I recall that Luke Cox mentioned in a recent interview that he'd...

I recall that Luke Cox mentioned in a recent interview that he'd heard that Ramelius was rummaging around on Caprice's southern Island border with a drill rig.

Doesn't seem likely that they were, at least not during the March quarter anyway. This is what Ramelius said in their quarterly: "Regional exploration aircore drilling targeting the former Evolution / Musgrave JV tenure (now 100% Ramelius) is inprogress with results not yet available. The program will initially test structural targets directly north along strike of theBreak of Day mine, within the stratigraphically favourable Starlight Basalt unit".

This is a map off the Ramelius website, which I think shows that the Island tenement is north east rather than "directly north" of Break of Day. (I've used a blue marker to show where Caprice's tenements are).



And this map is from the Caprice website (have to say neither company scores highly for their cartographic skills).



Ramelius has every reason to hunt down additional deposits in what they call the Cue project, which includes Break of Day. This is how Cue was described in the Ramelius quarterly: "Cue was the star performer in the Quarter generatingA$120M in free cash flow alone... Our geological and operational teams have reconciled actual performance against our initial geological model of Cueincluding both tonnes and grade mined and milled in the March 2025 Quarter, resulting in 31% or 13,710 more ouncesproduced than initially modelled." Handy to find 13,710 ounces of $5,000 per ounce gold that you didn't know you had! I think Ramelius only paid just over $200m in scrip and cash to buy Musgrave and the Cue project in 2023. Turns out Musgrave was a screaming bargain for Ramelius.

That Rob Waugh - ex-boss of Musgrave - has now come onto the Caprice board as the non-exec chair suggests that if Caprice does find anything of substance in its current drill campaign at the Island area the company will be fully primed. Ramelius is the obvious acquirer but why not Westgold in the mix as well?