Slide 1: High-grade Australian Gold Producer & Explorer
High-grade Australian Gold Producer & Explorer For personal use only Multi asset Tasmanian and Victorian gold producer ASX:KAU
Slide 2: Disclaimer
Disclaimer This presentation is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. For personal use only This presentation has been prepared by Kaiser Reef Limited “Kaiser” (ASX: KAU). This document contains background information about Kaiser current as at t
Slide 3: Capital structure and Board
Capital structure and Board 593M $0.17 $101M $7.5M $28M For personal use only Shares on issue Share price Market capitalisation Debt Cash and bullion (as at 8 August 2025) (as at 31 July 2025) (as at 31 July 2025) JONATHAN DOWNES STEVE FORMICA Managing Director Chairman Geologist with 30+ years’ exp
Slide 4: Kaiser Snapshot
Kaiser Snapshot Surging Gold Price - Trading at all-time highs Kaiser offers strong leverage maximising revenue upside For personal use only Strong Production Base: Combined assets produce >30,000 oz/year, with plans to scale capacity increase in Tasmania Three 100%-Owned Mines: Spanning production,
Slide 5: Australian Gold Mining & Processing
Australian Gold Mining & Processing Henty Gold Mine - Tasmania Maldon Gold Mine - Victoria For personal use only • Placed on care and maintenance • Status: Production • Drilling to support potential production at the • Resources: 449koz @ 3.4g/t Au(²) Union Hill Gold Mine in Maldon commencing • Rese
Slide 6: Proposed Pipeline Ahead
Proposed Pipeline Ahead For personal use only Henty Settlement Processing plant Mining Resource/ Reserve drilling Acquisition optimisation optimisation TASMANIA Q3 CY25 Q4 CY25 Q1 CY26 Q2 CY26 Q3 CY26 VICTORIA A1 Deeper drilling A1 Stope production Decline Development Maldon drilling Maldon drilling
Slide 7: Pro forma Kaiser
Pro forma Kaiser Kaiser is a multi-asset, high-grade gold producer in Victoria & Tasmania Snapshot (unaudited) For personal use only Production (FY24)(6) 33koz Pro forma Market Capitalisation: $101m Maldon Plant A1 Gold Mine Cash & Bullion (as of 31 July 2025) $28m Debt (as of 31 July 2025) $7.5m En
Slide 8: Henty Gold Mine Tasmania
For personal use only Henty Gold Mine Tasmania
Slide 9: Henty Gold Mine
Henty Gold Mine High-grade, existing infrastructure, profitable, mine life, exploration upside For personal use only ✓ FY24 production of 25koz Au at an AISC of $2,876/oz(1) ✓ $9.5M of implied operating cash flow in Dec’24(3) ✓ Mineral Resources of 449koz @ 3.4g/t Au (88% M&I) (2) ✓ Ore Reserves of
Slide 10: Henty – excellent infrastructure
Henty – excellent infrastructure Significant infrastructure (+A100M replacement value) and excellent local workforce For personal use only ✓ 300ktpa SAG Mill feeding a conventional CIL circuit ✓ Skilled local workforce of +150 employees (~23kms from Queenstown) ✓ 22kV grid power supply (TasNetworks)
Slide 11: Henty – Reserves support ongoing profitability
Henty – Reserves support ongoing profitability Henty has been the focus on investment that has set Henty up for long-term success Significant Resource& Reservegrowth (since 2020)(1) … Stabilised production& cost base… expanding margins For personal use only 34% increase in Resource Endowment Implied
Slide 12: Henty growth strategy
Henty growth strategy Strategy to optimise mining and increase productivity For personal use only 1 Increase development rates Underground Development Target (m) ▪ Streamline jumbo fleet >6,000 ▪ Target 600m / month from two development jumbos, up from 400m / month 4,050 3,639 2 Debottleneck decline
Slide 13: Henty – exploration upside
Henty – exploration upside Prolific geological system – historical production of 1.4Moz @ 8.9g/t – remains open For personal use only ✓ Zone 96 and Cradle Zone provide the opportunity to extend mine life within the The Darwin Zone has produced over 655koz of current footprint gold at 8.4g/t, over on
Slide 14: Maldon Gold Mine & Processing Plant Victoria
For personal use only Maldon Gold Mine & Processing Plant Victoria
Slide 15: Union Hill Gold Mine & Plant
Union Hill Gold Mine & Plant ✓ Historical Context Placed on care and maintenance in 2018 at a For personal use only gold price of A$1,650/oz due to unfavorable market conditions, now poised for re-evaluation with gold at ~A$5,170/oz ✓ Strategic Infrastructure Extensive existing assets, including a d
Slide 16: Maldon Victoria – prolific high-grade tenure
Maldon Victoria – prolific high-grade tenure Fully permitted and situated on granted mining leases. Historical million ounce open-ended high-grade goldfield. Over 4km of highly prospective strike located just ~4km from Kaiser’s operating ~250ktpa CIP plant For personal use only Existing 2.4km
Slide 17: Maldon (Union Hill) – clear path to grow ounces
Maldon (Union Hill) – clear path to grow ounces Little-to-no exploration drilling for over a decade (previous owners were balance sheet constrained) Systematic underground drill program to grow resource and define mining inventory (initial focus on Union Hill) required to support restarting mine
Slide 18: Maldon Processing Plant
Maldon Processing Plant ✓ Strategic Asset for Victorian Goldfields For personal use only A wholly owned ~250ktpa Carbon-in-Pulp (CIP) processing plant, pivotal for regional consolidation and growth ✓ Prime Location Situated ~4km from the Maldon project and ~320km from the A1 Gold Mine, with ~400ktpa
Slide 19: Victoria A1 Gold Mine
For personal use only Victoria A1 Gold Mine
Slide 20: A1 Gold Mine
A1 Gold Mine ✓ Continuous Production Since 1865 Currently producing from development ore, leveraging a 160-year legacy of For personal use only near-uninterrupted gold mining ✓ Breaking New Ground Significant capital investment has shifted operations beyond remnant mining, targeting the "Nova Zone"
Slide 21: What sets Kaiser apart?
What sets Kaiser apart? Strategic East Coast High Gold Price Production Growth For personal use only Assets Leverage Currently producing Two wholly owned gold Capitalising on gold at >30,000 oz/year, with processing plants and all time highs driving plans to target higher three 100%-owned strong cas
Slide 22: Competent Person's Statements
Competent Person’s Statements JORC Code For personal use only It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (“JORC
Slide 23: Kaiser Resource & Reserve Statement
Kaiser Resource & Reserve Statement JORC(2012) Mineral ResourceEstimate For personal use only Indicated Inferred Total Mineral Resource Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces (Mt) (g/t Au) (koz) (Mt) (g/t Au) (koz) (Mt) (g/t Au) (koz) Union Hill(1) - - - 1.3 4.4 187 1.3 4.4 187