FY2021
Drilling and equity funding
During the year to 30 June 2021, Caravel completed 7,275m of diamond and 26,955m of RC drilling; it reported more than A$21 million raised in placements.
ASX: CVV · Five-year financial review
Caravel Minerals Limited (ASX: CVV) - Five-Year Financial Review FY2021-FY2025
Five annual reports to 30 June 2025, in Australian dollars unless a row says otherwise. The financial tables compare statutory consolidated results and balances; project estimates are reported snapshots with a cut-off change after FY2021.
Reading the tables: 0 (nil) is a supported zero. Other text distinguishes an amount included in another line, a non-applicable item, a separately unavailable component and an unresolved value. These are not interchangeable. Period-specific detail is labelled; complete year-by-year detail remains available.
FY2025 statutory loss
A$7.45m
Loss for year ended 30 June 2025.
FY2025 operating cash flow
(A$7.78m)
Net cash used in operations.
30 June 2025 cash
A$5.55m
Year-end cash and cash equivalents.
FY2025 equity funding cash
A$4.70m
Net financing cash from shares after issue costs.
Five years in context
Caravel remained a copper-project developer across these five years. Its reported loss and operating cash outflow reflect study, exploration and corporate spending, while share issues funded much of that cash use. The FY2025 cash balance was A$5.55 million and working capital was A$5.04 million at 30 June 2025.
The project estimate basis changed: FY2021 resource tonnes were reported at a 0.25% copper cut-off and later annual reviews at 0.10%. The July 2022 maiden Ore Reserve was published after the FY2022 balance date. A Regal A$15 million facility was agreed in June 2025 but drawn on 31 July 2025; it is a later financing event, not 30 June cash or debt.
Events behind the numbers
FY2022
Resource update
The 23 November 2021 update reported 2.84Mt contained copper at a 0.10% Cu cut-off. The PFS and maiden reserve were released after year-end in July 2022.
FY2023
PFS and financing
The PFS was released on 12 July 2022. Caravel reported a A$12 million placement in November 2022.
FY2024
Resource and study funding
A November 2023 update reported 1,276.3Mt at 0.24% Cu for 3.03Mt contained copper; the company also completed a A$10 million placement and SPP.
FY2025
DFS work and Regal facility
In June 2025 Caravel secured a A$15 million convertible facility to support its DFS; the disclosed drawdown date was 31 July 2025, after the balance date.
FINANCIAL REVIEW / 01
Statutory earnings and Other Income
The statutory loss narrowed after FY2022, then increased in FY2025 as exploration spending rose. FY2025 Other Income was A$683,172, comprising A$337,119 of grants and rebates and A$346,053 of interest revenue in the selected note.
Statutory loss for the year
$
Loss for the year
AI-generated presentation · values from Statutory consolidated profit or loss and comprehensive result; no missing values plotted as zero.
Other Income components
$
Government grants and rebatesInterest revenue
AI-generated presentation · values from Other Income components; no missing values plotted as zero.
Statutory consolidated profit or loss and comprehensive result
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Other Income$ | 108,626 | 89,332 | 717,378 | 1,282,891 | 683,172 |
| Administration services$ | (406,122) | (860,685) | (1,108,044) | (1,274,889) | (1,373,938) |
| Employee expenses$ | (2,961,582) | (1,725,693) | (1,972,869) | (1,911,164) | (1,853,789) |
| Share-based payment (expense) / reversal$ | Included in combined line | (1,090,679) | (601,901) | (95,014) | 484,378 |
| Employee expenses including share-based payments (comparable)$ | (2,961,582) | (2,816,372) | (2,574,770) | (2,006,178) | (1,369,411) |
| Exploration expenses$ | (7,942,194) | (10,848,227) | (8,100,319) | (4,407,204) | (5,388,443) |
| Loss from continuing operations before income tax$ | (11,201,272) | (14,435,952) | (11,065,755) | (6,405,380) | (7,448,620) |
| Income tax expense$ | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 |
| Loss for the year$ | (11,201,272) | (14,435,952) | (11,065,755) | (6,405,380) | (7,448,620) |
| Other comprehensive income – FVOCI revaluation$ | 0 (nil) | (30,250) | 39,808 | 0 (nil) | 0 |
| Comprehensive loss attributable to shareholders$ | (11,201,272) | (14,466,202) | (11,025,947) | (6,405,380) | (7,448,620) |
| Basic and diluted loss per sharecents per share | (3.89) | (3.72) | (2.44) | (1.23) | (1.36) |
Financial years ended 30 June. Expenses and losses carry negative signs. FY2021 share-based payments of A$2,377,324 (R000299) are embedded in employee expenses, not an additional standalone expense; FY2022–FY2025 present a separate line. The comparable combined row uses reported FY2021 employee expenses as-is and adds the separate share-based expense or reversal to employee expenses in later years, without double-counting FY2021.
FY2024 loss before tax is (A$6,405,380) in the primary statement; its tax note differs by A$2. The primary statement is used here.
The FY2025 five-year remuneration KPI table gives FY2024 EPS as (1.25)c, while the FY2024 primary profit-or-loss extraction gives (1.23)c; this report follows the primary statement and retains the discrepancy as a source limit.
Basis and presentation notes (7)
- Share-based payment (expense) / reversal / FY2021 — Included in combined line: The FY2021 profit-or-loss employee-expense line includes A$2,377,324 of equity-settled share-based payments (R000299); it is not an additional standalone expense.
- Income tax expense / FY2021 — 0 (nil): Source presents a dash or nil for this line.
- Income tax expense / FY2022 — 0 (nil): Source presents a dash or nil for this line.
- Income tax expense / FY2023 — 0 (nil): Source presents a dash or nil for this line.
- Income tax expense / FY2024 — 0 (nil): Source presents a dash or nil for this line.
- Other comprehensive income – FVOCI revaluation / FY2021 — 0 (nil): Source presents a dash or nil for this line.
- Other comprehensive income – FVOCI revaluation / FY2024 — 0 (nil): Source presents a dash or nil for this line.
Source: Caravel Minerals annual reports FY2021–FY2025; exact row evidence retained in the author evidence file.
Other Income components
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Government grants and rebates$ | 82,280 | 0 (nil) | 571,450 | 717,527 | 337,119 |
| Interest revenue$ | 179 | 52 | 120,418 | 441,731 | 346,053 |
| Other income (residual)$ | 26,167 | 89,280 | 25,510 | 71,815 | 0 (nil) |
| Gain on sale of fixed assets$ | N/P | N/P | 0 (nil) | 51,818 | 0 (nil) |
| Total Other Income (subtotal)$ | 108,626 | 89,332 | 717,378 | 1,282,891 | 683,172 |
These are accrual income-statement components. They need not match cash receipts in the cash-flow statement.
FY2025 components were recovered from the selected Note 4.1 table. Dashes in the specific component rows are shown as nil.
Basis and presentation notes (6)
- Government grants and rebates / FY2022 — 0 (nil): Source presents a dash or nil for this line.
- Other income (residual) / FY2025 — 0 (nil): The selected source table shows a dash for this line.
- Gain on sale of fixed assets / FY2021 — N/P: No separate gain-on-sale line in this year’s Other Income breakdown.
- Gain on sale of fixed assets / FY2022 — N/P: No separate gain-on-sale line in this year’s Other Income breakdown.
- Gain on sale of fixed assets / FY2023 — 0 (nil): Source presents a dash or nil for this line.
- Gain on sale of fixed assets / FY2025 — 0 (nil): The selected source table shows a dash for this line.
Source: Caravel Minerals annual reports FY2021–FY2025; exact row evidence retained in the author evidence file.
FINANCIAL REVIEW / 02
Financial position and liquidity
Cash and working capital fell from FY2024 to FY2025. The FY2025 financial-position table reports no borrowing line, and the disclosed Regal drawdown occurred after 30 June 2025.
Cash at 30 June
$
Cash and cash equivalents
AI-generated presentation · values from Consolidated financial position at 30 June; no missing values plotted as zero.
Consolidated financial position at 30 June
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Cash and cash equivalents$ | 13,249,063 | 2,448,419 | 6,054,282 | 8,722,591 | 5,545,633 |
| Trade and other receivables$ | 363,849 | 205,670 | 387,601 | 565,168 | 400,160 |
| Total current assets$ | 13,622,178 | 2,659,922 | 6,460,762 | 9,287,759 | 5,945,793 |
| Exploration and evaluation expenditure$ | 3,107,811 | 3,107,811 | 3,182,811 | 3,182,811 | 3,182,811 |
| Property, plant and equipment$ | 206,859 | 186,384 | 625,458 | 466,577 | 379,995 |
| Total non-current assets$ | 3,314,670 | 3,329,945 | 3,808,269 | 3,649,388 | 3,562,806 |
| Total assets$ | 16,936,848 | 5,989,867 | 10,269,031 | 12,937,147 | 9,508,599 |
| Trade & other payables (current)$ | 1,681,752 | 1,201,584 | 1,545,343 | 1,092,012 | 901,038 |
| Total liabilities$ | 1,681,752 | 1,201,584 | 1,545,343 | 1,092,012 | 901,038 |
| Net working capital (calculated) | 11,940,426 | 1,458,338 | 4,915,419 | 8,195,747 | 5,044,755 |
| Share capital (net of issue costs)$ | 66,639,277 | 69,547,987 | 83,907,438 | 93,339,251 | 98,034,675 |
| Accumulated losses$ | (54,444,775) | (68,880,727) | (79,495,491) | (85,900,871) | (93,349,491) |
| Reserves (incl. SBP and FVOCI reserves)$ | 3,060,594 | 4,121,023 | 4,311,741 | 4,406,755 | 3,922,377 |
| Total equity$ | 15,255,096 | 4,788,283 | 8,723,688 | 11,845,135 | 8,607,561 |
These are period-end balances, not annual cash movements. Working capital is calculated as total current assets less total current liabilities; the selected statements show all reported liabilities as current.
FY2025 statement rows absent from the initial extraction were recovered from the selected 2025 consolidated statement of financial position. The Regal facility was drawn on 31 July 2025, after this balance date.
Source: Caravel Minerals annual reports FY2021–FY2025; exact row evidence retained in the author evidence file.
FINANCIAL REVIEW / 03
Cash flow, funding and returns
Operating cash outflows persisted across all five years. Exploration payments sit within operating activities, and equity issuance supplied positive financing cash each year. No dividend payments appear in the selected five-year issuer table.
Net operating cash flow
$
Net cash from operating activities
AI-generated presentation · values from Consolidated cash flows; no missing values plotted as zero.
Net financing cash flow
$
Net cash from financing activities
AI-generated presentation · values from Consolidated cash flows; no missing values plotted as zero.
Consolidated cash flows
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Interest received$ | 179 | 52 | 120,418 | 423,522 | 364,262 |
| Government grants$ | 108,447 | 29,280 | 579,400 | 789,342 | 337,119 |
| Payments to suppliers and employees$ | (501,104) | (2,302,629) | (2,990,482) | (3,163,795) | (2,858,106) |
| Payments for exploration and evaluation expenditure$ | (6,929,613) | (11,391,856) | (7,948,830) | (4,847,766) | (5,625,727) |
| Net cash from operating activities$ | (7,322,091) | (13,665,153) | (10,239,494) | (6,798,697) | (7,782,452) |
| (Payments)/proceeds for property, plant and equipment$ | (114,427) | (44,201) | (514,652) | 35,193 | (89,930) |
| Payment for acquisition of exploration property$ | N/P | 0 (nil) | (75,000) | 0 (nil) | N/P |
| Proceeds from sale of equity investments$ | N/P | 0 (nil) | 75,558 | 0 (nil) | N/P |
| Net cash from investing activities$ | (114,427) | (44,201) | (514,094) | 35,193 | (89,930) |
| Proceeds from issue of shares$ | 21,835,098 | 2,937,537 | 15,100,000 | 9,921,000 | 5,000,000 |
| Share issue costs$ | (1,381,367) | (28,827) | (740,549) | (489,187) | (304,576) |
| Net cash from financing activities$ | 20,453,731 | 2,908,710 | 14,359,451 | 9,431,813 | 4,695,424 |
| Cash at beginning of year$ | 231,850 | 13,249,063 | 2,448,419 | 6,054,282 | 8,722,591 |
| Net change in cash and cash equivalents$ | 13,017,213 | (10,800,644) | 3,605,863 | 2,668,309 | (3,176,958) |
| Cash at end of year$ | 13,249,063 | 2,448,419 | 6,054,282 | 8,722,591 | 5,545,633 |
Exploration and evaluation payments are classified by Caravel as operating cash flows throughout this table.
The FY2023 A$75,000 exploration-property payment and A$75,558 equity-investment sale proceeds remain visible behind net investing cash flow. A property, plant and equipment cash payment is not a period-end asset balance.
N/P means not separately presented in the selected statement, not nil. FY2025 selected cash-flow table confirms no separate acquisition or investment-sale rows.
Basis and presentation notes (8)
- Payment for acquisition of exploration property / FY2021 — N/P: This component is not separately presented in the selected annual cash-flow statement; it is not assumed to be zero.
- Payment for acquisition of exploration property / FY2022 — 0 (nil): Source presents a dash or nil for this line.
- Payment for acquisition of exploration property / FY2024 — 0 (nil): Source presents a dash or nil for this line.
- Payment for acquisition of exploration property / FY2025 — N/P: This component is not separately presented in the selected annual cash-flow statement; it is not assumed to be zero.
- Proceeds from sale of equity investments / FY2021 — N/P: This component is not separately presented in the selected annual cash-flow statement; it is not assumed to be zero.
- Proceeds from sale of equity investments / FY2022 — 0 (nil): Source presents a dash or nil for this line.
- Proceeds from sale of equity investments / FY2024 — 0 (nil): Source presents a dash or nil for this line.
- Proceeds from sale of equity investments / FY2025 — N/P: This component is not separately presented in the selected annual cash-flow statement; it is not assumed to be zero.
Source: Caravel Minerals annual reports FY2021–FY2025; exact row evidence retained in the author evidence file.
Equity funding and shareholder returns
A$
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Issue of new shares net of cost$ | 20,492,790 | 2,908,710 | 14,359,451 | 9,431,813 | 4,695,424 |
| Share-based payment reserve movement$ | 2,556,924 | 1,090,679 | 601,901 | 95,014 | (484,378) |
| Loss for the year$ | (11,201,272) | (14,435,952) | (11,065,755) | (6,405,380) | (7,448,620) |
| Ordinary shares on issue at year endshares | 377,775,017 | 400,187,314 | 479,184,373 | 524,279,799 | 558,762,558 |
| Dividend payments | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) | 0 (nil) |
Share issue amounts are net of issue costs in the changes-in-equity statement. Cash proceeds and costs are separately presented in the cash-flow table.
FY2025 share-based payment reserve movement is a reversal, distinct from the operating-cash movement. Dividend dashes are supported by the issuer’s five-year remuneration KPI table.
Basis and presentation notes (5)
- Dividend payments / FY2021 — 0 (nil): The selected source table shows a dash for this line.
- Dividend payments / FY2022 — 0 (nil): The selected source table shows a dash for this line.
- Dividend payments / FY2023 — 0 (nil): The selected source table shows a dash for this line.
- Dividend payments / FY2024 — 0 (nil): The selected source table shows a dash for this line.
- Dividend payments / FY2025 — 0 (nil): The selected source table shows a dash for this line.
Source: Caravel Minerals annual reports FY2021–FY2025; exact row evidence retained in the author evidence file.
FINANCIAL REVIEW / 04
Project resource and reserve estimates
The FY2025 annual resource table reports 1,276.3Mt at 0.24% Cu for 3,032,500t contained copper. The accompanying reserve table reports 583.4Mt at 0.24% Cu for 1.42Mt contained copper. These estimates are snapshots and do not imply production.
Caravel Copper Project Mineral Resource as reported in each annual review
mixed
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total Mineral Resource tonnage (Mt)Mt | 372.1 | 1,180.6 | 1,180.6 | 1,276.3 | 1,276.3 |
| Total Cu grade (%)% | 0.35 | 0.24 | 0.24 | 0.24 | 0.24 |
| Total contained Cu (t)tonnes | 1,301,600 | 2,843,700 | 2,845,700 | 3,032,500 | 3,032,500 |
FY2021 uses a 0.25% Cu cut-off; FY2022–FY2025 use 0.10% Cu. The FY2021 and later figures are not like-for-like resource growth measures.
These are reported estimates, not production or sales. FY2025 figures are the total project row in the selected annual-resource table.
Source: Caravel Minerals annual reports FY2021–FY2025; exact row evidence retained in the author evidence file.
Caravel Copper Project Ore Reserve (annual review snapshot)
mixed
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| Total Ore Reserve tonnage (Mt)Mt | N/A | N/A | 583.4 | 583.4 | 583.4 |
| Total Cu grade (%)% | N/A | N/A | 0.24 | 0.24 | 0.24 |
| Total contained Cu (Mt)Mt | N/A | N/A | 1.42 | 1.42 | 1.42 |
The maiden PFS Ore Reserve was released in July 2022, after 30 June 2022. FY2023 onward reports carry the 583.4Mt estimate; repeated values are reported snapshots, not annual additions.
The source table’s contained copper header is abbreviated CU (T), while the values 1.42 etc. are in million tonnes as supported by issuer narrative; units shown here are Mt.
Basis and presentation notes (6)
- Total Ore Reserve tonnage (Mt) / FY2021 — N/A: The maiden Ore Reserve was published in July 2022, after FY2022 balance date; this is not a period-end reserve for FY2021–FY2022.
- Total Ore Reserve tonnage (Mt) / FY2022 — N/A: The maiden Ore Reserve was published in July 2022, after FY2022 balance date; this is not a period-end reserve for FY2021–FY2022.
- Total Cu grade (%) / FY2021 — N/A: The maiden Ore Reserve was published in July 2022, after FY2022 balance date; this is not a period-end reserve for FY2021–FY2022.
- Total Cu grade (%) / FY2022 — N/A: The maiden Ore Reserve was published in July 2022, after FY2022 balance date; this is not a period-end reserve for FY2021–FY2022.
- Total contained Cu (Mt) / FY2021 — N/A: The maiden Ore Reserve was published in July 2022, after FY2022 balance date; this is not a period-end reserve for FY2021–FY2022.
- Total contained Cu (Mt) / FY2022 — N/A: The maiden Ore Reserve was published in July 2022, after FY2022 balance date; this is not a period-end reserve for FY2021–FY2022.
Source: Caravel Minerals annual reports FY2021–FY2025; exact row evidence retained in the author evidence file.
Reading the figures
- N/P means a line is not separately presented in the selected statement; nil reflects a source dash or explicit nil. N/A is used where the reserve had not yet been published by that fiscal balance date. No blank is treated as zero.
- FY2021 resource figures use a 0.25% Cu cut-off, unlike FY2022–FY2025 at 0.10%; movement across that boundary is not a like-for-like growth calculation.
- FY2024 EPS differs between the FY2024 primary profit-or-loss extraction, (1.23)c, and the FY2025 five-year remuneration KPI table, (1.25)c. The primary statement value is displayed.
Annual-report source registry
- Caravel Minerals Limited Annual Report 2021Financial year ended 2021-06-30; annual report dated 2021-09-30. Selected same-issuer table rows supplement the frozen extraction where identified.
- Caravel Minerals Limited Annual Report 2022Financial year ended 2022-06-30; annual report dated 2022-10-14. Selected same-issuer table rows supplement the frozen extraction where identified.
- Caravel Minerals Limited Annual Report 2023Financial year ended 2023-06-30; annual report dated 2023-10-30. Selected same-issuer table rows supplement the frozen extraction where identified.
- Caravel Minerals Limited Annual Report 2024Financial year ended 2024-06-30; annual report dated 2024-10-02. Selected same-issuer table rows supplement the frozen extraction where identified.
- Caravel Minerals Limited Annual Report 2025Financial year ended 2025-06-30; annual report dated 2025-09-26. Selected same-issuer table rows supplement the frozen extraction where identified.
Prepared from the existing annual extraction datasets, supplemented only by selected same-company annual-report tables and saved row interpretations. No new raw-document extraction or web financial research was used for this test.
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AI-led method
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