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2026-11-06
◂ Monitor CVV ASX

Caravel Minerals Limited

DFS Unfunded Developer · Copper · Australia Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.185
1D
—
1M
—
YTD
—
1Y
—
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

Narrative and provenance

Research & Sources

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Chronological 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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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Company said ERD was substantially complete with Q4 2026 submission targeted and DFS expected in September, since superseded by 18 September timing update.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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
$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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
—
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
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
Open original source ↗
Evidence facts69
fact-resource-total-tonnesTotal Mineral Resource

1276300000 tonnes

2023-11-13
fact-resource-contained-copperContained copper

3032500 tonnes

2023-11-13
fact-resource-measuredMeasured Mineral Resource

154600000 tonnes

2023-11-13
fact-resource-indicatedIndicated Mineral Resource

544000000 tonnes

2023-11-13
fact-resource-inferredInferred Mineral Resource

577700000 tonnes

2023-11-13
fact-md-hymaManaging Director Donald Hyma

Donald Hyma None

2025-09-25
fact-exec-cookeExecutive Director Alasdair Cooke

Alasdair Cooke None

2025-09-25
fact-secretary-davisCompany Secretary Daniel Davis

Daniel Davis None

2025-09-25
fact-regal-convertible-termsRegal loan may be repaid in cash or converted to 0.75% NSR

Cash repayment or 0.75% project NSR None

2025-09-25
fact-2025q3-cashCash and cash equivalents

18673000 AUD

2025-09-30
fact-mine-plan-retractedStrategic Mine Plan Update retracted

True None

2025-11-14
fact-dfs-target-2026DFS target year

2026 year

2025-12-23
fact-land-optionsUnlisted landholder options

10000000 options

2025-12-19
fact-dec-share-totalQuoted ordinary shares auto-generated total

558762558 shares

2025-12-30
fact-2025q4-cashCash and cash equivalents

15372000 AUD

2025-12-31
fact-half-cashCash and cash equivalents

15371857 AUD

2025-12-31
fact-half-debtBorrowings carrying value

15651494 AUD

2025-12-31
fact-dfs-target-dateDFS targeted completion

2026-09-30 None

2026-04-02
fact-2026q1-cashCash and cash equivalents

9510000 AUD

2026-03-31
fact-pfs-npv-4Pre-tax NPV at US$4.00/lb copper

2000000000 AUD

2026-06-12
fact-pfs-npv-5.5Pre-tax NPV at US$5.50/lb copper

4700000000 AUD

2026-06-12
fact-pfs-capexInitial capital expenditure

1676000000 AUD

2026-06-12
fact-pfs-copper-sensitivityNPV change per US$0.50/lb copper

900000000 AUD

2026-06-12
fact-annual-copper-productionAverage payable copper production

60192 tonnes_per_year

2026-06-12
fact-reserve-total-tonnesTotal Ore Reserve

597000000 tonnes

2026-06-01
fact-reserve-contained-copperOre Reserve contained copper

1418000 tonnes

2026-06-01
fact-reserve-provedProved Ore Reserve

156000000 tonnes

2026-06-01
fact-reserve-probableProbable Ore Reserve

441000000 tonnes

2026-06-01
fact-reserve-copper-priceReserve copper price

4.76 USD/lb

2026-06-01
fact-recoveryLife-of-mine copper recovery

86 percent

2026-06-01
fact-rom-stockpileNominal ROM stockpile capacity

1000000 tonnes

2026-07-17
fact-prestrip-leadPre-strip lead time

20 months

2026-07-17
fact-latest-cashCash and cash equivalents

21973000 AUD

2026-06-30
fact-latest-sharesOrdinary shares on issue

558762518 shares

2026-06-30
fact-option-022Unlisted options at A$0.22

26300000 options

2026-06-30
fact-option-042Unlisted options at A$0.42

10000000 options

2026-06-30
fact-performance-rightsPerformance rights

1000000 rights

2026-06-30
fact-runwayEstimated quarters of funding

5.6 quarters

2026-06-30
fact-loan-drawnRegal loan facility drawn

15000000 AUD

2026-06-30
fact-royalty-fundingNew royalty funding proceeds including GST

16500000 AUD

2026-06-30
fact-water-option-termDalmeny Water acquisition option term

3 years

2024-10-22
fact-water-existingDalmeny existing water licences

1.5 GL/year

2024-10-22
fact-water-applicationsDalmeny additional water applications

13.5 GL/year

2024-10-22
fact-primero-scopePrimero DFS engineering scope

process plant design, cost estimate and execution planning None

2025-08-28
fact-grid-winterPreliminary winter grid access

89 MW

2025-10-02
fact-grid-summerPreliminary summer grid access

72 MW

2025-10-02
fact-odowd-appointmentAndrew O'Dowd appointment

General Manager Technical and Mining None

2025-10-27
fact-macdonald-study-managerGreg MacDonald Study Manager

Greg MacDonald None

2025-10-07
fact-adani-mouKutch Copper MOU status

non-binding None

2025-11-07
fact-adani-offtakePotential life-of-mine copper concentrate offtake

up to 100% None

2025-11-07
fact-agm-transcriptLatest accessible management transcript

2025 AGM None

2025-10-31
fact-eca-interestIndicative tied Finnvera-backed senior debt interest

220000000 USD

2026-02-19
fact-canaccord-ownershipCanaccord modeled project ownership

75 percent

2026-02-19
fact-canaccord-future-equityCanaccord assumed future equity shares

940600000 shares

2026-02-19
fact-new-regal-royaltyNew Regal NSR royalty

0.75 percent NSR

2026-06-15
fact-regal-loan-extensionRegal loan extended maturity

2028-03-31 None

2026-06-15
fact-erd-q4ERD submission target

Q4 2026 None

2026-08-13
fact-dfs-septemberFull DFS release target before revision

September 2026 None

2026-08-13
fact-water-demandUpdated project water demand

12 GL/year

2026-08-13
fact-dfs-q4Revised full DFS release

Q4 2026 None

2026-09-18
fact-capex-reviewProcess-plant capital estimate under detailed review

review pending None

2026-09-18
fact-fid-2027FID target

end 2027 None

2026-09-18
fact-thiess-mouThiess MOU status

nonbinding and nonexclusive; no mining contract awarded None

2026-09-21
fact-thiess-contractProposed initial mining-service term

7 years

2026-09-21
fact-reference-price-20260925CVV ordinary share closing price

0.245 AUD/share

2026-09-25
fact-reference-volume-20260925CVV ordinary share trading volume

347161 shares

2026-09-25
fact-pre-delay-close-20260917CVV close before DFS delay

0.275 AUD/share

2026-09-17
fact-delay-close-20260918CVV close on DFS delay date

0.23 AUD/share

2026-09-18
fact-delay-volume-20260918CVV volume on DFS delay date

1411076 shares

2026-09-18
Conflicts 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.