What CAPRICE RESOURCES does

Caprice Resources Limited (ASX:CRS) is a Perth-headquartered, pre-revenue junior mineral exploration company that acquires, explores, and advances tenements in Tier 1 Western Australian jurisdictions, with a stated primary focus on gold alongside copper, niobium, and rare earth elements (REEs). The company's portfolio is organised around three project areas: the Murchison Gold Projects — comprising the flagship Island Gold Project (hosting mineralisation across a five-kilometre structural corridor within 50km of established mining and processing hubs), the Comet Gold Project (~68km², 22km southeast of Cue), and the Cuddingwarra Gold Project (10km west of Cue); the Chobe Project in the West Arunta region (1,470km², prospective for niobium, REEs, and IOCG mineralisation, adjacent to WA1 Resources' Luni discovery); and the Mukinbudin Rare Earths Project (tenement E70/5939, 384km², ~25km northwest of Mukinbudin). Technical work is conducted via conventional exploration methods — geological mapping, aeromagnetic and ground gravity geophysical surveys (including a district-scale 100m-line-spacing aeromagnetic survey partnered with the Geological Survey of Western Australia), and RC, diamond, and aircore drilling programs, including a 50,000-metre multi-rig campaign at Island Gold.

The business is structured around a single sales-led go-to-market: the company monetises through equity capital raises on the ASX to fund exploration, with future potential revenue contingent on discovery-led offtake agreements, joint ventures with mid-tier or major mining companies, or sale of tenements. There is no current product revenue. Customer segments are equity holders — institutional and retail resource investors seeking commodity exposure — with mid-tier and major mining companies framed as future acquisition or JV counterparties seeking Tier 1 Australian gold assets. Capital is sourced via equity issuance; the company raised $7M in June 2025 (post Island Gold drilling success) and $12.74M in March 2026 (to accelerate Murchison exploration). Investor relations are delivered through ASX announcements, equity research coverage from GBA Capital, Euroz Hartleys, East Coast Research, and Canaccord Genuity, plus a video-heavy YouTube and MarketOpen engagement program.

Leadership is lean: Managing Director Luke Cox leads exploration activity and public communication, supported by Non-Executive Director Scott Deakin. The company is publicly listed with no disclosed parent or controlling entity, and its operating geography is exclusively Western Australia despite holding publicly stated ambitions to attract global resource investors via the ASX. The technology base is described as "conventional exploration methodologies" targeting BIF-hosted gold systems and carbonatite niobium-REE mineralisation, with no proprietary platform or AI/ML tooling referenced in company materials.

Name

CAPRICE RESOURCES

Legal name

Caprice Resources Limited

Website

https://capriceresources.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Caprice Resources is an ASX-listed (ASX:CRS) pre-revenue junior mineral explorer focused on gold, niobium, and rare earth element exploration across Tier 1 Western Australian tenements, serving institutional and retail resource investors through the ASX.

Ownership category

akta.pro rank

Product category

Mineral Exploration

NAICS

Gold Ore and Silver Ore Mining (21222), Metal Ore Mining (2122), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000), Miscellaneous Metal Ores (1090)

akta.pro primary industry

Mineral Exploration & Geoscience Services (Geology, Geophysics, Geochemistry, Resource Modeling) (IMAKAKAA)

akta.pro secondary industries

Exploration & Resource Development (Critical Minerals) (IMAKAFAL), Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)

Keywords

• Gold exploration
• Mineral exploration
• Niobium mining
• Rare earth elements
• Mining drilling services

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Marketing or Sales, Others

Revenue model

1. Pre-Revenue Exploration Stage: Caprice Resources is a pre-revenue junior exploration company. The company generates no current revenue from mineral production. Future revenue generation is contingent on successful exploration leading to commercially viable discoveries, which may then generate revenue through sale of tenements, joint venture arrangements, offtake agreements, or eventual mining operations.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

Caprice Resources is a junior mineral exploration company that acquires and explores mineral tenements in Tier 1 Western Australian jurisdictions. The company focuses on gold, copper, niobium, and rare earth element (REE) exploration across a portfolio of projects including the Murchison Gold Projects (Island Gold, Comet, Cuddingwarra), the Chobe Project in the West Arunta region, and the Mukinbudin Rare Earths Project, using geological mapping, geophysical surveys, and drilling programs (RC, diamond, aircore).

Product overview

Caprice Resources is a gold and minerals exploration company with a portfolio of exploration projects located in Tier 1 geological settings in Western Australia. The company's project portfolio includes three primary project areas: the Murchison Gold Projects (comprising the flagship Island Gold Project, the Comet Gold Project, and the Cuddingwarra Gold Project), the Chobe Project targeting niobium and rare earth elements in the West Arunta region, and the Mukinbudin Rare Earths Project. The company's focus is on gold exploration with a secondary focus on copper, niobium, and rare earth elements, servicing assets in proven mineralised belts.

Differentiator

Problem solved

Functional benefit

Products and services

• Island Gold Project Caprice's flagship gold exploration project located in Western Australia's Murchison Goldfields, hosting extensive high-grade gold mineralisation across a five-kilometre structural corridor within 50km of established mining and processing hubs.
• Comet Gold Project Gold exploration project covering approximately 68km² with granted tenements E20/908, E20/1000 and E21/213, situated north and along strike of the historical Comet gold mine.
• Cuddingwarra Gold Project Gold exploration project located 540km north-east of Perth and 10km west of Cue in the Murchison Greenstone Domain, prospective for Archaean orogenic gold mineralisation.
• Chobe Project Large exploration project spanning 1,470 km² in the West Arunta region of Western Australia, highly prospective for niobium, rare earth elements (REE), and IOCG mineralisation.
• Mukinbudin Rare Earths Project Rare earth exploration project consisting of tenement E70/5939 covering 384km², located approximately 25km northwest of Mukinbudin and 250km northeast of Perth, with five key rare earth targets delineated to date.
• Murchison Gold Projects Portfolio of gold exploration projects in the Murchison Goldfields region of Western Australia, encompassing the Island Gold, Comet, and Cuddingwarra projects across +149km² of granted mining leases.

Quantifiable outcome

• Gold recovery rate of 94% at Island Gold project
• +5 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Geological Survey of Western Australia (GSWA)coreStrategic or Co-development Partner · 1 August 2025GSWA commissioned a district-scale aeromagnetic survey with 100m line spacing across the broader West Arunta district at no cost to Caprice. The company conducted its own high-resolution aeromagnetic survey in conjunction with the GSWA programme. The resulting datasets will be integrated with planned ground gravity surveys to refine drill targets at the Chobe Project.
• WA1 Resources (ASX: WA1)minorOthersAdjacent leaseholder in West Arunta region. WA1's West Arunta Project hosts the world-class Luni Niobium-REE discovery which has boosted WA1's market cap to over $1b. Caprice's Chobe Project tenements are adjacent to WA1's holdings. This proximity provides geological context and confidence in the prospectivity of the West Arunta region for niobium and REE mineralization.

Scale indicators15 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Westgold Resources: Westgold Resources (ASX:WGX) is a mid-tier gold producer operating in the Murchison Goldfields region, providing a regional context for Caprice's Murchison exploration assets. Comparable geological setting and proximity to Caprice's gold projects, though at a much more advanced development stage.
• Ramelius Resources: Ramelius Resources (ASX:RMS) is a mid-tier gold producer with significant WA operations, including Mt Magnet in the Murchison region. The company is a comparable regional acquirer and provides context for the scale and economics of mines developed from Murchison gold discoveries.
• Capricorn Metals: Capricorn Metals (ASX:CMM) is a mid-tier gold producer with operations in Western Australia. The company provides a regional peer benchmark for Murchison-style gold exploration and is a likely acquirer of advanced exploration assets of the type Caprice is developing.

Direct peers

• Meeka Metals: Meeka Metals (ASX:MEK) is a small-cap WA gold explorer with Murchison-focused gold projects, closely comparable in scale, jurisdiction, and exploration stage to Caprice Resources. Both companies target Archaean orogenic gold systems in the same Tier 1 WA geological setting.
• Kingfisher Mining: Kingfisher Mining (ASX:KFM) is a small WA gold and critical minerals explorer with a similar market cap and pre-revenue exploration profile to Caprice. Both target Tier 1 WA geological settings with gold and REE exposure.
• Dreadnought Resources: Dreadnought Resources (ASX:DRE) is a WA-focused exploration company with critical minerals (including REE and niobium) and gold assets, comparable to Caprice in scale, listing venue, and multi-commodity pre-resource profile.
• Encounter Resources: Encounter Resources (ASX:ENR) is a junior critical minerals and gold explorer with projects in Western Australia, including niobium-REE and copper targets. The company is comparable in scale, exploration stage, and commodity mix (gold plus critical minerals) to Caprice.
• Spartan Resources: Spartan Resources (ASX:SPR) is a Western Australian gold explorer and emerging producer operating in the Murchison region, directly comparable to Caprice's Murchison Gold Projects in terms of geology, jurisdiction and exploration-stage profile. Both companies are advancing high-grade gold systems toward resource definition.
• WA1 Resources: WA1 Resources (ASX:WA1) is the most direct peer - a junior critical minerals explorer whose world-class Luni niobium-REE discovery in the West Arunta sits directly adjacent to Caprice's Chobe Project. Both companies target niobium and REE mineralisation in the same West Arunta district with comparable pre-resource exploration profiles.

Regional players

• Resource Mining Corporation: Resource Mining Corporation (ASX:RMI) is a small-cap exploration company with WA-based critical minerals and base metals projects, broadly comparable in scale and pre-revenue exploration profile to Caprice. Less directly competitive in commodities and tenure but a useful listed junior peer for benchmarking valuation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CapriceLimited
• YouTubeyoutube.com/@CapriceResources
• LinkedInlinkedin.com/company/caprice-resources-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CAPRICE RESOURCES