Caprice’s Bold Expansion Raises Questions on Funding and Resource Growth Ahead

Strong Drilling Momentum at Island Gold

Caprice Resources Ltd (ASX, CRS) has delivered a robust update for the quarter ended 31 December 2025, highlighting continued advancement of its flagship Island Gold Project (IGP) in Western Australia’s prolific Murchison Goldfields. The company’s Phase 4 drilling programme is nearing completion, with approximately 15,000 metres drilled across reverse circulation, diamond, and air core methods. Results to date confirm gold mineralisation extending over 1,000 metres of strike and to at least 400 metres vertical depth, with the system remaining open for further expansion.

Noteworthy assay results include high-grade intercepts such as 4 metres at 30.6 grams per tonne (g/t) gold from 255 metres, and 10 metres at 12.8 g/t from 220 metres, underscoring the continuity and quality of the mineralised zones. The discovery of a new high-grade quartz reef within a mafic host rock adjacent to the Vadrians lode adds an exciting new target for growth.

Strategic Expansion Through Comet Acquisition

In a significant strategic move, Caprice executed a binding earn-in agreement to acquire a 75% interest in the Comet Gold Project, located along strike from Island Gold. This acquisition effectively triples the company’s landholding in the Murchison region to a contiguous 68 square kilometres, consolidating its position in a highly prospective gold district. The Comet Project shares similar geological characteristics with Island Gold, including Banded Iron Formation units known to host gold mineralisation.

Early-stage field exploration at Comet has commenced, focusing on reconnaissance, mapping, and target generation. The company is leveraging historical data integrated into advanced AI platforms to prioritise drill targets, with drilling expected to commence mid to late 2026.

Advancing Exploration at Chobe Project

Caprice is also progressing its exploration efforts at the Chobe Project in the West Arunta region, an emerging mineral province noted for niobium, rare earth elements, and copper-gold potential. A high-resolution aeromagnetic survey was completed during the quarter, with results anticipated in the first quarter of 2026. These data, combined with planned ground gravity surveys, will refine and prioritise high-quality drill targets, positioning Caprice to explore for large-scale, high-value mineral systems in this underexplored frontier.

Financial Position and Outlook

Caprice ended the quarter with a cash balance of A$4.8 million, having invested approximately A$2.5 million in project and exploration activities. Managing Director Luke Cox emphasised the company’s strong operational momentum and strategic growth, noting that drilling continues at Island Gold with assays pending for multiple holes. The company’s expanding footprint and technical progress set the stage for a busy and potentially transformative 2026.