Slide 1: Gold Producer, Explorer & Developer Company Update
ASX : KAU For personal use only GOLD PRODUCER, EXPLORER & DEVELOPER COMPANY UPDATE November 2025 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: Gold Producer, Explorer & Developer
Gold Producer, Explorer & Developer Production, Exploration & Development For personal use only HENTY GOLD MINE MALDON GOLD PROJECT West Coast, Tasmania Golden Triangle, Victoria ✓ FY 25 Gold production ✓ Fully operational >200,000tpa = 26koz Au processing facility ✓ Q1 FY2026 = 8,100oz ✓ Historical
Slide 4: Corporate Overview
Corporate Overview Capital Structure 2.2% For personal use only Shares on Issue 594M Share Price (14/11/2025) $0.27 Board and Market Capitalisation $160M 20.0% Management Catalyst Metals (ASX:CYL) Jack Yetiv HNW Financial Position 41.8% Cash (30/09/2025) $29.4M 7.6% Ragnar Metals Gold Loan (1,248 ou
Slide 5: Kaiser Team – Competent, Experienced, & Driven
Kaiser Team – Competent, Experienced, & Driven Steve has extensive corporate experience with ASX listed Stewart Howe brings over 40 years of experience in the global companies and has successfully managed several privately held resources industry, including 18 years dedicated to mining. He businesse
Slide 6: Henty Gold Mine – Flagship Production Asset
HENTY GOLD MINE For personal use only FLAGSHIP PRODUCTION ASSET West Coast, Tasmania ASX: KAU
Slide 7: 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 8: 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 » UG mining fleet update and upgrade in progre
Slide 9: Henty Gold Mine – Reserve Growth
Henty Gold Mine – Reserve Growth Henty Resource and Reserve 500 » Steady Resource position since acquisition 450 RESOURCE For personal use only » 30% Reserve increase since acquisition 400 • Significantly improved Resource to Reserve 350 Reserve (Probable) conversion (koz Au) • Mine life extended to
Slide 10: Henty Gold Mine – Production Growth
Henty Gold Mine Production Growth For personal use only » Processing throughput lifted from 300ktpa (nameplate) • Targeting sustainable 400,00ktpa • Optimisation ongoing • Debottlenecking the entire operation » Combination of UG decline stripping and bypass development underway • Debottlenecking the
Slide 11: Henty Gold Mine – Exploration Upside – In Mine
Henty Gold Mine – Exploration Upside – In Mine Second underground For personal use only diamond drill commenced to drive Resource Growth » Key targets Cradle Zone and Darwin South » Development has commenced in Zone 96 ASX: KAU KAISER REEF Company Update - November 2025 11
Slide 12: Henty Regional Exploration
Henty Regional Exploration Henty Fault Mineral Resource For personal use only Line 30N Pit Historic workings include pits Henty TSF Tyndall Copper Lake Newton Mine Alteration Zone >2km long, low grade base metal carbonate circa 1900 – workings alteration zone, 300- include 2 shafts and 400m wide, op
Slide 13: Maldon Gold Project – Growth Asset
MALDON GOLD PROJECT For personal use only GROWTH ASSET In the Heart of the Golden Triangle, Victoria ASX: KAU
Slide 14: 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 15: Maldon Gold Project in Victoria's Golden Triangle
Maldon Gold Project For personal use only In the Heart of Victoria’s Golden Triangle • ASX:KAU | 15 ASX: KAU 15
Slide 16: 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 KAISER REEF Company Upda
Slide 17: 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 17 17
Slide 18: Union Hill Drilling
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 (UH-SD
Slide 19: Maldon Gold Project – Existing Decline Access
Maldon Gold Project – Existing Decline Access (includes alluvial production) » Near 3km decline into For personal use only the mining area • Fully Permitted • Dewatered • Refurbishment required » Establishment of a long-term drill access and potential production platform Compressed long section show
Slide 20: 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 21: Appendix – Resources and Reserves
APPENDIX – Resources and Reserves For personal use only *Data has been rounded to the nearest 1,000 tonnes, 0.1g/t and 100 ounces. Rounding variations may occur. ^KAU:ASX - 23/10/2025 ~KAU:ASX - 21/07/2022 ASX: KAU KAISER REEF Company Update - November 2025 22
Slide 22: Competent Person Statements
Competent Person Statements The information in this release that relates to exploration results, data quality, geological interpretations and Mineral Resources for the For personal use only Maldon Gold Project were first released in the Company's announcements dated 1 October, 7 December 2020, 15 No