European funding interest builds for Caravel copper project

10:13AM February 20, 2026

Stockhead

• Caravel Minerals receives non-binding LOI from Finnvera plc, Finland’s official Export Credit Agency

• Second LOI comes from KfW IPEX, a German-based provider of international project and export finance

• Letters underscore international supply chain interest in Caravel Minerals’ copper and molybdenum product streams

Special Report: Caravel is making strong progress with the financing strategy to develop its namesake copper project in WA and has fielded letters of interest from two potential European sources.

A non-binding LOI has been received from Finnvera plc, Finland’s official Export Credit Agency, expressing interest in providing ECA-backed financing support for the Caravel project.

Another has been received from KfW IPEX, a specialist provider of international project and export finance within the KfW Group in Germany.

These non-binding LOIs underscore international supply chain interest in Caravel Minerals' (ASX:CVV)  copper and molybdenum product streams.

The Finnvera LOI relates to Metso’s proposed end-to-end copper concentrator technology, equipment and associated services package for the project.

It provides for financing of up to 85% of the value of Metso equipment imported to Australia, plus local costs within the commercial contract up to a maximum of 40% of the value of the imported equipment.

The KfW IPEX LOI confirms interest in providing up to US$220 million in tied, Finnvera-backed senior debt as senior lender for the Caravel project.

This is subject to satisfactory due diligence, including environmental and social matters, all approvals, execution of finance documentation satisfactory to KfW IPEX and fulfilment of applicable conditions precedent.

Financing progress

"The Letters of Interest from Finnvera and KfW IPEX mark significant progress in our financing strategy for the Caravel Copper Project,” Caravel Minerals managing director Don Hyma said.

“We are following a structured process to deliver a timely finance solution for the Project and our shareholders.

“These LOIs underscore strong international supply chain interest in our strategically significant copper and molybdenum product streams – recognised as critical minerals in multiple global jurisdictions – and strengthen our pathway to a multi-source funding package as we advance towards a Final Investment Decision.”

Export Credit Agency funding is expected to form a key component of Caravel’s diversified funding stack, alongside project offtake partner equity, precious metal streaming, mining fleet finance and traditional project debt.