targets.
- Document ID
- doc-2026-06-12-presentation
- Published UTC
- 2026-06-11T23:31:39Z
- Projects
- caravel
- Commodities
- copper
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumExtracted
March 2026 quarterly records A$9.51m cash, 1.7 quarters of runway and unchanged issued securities.
- Document ID
- doc-2026-04-30-quarterly
- Published UTC
- 2026-04-29T22:49:35Z
- Projects
- —
- Commodities
- copper
DFS Update - Caravel Copper ProjectStudy · HighExtracted
Extends the DFS release target by three months to September 2026 for water and environmental work.
- Document ID
- doc-2026-04-02-dfs-extension
- Published UTC
- 2026-04-02T03:38:29Z
- Projects
- caravel
- Commodities
- copper
Half Year AccountsResults · HighExtracted
Reviewed half-year accounts detail cash, the Regal loan carrying amount, options and commitments at 31 December 2025.
- Document ID
- doc-2026-03-13-half-year
- Published UTC
- 2026-03-13T08:07:41Z
- Projects
- —
- Commodities
- copper
Project Finance UpdateFinancing · HighExtracted
Nonbinding Finnvera and KfW IPEX letters of interest identify potential tied senior debt, subject to diligence and approvals.
- Document ID
- doc-2026-02-19-eca
- Published UTC
- 2026-02-18T23:07:00Z
- Projects
- caravel
- Commodities
- copper
Canaccord Genuity Caravel equity researchOther · MediumExtracted
Independent broker's February scenario assumed 75% retained project ownership and 940.6m future equity shares; it predates the June royalty and September DFS delay. Source gives date only, so midnight is a date-only timestamp placeholder.
- Document ID
- doc-2026-02-19-canaccord
- Published UTC
- 2026-02-18T13:00:00Z
- Projects
- caravel
- Commodities
- copper
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumExtracted
December 2025 quarterly updates cash, runway, issued capital and the fully drawn Regal facility.
- Document ID
- doc-2026-01-30-quarterly
- Published UTC
- 2026-01-30T00:52:40Z
- Projects
- —
- Commodities
- copper
Notification regarding unquoted securities - CVVCorporate Action · MediumExtracted
Appendix 3G records 10 million unquoted options at A$0.42 expiring in December 2030 and an auto-generated share total later superseded.
- Document ID
- doc-2025-12-30-securities
- Published UTC
- 2025-12-30T06:11:03Z
- Projects
- —
- Commodities
- copper
Definitive Feasibility Study UpdateStudy · HighExtracted
Reports DFS engineering progress, pending environmental and water work, and strategic/offtake financing discussions.
- Document ID
- doc-2025-12-23-dfs-update
- Published UTC
- 2025-12-23T00:12:58Z
- Projects
- caravel
- Commodities
- copper
Strategic Mine Plan Update - RetractionOther · HighExtracted
Retracts the 4 November strategic mine-plan announcement and directs investors not to rely on it.
- Document ID
- doc-2025-11-14-retraction
- Published UTC
- 2025-11-14T01:18:37Z
- Projects
- caravel
- Commodities
- copper
Caravel Minerals Signs MOU with AdaniEconomic Arrangement · HighExtracted
Nonbinding Kutch Copper collaboration contemplates project investment and life-of-mine copper concentrate offtake up to 100%; no binding price or funding terms.
- Document ID
- doc-2025-11-07-adani
- Published UTC
- 2025-11-06T22:05:00Z
- Projects
- caravel
- Commodities
- copper
Strategic Mine Plan UpdateStudy · HighExtracted
Strategic mine-plan update subsequently retracted in full; no valuation input is retained from this document.
- Document ID
- doc-2025-11-04-mine-plan
- Published UTC
- 2025-11-03T21:23:36Z
- Projects
- caravel
- Commodities
- copper
2025 AGM transcriptOther · LowExtracted
Quartr-hosted transcript of 31 October 2025 AGM; source supplies a date but no publication time, so midnight is a date-only placeholder. Management discussed study cost estimation and funding. No later accessible call transcript was found.
- Document ID
- doc-2025-10-31-agm-transcript
- Published UTC
- 2025-10-30T13:00:00Z
- Projects
- caravel
- Commodities
- copper
Quarterly Activities/Appendix 5B Cash Flow ReportResults · MediumExtracted
September 2025 quarterly records the Regal loan drawdown, cash balance and then-current securities.
- Document ID
- doc-2025-10-30-quarterly
- Published UTC
- 2025-10-29T22:01:33Z
- Projects
- —
- Commodities
- copper
Appointment of General Manager Technical and MiningLeadership · MediumExtracted
Caravel appointed Andrew O'Dowd as General Manager Technical and Mining effective 27 October 2025; Greg MacDonald is Study Manager.
- Document ID
- doc-2025-10-07-odowd
- Published UTC
- 2025-10-07T01:44:00Z
- Projects
- —
- Commodities
- —
Preliminary Western Power Grid Connection Access OfferEconomic Arrangement · MediumExtracted
Draft Western Power grid connection access offer for 89MW winter and 72MW summer; final commercial agreement outstanding.
- Document ID
- doc-2025-10-02-grid-offer
- Published UTC
- 2025-10-02T05:33:00Z
- Projects
- caravel
- Commodities
- copper
Annual Report to shareholdersResults · MediumExtracted
Audited annual report covering the June 2025 financial position, capital structure, tenements and subsequent Regal financing.
- Document ID
- doc-2025-09-26-annual
- Published UTC
- 2025-09-25T22:18:55Z
- Projects
- —
- Commodities
- copper
Primero Appointed as EPCM for Caravel Copper ProjectEconomic Arrangement · MediumExtracted
Primero appointed as lead DFS engineering and project delivery consultant, with design and capital estimating scope; commercial fees not disclosed in the accessible release.
- Document ID
- doc-2025-08-28-primero
- Published UTC
- 2025-08-27T23:42:00Z
- Projects
- caravel
- Commodities
- copper
Key Water Agreement SignedEconomic Arrangement · HighExtracted
Option to acquire Dalmeny Water and land-access licence from Nixon family; 1.5GL/year existing licences, 13.5GL/year applications, three-year initial option with two-year extension right.
- Document ID
- doc-2024-10-22-water-option
- Published UTC
- 2024-10-21T21:10:00Z
- Projects
- caravel
- Commodities
- copper
2023 Mineral Resource Update - Caravel Copper ProjectResource Update · HighExtracted
Updates the Caravel Copper Project Mineral Resource to 1.276Bt at 0.24% Cu with copper, molybdenum, gold and silver estimates.
- Document ID
- doc-2023-11-13-resource
- Published UTC
- 2023-11-12T21:23:44Z
- Projects
- caravel
- Commodities
- copper
Evidence facts69
1276300000 tonnes
2023-11-133032500 tonnes
2023-11-13154600000 tonnes
2023-11-13544000000 tonnes
2023-11-13577700000 tonnes
2023-11-13Donald Hyma None
2025-09-25Alasdair Cooke None
2025-09-25Daniel Davis None
2025-09-25Cash repayment or 0.75% project NSR None
2025-09-2518673000 AUD
2025-09-30True None
2025-11-142026 year
2025-12-2310000000 options
2025-12-19558762558 shares
2025-12-3015372000 AUD
2025-12-3115371857 AUD
2025-12-3115651494 AUD
2025-12-312026-09-30 None
2026-04-029510000 AUD
2026-03-312000000000 AUD
2026-06-124700000000 AUD
2026-06-121676000000 AUD
2026-06-12900000000 AUD
2026-06-1260192 tonnes_per_year
2026-06-12597000000 tonnes
2026-06-011418000 tonnes
2026-06-01156000000 tonnes
2026-06-01441000000 tonnes
2026-06-014.76 USD/lb
2026-06-0186 percent
2026-06-011000000 tonnes
2026-07-1720 months
2026-07-1721973000 AUD
2026-06-30558762518 shares
2026-06-3026300000 options
2026-06-3010000000 options
2026-06-301000000 rights
2026-06-305.6 quarters
2026-06-3015000000 AUD
2026-06-3016500000 AUD
2026-06-303 years
2024-10-221.5 GL/year
2024-10-2213.5 GL/year
2024-10-22process plant design, cost estimate and execution planning None
2025-08-2889 MW
2025-10-0272 MW
2025-10-02General Manager Technical and Mining None
2025-10-27Greg MacDonald None
2025-10-07non-binding None
2025-11-07up to 100% None
2025-11-072025 AGM None
2025-10-31220000000 USD
2026-02-1975 percent
2026-02-19940600000 shares
2026-02-190.75 percent NSR
2026-06-152028-03-31 None
2026-06-15Q4 2026 None
2026-08-13September 2026 None
2026-08-1312 GL/year
2026-08-13Q4 2026 None
2026-09-18review pending None
2026-09-18end 2027 None
2026-09-18nonbinding and nonexclusive; no mining contract awarded None
2026-09-217 years
2026-09-210.245 AUD/share
2026-09-25347161 shares
2026-09-250.275 AUD/share
2026-09-170.23 AUD/share
2026-09-181411076 shares
2026-09-18Conflicts requiring judgment3
- strategic_mine_plan_reliance
The later ASX retraction explicitly instructs investors not to rely on the 4 November strategic mine-plan release.
- ordinary_shares_on_issue
The later June-quarter report gives 558,762,518 ordinary shares and is selected over the Appendix 3G auto-generated total that was 40 shares higher.
- Full DFS publication timing
The 18 September issuer release supersedes the earlier September DFS date; Q4 2026 is the current guided window.