New Risk • May 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$139.2m (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 12% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$139.2m market cap, or US$99.6m). Reported Earnings • Mar 16
First half 2026 earnings released: EPS: AU$0.015 (vs AU$0.027 loss in 1H 2025) First half 2026 results: EPS: AU$0.015 (up from AU$0.027 loss in 1H 2025). Revenue: AU$93.8m (up AU$86.1m from 1H 2025). Net income: AU$9.08m (up AU$15.1m from 1H 2025). Profit margin: 9.7% (up from net loss in 1H 2025). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Metals and Mining industry in Australia. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. New Risk • Nov 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: AU$151.4m (US$98.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (137% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$151.4m market cap, or US$98.4m). Reported Earnings • Oct 01
Full year 2025 earnings released: AU$0.034 loss per share (vs AU$0.032 loss in FY 2024) Full year 2025 results: AU$0.034 loss per share (further deteriorated from AU$0.032 loss in FY 2024). Revenue: AU$34.8m (up 47% from FY 2024). Net loss: AU$20.2m (loss widened 266% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 89 percentage points per year, which is a significant difference in performance. New Risk • Sep 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (190% increase in shares outstanding). Minor Risk Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Duyuru • Sep 23
Kaiser Reef Limited, Annual General Meeting, Nov 17, 2025 Kaiser Reef Limited, Annual General Meeting, Nov 17, 2025. Duyuru • Jul 09
Kaiser Reef Limited Announces Production Update for June Quarter Ended 30 June 2025 Kaiser Reef Limited reported on its gold production for the quarter ended 30 June 2025. During the quarter, on 15 May 2025, Kaiser settled the acquisition of the Henty Gold Mine and associated Tasmanian exploration tenements from Catalyst Metals Limited and has integrated Henty into the Kaiser business. The company reported gold production from Henty Gold Mine Production (15 May - 30 June) of 4,069oz Au and Maldon Gold Mine Production (1 April - 30 June) of 756.3oz Au and mined gold of 551.7oz Au from A1 Gold Mine Production (1 April - 30 June). Duyuru • May 16
Kaiser Reef Limited has completed a Follow-on Equity Offering in the amount of AUD 30 million. Kaiser Reef Limited has completed a Follow-on Equity Offering in the amount of AUD 30 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 65,152,640
Price\Range: AUD 0.14
Discount Per Security: AUD 0.0084
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 149,133,075
Price\Range: AUD 0.14
Discount Per Security: AUD 0.0084
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 18
First half 2025 earnings released: AU$0.027 loss per share (vs AU$0.018 loss in 1H 2024) First half 2025 results: AU$0.027 loss per share (further deteriorated from AU$0.018 loss in 1H 2024). Revenue: AU$7.68m (down 45% from 1H 2024). Net loss: AU$5.98m (loss widened 127% from 1H 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Duyuru • Jan 24
Kaiser Reef Limited has completed a Follow-on Equity Offering in the amount of AUD 8.425 million. Kaiser Reef Limited has completed a Follow-on Equity Offering in the amount of AUD 8.425 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 46,666,666
Price\Range: AUD 0.15
Discount Per Security: AUD 0.009
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,500,000
Price\Range: AUD 0.15
Discount Per Security: AUD 0.009
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,000,000
Price\Range: AUD 0.15
Discount Per Security: AUD 0.009
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 47% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (47% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$41.4m market cap, or US$25.8m). New Risk • Oct 30
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 70% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$47.7m market cap, or US$31.3m). Duyuru • Oct 22
Kaiser Reef Limited has filed a Follow-on Equity Offering in the amount of AUD 8.05 million. Kaiser Reef Limited has filed a Follow-on Equity Offering in the amount of AUD 8.05 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 44,166,666
Price\Range: AUD 0.15
Discount Per Security: AUD 0.009
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 3,500,000
Price\Range: AUD 0.15
Discount Per Security: AUD 0.009
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,000,000
Price\Range: AUD 0.15
Discount Per Security: AUD 0.009
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Duyuru • Oct 10
Kaiser Reef Limited, Annual General Meeting, Nov 29, 2024 Kaiser Reef Limited, Annual General Meeting, Nov 29, 2024. Reported Earnings • Sep 26
Full year 2024 earnings released: AU$0.034 loss per share (vs AU$0.008 profit in FY 2023) Full year 2024 results: AU$0.034 loss per share (down from AU$0.008 profit in FY 2023). Revenue: AU$23.7m (down 23% from FY 2023). Net loss: AU$5.53m (down AU$6.71m from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Sep 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Shareholders have been diluted in the past year (38% increase in shares outstanding). Market cap is less than US$100m (AU$30.7m market cap, or US$21.0m). Duyuru • May 23
Kaiser Reef Limited has filed a Follow-on Equity Offering in the amount of AUD 5.01 million. Kaiser Reef Limited has filed a Follow-on Equity Offering in the amount of AUD 5.01 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,200,000
Price\Range: AUD 0.15
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 27,200,000
Price\Range: AUD 0.15
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 12
First half 2024 earnings released: AU$0.018 loss per share (vs AU$0.011 profit in 1H 2023) First half 2024 results: AU$0.018 loss per share (down from AU$0.011 profit in 1H 2023). Revenue: AU$14.0m (down 7.4% from 1H 2023). Net loss: AU$2.63m (down 274% from profit in 1H 2023). Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. New Risk • Mar 09
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$2.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-AU$2.9m free cash flow). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (AU$23.9m market cap, or US$15.9m). New Risk • Feb 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (AU$21.4m market cap, or US$13.9m). Duyuru • Dec 27
Kaiser Reef Limited has completed a Follow-on Equity Offering in the amount of AUD 3.475 million. Kaiser Reef Limited has completed a Follow-on Equity Offering in the amount of AUD 3.475 million.
Security Name: Ordianry Shares
Security Type: Common Stock
Securities Offered: 23,166,667
Price\Range: AUD 0.15
Discount Per Security: AUD 0.009
Transaction Features: Subsequent Direct Listing Duyuru • Oct 02
Kaiser Reef Limited, Annual General Meeting, Nov 23, 2023 Kaiser Reef Limited, Annual General Meeting, Nov 23, 2023. Agenda: To consider election of Directors. Reported Earnings • Sep 29
Full year 2023 earnings released: EPS: AU$0.008 (vs AU$0.017 loss in FY 2022) Full year 2023 results: EPS: AU$0.008 (up from AU$0.017 loss in FY 2022). Revenue: AU$30.7m (up 35% from FY 2022). Net income: AU$1.17m (up AU$3.43m from FY 2022). Profit margin: 3.8% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. New Risk • Sep 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Market cap is less than US$100m (AU$25.9m market cap, or US$16.7m). New Risk • Sep 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (20% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Shareholders have been diluted in the past year (4.7% increase in shares outstanding). Market cap is less than US$100m (AU$26.6m market cap, or US$17.0m). Reported Earnings • Mar 10
First half 2023 earnings released: EPS: AU$0.011 (vs AU$0.021 loss in 1H 2022) First half 2023 results: EPS: AU$0.011 (up from AU$0.021 loss in 1H 2022). Revenue: AU$15.1m (up 77% from 1H 2022). Net income: AU$1.51m (up AU$4.17m from 1H 2022). Profit margin: 10.0% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • Feb 11
Kaiser Reef Limited Announces Grant of Key Exploration Licence At the Maldon Gold Project Kaiser Reef Limited reported that the large 144 km2 exploration licence has been granted which covers an area substantially larger than the combined Maldon mining licences and provides access to the uniquely exploration target around the Nuggety Reef Mine. Accessing ideal drilling positions has been extremely challenging from within Kaiser's very narrow mining licence (MIN5528) which covers the Nuggety Reef project. Kaiser has keenly awaited the grant of its large surrounding exploration licence that will facilitate far more effective drilling in the future. The aim of future drilling at the Nuggety Mine will be to test down dip positions near the granite contact and following the down plunge positions of the Nuggety Mine. Drilling will also be designed to delineate the bismuth mineralisation trend and coincident for a high-grade gold mineralisation. Kaiser is currently undertaking a major infrastructure programme at the A1 Mine site including the installation of a high voltage power upgrade, expanded underground remote mining fleet and ongoing development to facilitate upcoming mining opportunities. While this is the immediate focus, exploration drilling permits will be sought and drilling will be conducted once the infrastructure programme has been implemented. The Maldon Goldfield is wholly owned by Kaiser and it is a priority plan to bring the Union Hill mine at Maldon back into production. The following update and summary of Maldon is provided. Further engineering and future planning were conducted at Union Hill and a review of certain key infrastructure was undertaken. The work conducted was limited due to a focus on the A1 production ramp up. Further work at Maldon is ongoing. o High Grade Drill Results such as 2.2m @ 10.3 g/t gold, including 0.4m @ 52.8 g/t gold (ASX release dated 1 March 2022) o Geophysical Exploration Targets Identified Kaiser announced the first results from drilling at the Nuggety Reef historic gold mine, located at the northern end of the Union Hill gold mine in Maldon, Victoria on 1 March 2022. Nuggety was one of, if not the, highest grade significant Australian gold mine with recorded production of 301,000 ounces at 187 g/t recovered gold. The Nuggetty Reef was discovered in 1856 and produced 301,000 ounces of gold from 50,000 tonnes of ore averaging 187 g/t Au over a 10-year period. The reef was mined over a strike length of 350 metres with four shafts, sunk to a maximum depth of 238m. The Nuggety Reef is contained within the broader Nuggetty shear zone and is the most northern reef and mine in the Maldon Goldfield. The deposit is truncated by the Harcourt Granodiorite to the north and at depth, forming a south plunging footwall. Nuggetty is situated within steep eastern dipping metasediments that have been contact metamorphosed to cordierite - andalusite hornfels. The mine workings strike north - south and comprise of 2 sub-vertical east dipping quartz reefs, referred to as the west reef and the east reef. These structures are joined at depth by near flat en-echelon reefs. Kaiser has already conducted a small surface diamond drilling (4 holes) programme that targeted a better understanding of the mineralisation controls in both the eastern and western reefs at Nuggety, which are located within the main north-south Nuggetty shear zone. The drilling positions were compromised and limited at the time. Drilling was following up NUGD01 0.44m @ 205 g/t Au and NUDG02 which returned 1.4m @ 9.78 g/t Au The plan view of the reef area shows the main Nuggety envelope as defined by logging and arsenic assays and another trending in a north-north-eastern direction with associated gold mineralisation. promoted bismuth assays, one of these is the high gold zone, up to 52.8 g/t gold in NG_SDH_002 The promoted bismuth mineralisation appears to also define a north-north-eastern trend identified by gold and arsenic; this trend appears to be associated but subsidiary to the main Nuggety trend. promoted bismuth appears to be an important indicator element in this district. Modelling of these mineralised trends has identified an untested target with significant up and down plunge extents, additional to deeper down plunge trends within the main Nuggety mine trend. The Nuggety shear zone continues to the south and the prospective target contact with the Harcourt granite remains essentially untested down plunge. This recently identified north- north-eastern trend is also a high priority target. Further to the south, the underground drilling rig is continuing exploration from underground positions within the Union Hill decline. The granting of the exploration licence will also allow Kaiser to follow up on the identified priority geophysical targets and regional high grade gold drill intercepts at Maldon. Although overprinted by granitic fluids, the style of the reef mineralisation seen at Maldon is similar to other Central Victorian fields, including Fosterville and Bendigo. High grade gold is found in plunging shoots. Additionally, some parts of Kaisers Exploration Licence are under cover, including a gravity ridge like the one on the eastern side of the main Maldon field. The field may contain undiscovered high-grade shoots, which do not ‘daylight’ and have not been found by previous mining. Very little drilling of targets other than for extensions of known shoots has been undertaken. In 1979 an IP survey conducted by Scintrex on behalf of CEC shows that at least some of the mineralisation is chargeable and resistive. An anomaly that was drilled in DDH05 by CEC returned 2m 23.9g/t in a previously unknown reef There is a real opportunity to use modern exploration techniques to target economic mineralisation. Duyuru • Dec 08
Kaiser Reef Limited Reports A Production Milestone and Ongoing Progress At the A1 Mine and At the Maldon Processing Plant Kaiser Reef Limited reported a production milestone and ongoing progress at the A1 Mine and at the Maldon processing plant. Key Recent achievements include: 100th Gold Bar Poured; Replacement leach tank and direct drive agitator installed at Maldon increasing efficiency and operational availability; Remote controlled and non-remote loaders purchased to increase production capability; High Voltage (HV) service power drill holes, Pilot and Reaming nearing completion with power distribution planned for First Quarter CY2023; Unexpected high-grade gold intercepted in the HV drilling including results: 0.7m @ 44.8 g/t gold from 55.8 metres, 0.4m @ 27.0 g/t gold from 64.6 metres, 0.2 @ 25.9 g/t gold from 24 metres, 0.2 @ 22.9 g/t gold from 60.1 metres. Kaiser poured the 100th gold bar from production at the A1 Gold Mine in Victoria. This is a credit to the whole Kaiser team! The Company continues progress towards stable and long-life operations supported by deep drill intercepts, where 69 g/t gold was intercepted 115m below the current level of operations and approximately 50m below the deepest known historical workings at A1. The progress toward improving the mine and the processing plant have been extensive and necessary and are expected to continue to support long term, high-grade and profitable operations from the A1 Mine. Power Infrastructure: The High Voltage (HV) power holes are another of several important infrastructure investments Kaiser has initiated. This drilling comprises a series of holes, firstly drilled toavoid areas of historical mining with a diamond pilot hole and then followed up with a 135 mm reamed out service hole that will be used to instal the HV power cables down to facilitate a major electrical power upgrade which will debottleneck mining operations. The planned programme has 4 holes drilled on separate levels and is currently 70% complete. Associated power infrastructure items have arrived on site including power cable, substations, ring main units with the power distribution board being presently manufactured locally. Generators have been ordered and can be supported by hire units if there is an unexpected delay. The first HV pilot drill hole, UGSH-020, is indicative of the prolific nature of gold mineralisation at A1. The hole was designed to avoid areas of historical mining, it none the less intercepted numerous zones of strong mineralisation, including visible gold. Process Plant: The upgrade work at the Maldon processing plant is continuing with numerous major improvement initiatives underway. The most recent achievement is the installation of a new leach tank and direct drive agitator system. Duyuru • Nov 23
Kaiser Reef Limited Reports Drilling Results from the A1 Mine Kaiser Reef Limited reported encouraging drilling results from the A1 Mine that have extended high-grade mineralisation substantially deeper than previously achieved. The drilling has identified mineralisation approximately 115m below than the current decline face with visible gold encountered in these deeper unknown reef systems with returned assays up to 69 g/t gold. The implications are extremely encouraging for the future of the A1 Mine and Kaiser remains more committed than ever to expand, extend and improve the A1 operations. In addition, the diamond drilling rig onsite has undergone a power upgrade and is currently drilling the high voltage cable holes required to facilitate ongoing production increases. The drill holes from A1 continue to target both near term mining and new deeper medium- term discoveries. Kaiser is pleased that the drilling is delivering the intended results which are to provide the mining team with an increased range of mining options and justifying the investment and ramp up plans currently being pursued. High grade drilling results continue from the northern A1 Dyke with the exploration program being drilled from the 1254mRL drill cuddy. The most recent program was successful in delineating quartz reefs with substantial strike extensions that emanate north of the Queens Lode within the A1 Dyke. The drilling area targeted represents one of the most under-drilled portions of the A1 Dyke and has no historical stoping. Critically, this work has informed short to medium term mining plans for the down-dip extension of the Jupiter Reef which is being mined from the 1250-820 strike drive which is a recent intersection of the Jupiter Reef development face which returned a face weighted grade of 11.2 g/t gold. Drill holes A1UDH-504 & 505 were drilled approximately perpendicular to the strike of the A1 Dyke and positioned to intercept quartz reefs within, at lengths 80.8 and 96.6m respectively. In similar fashion to previously drilled sections, the A1 dyke bulge intersected in these 2 holes hole showed pronounced sericite /hydrothermal alteration in close association with up to 3 reefs showing typical brecciated textures with stylolitic contacts. Mineralisation in quartz reefs is generally driven by coarse visible gold. In instances where down-dip extensions of known reefs were intersected with the absence of visible gold, typically the reef structure returned elevated grades compared to the hanging-wall and footwall contacts. A1UDH-507--509 targeted known quartz reefs in the southern strike extent of the A1 dyke beyond historic workings. Historic mining conditions in 1992 at the 23 Level largely precluded the advancement of effective mining campaigns through inherent limitations such as ventilation, power and water ingress that Kasiser is addressing with a power upgrade. Unfortunately drill holes A1UDH-507 & 508 were ineffective after encountering historic mining development voids. A1UDH-509 successfully drilled beyond the 23 Level and intersected 2 newly discovered auriferous reefs within the A1 Dyke. A quartz vein was intersected over 75 vertical metres below the base of historic workings returning 0.4m @ 69.17 g/t gold. Whilst previous exploration identified that hydrothermal alteration in the A1 dyke extends at depth below historical mining areas, this intersection is the deepest known quartz reef with visible gold and is estimated to project down almost 50 metres below the deepest historic workings. A1UDH-510 (-15 -> 000) was planned to be the last hole drilled before moving to drill the HV cable holes, however considering the prospective reef intersection in this hole it was decided to drill A1UDH-511 beneath. These two holes are located on the most northern azimuth ring in the 1254 cuddy and have delineated visible mineralisation in several quartz veins close to current development. A1UDH-510 was targeting the northern extent of the dyke and has successfully achieved this aim, and the dyke has narrowed up dip but widens at depth based on preliminary results from A1UDH-511. A1UDH-511 delineated notable quartz vein arrays with visible gold in the under-explored footwall area of the Jupiter Reef and probably down-dip on the Jupiter Reef itself. Figure 5 is a cross -section of the target dyke and hosted quartz veins. Previously reported A1UDH-497 returned 3.5 g/t gold from 99.2m in stylolitic quartz vein breccias informing the longer term mining plans and the prospectivity of the A1 Dyke at depth. Both A1UDH-510 and 511 are informing short to medium term production given their proximity to the 1250 level development. Figure 6 presents A1UDH-512&513 which were optimally positioned to intersect any potential quartz reef extensions in the footwall of the Jupiter Reef. Critically, A1UDH- 512&513 identified that the combination of dyke off-sets (faulting) at depth and increased dyke thickness confirmed the existence of repeat structures along the northern strike extent of the a1 dyke and associated sediment contacts. Both holes on this drilling azimuth show pronounced gold background of 1-3 g/t gold through the core of the dyke with A1UDH-512 returning 1m @ 41.98 g/t gold from 36.65m. A1UDH-514 which was the last hole of the program. This hole was infilling previous drilling rings targeting previously discussed reef systems in the footwall of the Jupiter Reef. Target reefs in this structural domain returned 0.2m @ 21.41 g/t and 0.3m @ 23.3 g/t gold from 101.1m. These discrete discoveries have increased the narrow vein mining target inventory for the A1 Mine informing both in short- and long-term planning. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Director Stewart Howe was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Oct 12
Kaiser Reef Limited Announces Further High-Grade Gold Drilling Results Kaiser Reef Limited reported further encouraging gold results from drilling within the A1 mine, with a best result of 13.5m @ 6.6 g/t gold that includes a higher-grade interval of 3.5m at 16.5 g/t gold. In addition, the interpreted extension of the recently discovered Neesham Reef was encountered earlier than expected in the development and the first mining has commenced with visible gold noted in the mining face. A1UDH-497 was drilled to a length of 186.3m. The main dyke bulge intersected in this hole showed promising sericite /hydrothermal alteration in close association with stylolitic quartz vein breccias. Up to 3 dyke apophyses were intersected and terminated in highly fractured sediments, possibly at the Eastern Shear. This zone is substantially north of historic workings, north of the Queens Lode and confirms the presence of northern reefs strike continuity. The central dyke bulge has up to 10% disseminated sulphides (mostly pyrite) and strong sericite alteration in association with veins and breccias. This is an exceptionally encouraging zone given the location, limited historic drilling and extent of visual mineralisation. The drilling currently being conducted is proving up areas of mineralisation that will be targeted for both medium and long term mining. Results being received are very encouraging and justify the investment and improvement focus that will support the future mining operations. Reported Earnings • Oct 04
Full year 2022 earnings released: AU$0.017 loss per share (vs AU$0.24 loss in FY 2021) Full year 2022 results: AU$0.017 loss per share (improved from AU$0.24 loss in FY 2021). Revenue: AU$22.8m (up 273% from FY 2021). Net loss: AU$2.26m (loss narrowed 84% from FY 2021). Duyuru • Sep 27
Kaiser Reef Limited, Annual General Meeting, Nov 14, 2022 Kaiser Reef Limited, Annual General Meeting, Nov 14, 2022. Agenda: To consider election of directors. Duyuru • Sep 07
Kaiser Reef Limited Commences Engineering At Union Hill Targeting Second Gold Mine Kaiser Reef Limited reported that following the delivery of a first stage Mineral Resource Estimate and accompanying Exploration Target at its 100% owned historic Union Hill gold mine (Union Hill Mine) at Maldon, that is has commenced infill drill planning and early-stage engineering work. This engineering work will be used for the scoping and other technical/planning studies for the potential development of a second gold mining operation at Maldon. Continued exploration and infill drilling targeting increasing the resource size and confidence are also proposed and will be initiated following the results obtained from the engineering work. Kaiser believes that the Union Hill Mine has the potential to be the next significant gold mine to come online in Victoria (Figure 2). The preliminary engineering and drill planning has identified that future work required will comprise of drill planning, second egress planning, power and ventilation upgrade investigations/planning and various other work, as required. At this early stage it is not possible to provide guidance on the study and decision outcomes. Recent Insider Transactions • Aug 01
Insider recently bought AU$72k worth of stock On the 25th of July, Timothy Neesham bought around 450k shares on-market at roughly AU$0.16 per share. In the last 3 months, they made an even bigger purchase worth AU$189k. Insiders have collectively bought AU$326k more in shares than they have sold in the last 12 months. Duyuru • Jul 21
Kaiser Reef Limited Reports Further Encouraging Drilling Results from the Ongoing A1 Mine Diamond Drilling Programme Kaiser Reef Limited reported further encouraging drilling results from the ongoing A1 Mine diamond drilling programme. The drill holes are targeting near term and deeper lode positions, including a new high-grade lode. This newly discovered lode, the Neesham Reef, returned a spectacular result of 2.4m @ 215 g/t gold and is situated close to existing planned development drives. A1 Mine Drilling Results: The latest batch of drill results returned exceptionally high-grade intervals including: A1UDH-484: 2.4m @ 215 g/t gold from 51.9m; A1UDH-485: 0.34m @ 506.8 g/t gold from 4.1m; A1UDH-485: 1.1m @ 31.4 g/t gold from 47.6m; A1UDH-486: 1.6m @ 11.0 g/t gold from 5.7m; A1UDH-487: 1.8m @ 8.3 g/t gold from 13m. These results follow previous stand out drilling results from earlier in this program including A1UDH-472: 4.6m @ 135.7 g/t gold from 36m, A1UDH-476: 1.92m @ 43.2 g/t gold from 3.2m and A1UDH-477: 1.2m @ 127.7 g/t gold from 3m. The drilling was targeting near term mining targets to the south of the Queens lode where very little previous drilling has been conducted and is an encouraging outcome. Further drilling results are awaited, and the drilling remains ongoing. Duyuru • Jul 05
Kaiser Reef Limited Reports Encouraging Drilling Results from the Ongoing A1 Mine Diamond Drilling Programme and Updates from the Maldon Development Project Kaiser Reef Limited to reported encouraging drilling results from the ongoing A1 Mine diamond drilling programme and also updates from the Maldon development project. The drill holes from A1 continue to target both near term mining and new deeper medium- term discoveries. Kaiser is delighted that the ongoing drilling is delivering the intended results which are to provide mining team with an increased range of mining options. These new lode positions are key to the ongoing development and expansion plans for future production. This batch of drilling results from the ongoing A1 Mine programme returned further excellent high-grade results such as: A1UDH-477: 0.8m @ 157.6 g/t gold, A1UDH-479: 0.5m @ 154.3 g/t gold, A1UDH-480: 0.2m @ 19.2 g/t gold, A1UDH-481: 1.9m @ 17.5 g/t gold, A1UDH-482: 1.5m @ 11.8 g/t gold. See the table of drill results included in this release for a complete list of zones of gold mineralisation intercepted. This is following the intervals returned in the last releases to the ASX that included better results including an interval of A1UDH-472: 4.6m @ 135.7 g/t gold and A1UDH-476: 1.92m @ 43.2 g/t gold. These results provide critical mine planning information for future mining of the previously identified reef systems as well as suggesting potential discoveries of several new reef systems. The drilling programme is ongoing as per the 2021 plan with the rig(s) moving between A1 and Maldon to allow processing of drill core, final assays and ongoing Mineral resource Estimate calculations. Assay results with geological descriptions of anomalous intersections are presented in the table below, with typical assay turnaround of approximately 40 days. A1UDH-480, -481, - 482 results have now been received. All of the drill holes intercepted the high-grade Sovereign Reef just below the drill cuddy as expected. There were several other significant intersections in A1AUD-481. Unfortunately, A1UDH-480 and -481 intersected old workings of Duke's and Queens Reef stopes respectively and were abandoned. A1UDH-482 encouragingly did intersect the Perseverance Reef. Maldon: In addition to the activity at the A1 Mine, careful modelling, resource estimation and validation work is ongoing at the historic Maldon underground workings. This activity is targeting the identification of mining opportunities focussed on previously identified lodes as well as new conceptual exploration targets to test for large scale and high-grade lodes as previously identified and mined at Maldon.Finally, data is being compiled to support regional exploration for parallel reef systems tothe East and North of Maldon where weathered sedimentary cover have obscured the surface expression of potential high-grade lodes. Recent integrated structural, geophysical research and geological modelling has highlighted this opportunity. As detailed to the ASX historic drill hole DDH005 returned 2m @ 23.9 g/t gold from 218m. This drill hole was following up lower grade mineralisation identified in DDH002, in drilling by Carpentaria Exploration in 1980. Kaiser believes that this hole has potentially identified a new reef system parallel to Maldon which substantially opens up the possibility for further discoveries to the East. This work is ongoing. Recent Insider Transactions • Jun 25
Insider recently bought AU$189k worth of stock On the 21st of June, Timothy Neesham bought around 970k shares on-market at roughly AU$0.19 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$247k more in shares than they have sold in the last 12 months. Duyuru • Jun 11
Kaiser Reef Limited Announces Drilling Results from the Ongoing A1 Mine Diamond Drilling Programme Kaiser Reef Limited reported further encouraging drilling results from the ongoing A1 Mine diamond drilling programme. The drill holes are targeting near term and deeper lode positions, including extensions to the recently discovered "Sovereign" Lode which is currently being mined. The Sovereign Lode is currently providing high-grade gold ore from several mining fronts and its discovery is the result of Kaiser's aggressive drilling and development into the deeper regions of the mine. A1 Mine Drilling Results New Discovery "Sovereign Reef" The first drill hole from the A1 Mine drilling programme returned an exceptionally high-grade interval of A1UDH-472: 4.6m @ 135.7 g/t gold from 36m. This hole was targeting near term mining targets to the south of the Queens lode where very little previous drilling has been conducted. Further results from near this position have returned unexpectedly numerous zones of deeper mineralisation and a best intercept of: A1UDH-476: 1.92m @ 43.2 g/t gold (82.9 g x m's) see Table of drill results. These results are very encouraging (Figure 2). This particular interval represents an interpreted extension of the Sovereign Lode. The drilling programme is ongoing. Duyuru • May 12
Kaiser Reef Enters Preliminary Talks to Divest Some NSW Stuart Town Group of Tenements Kaiser Reef Limited (ASX:KAU) advised that it has entered into preliminary discussions to potentially divest its NSW Stuart Town group of tenements listed below (Stuart Town Project). While Kaiser considers these tenements are highly prospective for gold mineralisation, Kaiser has made the decision to focus on near mine and near production opportunities in its wholly owned Victorian production and exploration assets. It is proposed that Kaiser will retain exposure to the Stuart Town Project with a 10% free carried interest until a Feasibility Study is completed. The consideration the Company will receive for the divestment is proposed to consist of: a non-refundable deposit of $25,000 payable by the acquirer, Checkmate Minerals Limited (ACN 658 548 522) (ListCo), following execution of a binding agreement; the issue of5,000,000 shares in ListCo and 2,500,000 performance rights in ListCo which will vest upon ListCo delineating a 2012 compliant JORC inferred (or higher) Mineral Resource on the Stuart Town Project, verified by an independent competent person or $500,000, at the election of Kaiser. The divestment is proposed to be subject to conditions precedent including: completion of due diligence on the Stuart Town Project by ListCo; ListCo completing a seed capital raising; ListCo receiving firm commitments for a capital raising via the issue of shares at not less than $0.20 per share to facilitate an application to list on ASX; ListCo receiving written confirmation from the ASX to have its securities listedon the ASX; any necessary regulatory or governmental approvals required by Kaiser and ListCo entering into other agreements in relation to its proposed ASX listing. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Director Stewart Howe was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Mar 28
Kaiser Reef Limited Completes Underground Stope Surveying Kaiser Reef Limited announced the completion of a programme of underground stope surveying. Kaiser identified that some historical unsurveyed stopes would need to be accounted for and depleted from the resource estimation models being undertaken at Maldon. Kaiser appointed MINELiDAR to conduct the survey using Emesent Hovermap LiDAR (Light Detecting and Ranging) technology mounted on drones (Figure 1 & 2). MINELiDAR, the key provider of the service was only recently granted travel authority due to Western Australian Government travel, restrictions. Kaiser has now completed this important step in the resource work. Emesent's Hovermap is a safe and fast way to survey stopes, drives and shafts, especially in situations untested by engineers for structural stability and safety with a high degree of accuracy. The data, in conjunction with the surveyed diamond drill holes, will allow a full resource and future mine planning model to be constructed. MINLiDAR conducts drone, winched and handheld scans using the Hovermap payload from Emesent, capturing up to 300,000 points per second and providing a point cloud with a high level of resolution. The survey was taken from the 1060 and 1100 access points and the Linscotts Reef drive was also surveyed. The underground drilling rig at Maldon has concluded the first phase of drilling and is now being demobilised to continue exploration and development at the A1 mine. Kaiser will apply the drill results that lie within the target regions of resources estimation and utilise this information in the resource model. Deeper exploration drilling was also conducted, and Kaiser is awaiting further assay results. The resource estimation work is now able to continue. Maldon is located between Bendigo and Ballarat in the Victorian Goldfields and the licence area has produced over 1.74M ounces of gold at 28 g/t (Figure 3). Maldon is host to one of Australia's highest grade historic gold mines, the Nuggety Reef, that produced 301,000 ounces of gold at 187 g/t. The Maldon goldfield is located in the Bendigo Zone in host turbidite sandstone, siltstone and shales of the Castlemaine group and was subject to deformation resulting in north-south trending series of chevron folds. During folding a complex history of faulting is also noted. An event around ~445Ma believed to have involved crustal thickening and the circulation of metamorphic fluids through the crust (Vandenberg et al, 2000) and formed gold deposits at Bendigo, Fosterville, Castlemaine, Maldon and Daylesford. Maldon was later subject to further potential mineralising and remobilisation events with the emplacement of the Harcourt Batholith. The full-scale underground drilling rig concluded drilling at the A1 Mine and has since commenced drilling from underground locations at Maldon. The contracted drilling rig has since proven to be very productive and capable. Drilling has initially targeted the projected extensions to historic high-grade mineralisation at the Eaglehawk reef, one of Maldon's largest high grade and largest historic mines. The Kaiser owned Maldon goldfield produced 1.74 million ounces of gold at an average grade of 28 g/t gold (Not including alluvial/placer production) on a granted mining lease close to the 100% owned, permitted and operating plant which is currently treating ore from the wholly owned high-grade A1 gold mine. Some of the historic high-grade gold results from Maldon that require follow up include: 0.90m @ 103.0 g/t gold; 2.73m @ 42.2 g/t gold; 2.75m @ 22.6 g/t gold; 0.44m @ 205.0 g/t gold; 2.00m @ 58.0 g/t gold; 2.30m @ 12.5 g/t gold; 0.83m @ 80.0 g/t gold; 1.0m @ 45.5 g/t gold; 3.55m @ 11.9 g/t gold; 2.95m @ 18.5 g/t gold; 0.85m @ 114.6 g/t gold Encouraging preliminary results drilled by Kaiser at Maldon include: UH-UDH-001: 0.3m at 54.5 g/t gold within 1.2m @ 14.1 g/t gold; UH-UDH-005: 0.65m @ 33.4 g/t gold; UH-UDH-006: 0.8m @ 63.6 g/t gold within 1.8m @ 29.6 g/t gold; UH-UDH-018: 0.8m @ 12.1 g/t gold and 0.3m @ 11.7 g/t gold; UH-UDH-021: 1.5m @ 6.5 g/t gold. Reported Earnings • Mar 17
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up AU$372.4k from 1H 2021). Profit margin: (up from net loss in 1H 2021). Duyuru • Feb 22
Kaiser Reef Limited Announces Further Significant Milestone Since the Announcement of Reaching Operationally Profitable Production in the Last Quarter Kaiser Reef Limited announced a further significant milestone since the announcement of reaching operationally profitable production in the last quarter. Kaiser has commenced mechanised production from the Queens Lode as part of the continuing production ramp-up. The increased production from the Queens Lode will form a production baseload for 2022 and will be supplemented with continuing high grade airleg production. Highlights: Commercial production at the Queens Lode commences; The last 4 weeks of mined grade returned 20 g/t gold with an estimated 98% gold recovery, after milling and processing; Queens Lode Production to form 2022 baseload with continuing high grade airleg production. In addition, achieving a 20 g/t gold head grade delivered to the mill is a great outcome. The Queens Lode is expected to deliver a substantial increase in mined tonnes but at a lower head grade. Kaiser is also pleased to report the increased production from high grade lodes at the 1280mRL and these are delivering a strong increase in head grades. These areas have only become accessible to Kaiser through the extension of the decline which commenced in mid-2021. This is reflected in production from the 4 weeks up to 13 February, where the gold feed grade at the plant was estimated at 20.0 g/t gold with an estimated 98% gold recovery, after milling and processing. The A1 Mine commenced operation in 1861 and is a significant high-grade asset that remains open to further mineralisation at depth. The mining team, working under Tom de Vries, have worked hard to deliver this solid result and remain focussed on future expanded production. The recent excellent grades have resulted in record gold production for Kaiser. The strong gold price is also providing additional support and has now exceeded AUD 2600 per ounce. The high-grade vein mineralisation, the mainstay of the A1 Mines historic production, do not lend themselves to ready estimation under the JORC Code and this limits Kaiser's ability to provide guidance and reserve figures. Nevertheless, Kaiser remains comfortable for the ongoing production potential with the historic mine production providing guidance. Drilling is continuing at the high-grade Maldon goldfield where ongoing positive results underpin Kaiser's vision to become a multi-mine high grade gold producer. Maldon is located between Bendigo and Ballarat in the Victorian Goldfields and the licence area has produced over 1.74M ounces of gold at 28 g/t (Figure 4). Maldon is host to one of Australia's highest grade historic gold mines, the Nuggety Reef, that produced 301,000 ounces of gold at 187 g/t gold. One of the Maldon's key attributes is the extensive existing infrastructure and proximity to Kaiser's gold processing plant (3km away). Rapid low-cost development could be implemented with the existing mining fleet owned by Kaiser and operated by the experienced mining team for minimal capital cost. Kaiser considers the productive high grade historic Maldon goldfield to be underexplored and extremely prospective. Exploration at Maldon is a high priority objective for Kaiser. Drilling commenced early during the December 2021 Quarter, targeting prospective potential ore shoot extensions. The underground drilling rig concluded exploration drilling at the A1 Mine and has since commenced drilling at underground locations at Maldon. Drilling has initially targeted the projected extensions to historic high-grade mineralisation at the Eaglehawk reef, one of Maldon's largest high grade and largest historic mines. It is planned to return to A1 once this programme has been completed and will continue to work at A1 whilst results are processed from Maldon. The Kaiser owned Maldon goldfield produced 1.74 million ounces of gold at an average grade of 28 g/t gold1 on a granted mining lease close to the 100% owned, permitted and operating plant which is currently treating ore from the wholly owned high-grade A1 gold mine. Maldon has some distinct exploration and development advantages including an established and serviced decline which allows excellent underground access for drilling high-grade shoots and is currently facilitating the underground drilling and future potential mining. Some of the historic high-grade gold results returned from Maldon that require follow up include: 0.90m @ 103.0 g/t gold; 3.55m @ 11.9 g/t gold; 2.73m @ 42.2 g/t gold; o 2.95m @ 18.5 g/t gold; 2.75m @ 22.6 g/t gold; o 0.85m @ 114.6 g/t gold; 0.44m @ 205.0 g/t gold; o 1.80m @ 29.6 g/t gold; 2.00m @ 58.0 g/t gold; o 2.30m @ 12.5 g/t gold; 0.83m @ 80.0 g/t gold; o 1.0m @ 45.5 g/t gold. Duyuru • Feb 09
Kaiser Reef Limited Announces Further Exploration Results for the High-Grade Maldon Historic Gold Mine Located Between Bendigo and Ballarat Kaiser Reef Limited announced further exploration results for the high-grade Maldon historic gold mine located between Bendigo and Ballarat. The Maldon Goldfield is 100% owned by Kaiser and is comprised of several historic high grade underground mines. Drilling is being conducted from the modern established decline under the goldfield. The results were returned from underground diamond drilling at the high-grade Maldon gold mine, revealing further intervals of gold mineralisation which are characteristic of previously mined areas at Maldon. Most of the drill holes have intercepted the Eaglehawk target reef at its projected location. The drilling results are included in Table 1. This is encouraging ongoing exploration in the Company's first drilling campaign at Maldon. Maldon is one of the premier goldfields and has enjoyed surprisingly limited modern exploration. The significant amount of gold historically exploited (1.74Moz @ 28 g/t gold), mostly within 300 metres of the surface, offers further opportunity at depth, which is supported by limited, yet encouraging previous exploration. The diamond drilling rig is currently located opposite Stockpile 13 (SP13) with drilling also conducted in the 1010 Access, Stockpile 14 (SP14) and the 1080 Access areas of the Union Hill Mine (Figure 1). The 1060 Access represents the deepest level within modern day development. Other drilling areas have provided the advantageous access points to intersecting the Eaglehawk Reef. Further encouraging results have been returned including UH-UDH-027: 6.5m @ 6.2 g/t gold (Figure 2). The initial drilling target is near the Alliance South Shoot deposit. The Alliance South Shoot deposit is defined by the north-south striking Eaglehawk Reef, at the southern termination of the Central Maldon Shear zone. The Alliance South Shoot deposit comprises a fault bound shallow dipping western and steep dipping eastern reef which make up the overall Eaglehawk Reef structure which was mined extensively further north from the Alliance group of shafts. Higher grades are associated with the Western Reef, including occasional widths historically reportedly exceeding 5m. The Alliance South Shoot lode is located on a nexus of the structural zone where the Eaglehawk Reef passes from the east limb of the German Anticline into the hinge zone of the German Syncline. The up-dip projection of the Eaglehawk Reef was stoped to the south on the 1080 and 1060 Levels. The planned drilling is targeting down-dip mineralisation in addition to following up on regions that returned historic high-grade intersections such as DDH104 (2.8m @ 14.87 g/t Au). Duyuru • Aug 25
Kaiser Reef Limited Provides an Update on Exploration and Mining Activity at the High-Grade, A1 Gold Mine in Regional Victoria Kaiser Reef Limited provided an update on exploration and mining activity at the high-grade, A1 gold mine in regional Victoria. Additional information on the exploration drilling programme at Maldon which has recently commenced is also contained in this announcement. A1 Gold Mine: The Queens Lode (Queens) is a larger and high-grade unmined part of the larger A1 gold mine system. Queens is attractive to Kaiser as it has not been previously exploited by historical mining and is amenable to mechanical stoping mining methods. The A1 deposit in general is characterised by narrow, very high-grade gold veins hosted exploited using airleg stope mining and mainly within an extensive intrusive diorite body. The A1 mine has been in production (with some disruptions) since its discovery in 1869 and has yielded in excess of 900 ounces gold per vertical metre in production to date at grades in excess of 20 g/t gold. This from within a greater endowment of total resources as not all mineralisation has been mined (Refer ASX IPO prospectus 7 December 2020). Airleg mining in remnant areas has delivered ROM grades of 10.1 g/t gold consistently over the majority of the previous 22 months years production from March 2019. These metrics are indicative of a strong underground mine and the A1 is worthy of a substantial investment and development. In the years immediately prior to Kaiser's acquisition, industry standard levels of infrastructure and capital development expenditure was not implemented. During Kaiser's brief ownership, significant investment has been made into opening up new mining areas through lateral and decline development, mobile and fixed plant purchases, mining infrastructure and personnel. Kaiser believes that this is part of the resurrection of the A1 mine into a strong participant in the Victorian gold industry. This work has included the commencement of decline development to open new areas for airleg and ultimately mechanical stoping mining activities. New areas for airleg mining have already been opened (19 Level Intermediate ~ 1280mRL now accessed) and the decline is continuing to the 19 Level (1260mRL) which will also be located immediately on top of the Queens Lode. A1 Mine - Exploration drilling and decline development to the Queens Lode: Exploration Drilling: Kaiser reported further encouraging results, including 18.9m @ 12.1 g/t gold from the diamond drilling program at the high-grade A1 Gold Mine which is interpreted to be an extension of the Queens mineralisation. In this programme, Kaiser has drilled 6,794m to date. This has been conducted from underground locations within the mine. Drilling continues at the A1 site into Queens. The drilling programme has been ongoing since Kaiser acquired Centennial Mining Ltd. (A1 & Maldon projects) and it is the first time in many years that the information required for a future planning for detailed mining studies has been conducted. The drilling has returned some outstanding results to date and Kaiser is looking forward to the upcoming resource estimation and mine planning studies. The ongoing drilling has targeted the Queens Lode which is shaping up to be a larger and wider high-grade gold deposit than the current operations. Duyuru • Jul 15
Kaiser Reef Limited Announces Further Encouraging Results from the Ongoing Diamond Drilling Program at the High-Grade A1 Gold Mine in Victoria Kaiser Reef Limited announced further encouraging results from the ongoing diamond drilling program at the high-grade A1 Gold Mine in Victoria. Drilling targeted near-term mining opportunities (Queens Lode) and extensions of host-rock geology at depth (diorite dyke). This programme has been ongoing since the beginning of the year. This announcement relates to results from recently received drilling. Significant results from these recently received drill holes include: 0.2m @ 802.9 g/t gold; 2.4m @ 33.1 g/t gold; 0.2m @ 105.1 g/t gold; 2.9m @ 6.11 g/t gold; 1m @ 19.81 g/t gold; 2.4m @ 6.59 g/t gold and 1.3m @ 15.48 g/t gold. As previously noted, the program is designed to provide information to 1) direct near-term mining activity, 2) increase drill density and confidence in medium- term bulk tonnage stope mining (i.e. Queens Lode) which the decline extension is currently progressing towards, and 3) test for depth extensions of the gold- bearing, intrusive, diorite host-rock at significant depth. These results reported were successful in delineating the positions of the gold-bearing reef systems currently being mined. Further results from drilling completed at the bulk tonnage Queens Lode are awaited. The Queens Lode is open and warrants further extensional drilling. Outstanding depth extensions (>200m vertical) of the diorite dyke (host rock of the A1 gold mine) were also returned from two earlier `scissor' holes. Drill holes holes A1UDH-422 and A1UDH-423 were testing the depth extents and were previously reported on 24 May 2021 and 16 June 2021 and can now be shown in context with the support of further drilling, now reported. The significance of these results is that the dyke (the host to the mineralization at the A1 Mine) has been proven to a depth of at least 140 meters below the deepest workings and remains open at depth. Results: A1UDH-427: 2.4m @ 33.09 g/t Au from 26.2m - 28.6m; 1m @10.3 g/t Au from 63.8m 64.8m; A1UDH-430: 0.4m @ 12.28 g/t Au from 48.3m - 48.7m; 0.3m @ 15.35 g/t Au from 67.9m - 68.2m; 2.9m @ 6.11 g/t Au from 77.1m - 80.0m. A1UDH-431: 0.2m @ 105.089 g/t Au from 10.1m - 10.3m; 0.5m @ 13.15 g/t Au from 47.0m - 47.5m. A1UDH-432: 2.4m @ 6.59 g/t Au from 26.7m - 29.1m. A1UDH-434: 0.8m @ 15.79 g/t Au from 29.0m - 29.8m. A1UDH-436: 1m @ 19.81 g/t au from 2.0m 3.0m; 0.2m @ 44.54 g/t Au from 14.4m - 14.6m. 0.2m @ 13.15 g/t Au from 30.0m - 30.2m. A1UDH-437: 0.4m @ 17.97 g/t au from 9.7m - 10.1m. 1.3m @ 15.48 g/t au from 21.1m - 22.4m. 0.2m @ 31.5 g/t Au from 44.8m - 45.0m. A1UDH-438: 0.5m @ 23.08 g/t Au from 10.1m - 10.6m. A1UDH-441: 0.2m @ 802.86 g/t Au from 54.0m - 54.2m. Executive Departure • Jul 14
Company Secretary & Independent Non-Executive Director David Palumbo has left the company On the 5th of July, David Palumbo's tenure as Company Secretary & Independent Non-Executive Director ended after 1.8 years in the role. As of March 2021, David still personally held only 100.00k shares (AU$13k worth at the time). David is the only executive to leave the company over the last 12 months. Duyuru • Jun 16
Kaiser Reef Limited Decline Milestone Exposes New Mining Zones as Drilling Continues to Deliver Success Kaiser Reef Limited announced that the decline advance which commenced in May 2021 has reached, and "opened up" the 19 Intermediate Level (19INT), which is approximately midway between the 18 and 19 Levels. The 19INT will open up remnant mining opportunities targetting known ore sources from the Empire Reef, 17 Reef, Moore's Reef and other associated structures. This new level access will provide the first new source of ore for mining in many years at the A1 Gold Mine ('A1' or 'Project'). This has been possible through the continued decline development towards the Queens Lode ('Queens'), which Kaiser intends to exploit through higher-volume, mechanical stoping methods during the December 2021 Quarter. During the nearly 2 years of Administration, mining has largely been confined to an area of limited vertical extent centred on the 17 &18 Levels. The decline advancement commenced from the historical 18 Level (approximately 1300mRL), representing the first new level in several years, and is a key initiative implemented at A1 since Kaiser took control of the Project during the March 2021 Quarter. The decline development is a substantial and confident investment by Kaiser in the future of the A1 Mine. Initial investigations of the 19INT are encouraging and have already identified visible gold in the interpreted lode locations where intersected. The decline continues to advance beyond the 19INT towards the Queens Lode that extends vertically below the 19 Level. Drilling is ongoing at the A1 Mine which has recently returned high-grade intercepts including; 3.7m at 68.6 g/t gold,12.1m at 24.26 g/t gold, and 19.1m at 11.9 g/t gold from 48.6m. Some of the most recent results include: A1UDH-426 9.1m at 10.6 g/t gold from 41.7m. A1UDH-422 6.3m at 7.8 g/t gold from 16.8m, including 0.5m at 45.1 g/t gold from 16.8m; and 2.3m at 11.6 g/t gold from 20.8m. A1UDH-425 16.9m at 3.2 g/t gold from 43.2m, and 21m at 2.6 g/t gold from 62.3m. The further broad high-grade results from the margins of the Queens Lode further bolster the Company's ongoing confidence in relation to progressing mining operations. Drilling continues and Kaiser Reef looks forward to updating the market as results are received. Diamond hole A1UDH-412 was drilled on a fan targeting Queens Lode. This
hole drilled immediately over the top of Queens, which provides a section width and cap to the Queens Lode mineralisation corridor, which remains open to the south. The major intersections delineated in A1UDH-412 are in quartz veins hosted by altered sediment. The two upper anomalies are within the hanging-wall domain of the Queens Lode. A1UDH-412 is up dip from the previously reported hole (A1UDH-424). The section to the right illustrates southern Queens Lode exploration holes. Assays for diamond holes A1UDH-425 & 426 have been received, with these holes being the southern-most holes into Queens from Phase 2. The level of alteration and grade in the first A1 Deeps hole (A1UDH-422), which is
approximately 25m further south of the Queens Lode mineralisation from A1UDH-425 /426, provides increasing confidence for further southern strike extension of the Queens Lode. Drilling within the 1320-630 South Cuddy is soon to finish, with the next drilling at Cuddy 1320-695 to target both southern Queens and coincident short and medium term mining targets. Duyuru • May 25
Kaiser Reef Limited Announces More Broad High Grade Results from the Queens Lode Drilling and Maldon Team Begins Preparation for Drilling Kaiser Reef Limited announced further drilling results from the ongoing drilling program at its A1 Mine which has previously returned high grade intercepts such as 3.7m @ 68.6 g/t Au and 12.1m @ 24.26 g/t gold. Some of the most recent results include: Kaiser is also pleased to announce the appointment of the Maldon exploration team with a new focus on commencing exploration at the Maldon Goldfield, one of the most significant historic hard-rock historic gold fields in Victoria. Maldon has had little modern exploration despite recording historic production from hardrock sources of 1.74Moz at 28 g/t gold, including the Nuggety Reef mine that produced 301,000 oz at 187 g/t gold. Kaiser has an exceptional advantage over most exploration companies to capitalise on exploration success with the nearby, wholly owned and currently operating gold processing plant, substantial existing infrastructure including power, established decline, water and granted Mining Tenure at Maldon. Additionally, Kaiser also has the ability to draw on its skilled mining team and now wholly owned mining equipment fleet. This would facilitate a rapid and cost effective mining implementation following exploration success and subsequent decision to commence mining at Maldon. Further details, including some long sections of the historic mines and drilling results are included in the recently released Maldon Exploration Presentation. The drilling of the Queens Lode represents Phase 2 of the current A1 mine drilling program. Drill hole A1UDH-424, which returned 19.1m @ 11.94 g/t Au from 48.6m, was collared at the corner of the 1300 access and near the bottom of the decline. These results are defining mineralisation from below any modern mining. Full assay results are yet to be received with balance to be reported in due course. The drilling is ongoing at the A1 Mine. Hole A1UDH-424 was designed to drill from the eastern hanging wall sediments, delineate the width of the A1 dyke bulge including the Queens Lode and into the western sediment footwall contact. The objective of this hole was to test the width of Queens as opposed to drilling on top of the lode. These stratigraphic objectives were successful. The high grade intersections coincided with intense hydrothermal bleaching with carbonate-sericite alteration, pronounced medium to coarse grained disseminated pyrite and dilational breccia related vein arrays. Minor visible gold was observed within some of these micro-vein arrays. This is characteristic of the Queens Lode where mineralisation is related to both disseminated auriferous pyrite and extremely high-grade intersections which are influenced by visible gold in micro-veins. A1UDH-411 is the most southern Queens Lode delineation hole to date and appears to be on the periphery of the alteration halo with the associated grade below economic target and reflects a broad anomalous area. Further drilling in the southern strike extent of Queens is warranted. The drilling program is continuing to expand into resource definition for short and medium term production horizons. The initial program has now drilled approximately 3,000 metres out of the 4,000 metre initial drilling program. This will represent more drilling at A1 in a four month period than the three years prior and is important for the planning and development of an expanded mining operation. Kaiser is seeking to delineate the Queens Lode project as a priority for 2021 mechanised mining as a supplement to the high-grade narrow vein airleg mining currently supporting the operation. The Queens Lode is not dissimilar in mineralogy or composition to the main A1 Dyke (diorite) but the intensity or mineralisation and greater thicknesses encountered lend it to mechanical mining styles. Results are presented below in Table 1and followed up with a discussion around the objectives. The current underground diamond drilling program is comprised of several parts which include geotechnical/infrastructure advance, resource definition and exploration. The current Kaiser program is targeting specific zones of the Queens Lode that require infill drilling, strike extension, width /depth delineation and the identification of the plunge of high-grade mineralisation trends. The Queens Lode represents the most advanced bulk tonnage exploration target with well-defined resource potential in the near-term mineable material at A1. The objective of Kaiser's drilling program is to provide information to support the production in time of a Mineral Resource Estimate for the Queens Lode. The work will also assist in increasing the understanding of the strike and mineralisation extension within the A1 Mine. The wider mineralisation style of the Queens Lode is planned to provide the opportunity to increase and supplement the current production provided by air leg mining techniques that currently exploit the narrow vein high-grade lodes by allowing mechanised Long Hole Open Stope (LHOS) style mining. The wholly owned processing plant at Maldon has excess capacity available to treat a substantially increased rate of production. Duyuru • Mar 17
Kaiser Reef Limited (ASX:KAU) acquired Victorian Goldfields for AUD 19.2 million. Kaiser Reef Limited (ASX:KAU) agreed to acquire Victorian Goldfields for AUD 19.2 million on January 20, 2021. As per the transaction, 53.3 million shares are issued as a consideration.
Kaiser Reef Limited (ASX:KAU) completed the acquisition of Victorian Goldfields on January 21, 2021. Duyuru • Feb 22
Kaiser Reef Limited Announces Further Drilling Results from the Ongoing Drilling Programme At Its A1 Mine Kaiser Reef Limited announced the further drilling results from the ongoing drilling programme at its A1 Mine which has already retuned very high grade intercepts. Significant results received in this latest round include exceptional intercept of A1UDH-406: 12.1m @ 24.26 g/t gold from 20m and 1.8m @ 11.6 g/t gold from 81.7m. This includes a higher grade zone of 5m @ 44.3 g/t gold from 20 m and another zone of 5.1m @ 13.7 g/t gold - separated by a 0.3m core-loss interval. The Company is highly encouraged by receiving high-grade results in this initial Phase 1 program. This result lies within areas currently being evaluated for development in the short term. The drilling program is continuing to expand into resource definition for short and medium term production horizons. The initial program is for approximately 4,000 metres to be drilled. This will represent more drilling at A1 in a four month period than the three years prior and is important for the planning and development of an expanded mining operation. Kaiser is seeking to delineate the Queens Lode project as a priority for 2021 mechanised mining as a supplement to the high-grade narrow vein airleg mining currently supporting the operation. The Queens Lode is not dissimilar in mineralogy or composition (diorite) to the main A1 Dyke (diorite) but the intensity or mineralisation and greater thicknesses encountered lend it to mechanical mining styles. Results from the Queens Lode drilling to date are yet to be received. Duyuru • Feb 11
Kaiser Reef Limited Announces Appointment of Andy Tran as Chief Financial Officer Kaiser Reef Limited (Kaiser or the Company) announced a series of highly experienced and well qualified Victorian based appointment to Kaiser. The company announced appointment of Andy Tran as Chief Financial Officer. Andy is a mining experienced financial manager with exceptional computer skills. Andy was most recently Group manager Finance for St Barbara Ltd. and held senior roles at ANZ, Newmont and the Reservoir Group. Duyuru • Feb 10
Kaiser Reef Limited Announces Executive Appointments Kaiser Reef Limited (Kaiser or the Company) announced a series of highly experienced and well qualified Victorian based appointments to Kaiser. The appointments include: Tony Thomas as Mining Manager and Stewart Howe as Executive Director to the Board. These appointments highlight the dynamic nature of Kaiser's vision to add to the existing talented team and build a profitable and substantial gold business focussed on the Lachlan Fold Belt (LFB). Tony is a career mining engineer with a wealth of relevant experience in mining gold and base metals in Australia and abroad. Tony has held senior positions with groups including, but not limited, to Pasminco, Zinifex, Ivanhoe, Evolution, FMR and Consolidated Tin Mines. Stewart Howe has been instrumental in working with the Board on the Centennial acquisition. During the past twelve years Stewart has provided advisory roles to boards, private equity and financiers related to restructuring and acquisition of mining assets. He is a director of ASX listed Galena Mining Limited and chairs the Board of mining services company Whittle Consulting. Duyuru • Feb 01
Kaiser Reef Limited Announces the First Drilling Results from the Ongoing Drilling Programme At Its A1 Mine Kaiser Reef Limited announced the first drilling results from the ongoing drilling programme at its A1 Mine. Significant results received in for the first batch of dispatched core includes 3.7m @ 68.62 g/t gold. The Company believes receiving high-grade results so early in the program validates the production history of the A1 Mine and its belief in the future of the operation. Kaiser is grateful to KordaMentha for facilitating the commencement of the drilling program before the effectuation of the transaction. This flexibility has given Kaiser a solid head start in progressing its future production plans. This first drilling component is part of the work required to allow recommencement of the decline and was not targeting known lodes of mineralisation. Therefore, it is highly encouraging that significant results have been obtained in this component of the programme. The drilling programme is planned to continue and expand into resource definition for short and medium term production horizons. The initial program is for approximately 4,000 metres to be drilled and 80 metres have been drilled at this stage. This is a general plan and will be subject to revision as results dictate. 
