Kaiser Reef Ltd · ASX:KAU
Kaiser Reef — RIU Explorers Conference February 2026
30 slides from Kaiser Reef's conference presentation, Feb 16, 2026
Slide 1: Gold Producer, Explorer & Developer
ASX : KAU For personal use only GOLD PRODUCER, EXPLORER & DEVELOPER RIU Explorers Conference – February 2026 ASX: KAU
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Kaiser Reef Limited “Kaiser” (ASX: KAU). This document contains background information about Kaiser current as at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients shou
Slide 3: Best Value Gold Producer on ASX
Best Value Gold Producer on ASX For personal use only Multi-asset gold producer 30,000+oz gold production High-grade Maldon Gold with a strong and annually from the Henty Project with fully improving production base Gold Mine operational 200ktpa plant Robust profitability, lowest Experienced managem
Slide 4: Corporate Overview
Corporate Overview Capital Structure Shares on Issue 596M 2.6% For personal use only Board and Share Price (13/02/2026) $0.32 Management Market Capitalisation $191M 19.9% Catalyst Metals (ASX:CYL) Financial Position Jack Yetiv HNW Cash (31/12/2025) $43M 38.3% Gold Loan (1,040oz Au @ A$6,000/oz Au) (
Slide 5: Best Value Gold Producer on ASX
Best Value Gold Producer on ASX EV/Production (FY26) ✓ Strong Quarterly Production For personal use only KAU 4,349 ORE 4,523 WAF 6,685 Henty: 6,946oz Gold Produced, NMG 8,968 SBM 12,375 with 6,526oz Silver poured RRL 13,017 Maldon: 715oz Gold Produced BCN 13,278 WGX 14,673 OBM VAU 15,289 15,891 ✓ St
Slide 6: Gold Production, Exploration & Development
Gold Production, Exploration & Development HENTY GOLD MINE Flagship Production Asset For personal use only ✓ FY 25 Gold production = 26koz Au ✓ H1 FY2026 = 15.1koz Au Plus 15.5koz Ag ✓ Current Reserve of 1.9Mt @3.3g/t Au for 199koz ✓ Current Resource 4.1Mt @ 3.3g/t Au for 438koz ✓ Exploration upside
Slide 7: Kaiser Team – Competent, Experienced, & Driven
Kaiser Team – Competent, Experienced, & Driven Steve Formica is an experienced company director with more than Stewart Howe brings over 40 years of experience in the global 30 years of commercial, operational and governance experience resources industry, including 18 years dedicated to mining. He ac
Slide 8: Henty Gold Mine
HENTY GOLD MINE For personal use only FLAGSHIP PRODUCTION ASSET West Coast, Tasmania ASX: KAU
Slide 9: Henty Gold Mine – Flagship Production Asset
Henty Gold Mine – Flagship Production Asset For personal use only LOCATION HISTORICAL GOLD RESERVE PROCESSING PLANT West Coast, Tasmania PRODUCTION Supportive jurisdiction o 1.89Mt @ 3.3g/t o Conventional CIL >1.4Moz @ ~8.9g/t Au o 199koz (probable) o >300,000tpa o >6-year Mine Life throughput capac
Slide 10: Henty Gold Mine – Strategy
Henty Gold Mine – Strategy » Targeting > 30kozpa Au FY’27 » Leverage existing infrastructure » Near Mine Exploration ≈ H1 FY’27 For personal use only » Targeting ≈ 35kozpa Au FY’28 » In Mine Exploration - Ongoing » Regional Exploration ≈ H2 FY’27 ASX: KAU KAISER REEF - February 2026 10
Slide 11: Henty Gold Mine – Established Mining Operation
Henty Gold Mine Established Mining Operation For personal use only » Operating since 1996 » Well-established, high-quality infrastructure, above and below ground » Experienced, residential mining workforce » Longhole open stoping operation with backfill ASX: KAU 11
Slide 12: Henty Gold Mine – Robust Profitability
Henty Gold Mine – Robust Profitability » Targeting > 30kozpa Au FY’27 For personal use only » Targeting ≈ 35kozpa Au FY’28 » H1 FY2026 15.1koz Au Plus 15.5koz Ag » Q2 FY2026 6.9koz » Q2 FY2026 $25.8M Henty Operational Cashflow » Q2 FY2026 $17.7M Henty Underlying Cashflow » After Investment: o Second
Slide 13: Henty Gold Mine – Production Growth
Henty Gold Mine Production Growth For personal use only » Processing throughput lifted from 300ktpa (nameplate) • Targeting sustainable 400,00ktpa • Debottlenecking the entire operation » Combination of UG decline stripping and bypass development underway • Debottlenecking the UG Mine » Equipment ch
Slide 14: Henty Gold Mine – Exploration Upside – In Mine
Henty Gold Mine – Exploration Upside – In Mine Second underground For personal use only diamond drill operating to drive Resource Growth » Key targets Cradle Zone and Darwin South ASX: KAU 14
Slide 15: Henty Regional Exploration
Henty Regional Exploration For personal use only ASX: KAU 15
Slide 16: Maldon Gold Project
MALDON GOLD PROJECT For personal use only HIGH-GRADE GOLD EXPLORATION In the Heart of Victoria’s Golden Triangle ASX: KAU
Slide 17: Maldon Gold Project – Growth Asset in Golden Triangle
Maldon Gold Project – Growth Asset in Golden Triangle For personal use only LOCATION HISTORICAL REGIONAL PROCESSING PLANT Located in Victoria’s PRODUCTION EXPLORATION Golden Triangle o Conventional CIL o >200,000tpa >1.75Moz @ ~28g/t Au Compiling and throughput capacity building data sets o Fully Op
Slide 18: For personal use only
For personal use only • ASX:KAU | 18 ASX: KAU 18
Slide 19: Maldon Gold Project – Strategy
Maldon Gold Project – Strategy » Systematic process to unlock Maldon’s district-scale potential For personal use only ASX: KAU KAISER REEF - February 2026 19
Slide 20: Maldon Gold Project – Porcupine Flat Processing Plant
Maldon Gold Project – Porcupine Flat Processing Plant For personal use only » Conventional CIL circuit » >200ktpa hard rock capacity » Fully permitted and operating » Strategic asset in Victoria’s Golden Triangle » Catalyst (ASX:CYL) have a 50/50 JV option from 2030 ASX: KAU 20
Slide 21: Maldon Gold Project
Maldon Gold Project For personal use only » A historic goldfield, on granted mining licence » 1.75Moz mined @ 28g/t from quartz reefs plus alluvial gold » Multiple lines of lode ASX: KAU 21 21
Slide 22: Maldon - Multiple High-Grade Mines
Maldon - Multiple High-Grade Mines For personal use only ASX: KAU 22
Slide 23: Maldon Gold Project – Eagle Hawk Reef Line
Maldon Gold Project – Eagle Hawk Reef Line » Near 3km decline into the mining area » Re-establishment of a long-term drill access and • Fully Permitted potential production platform in progress • Dewatered For personal use only • Refurbishment required ASX: KAU 23
Slide 24: Maldon Gold Project – Beehive Reef Line
Maldon Gold Project – Beehive Reef Line » Largely Untested For personal use only » Union Hill Decline to the east ASX: KAU 24
Slide 25: Maldon Gold Project – Victoria Reef Line
Maldon Gold Project – Victoria Reef Line » Largely Untested For personal use only ASX: KAU 25
Slide 26: Recent Union Hill Drilling
Recent Union Hill Drilling » 22 holes directly under the open pit, testing the Eagle Hawk Reef For personal use only » 18 of 19 effective holes hit gold mineralisation; results included: o 5.8m @ 5.37g/t Au from 39.0m (UH-SDH-001) • Including 2.5m @10.25g/t Au from 39m o 6.9m @ 6.05g/t Au from 30.4m
Slide 27: Key Takeaways
KEY TAKEAWAYS For personal use only Robust profitability & balance sheet Lowest EV per production ounce on ASX Growing production Fully funded high-grade exploration ASX: KAU
Slide 28: Contact Kaiser
ASX : KAU For personal use only Contact Kaiser BRAD VALIUKAS | MANAGING DIRECTOR P: +61 (8) 9481 0389 E: admin@kaiserreef.com.au KAISERREEF.COM.AU ASX: KAU
Slide 29: Appendix – Resources and Reserves
APPENDIX – Resources and Reserves For personal use only Stockpile Data has been rounded to the nearest 10,000 tonnes, 0. 01 g/ t and 100 ounces. *Data has been rounded to the nearest 1,000 tonnes, 0.1g/t and 100 ounces. Rounding variations may occur. Rounding variations may occur. ^KAU:ASX - 23/10/2
Slide 30: Competent Person Statements
Competent Person Statements The information in this release that relates to exploration results, data quality, geological interpretations and Mineral Resources For personal use only and Ore Reserves for the Henty Gold Mine were first released in the Company's announcements dated 24 March, 16 & 26 Ma