Kaiser Reef Ltd · ASX:KAU
Kaiser Reef — Investor Presentation (July 2026)
35 slides from Kaiser Reef's investor presentation, Jul 27, 2026
Slide 1: Producing Gold. Growing Production.
ASX : KAU For personal use only PRODUCING GOLD. GROWING PRODUCTION. Company Update – 27 July 2026 ASX: KAU 1
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: Kaiser Reef – Key Takeaways
KAISER REEF – Key Takeaways For personal use only Henty: Profitable Production Maldon: The Growth Engine 26.0koz Au delivered in FY2026 1.75Moz produced historically at 28g/t Au Targeting 30,000oz for FY2027 District-scale exploration, first in 170 years, now underway 6+ year reserve life — explorat
Slide 4: Producing Gold at Two Operational Australian Assets
Producing Gold at Two Operational Australian Assets HENTY GOLD MINE Flagship Production Asset For personal use only ✓ FY2026 = 26.0koz Au, plus 25.9koz Ag (poured) ✓ Current Reserve of 1.9Mt @3.3g/t Au for 199koz ✓ Current Resource 4.1Mt @ 3.3g/t Au for 438koz ✓ Exploration upside MALDON GOLD PROJEC
Slide 5: Corporate Overview
Corporate Overview Capital Structure Shares on Issue 605M 2.6% For personal use only Board and Share Price (24/07/2026) $0.185 Management Market Capitalisation $112M 19.6% Catalyst Metals (ASX:CYL) Financial Position Jack Yetiv HNW Cash & Bullion (30/06/2026) $37.2M 42.9% Gold Loan (416oz Au @ A$5,8
Slide 6: Proven Team with Operational Track Record
Proven Team with Operational Track Record Across Northern Star, Rio Tinto & Zinifex Experienced company director with 30+ years 40+ years in global resources, including 18 For personal use only across ASX-listed and private businesses years in mining. Former Chief Development spanning resources, ind
Slide 7: Henty Gold Mine – Flagship Production Asset
HENTY GOLD MINE For personal use only FLAGSHIP PRODUCTION ASSET 1.4 Million Ounces Poured - More to Come ASX: KAU 7
Slide 8: Mineral Rich, Supportive, Mining Jurisdiction
Mineral Rich, Supportive, Mining Jurisdiction West Coast Tasmania — Regional Operations # Project Company Commodity Status Mill Resource For personal use only 1 Henty Kaiser Reef (ASX:KAU) Gold Active 0.3Mtpa 438koz Au 3.3 g/t Au 2 Rosebery MMG Base Metals/Silver Active 1.1Mtpa 2.1Mt Zn, 89Moz Ag 7.
Slide 9: Henty: Project Assets
Henty : Project Assets West Coast 81km2 of highly Tasmania >1.4Moz For personal use only prospective tenure Supportive Jurisdiction Historic Production since 1996 3 Active Mining & 2 Exploration Leases +6.5km existing decline infrastructure in place Newly appointed exploration manager 4.11Mt @ 3.3g/
Slide 10: Henty Gold Mine – Established Mining Operation
Henty Gold Mine Established Mining Operation For personal use only » 30 years of continuous operation — established workforce, de-risked infrastructure, no greenfield risk » Well-established, high-quality infrastructure, above and below ground » Experienced, residential mining workforce » Longhole o
Slide 11: Henty: Exploration Upside - In Mine
Henty : Exploration Upside - In Mine Second underground For personal use only diamond drill operating to drive Resource Growth ASX: KAU KAISER REEF - July 2026 11
Slide 12: Henty Gold Mine Regional Exploration
Henty Gold Mine Regional Exploration For personal use only Extensive Henty Fault Position Exploration Manager appointed Numerous historical occurrences Targeting on-ground work with limited follow-up commencing H2 CY’26 ASX: KAU KAISER REEF - July 2026 12
Slide 13: Henty Summary
Henty Summary Proven Ore System PROJECT SCALE 01 Henty has produced >1.4Moz since beginning production in 1996. Drilling is replacing For personal use only and increasing reserves. Henty currently has a 6+ mine life ahead. >1.4Moz Historical production @ ~8.9g/t Au average Kaiser’s Underpinning Prod
Slide 14: Maldon Gold Project – The Growth Engine
MALDON GOLD PROJECT For personal use only THE GROWTH ENGINE Already Built ASX: KAU 14
Slide 15: Maldon: Victoria's Golden Triangle
Maldon : Victoria’s Golden Triangle Victoria has produced more than For personal use only 2,400 tonnes of gold (>77Moz) The majority has come from the Golden Triangle Maldon sits in the heart of Victoria’s Golden Triangle For its size, Victoria has produced more gold than any other state in Australi
Slide 16: Maldon: Project Assets
Maldon : Project Assets Victoria’s 1.75Moz 151km2 of Golden Triangle For personal use only prospective tenure Historic Production 2 Mining & 2 Exploration Leases @ 28 g/t Au Dedicated exploration average grade manager 1.31Mt @ 4.4g/t Underground For 187koz Access +200 ktpa Inferred Resource Existing
Slide 17: Maldon: Strategy
Maldon : Strategy Bigger Picture View First Real Exploration Program For personal use only • Recognition of the scale of the overall project and its potential. This has • The first coordinated major exploration program at Maldon after over been set as the operational envelope 170 years of fragmented
Slide 18: Maldon Gold Project – The Growth Engine
Maldon Gold Project The Growth Engine For personal use only » Historic goldfield, on a granted mining licence, 4.4km of anomalism » 1.75Moz mined @ 28g/t from quartz reefs plus alluvial gold » Three main lines of reef in central project area, multiple high-grade mines » Nuggetty 301koz @ 187g/t Au »
Slide 19: Maldon: Building the Foundation
Maldon : Building the Foundation COMPLETED CURRENT WORKS For personal use only Database Consolidation Resistivity Surveys ■ Bringing database control in-house ■ Surveys completed at Nuggetty and Quill prospects ■ Significant additional information to be digitised and imported ■ Assisting with struct
Slide 20: TSF Sterilisation Drilling – Quill Target Generated
TSF Sterilisation Drilling – Quill Target Generated Sterilisation drilling of the TSF footprint completed in March 2026. A new high-grade target was identified – Quill. Follow-up drilling commenced June 2026. Results are pending. For personal use only BEST INTERCEPT 8m @ 4.16g/t Au from 10m depth IN
Slide 21: Maldon: Soil Survey – Target Generation
Maldon: Soil Survey – Target Generation 2.7km2 850m 4.4km For personal use only Survey Complete NNW Trend Defined Anomalism now extended to full extent of Kaiser’s tenure North of Union Hill Mine Parallel to Cumberland Line Anomalism extended across MIN5146 and MIN5528 Survey Progress ■ 2.7km2 compl
Slide 22: Maldon: Waste Dump to Stockpile Conversion
Maldon: Waste Dump to Stockpile Conversion 566,000t @ 0.48g/t Au = 8,649oz Au For personal use only January 2026 drilling converted historical waste dumps into a formal stockpile estimate Underpins continued processing at Porcupine Flat through to 2030 @ 10,000t per month throughput Nuggetty, A1 and
Slide 23: Maldon: Drill Program – Commenced June 2026
Maldon: Drill Program – Commenced June 2026 Dual Drilling Strategy – Surface and Underground Surface drilling commenced week of 22 June 2026; Underground rig to follow For personal use only Quill 1 Follow-up to March 2026 TSF sterilisation intercept (8m @ 4.16 g/t Au). Underway June 2026, results pe
Slide 24: Maldon: Eaglehawk Reef Line
Maldon: Eaglehawk 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 KAISER REEF - July 2026 24
Slide 25: Maldon: Beehive Reef Line
Maldon: Beehive Reef Line » Largely Untested For personal use only » Union Hill Decline to the east ASX: KAU KAISER REEF - July 2026 25
Slide 26: Maldon Gold Project – Multiple Lines of Lode to Drill
Maldon Gold Project Multiple Lines of Lode to Drill For personal use only First drill platform - 250m of refurbishment underway and development about to commence ASX: KAU 26
Slide 27: Maldon: Victoria Reef Line
Maldon: Victoria Reef Line » Largely Untested For personal use only ASX: KAU KAISER REEF - July 2026 27
Slide 28: Maldon: Early Results of Holes Hit Gold
Maldon: Early Results 18 of 19 Holes Hit Gold For personal use only Strong Justification to Re-Establish Union Hill Access » 18 of 19 effective holes directly under the open pit - testing the Eaglehawk Reef - hit gold mineralisation; results included: o 5.8m @ 5.37g/t Au from 39.0m (UH-SDH-001) • In
Slide 29: Maldon: Nuggetty and Nuggetty South Drilling
Maldon: Nuggetty and Nuggetty South Drilling Extremely High-Grade System. Nuggetty Reef has produced an For personal use only estimated 301koz at approximately 187g/t Au New plunge interpretation --- previously untested geometry identified from recent modelling. 170m of untested strike between known
Slide 30: Operating, Fully Permitted, Fully Equipped, Ready to Scale
Operating, Fully Permitted, Fully Equipped, Ready to Scale Porcupine Flat Processing Plant For personal use only » Conventional CIL circuit » >200ktpa hard rock capacity » Fully permitted and operating » Low-grade base load feed with ore purchase top-up » Strategic infrastructure in Victoria’s Golde
Slide 31: Maldon Summary
Maldon Summary Proven High-Grade System PROJECT SCALE 01 1.75Moz historical reef production at 28g/t Au average. Nuggetty Reef produced an For personal use only estimated 301koz at ~187g/t Au — an extremely high-grade system. The mineralised system is established; the task now is modern, well-funded
Slide 32: Key Takeaways – A Compelling Re-Rate Opportunity
KEY TAKEAWAYS A COMPELLING RE-RATE OPPORTUNITY For personal use only Henty: Profitable Production 26.0koz Au delivered in FY2026 Targeting 30,000oz for FY2027 6+ year reserve life — exploration upside Maldon: The Growth Engine 1.75Moz produced historically at 28g/t Au District-scale exploration, fir
Slide 33: Contact
ASX : KAU For personal use only Contact BRAD VALIUKAS | MANAGING DIRECTOR P: +61 (8) 9481 0389 E: admin@kaiserreef.com.au KAISERREEF.COM.AU ASX: KAU 33
Slide 34: 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 - 23/10/202
Slide 35: Competent Person Statements
Competent Person Statements The information in this release that relates to exploration results, data quality, geological interpretations and Mineral Resources and Ore For personal use only Reserves for the Henty Gold Mine were first released in the Company's announcements dated 24 March, 16 & 26 Ma