Shares in Caprice Resources Limited (ASX:CRS) rose by 50% on 09 May 2024 afternoon, following news that the company plans to acquire a 90% stake in the Bantam project, located in the West Arunta region of Western Australia. As of 12.25pm WST, Caprice was trading at 3 cents per share, its highest price since January 23. Bantam covers 1,470 square kilometres and is comprised of four contiguous tenements.

It also shares a 30km border with WA1 Resources' West Arunta project - a site which has substantially increased WA1's market cap. Caprice told the market it had entered into a binding option agreement with HJH Nominees to secure its stake in Bantam, and as such, will pay a non-refundable $30,000 option fee. The West Perth-based exploration company has also agreed to a series of consolidation-based conditions with HJH - including a $1.03 million cash payment, along with three milestone cash payments totaling $1.1 million following the granting of specific exploration licences.

HJH will be granted a 2% gross production royalty on the sale of any minerals mined from the four tenements. Should they wish to partially or fully divest their royalty, Caprice would have a right of first refusal to acquire it from HJH, or buy out 25% of their 2% royalty stake.