• Major ~50,000m multi-rig drilling campaign commenced across Murchison Gold Projects
• Program targeting resource growth, high-grade extensions and new discoveries
• Strong cash position (~$14M) following recent placement to accelerate exploration

Caprice Resources Ltd (ASX: CRS) is pleased to announce the commencement of a large-scale, multi-rig drilling campaign of approximately 50,000 metres primarily at its flagship Island Gold Project in the Murchison region of Western Australia. The program represents a significant step-change in exploration intensity and is designed to rapidly advance the project towards a maiden Mineral Resource Estimate while unlocking the broader potential of the underexplored Island Gold Project (+5km gold corridor), the underexplored Cuddingwarra Project and ~30kms of fertile Greenstone within the Comet Gold Project. Recent drilling has confirmed the scale, continuity and high-grade nature of mineralisation at the Vadrians deposit, with the system now defined over more than 1,000m of strike and 400m vertical depth, and remains open in multiple directions. This ~50,000m drilling campaign will build on this momentum, targeting both extensions of known mineralisation and new parallel structures across the broader Island Gold corridor. The campaign will comprise a combination of reverse circulation drilling for resource definition, pre-collars and step-out drilling, diamond drilling targeting high-grade zones at depth and structural controls, and air core drilling for regional exploration and new target generation, including testing the Starlight Basalt extensions, which present 'Break of Day' style targets within the IGP mining lease, yet to see a drillhole.

The scale of this ~50,000 metre program reflects our confidence in the emerging high-grade gold system at Vadrians and the broader potential of the Island Gold Project and surrounding tenure. With multiple rigs spinning and a strong pipeline of targets, we are well positioned to deliver consistent news flow while rapidly advancing towards defining a significant gold resource in the Murchison.