07 May 2026 9:40 am AEST: Caprice Investor Presentation - RIU Sydney Resources Roundup [RAPIDLY GROWING THE MURCHISON’S NEXT MAJOR GOLD DISCOVERY, 15 pages]

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Source: 07 May 2026: Caprice Investor Presentation - RIU Sydney Resources Roundup.pdf [RAPIDLY GROWING THE MURCHISON’S NEXT MAJOR GOLD DISCOVERY]

Disclosure: I hold. Both in real life and here on SM.

I'm averaging up into CRS as I think the recent hit is supporting a step change in prospectivity which drives a step change in potential outcomes to the upside. Despite the re-rate, the asymmetry of the bet is stronger imo.

The headline hit of 8m at 181gpt in a different mineralised structure really opens up the prospectivity of the geology and if there is any continuity around it, it will add meaningful ounces to my prior estimate which is also very conservative.

I was RIU and so was CRS so I got the opportunity to talk to the MD and exploration manager after the release. The key points are:

• System potential opens up with new styles. Go back to rethink targeting
• Rushing assays on the down dip holes and hope to have assays in 2-3wks.
• The RC is going straight back to his area to test around the reported hole to test scale.
• I got a better understanding on BIF style units and my SG was too low in my estimate. I got a better appreciation for grade in Z2 although this are is a little more complex as they have noted a cross-cutting dyke.
• The release has assays for extension at Vadrians which continue to expand the resource

A perk of being at a conference is I run into geos and can talk about things like CRS. Overall, the feedback was strong with some thinking CRS may already have 1moz+ defined across the IGP. Despite upgrading, I still sit conservatively but I think there is ~730-920koz at 4-5gpt all sitting within an open pit. The upper bound includes the addition of Baxters and New Orient.

Cashed up and drilling 50km this year, lots of newflow and catalysts ahead.

Keeping the thesis short.

CRS is drilling out a BIF structure that sits under a ML at their Island gold project, which is located next to RMS and WGX in the Murch. The geology has parallels to the adjacent Break of Day deposit drilled out my MGV and bought out by RMS.

In the IGP, CRS has drilled out three prospects with Vadrians being the biggest success demonstrating high grade gold over 1km of strike and up to 400m deep. The prospect remains open in all directions and is subject to ongoing drilling/ Based on released results, I think this prospect has +/-370koz defined and a range of ~200-550koz. Smaller ore bodies have been defined at Baxter and New Orient.

In recent months, CRS has stepped out and conducted mapping, sampling and geophys to evaluate regional potential and generate more drilling targets. Two BIF structures have been identified in this work with 5+ more targets beyond the existing prospects better defined.

CRS recently raised $12m in new equity that was quite institutional. Post raise, CRS has expanded the drilling at the IGP from 5km, to 10km and most recent 50km. This is a significant level of drilling that could not only expand on the existing key prospects but also prove out regional potential, thus setting up the potential to grow the resource well beyond what I have estimated.

I have followed CRS for a while but I think now is the "right" time to speculate as:

• Exploration is high impact so big potential in drilling
• Well funded to drilling a lot of metres thus can grow the resource significantly
• EV of ~$55m is undemanding based on estimate of ounces at Vadrians
• Despite recent volatility, the market remains supportive of exploration so can be rewarded for success

It must be close to the top of the ASX gold market.

Caprice Resources (ASX:CRS) are emailing around “60 second updates”.  Probably not the only ASX gold explorer doing this, and of course all done in the name of looking after investors.  

⌚ Caprice Resources’ (ASX:CRS) CEO Luke Cox 60-second update from the Island Gold Project! ⛏????

The CPR short videos no doubt directed at "investors" sitting on their bums at home with their iPhone open showing their make-believe share fortunes and for real rent and credit card debt.  The latest video (above) from CRS shows a hill of barren rock somewhere in the desert where the CEO Luke Cox tells us the gold is. And of course, CRS owns it all.   And like a latter-day Steve Irwin, some wally in a khaki shirt walks into the camera and exclaims: “WHOA LOOK AT THIS!”   Pointing to what I think we are meant to assume are nuggets of raw gold sticking out of the side of the hill.

The real Steve Irwin would get excited about a piece of marsupial scat, hold it up to the camera, tell us how special it was and then tuck it safely away in his top pocket. The viewer was in no doubt what it was - just a piece of dried-up old possum shit.  And everyone would have a good old belly laugh. Simple, harmless entertainment.   

However the ASX gold promoters, and they are sprouting up all over the place, are about convincing the gullible faeces is gold.  By the time they are finished sprinkling their brand of pixie dust into suburban lounge rooms all over Australia I suspect not too many will be laughing.