Trading Halt Highlights Market Anticipation Ahead of Caprice’s Exploration Update

Context of the Price Query

On 10 February 2025, the Australian Securities Exchange (ASX) issued a price query to Caprice Resources Limited (ASX: CRS) following a notable increase in both the price and volume of CRS securities. The share price rose from $0.021 on 7 February to a high of $0.026, accompanied by a significant uptick in trading activity. The ASX sought clarification on whether Caprice was aware of any material information not yet disclosed to the market that could explain this movement.

Caprice’s Response and Trading Halt

Caprice Resources acknowledged possession of exploration results from its Island Gold Project that had not been previously announced. The company explained that these results were undergoing rigorous quality assurance and quality control (QA/QC) processes and validation to ensure accuracy before public release. Due to this, Caprice invoked Listing Rule 3.1A to temporarily withhold the information, implementing a trading halt to maintain market integrity while finalising the data.

Details of the Exploration Results

The drilling program at Island Gold commenced in December 2024 and was paused for the holiday period before resuming in February 2025. The December campaign included 10 drill holes (24IGRC001 to 24IGRC010), with samples submitted to the laboratory as a single batch on 20 December 2024. Due to volume, the laboratory processed these in four separate batches, with results received between 3 and 6 February 2025.

Following receipt, the results were reviewed and interpreted by an independent Competent Person, adhering to strict QA/QC protocols. This included blind sample submissions and cross-validation with adjacent drill holes to ensure robust interpretation. The company released these validated December 2024 results concurrently with its ASX response.

Ongoing Drilling and Future Updates

The second phase of drilling, initiated in February 2025, is currently underway with samples from the initial 10 holes already submitted to the laboratory. Caprice expects assay results from this phase to be received approximately six weeks after sample submission, with the entire drilling program anticipated to conclude by the end of February 2025.

Compliance and Market Implications

Caprice Resources confirmed its adherence to ASX Listing Rules, particularly continuous disclosure obligations under Listing Rule 3.1. The company emphasized that confidentiality was maintained throughout the validation process, justifying the temporary withholding of information. Additionally, recent CEO interviews and the prevailing high gold price were noted as contributing factors to market interest in CRS securities.

This episode underscores the delicate balance mining exploration companies must maintain between timely disclosure and ensuring data integrity. Investors keenly await the full suite of February drilling results, which will provide further insight into the Island Gold Project’s potential.