Caprice Resources (CRS) Investor update summary

Maiden resource estimate

• Island Gold maiden MRE: 6.16Mt at 2.6g/t Au for 522koz, comprising 269koz Indicated and 253koz Inferred.

• Central Island hosts 498koz and New Orient 24koz; 95% of contained gold is at Central Island, and the system remains open to extension.

• High-grade component: 340koz at 5.8g/t Au using a 3.0g/t cut-off; 95% of the high-grade core lies within the optimized open-pit shell.

Exploration growth and drilling

• Conceptual Exploration Target of 500–900koz at 2.0–2.5g/t across 8–12Mt, additional to the MRE and not a Mineral Resource; target area spans more than 5km of strike, with ten outcropping BIF units and 50km of BIF search space.

• A fully funded 50,000m drilling program is underway, with 25,000m to come; ~75% is planned for resource expansion and 25% for new targets, including Comet after heritage surveys.

• Priority targets include eastern BIF around Vadrians, New Orient and southern prospects, plus the undrilled western lease where aircore drilling is underway.

• Infill and down-plunge drilling at Baxter, Golconda and New Orient is intended to support resource updates; assays and further Island step-outs are upcoming catalysts.

Metallurgy and infrastructure

• Testwork achieved up to 94% recovery at P80 75μm, 92% at a coarser 106μm grind, and 92% extraction in 24 hours; 33% coarse gold supports potential gravity and CIL processing.

• Free-milling characteristics include standard reagent consumption, no preg-robbing and minimal deleterious elements; reported test cost was A$25/oz.

• Four operating regional mills have combined installed capacity above 6.0Mtpa; Tuckabianna is ~20km by road and Mt Magnet ~50km from Island, with Checkers ~50km south.

• Murchison location offers nearby gold camps and processing hubs; Great Northern Highway crosses the lease and connects regional infrastructure.