- Last 2026-11-06
- A$0.185
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- Upside
- Locked: sign in to view
- 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
Investment view
Rating locked: sign in to viewOur rating, thesis and what the price implies are available to subscribers.
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
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
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
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
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
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: —
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: —
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
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
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
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
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
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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
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.
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 |
|---|---|---|
| 45.5Mshares disclosed | 2025-09-11 | |
| 45.2Mshares disclosed | 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
| 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
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
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.