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MAIDEN HIGH-GRADE MINERAL RESOURCE AT THE ISLAND ISLAND GOLD PROJECT | MURCHISON, WA ASX: CRS | capriceresources.com November 2026 | MRE and ET
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CORPORATE SNAPSHOT 2 A Murchison gold explorer with three projects between Cue and Mt Magnet CAPITAL STRUCTURE Share price (29 October 2026) A$0.065 Shares on issue3 871.4 M Options and performance rights1,3 49.2 M Market capitalisation (undiluted) A$56.6 M Cash (30 September 2026)2,3 A$9.45 M Enterprise value A$47.2 M REGISTER COMPOSITION BOARD AND MANAGEMENT 29% 3% 23% 45% Top 20 (excl. Institutions) Board and Management Institutions Other Material holders include: Jupiter Asset Management IFM (Host Plus) Lowell Research coverage: Euroz (now BMO) 1. Various hurdles, exercise prices and expiry dates. 2. Cash at the end of the September 2026 quarter. 3. Does not include shares, options and performance rights to be issued pursuant to shareholder approval on 23 October 2026. ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island LUKE COX Managing Director ROB WAUGH Non-Executive Chairperson SCOTT DEAKIN Non-Executive Director ROGER MASON Non-Executive Director - 20 40 60 80 100 120 $- 0.04 0.08 0.12 0.16 0.20 Nov 25 Dec 25 Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 Jul 26 Aug 26 Sep 26 Oct 26 Volume (million shares, RHS) Share Price (A$/share)
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MAIDEN MRE ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island 3 A 522koz maiden Mineral Resource, with high-grade core and a system that remains open Refer to Caprice ASX announcement, Maiden Mineral Resource Estimate and Updated Exploration Target, 4 November 2026. Figures are rounded. The high-grade core is a subset of the reported Central Island Mineral Resource. 5.8g/t HIGH-GRADE COMPONENT 340koz gold at 5.8g/t Au reported at a 3.0g/t Au cut-off $25/oz EXPLORATION COST Resource comprises Central Island and New Orient deposits, with multiple extensional and new exploration zones still to tested beyond the current limits of the MRE 94% PROCESSING GOLD RECOVERY And 33% course gold, supporting the future potential for a simple low-cost conventional gravity and CIL processing flowsheet MAIDEN ISLAND GOLD PROJECT MRE 522koz contained gold 6.16Mt at 2.6g/t Au including 340koz at 5.8g/t at 3g/t cut-off
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MAIDEN MRE DECLARED AT THE ISLAND GOLD PROJECT 4 95% of total contained gold Hosted at Central Island ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island 253koz INFERRED 3.16 at 2.5g/t Au Cut-off (g/t Au) 0.3 0.5 0.9 1.0 1.5 2.0 3.0 5.0 Tonnes (Mt) 6.1 5.3 4.6 4.4 3.3 2.6 1.8 0.9 Grade (g/t Au) 2.6 2.9 3.3 3.4 4.1 4.7 5.8 7.5 Gold (koz) 522 512 497 491 446 406 340 228 498koz CENTRAL ISLAND 269koz INDICATED 2.99Mt at 2.8g/t Au 24koz NEW ORIENT 522koz COMBINED
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HIGH-GRADE COMPONENT WITH FURTHER UPSIDE ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island 5 high-grade with significant ounces per vertical metre Refer to Caprice ASX announcement, Maiden Mineral Resource Estimate and Updated Exploration Target, 4 November 2026. Figures are rounded. The high-grade core is a subset of the reported Central Island Mineral Resource. HIGH-GRADE COMPONENT 340koz contained gold 5.8g/t Au at 3g/t cut-off Musgrave Minerals Break of Day Starlight Lena High-Grade Component Penny West Penny North Spectrum Metals High-Grade Component Unencumbered No third-party agreements No mill agreements No ore purchase agreements Island Gold Ore Source
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NEW EXPLORATION TARGET ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island 6 500 to 900koz New Exploration Target within the +15Moz endowed Murchison Goldfields Refer to Caprice ASX announcement, Maiden Mineral Resource Estimate and Updated Exploration Target, 4 November 2026. Figures are rounded. The high-grade core is a subset of the reported Central Island Mineral Resource. Cautionary Statement: The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the mineralisation covered by the Exploration Target, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource. ~5km BROADER ISLAND CORRIDOR Resource comprises Central Island and New Orient deposits, with multiple extensional and new exploration zones still to tested beyond the current limits of the MRE 25,000m OF FUNDED DRILLING TO COME Drilling has continued post the 10 August 2026 database cut-off, targeting resource extensions and high-priority targets. NEW EXPLORATION TARGET 500koz to 900koz contained gold 8 to 12Mt at 2.0 to 2.5 g/t Au ACROSS PROSPECTIVE AREAS BEYOND THE CURRENT MRE TO GUIDE FURTHER EXPLORATION WITHIN THE ISLAND GOLD PROJECT +15Moz* MURCHISON ENDOWMENT Targeting the next major Murchison gold discovery, with extensive untested geology and multiple priority targets offering significant discovery potential. * Combined resources of other companies in the Murchison
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NEW EXPLORATION TARGET DEFINED 7ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island Mineralisation over more than 5km of strike +5km strike Ten outcropping BIF units 50km of BIF search space within North, Central and South Island Additional search space West Island includes: • Western BIF package • Interpreted Break of Day Stratigraphy • Historical workings Austin site
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ISLAND GOLD PROJECT SCHEMATIC LOOKING WEST Tonnes (Mt) Grade (g/t Au) Contained Gold (oz) Low High Low High Low High 8 12 2.0 2.5 500,000 900,000 LARGE GROWTH OPPORTUNITY AWAITS 8 Exploration Target defines additional opportunity beyond the MRE ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island Leapfrog Modelled 4,000m strike and 400m depth Average bulk density of 3.0 t/m3 Conceptual grade range 2.0 to 2.5 g/t Au The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the mineralisation covered by the Exploration Target, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.
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SUITABLE FOR CONVENTIONAL GRAVITY AND CIL FREE-MILLING ORE, STRONG METALLURGICAL RECOVERIES 9 Confirmed suitability for a conventional gravity and CIL processing flowsheet ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island STRONG RECOVERIES OF UP TO 94% achieved at a grind size of P80 75µm GRIND P80 75µm good recoveries (92%) still present at a coarser 106µm grind GRAVITY GOLD 33% Coarse gold RAPID LEACH KINETICS 92% Extraction in 24 hrs PROCESSING ROUTE Supporting the future potential for a simple, low-cost processing route STANDARD REAGENT CONSUMPTION NO “PREG” ROBBING AND MINIMAL DELETERIOUS ELEMENTS
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MURCHISON GOLD PROCESSING CAPACITY 10 +Four operating mills across the Murchison with +6.0 Mtpa of combined installed capacity ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island UNEMCUMBERED ORE +4 MILLS Short trucking distance Mill Operator Capacity Road from Island¹ Operating status and expansion Tuckabianna 1.4 Mtpa ~20 km Operating · 1.7 Mtpa targeted in FY28 Mt Magnet 1.9 Mtpa ~50 km Operating · 4.3 Mtpa upgrade underway Bluebird 1.8 Mtpa ~100 km Operating · processed 482 kt in Q1 FY27 Andy Well 0.6 Mtpa ~180 km Operating · processed 149 kt in Sept Qtr ¹ Indicative road distances via Great Northern Highway. Site access may affect haul distance.
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A MUCH LARGER CORRIDOR AWAITS 11 Further opportunity beyond the IGP Mining Lease area, offers additional growth potential ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island Comet camp Re-opening mines Active Processing plant +2Moz gold endowment • Strategic ground immediately north of Valiant’s Comet gold mine • Prospective mineralised corridor extending into Caprice tenure • Potential repeat structures offer additional exploration targets • Established gold camp with existing processing infrastructure nearby • Planned drilling to test priority targets and mineralisation extensions Interpreted Repeat Gold Structure
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GROWTH STRATEGY 12 The maiden MRE sets foundation .…..a large programme of growth drilling continues ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island 2026 Resource growth drilling and business refinement 50,000m OF FULLY FUNDED DRILLING +50% MURCHISON LAND EXPANSION $2.8M DIVESTMENT OF NON-CORE ASSETS +500koz Gold MAIDEN MINERAL RESOURCE ESTIMATE 2027 Continued growth drilling and project development CONTINUED IGP GROWTH DRILLING BASELINE STUDIES METALLURGY PERMITTING STEP-OUT AND REGIONAL DISCOVERY UPDATES TO MINERAL RESOURCE
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13 STRATEGIC LOCATION 13 • Prolific historical mining and processing region with a growing endowment of over 15Moz gold • Host to multiple well-known mining centres: • Hill 50: 6Moz • Big Bell: 4.8Moz • Great Fingall: 1.8Moz • Several proximate gold processing hubs: • Cue: 25km • Mt Magnet: 50km • Meekatharra: 100km • Great Northern Highway links regional infrastructure together TIER 1 DISTRICT WITH ESTABLISHED INFRASTRUCTURE SET TO PROVIDE AN EXPEDITED PATH TO PRODUCTION ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island
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CAPRICE RESOURCES MURCHISON PROJECT HIGHLIGHTS ISLAND GOLD MURCHISON, WESTERN AUSTRALIA 100% CAPRICE • A 5km by 1km corridor hosting high-grade gold mineralisation • Gold hosted in multiple BIF units up to 30 metres thick • Mineral Resource Estimate 522koz at 2.6g/t • Exploration Target* 2.0 to 2.5g/t for 500 to 900koz at 8 to 12Mt COMET GOLD MURCHISON, WESTERN AUSTRALIA 75% CAPRICE • Directly along strike from the Island Gold Project • Shares host rocks with Comet and Tuckabianna Gold Mines • Multiple walk-up gold targets identified along strike and adjacent to Comet Gold Mine complex CUDDINGWARRA MURCHISON, WESTERN AUSTRALIA 80% CAPRICE • Emerging gold target in a proven belt adjacent to West Gold’s Cuddingwarra Mine • Strong early-stage results, coherent gold anomalies defined within multiple target zones • Follow-up drilling planned 14 ASX: CRS * The potential quantity and grade of the Exploration Target are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for the mineralisation covered by the Exploration Target, and it is uncertain whether further exploration will result in the estimation of a Mineral Resource.
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“ The maiden Mineral Resource Estimate will establish a foundation for the Island Gold Project, bringing together the drilling completed across Central Island and New Orient into a resource we can build on. The updated Exploration Target will show the potential beyond those initial resource areas and help guide the next phase of drilling. We have made significant progress in understanding the high-grade gold system, but there is still much of the Island to test. Our focus remains on growing the resource through targeted drilling while advancing the broader exploration pipeline.” Luke Cox, Managing Director CONTACT Mr. Luke Cox info@capriceresources.com capriceresources.com ASX: CRS
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MAIDEN MINERAL RESOURCE ESTIMATE 6.16Mt at 2.6g/t for 522koz of contained gold 01
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APPENDIX 1: MINERAL RESOURCE ESTIMATE DETAIL 17 Maiden Mineral Resource by deposit, domain and classification Deposit Category Tonnes (Mt) Grade (g/t Au) Ounces (koz Au) Central Island Indicated 2.99 2.8 269 Central Island Inferred 2.90 2.5 229 Central Island Total 5.90 2.6 498 New Orient Inferred 0.26 2.8 24 New Orient Total 0.26 2.8 24 Island Gold Project Indicated 2.99 2.8 269 Island Gold Project Inferred 3.16 2.5 253 Island Gold Project Total 6.16 2.6 522
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STATEMENTS AND CAUTIONARY NOTES 02
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IMPORTANT NOTICE 19 Previously reported information, Competent Persons statements ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island Previously Reported Information This announcement contains information relating to Exploration Results that have previously been reported in accordance with Listing Rule 5.7 by the Company on the dates noted below. Other than the Mineral Resource Estimate reported in this announcement, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement. • 31 January 2022 • 17 February 2022 • 1 June 2022 • 12 February 2025 • 1 April 2025 • 21 July 2025 • 5 August 2025 • 9 December 2025 • 19 January 2026 • 11 February 2026 • 4 March 2026 • 26 March 2026 • 6 May 2026 • 13 July 2026 Competent Persons Statements The information in this report that relates to the Exploration Results is based on information compiled by Mr Luke Cox, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy and is a full-time employee of the Company. Mr Cox has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Cox consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this announcement that relates to the Mineral Resource Estimates for the Central Island and New Orient deposits has been compiled by Mr John Winterbottom (AIG 6112), a Competent Person and Member of the Australian Institute of Geoscientists. Mr Winterbottom prepared the Central Island Mineral Resource Estimate. The New Orient Mineral Resource Estimate is based on the block model estimated and classified by SLR Consulting Australia Pty Ltd (Justine Tracey, MSc, MAusIMM (CP)) in February 2025, for which Mr Winterbottom takes responsibility as Competent Person, and on the pit optimisation and Mineral Resource reporting completed by Caprice at the revised gold price and cut-off grade. Mr Winterbottom is a full-time employee of Helena Consulting Pty Ltd and was engaged by Caprice on a fee for service basis. Mr Winterbottom is independent of Caprice and holds no shares in Caprice. Mr Winterbottom has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Winterbottom consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. The information in this report that relates to the Exploration Target is based on information compiled by Mr Duncan Franey, a Competent Person who is a Member of the Australian Institute of Geoscientists and is a full-time employee of the Company. Mr Franey has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Franey consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
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IMPORTANT NOTICE 20 Forward looking statements and compliance references ASX: CRS | Maiden Mineral Resource and Exploration Target Declared at the Island Forward Looking Statements This announcement may contain certain forward-looking statements, guidance, forecasts, estimates or projections in relation to future matters (Forward Statements) that involve risks and uncertainties, and which are provided as a general guide only. Forward Statements can generally be identified by the use of forward-looking words such as “anticipate”, “estimate”, “will”, “should”, “could”, “may”, “expects”, “plans”, “forecast”, “target” or similar expressions and include, but are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of the Company. The Company can give no assurance that these expectations will prove to be correct. You are cautioned not to place undue reliance on any forward-looking statements. None of the Company, its directors, employees, agents, or advisers represent or warrant that such Forward Statements will be achieved or prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this announcement. Actual results may differ materially from those anticipated in these forward-looking statements due to many important factors, risks, and uncertainties. The Company does not undertake any obligation to release publicly any revisions to any “forward- looking statement” to reflect events or circumstances after the date of this announcement, except as may be required under applicable laws. This presentation has been approved for release by the Board and is current as at 5 November 2026. Cautionary Statement & Risks Exploration Target Cautionary Statement: The potential quantity and grade of an Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Resource Classification and Geological Confidence: The Mineral Resource Estimate (MRE) disclosed in this announcement comprises 52% Indicated Mineral Resources and 48% Inferred Mineral Resources. Investors are cautioned that Mineral Resources that are not Ore Reserves do not have demonstrated economic viability. In particular, the Inferred Mineral Resource component (representing 48% of the total resource tonnage) is based on lower-density drilling and limited geological evidence. While this material reflects a reasonable expectation of mineralization continuity, it possesses a lower level of geological and grade confidence compared to the Indicated portion. There is no certainty that further exploration and infill drilling will result in the successful upgrade of the Inferred Mineral Resources to the Indicated or Measured classifications, or that they will eventually be converted into Ore Reserves once Modifying Factors are applied. Reasonable Prospects for Eventual Economic Extraction (RPEEE): The MRE has been constrained and reported using preliminary technical and economic parameters to demonstrate reasonable prospects for eventual economic extraction. However, these parameters are conceptual in nature. The final economic extraction of the resource remains subject to a variety of material risks, including but not limited to: • Geological Continuity: Variations in structural geology, faulting, and grade distribution that may deviate from the current resource model. • Metallurgical Recovery: Potential variations in mineralogy across different resource zones that could impact processing recoveries and throughput. • Modifying Factors: Future engineering, infrastructure, permitting, social, and environmental approvals required to advance the project toward development.