• Gold mineralisation at Vadrians now confirmed to at least 400m vertical depth
• Two diamond holes intersected gold at 294m and 415m down dip
• Metallurgical drilling delivered standout grades in fresh rock

Caprice Resources Ltd reported assay results from the second batch of holes completed as part of ongoing Phase 4 drilling at the Island Gold Project, located in the Murchison province of Western Australia. The results successfully confirm strike and dip extensions to the Vadrians lode system, demonstrating that gold mineralisation exists down to at least 400 metres below surface and remains open down plunge. Two diamond holes intersected gold at 294m and 415m down dip, with the holes interpreted to have clipped the margin of the plunging high-grade lode at depth. These results reinforce the system's continuity at depth. The metallurgical drilling programme also delivered standout grades in fresh rock, with one hole returning 9.0m at 9.1 g/t gold from 106m, including 7.0m at 11.6 g/t gold. The results add to geological model confidence and demonstrate the continuity and predictable controls essential for robust metallurgical and resource assessment. The Phase 4 drilling campaign is ongoing, with reverse circulation and diamond drilling targeting extensions of known high-grade lodes, and air core drilling testing new near-surface targets across the broader five-kilometre corridor.

The Phase 4 drilling programme will continue through year end and into 2026, with follow-up drilling already in planning to test deeper plunge extensions at Vadrians. With three rigs operating continuously, a steady flow of assays is expected through the first quarter of 2026, providing multiple near-term catalysts.